It had to happen sooner or later with San Diego Real Estate–at least for expats.
With the falling dollar, our market here has become a screaming bargain to foreign investors and expats around the world. Real estate prices in many prime US locales have already declined, and must be irresistible for those who are seeking to purchase San Diego luxury homes and condos with Euros or Canadian dollars.
Now, many Americans who have been living abroad are considering a return home, where the purchasing power of the dollar isn’t being decimated every other day. From their perspective, real estate in Florida, Arizona, Nevada and California look like the same bargains Canadian and Euro-packing investors are buying.
We received a call earlier this week from an American living abroad who intends to sell his inflated European estate and move to the sunny and balmy climes of San Diego. He will exchange his invested Euros for dollars, and invest them in blue chip American real estate, where he and his wife can enjoy an active retirement in Americas Finest City.
San Diego’s own Brian Brady with Mortgage Reports wrote a recent article about how Canadian real estate investors are buying American real estate in droves. Brian is currently working with one Canadian real estate investor seeking to buy a Scottsdale, Arizona home, while another Canadian is looking for a second home on the San Diego coast.
Both investors from Canada will enjoy not only the depressed pricing in both real estate markets, but will also appreciate their Canadian dollars (aka Loonies) buying 30 percent more than they would have a year ago.
Many Americans living in Canada may also be considering a move back across the border, because the cost of living in the United States now is so much less than a Canadian lifestyle–which must be paid in Loonies.
In the years ahead, it will be interesting to see how many second homes in America are owned not only by foreign nationals, but by former American expatriates as well.
In the meantime, we welcome back America’s own–as well as those seeking a coastal San Diego retreat. We can assist not only with finding that special property in La Jolla, Coronado, Del Mar, Solana Beach, Encinitas, Carlsbad or Oceanside, but can also provide solid help with finding appropriate financing.