Did you know almost 9% of US residential real estate sales in 2011 were bought by international buyers? Over $82.5 billion in US real estate was purchased by international buyers–an increase of 24% from the previous year. Although Colorado isn’t one of the top 5 states where foreign nationals are purchasing real estate (they are FL, CA, TX, AZ, and NY), Steamboat Springs is seeing more international buyers than we have in the past several years.
International buyers come to Steamboat from all over the world, especially Australia and Latin America. Housing prices have been falling for years, and buyers love that Steamboat real estate is “on sale”. Here are some of the reasons international buyers are purchasing in Steamboat:
- Steamboat real estate prices have decreased at least 30-50% since 2008
- Other currencies are strong compared to the US dollar
- In other parts of the world, real estate markets are overheated
Buyers are looking for income-producing rentals they can use a few weeks a year to ski. If you are interested in learning more about buying real estate in Steamboat, give us a call at 970-819-6372.