May 02 2008
Does US Federal Reserve Rate Cut Open Outer Banks to Foreign Investors?
Following the expected rate cut by the US Federal Reserve, the Dollar slipped against the Euro. I wonder if this signals the start of increased inquiries from European investors and vacationers. Aside from European investors, the Outer Banks is especially attractive to Canadian buyers. I wonder if the Canadian dollars increased value vs the US dollar will trigger many Canadians to consider buying an Outer Banks vacation rental home. Besides being within driving distance for many potential Canadian home buyers, the Outer Banks is also not located far from Norfolk International Airport. It makes it a great opportunity to buy for European or Canadian vacationers who enjoy any of the many outdoor activities which include: parasailing, windsurfing, kiteboarding, surfing, or fishing. Will the increased value of their money bring more to become Outer Banks home owners?
If I was a foreign investor, I would definitely be taking notice at some of the great opportunities offered in the US right now. Over last count, there were over 5,000 homes on the Outer Banks MLS. Within those 5,000 homes, many great deals definitely can be found. Normally, when the amount of foreclosures and REO’s are increasing, those with available capital can find great buys.
As time passes, we shall see if US resort areas, especially the Outer Banks, are filled with foreign investors. Hiring a good Outer Banks property manager can go a long way for those investors worried about being absentee home owners.
