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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (28635)	3/25/2005 9:41:17 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 306849

Truly scary....even at the height of the tech bubble, I do not believe foreign money was driving up prices close to this extent. And yet people still have their collective heads in the sand. They aren't making any more RE after all you know;-) In some cases, foreigners are dominating sales at entire developments. The majority of pre-sales for the first two phases of a six-phase luxury condominium hotel in Lake Buena Vista, Fla., have been to buyers from the U.K., Ireland and Europe. Sales began early last year and are 71% international and 29% domestic, says Larry Cohen, senior vice president of Lake Buena Vista Resort LLC, the Orlando-based developer of that complex as well as numerous other condominium projects in Florida. "This is unusual for us. In the past, it's been more like 80% domestic and 20% international," he says. Units in the new condo hotel, set to open in November, range from $349,000 for a two-bedroom to $699,000 for penthouses. Some foreigners bought after seeing pictures of model units on the Internet