Foreign investment in real estate – particularly in Florida and top destinations like Vero Beach – is likely to pick up. So says Mark Vitner, chief economist for Charlotte, N.C.-based Wachovia Corp. “The dollar is on sale”, said Susan Wachter, a professor of real estate at the Wharton School at the University of Pennsylvania. She points to the declining value of the dollar against the euro – the currency of 13 European countries: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal, Slovenia and Finland. Today, a foreign buyer would need only 34,100 euros to make a $50,000 downpayment on a house, compared to 37,920 euros to make the same downpayment at the beginning of the year.
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