Friday, October 10, 2008

Currency Exchange Implications

Cocoa Beach kids prepare the boat for a sunset boat ride on the Banana River.

If you're a foreign national and are planning on using another currency to purchase Florida real estate, you need to be aware of the exchange rate trend. Exchange rates have moved substantially in recent months in favor of the US dollar against most currencies, the Japanese yen a notable exception. The future trend can't be predicted but the recent move is cause for some concern if one is planning on taking advantage of the favorable exchange. One example: A famous Australian surfer purchasing a Cocoa Beach condo on July 1 this year needed 23% less Australian dollars for that purchase than if he waited just two months later simply because of the rally in the US dollar. Click here to read Dan Green's succinct post on the implications of these recent currency exchange movements as they apply to purchases of real estate.

"You can complain because roses have thorns, or you can rejoice because thorns have roses."