October 20, 2013

International Buyers Seduced by Sedona

By Elisa Andreis J.D., Russ Lyon Sotheby’s International Realty.

My clients often ask me where real estate buyers come from when looking to get a pad in Sedona. While the traditional
East and West coasts provide a constant flow of real estate buyers in Sedona, international buyers are looking beyond the typical Florida and New York, to snap up deals off the beaten track and locations like Sedona are generating an increasing number of sales. In the last 15 months I’ve had several European clients buying both homes and vacant land in Sedona.
This new interest came about thanks to the supply of bargain properties in our area as well as the European debt chaos, which prompted buyers to look further afield. These are the same investors who typically would have bought in Italy, Greece, Portugal and Spain, and they see the South West as a safer investment.
Another contributing factor, besides the low prices, has been the historical weakness of the US dollar relative to Canadian and European currencies, attracting investors from all over the world to purchase properties for as little as half what they might have paid five years ago.
The sprawling desert state of Arizona may seem like a surprising choice for a holiday home 7000 miles away from home, yet while touring the South West during the summer holidays, Italians, French, Britons, Germans and now Russians fall in love with our unique landscape, the small town feel and the healthy lifestyle that make Sedona such a special destination.
We have also seen an increase in the number of Canadians buying in the Sedona area over the past two years.
The area has allowed Sedona to become popular as a second-home destination for snowbirds who enjoy golfing or hiking away from the frigid Canadian winters.
With a thriving, yet limited number of residents from all over the world already living here, Sedona is soon becoming a true international destination, as more and more foreign visitors get seduced by the many charms of our beautiful town and make Sedona their home. www.SedonaFineHome.com