With the number of villas for sale on the island near an all-time high, ya gotta say "atta girl' to Jane Kelly, an agent at Islandia Real Estate.
She found ammunition for sales in a piece of legislation in Congress which would give international buyers a three-year resident visa if they spend at least $500,000 on a new house.
"One of the most intriguing ideas we’ve heard to help shore-up the nation’s housing markets," she wrote on the Islandia blog. Similar bills have been introduced, and died, over the past 10 years.
“This is a way to create more demand without costing the federal government a nickel,” said Senator Schumer (D-NY). “Our housing market will never begin a true recovery as long as our housing stock so greatly exceeds demand. This is not a cure-all, but it could be part of the solution.”
The bill was introduced by a Representatve from Hawaii, where the real estate market could benefit from international buyers, too.