ST. PETERSBURG - International investors are taking advantage of Florida's real estate market getting good deals on second homes and rental properties.

Sheryl Gibson, who specializes in beachfront properties, says the buyer's market is heating up with foreigners. Gibson says they see huge opportunities because they couldn't buy these home 2 to 4 years ago for today's prices.

Florida outpaces any other state in its sale of real estate to foreigners. Twenty-six percent of all foreign real estate transactions take place here, according to the National Association of Realtors.

British buyers got a St. Petersburg beachfront home. They came to the market ready to spend $1 million but by the time it was purchased they spent $1.8 million, Gibson said.

"They're finding out they can get a lot more home than they expected and they're very very surprised," she said.