Florida Real Estate Boom Due in Part to Foreign Buyers
The State of Florida definately is full of sunshine these days. Low unemployment, property values soaring, and a hedge against real estate depreciation. Inman News has an article today explaining how the influx of foreign home buyers from Latin America and Europe are creating an unprecendented demand in the Miami area.
This isn’t the second house. This is the sixth house. Probably 90 percent of the foreign buyers in Miami are buying a property here to add to their holiday portfolio of homes,” he said.
“Miami has shown up as being the place to have a place. That has definitely fueled the amount of growth we have here.”
The entire state is a popular real estate stomping ground for foreign buyers, with buyers from Europe and Latin America, in particular, participating in the hurricane-resistant real estate frenzy that gripped domestic buyers, too.
In an effort to quantify and understand this population of international buyers, the National Association of Realtors trade group, in cooperation with the Florida Association of Realtors, teamed up to produce a “Profile of International Home Buyers in Florida” report.
This report reflected what real estate agents in the state say they already know: International buyers are playing a significant role in Florida’s real estate market.
Between May 2004 and May 2005, about 15 of every 100 home sales in Florida, went to international buyers, according to the report. This is based on a May 2005 survey of 986 Florida Realtors who closed 1,844 home sales transactions to non-U.S. residents in the previous year.
This article explains Florida and then the hiring by the federal government explains the housing growth in the Washington DC marketplace, it looks like New England may be the only region of the country succeptable to a housing bubble bursting in the near term.
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Comment by Jamie Rodgers on 19 November 2006:
Not sure where to go to find a good foreign buyer for excellent Texas real estate ????
My elderly Mom must sell her residence/commercial property .
Vacant 3 story approx. 5,000 sq. ft. brick building is listed with Coldwell Banker . It is located 1/4 blk. from Decatur , Texas Courthouse and approx. 10 minutes from new multi-million dollar Hospital complex in Wise County which is in the heart of the huge Barnett Shale natural Gas field . Original asking price was $465,000.00 and now reduced to $339,500.00 as-is for quick sale and closing . Replacement cost approx. $600,000.00 Needs some minor repairs . If a buyer is brought , must split a 5% comission with Coldwell Banker . Seeking a good foreign buyer . Would be excellent living quarters and office space for a religious organization . The 2,000 sq. ft. Penthouse is very nice 2 bedroom and mostly furnished . Has private elevator , refrigerator , elecric range , washer , dryer , etc.
$6,000.00 earnest money deposit required with offer . $3,000.00 non-refundable . Buyer required to pay all closing , survey , title policy due to greatly reduced price .
Thanks ,
Dr. Rodgers
Agent – The Judge Wynn Trust
jlrdds@hotmail.com
Comment by Brian Ward on 15 April 2009:
Isn’t it time to take this article down. Canadians and others are still investing in Florida but this info is now over 3 years old. There’s a much more current update on what Canadian buyers need to look out for when buying Florida real estate on my website at http://www.sarasotahomefinderservice.com/articles/canadian-buyers.shtml
Comment by Connie Belmont on 16 September 2009:
Like your response, Brian. Read your article and it is good information. Thanks for that.
Comment by Cheryl Stimac on 30 October 2009:
Canadian buyers are very active in the Tampa Florida market and I appreciate the business. Few others are here looking for homes.