International Buyers Value Florida Real Estate

If there were a niche that sees the Florida real estate market as having more opportunity than ever, it would have to be international consumers. I day trade a bit on the international foreign currency market (FOREX) & the values being posted to international currencies are staggering. Currencies such as the British Pound & the EURO are valued at 1 & 1/2 - 2 times more valuable than our feeble dollar. The opportunity for global consumers (predominantly European markets) to enjoy a second home in Florida has never been better.

What are the international buyers purchasing? A recent poll of 1,844 homes sold to Non-US residents shows that 22% of the consumers purchased homes over $500,000. The average sales price of international home buyers purchasing in the state of Florida was $299,000, compared to an average of $192,000 spent by US residents on our properties. Due to the currency exchange rate, the international crowd is purchasing way more "bang for their buck" real estate here, in comparison to what they can purchase with that money in their homeland.

Where are the international buyers coming from? 58% of the international flavors buying Florida homes in the our market are Europeans (33% of those reside in the UK alone). The next 21% are purchasers from Latin America (Countries such as South America, Central America, & the Caribbean).
What type of dwelling are they buying? 61% of the purchasers are buying Single-Family homes; where as, 39% are purchasing condos. This is a surprising statistic as I would think they would lean more towards the maintenance-free condo, but when you have lots of buying power and choice, it seems single-family is the dwelling of choice.

How are they buying? 36% of these transactions were paid for in cash, leaving the other 64% financed! These "mates" are qualified to pay for "The Full Monty"!

Shirley International Realty Inc. is providing 5-star service to the European consumer. We are driving our internet based communications to their domains and running the most efficient advertising for our listings. We must adapt to the trend. International consumers are setting the new trend and becoming more of a player in our real estate community. So, next time you're at the country club, or your choice of Sarasota hot spot, don't hesitate to make a new European friend and "fancy a few jars" (London slang for Drink a few beers) with them. They have a very powerful voice in our community, and we welcome that. Diversity is something we pride ourselves on & any new cultural influences and alternative ways of thinking will keep our community healthy and strong.

Justin

Statistics given in this article are based on reports collected from the National Association of Realtors: Profile of International Buyers in Florida