More International Buyers for Florida

By
Real Estate Agent with RE/MAX Property Centre

A number of factors have contributed to the decline in home sales nationally and in Florida in particular, but the growing importance of foreign buyers has offset some of the damage. About two of three real estate agents of the state had at least one international operation in the last year.

While US buyers continue to struggle, foreign buyers generally consider the US real estate as a desirable investment, cost effective and safe. In addition, the weak dollar has made Florida real estate even more attractive recently.

The National Association of Realtors ® in collaboration with real estate agents in Florida, conducted a survey of members of Florida, asking them about their experience working with international clients. The study was conducted in July-August 2010. A total of 936 responses.

Highlights of the report

65 percent of respondents - members of the Florida Realtors - worked with an international client in the last 12 months. Five worked with two international customers and 18 percent work with three or more.

• Half of respondents said that international customers accounted for 25 percent or less of their company, 15 percent said international buyers accounted for more than half of its business.

• One in three said that international customers have been an increasing proportion of their clients over the past two years, while nearly half (48 percent) stated that its share of international clients remained more or less the same.

• Canada was the largest buyers accounted for 36 percent of sales. Purchasers of the United Kingdom accounted for 15 percent, and the rest of Western Europe accounted for 14 per cent increase. Latin America is defined for the report includes Mexico, the Caribbean, Central and South America accounted for 16 per cent. Other countries, a small but significant share of sales in Germany (5 percent), Venezuela (3 percent), Brazil (3 percent) and France (3 percent).

• 11 percent of foreign buyers bought a new house, and the remaining 89 percent purchased a home previously owned.

• 51 percent bought a single family detached, 37 percent bought a condo, 11 percent bought a townhouse, and 1 percent have bought a second type of home.

• 38 percent are bought in a suburban area 30 per cent have bought property in a resort area, 25 percent is purchased in a city center, 7 percent were bought in a small town or rural area.

• 15 percent of buyers will use their property less than one month per year, 21 percent expect to use 1-2 months, and 34 three to six months. Percent

• 19 percent bought a house in the Orlando area, Kissimmee, 17 percent chose Miami-Ft. Lauderdale, 13 percent chose Sarasota-Bradenton and Tampa, Cape Coral-Fort Myers and Naples have completed the first six by at least 5 percent of purchases.

Comments (2)

Christa Borellini
Prudential California - San Diego, CA

Wow, you do get a lot of international buyers there.  It does make sense since the weather is so great and the state is so well valued now!

Sep 26, 2010 12:01 PM
Troy Funk
Allison James Estates & Homes, Sarasota 941-957-3737 - Sarasota, FL
Broker / Associate

Great information ... I re-blogged it :)

Sep 26, 2010 01:49 PM

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