Florida Homes Preferred by Canadians and South Americans

Reblogger
Real Estate Agent with Remax Legacy Realty Inc

Wow!!!!  23% of all foreign buyers are from Canada.  I am sure that when winter comes - we will wonder why the number is not higher. LOL. 

I am very happy with my decision to buy into the Orlando / Kissimmee area

It is easy to get to from Toronto - and it is a place that has lots to do for every age bracket.

Almost one-third of all pre-owned homes sold to foreigners in the first three months of this year were Florida homes, according to a 2011 global home sales report released by the National Association of Realtors.

Florida accounted for the highest share of pre-owned home sales to foreign buyers during the quarter. The NAR report also said that most of those looking for homes in Florida were Canadians and South Americans. Canadians like the Floridian weather while South Americans like the cultural diversity in Florida’s cities.

Over the one year period ended March this year, about $82 billion worth of U.S. homes were purchased by foreigners. Half of this amount represented purchases by new immigrants – those who have moved to the U.S. in the past two years.

The foreign buyers’ purchases show that there are 15 U.S. states they favor as locations of their investments or homes. The states which had the highest share of existing home sales to foreigners in the January-March 2011 quarter were the following:

U.S. State Share in Foreign Sales Total
Florida 31 percent
California 12 percent
Texas 9 percent
Arizona 6 percent
Illinois 3 percent
New York 3 percent
Georgia 2 percent
Hawaii 2 percent
Nevada 2 percent
New Jersey 2 percent
North Carolina           2 percent
Pennsylvania 2 percent
Tennessee 2 percent
Virginia 2 percent
Washington 2 percent

For the past three years, Florida homes have been the most desired among foreigners, particularly Canadians, Argentinians, Brazilians and other South Americans. The state's shares in 2008, 2009 and 2010 were 24 percent, 18 percent and 23 percent, respectively.

The countries of the top home buyers and their share of the total home purchases in the first quarter were the following:

Country Share of Total Home Purchase Total
Canada 23 percent
China 9 percent
India 7 percent
Mexico 7 percent
U.K. 7 percent
Argentina and Brazil                5 percent
France 4 percent
Germany 4 percent
Japan 1 percent
Russia 1 percent

The NAR report also contains interesting findings about foreign home buying over the 12-month period ended March 2011, such as the following:

  • More than 60 percent of foreigners who bought homes chose single-family homes.
  • About 62 percent of total home purchases by foreigners were paid in cash.
  • The average price of pre-owned homes bought by foreigners was $315,000, about 44 percent higher than the $218,000 average price of homes sold nationwide to local buyers.
  • Almost 80 percent of NAR members say that changes in foreign exchange affect home sales to foreigners.

Here's a home buying guide for foreign buyers interested in Tampa real estate.

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Comments (2)

Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

Darn.  Now you let everyone know our secret.

But it's okay.  We have been welcoming our friends from the North for over a year now and the numbers just keep growing.

 

Jul 25, 2011 04:16 PM
Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

An informative blog post that I enjoyed reading! Thank you for sharing!

Jul 25, 2011 05:42 PM