2012 has provided us with many exciting and eye opening real estate headlines. Foreign cash buyers have been in the news and their acquisitions are helping our local Tampa Florida real estate market recovery. The Tampa / St. Petersburg area made the top ten list of most attractive hot spots for international home buyers to purchase real estate. This data was compiled by DataQuick which is a real estate analysis firm in the U.S.
Earlier this year, we saw that foreign buyers accounted for about 8% of U.S. home sales. Florida accounted for 31% of all international home purchases, with the Miami, Tampa, and Orlando markets seeing the most activity. Condominium purchases surpassed those of single family homes and townhomes. Some see it as a status symbol and take pride in owning real estate in America.
Tampa Bay condos usually represent the greatest return on investment for international buyers. While the median home prices are up from last year, median sales price for condos are down; partly due to the amount of distressed properties in or surrounding condo communities. Foreign buyers are usually more apt to purchasing a condo that presents a good return, even if it is a bank owned property or foreclosure. Rental market is up as well in Tampa. For investors, it’s all about the numbers and what makes financial sense.
SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”