By Andrea V. Brambila
The state of the U.S. real estate market is in the eye of the beholder. While many Americans have shied away from home purchases due to the economic downturn, a growing number of cash-rich foreign investors are seizing the opportunity to snap up U.S. homes at bargain prices.
Not all U.S. markets are universally appealing to out-of-country investors, however. International homebuying activity is largely concentrated in a few areas of the country. Using public record data compiled by San Diego-based real estate data analysis firm DataQuick, Inman News has identified the 10 most popular areas in the U.S. for foreign homebuyers.
The majority of the markets, if not all, are recognizable as tourist destinations. Six of the 10 areas are in Florida; three are in the West (Arizona, Hawaii and Nevada); and one is in the Northeast (New York). No Midwest markets made the list.
The 10 markets, ranked by highest share of foreign buyers, according to public records data, are:
- Lakeland-Winter Haven, Fla.
- Cape Coral-Fort Myers, Fla.
- Orlando-Kissimmee-Sanford, Fla.
- North Point-Bradenton-Sarasota, Fla.
- Miami-Fort Lauderdale-Pompano Beach, Fla.
- Phoenix-Mesa-Glendale, Ariz.
- New York County, N.Y. (Manhattan)
- Honolulu, Hawaii.
- Tampa-St. Petersburg-Clearwater, Fla.
- Las Vegas-Paradise, Nev.
Courtesy of Inman News