International Business is Booming in Florida

Posted by GLOZAL

A study by Florida REALTORS® indicates that buyers from outside the country still favor the state when it comes to residential real estate. Foreigners are responsible for a fifth of Florida home sales.

Latin American and Caribbean buyers accounted for 35 percent of all foreign purchases in Florida, followed by Canadians, who represented 31 percent of the buying activity, and Western Europeans, who made up 22 percent of the volume.

Their favorite markets were Miami and Miami Beach by far, totaling 31.3 percent of all sales, with Fort Lauderdale coming in second with 11.6 percent.  Overall, Florida REALTORS® calculated, foreign buyers spent $10.71 billion on homes in the state during the 12 months ended June 30, totaling 19 percent of all residential sales volume there.

Non-resident Canadians accounted for 31 percent of foreign purchases, down from 39 percent last year, but remained the No. 1 nationality to buy in Florida, the report said. Brazilians ranked No. 2, totaling 9 percent of purchases, up from 8 percent last year.

Some 82 percent of foreign sales were all cash, down from 86 percent in 2011, said the study. which noted many foreigners have trouble getting mortgages in the United States because of a lack of credit history. “Among recent foreign buyers in Florida, the use of mortgage financing was much less frequent than the overall national average,’’ the study said. “Overall, 17 percent of foreign buyers reported financing their purchase with a mortgage.’’ By contrast, 87 percent of U.S. homebuyers used mortgage financing, according to data from the National Association of Realtors.

Among Brazilians, 49 percent picked a place in Miami-Dade, with Fort Lauderdale emerging as their next favorite spot, with 18.6 percent share, the report said.

Canadians bought across the state, with the Bradenton-Sarasota-Venice area ranking as their favorite with a 14.4 percent share, followed by the Miami-Fort Lauderdale area with 12.9 percent, and Naples-Marco Island area with an 11.9 percent share.

Buyers from the United Kingdom totaled 5 percent of all foreign purchases, down from 7 percent in the year-earlier period.

Total sales volume from international clients is up nationwide, accounting for nearly 5 percent of all sales in the U.S. During the 12 months ended March 2012, foreign buyers spent an estimated at $82.5 billion, up from $66.4 billion one year prior, according to the National Association of REALTORS®.

Read more here: http://www.miamiherald.com/2012/08/27/2970956/foreign-buyers-still-…

 

Source: “Foreign Buyers Still Love Florida Real Estate,” Miami Herald

 

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