According to the latest Natinal Association of Realtors (NAR) Profile of International Home Buying Activity, Florida is the top U.S. destination for international buying.  For purposes of the survey, an international or foreign home buyer is defined as one who principally resides outside the U.S.  The numbers would atulaly be significatnly higher if we were also to include foreign-born residents of the U.S.

With all the generalized media attention on Real Estate, it's good to focus on the reality of the situation in South Florida and other unique markets.  Despite the housing market transition, international clients still accounted for a significant share of Realtor business in the U.S. from April 2006 to April 2007 which means foreign buyer are still purchasing properties.

Internationl buyers are recognizing the benefits of buying property in South Florida now.  Recent market adjustments offer buyers a varied inventory of properties, the lowest interest rates in 15 years, and healthy rates of appreciation due to demand from U.S. migratin and foreign buyers.

WHERE IN THE U.S. ARE INTERNAL BUYERS PURCHASING PROPERTY?

Florida is the top state for international home-buying activity. Foreign buyers purchase homes across the United States, but 52% of sales in 2006 were concetrated in 3 states and Florida tops the list by far.

26% of all international home-buying transactions in the U.S. took place in Florida.  California was next at 16% followed by Texas at 10%.  Each of these states is recognized as a major "gateway" for visitors to the U.S. from other countries.  South Florida is additionally know as the "Gateway to the Americas".

Both Mexican and Canadian home buyers showed preference for the South - 46% of them purchased homes in this region of the U.S. Florida was the location of choice with well over a third of Canadians purchasing homes in the U.S. California was the second most popular.

WHAT TYPES OF PROPERTIES ARE INTERNATIONLA BUYERS PURCHASING?

In 2006, most international home buyers purchased single-family homes or town-homes and like  domestic home buyer they financed their purchase.

However, they showed stronger preferences for conds and apartments when compared to U.S. home buyers; 22% of international buyers purchased condos or apartments, versus 12% of U.S. buyers.

28% of foreign buyers bought their houses with cash, compared to 8% of U.S. buyers.  Nationally, the median sales price of homes purchased by international buyers was $299,500, which is significantly higher than the U.S. median of $221,900 during the same period. 

International buyers in the U.S. mostly purchase properties for vacation purposes, making South Florida an ideal market for these bueyrs.  Visitors to Florida are able to enjoy envialble warm weather, all sorts of water sports, shopping, fine restaurants, cltural venus and functions, entertainment, sporting events and more.

7% of all international buyers purchased homes exclusively for vacation, while 22% were motivated primarily by investment. Nearly a third of foreign buyers cited both vacation and investment as reasons for their purchase.  International homeowners spent an average of 4.2 months of the year in their U.S. property in 2006.

WHERE ARE THE INTERNATIONAL BUYERS COMING FROM? 

In the U.S. the majority of foreign-born buyers 33% were from Europe.  But many buyers were also from Asia and North America (outside the U.S.) accounting form 24 and 23% of international clients respectively.  16% of all international buyers are from Latin America.  By individual country, most buyers come from Mexico (13%) the United Kingdom (12%) and Canada (11%).

Florida was the most popular destination for buyers from the top three countries of origin - Mexico, the United Kingdom and Canada.  The South attracted half - 49% of internationl buyers last year, while 31% purchased homes in the West.

THE TIME TO BUY IS NOW - FIND YOUR NEW HOME IN SOUTH FLORIDA

For additional information CALL 305-205-1567 NOW!

TOP 10 STATE DESTIONATIONS FOR INTERNATIONAL HOME BUYING

STATE           % of all int home buying trans.

Florida            26

California        16

Texas              10

Arizona            6

New York         4

Colorado         3

Illinois               2

Ohio                 2

Georgia           2

North Carolina 2

TOP COUNTRIES OF ORIGIN OF FOREIGN HOME BUYERS:

United Kingdom - 33%

Germany - 7%

Canada - 7%

Venezuela - 7%

Colombia - 5%

Brazil - 3%

France - 3%

All others - 35%

Source: Oficial Real Estate Guide - South Florida & International. by RAMB Realtor Association of Greater Miami and the Beaches.  Fall/Winter 2007-2008. Article by Maurici Veissi 2007-08 RAMB President