International Buyers Bolster Florida Real Estate Sales
Posted by Benjamin Dona on Wednesday, September 22nd, 2010 at 11:39am.
International buyers are taking advantage of a weak dollar in order to buy Florida real estate at a record pace. Many are just taking advantage of the drop in property prices but most also see the Florida market as a desirable and secure investment for the future. In fact, during the last 12 months, foreign buyers purchased almost 25% of all the existing homes sold within the state.
According to a 2010 survey conducted for the Florida Association of Realtors, a majority (65%) of Florida agents worked with an international client within the past 12 months and over 30% of them worked with 5 or more international clients in the same time period. Half of the survey respondents said that international buyers currently make up 25% of their business and 15% said they accounted for over 50% of their sales in the last year. The top international buyers of Florida real estate were Canadians, accounting for 36% of the foreign purchases. Other top foreign buyers included folks from Latin America at 16%, the United Kingdom at 15% and the rest of Western Europe at 14%.
Additional survey highlights included:
- 11% of foreign buyers bought new construction.
- 51% purchased a single-family home; 37% purchased a condo and 11% purchased a townhome.
- 38% purchased in a suburban area; 30% purchased property in a resort area; 25% purchased in a central city and 7% purchased in a small town or rural area.
- 15% of foreign buyers plan to use their property less than one month per year; 21% expect to use it one to three months and 34% three to six months.
- 81% of foreign buyers paid cash for their property purchase.
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About the Author
Benjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.
Contact Benjamin Dona at 239-948-3955
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