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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