International Buyers Are We Getting Our Fair Share of International Buyers in South Florida?





International Buyers Are We Getting Our Fair Share of International Buyers in South Florida?
  According to the National Association of Realtors 23% of all real estate sales in Florida are international buyers.   Four states made up 58% of reported international purchases across the U.S.
Florida has 23% of the international buyers, California at 17%, Arizona 9% and Texas 9%.
Across the U.S., international real estate sales are up 35% more this year over last, totaling $92.2 billion for that period.  This is an increase from $68.2 billion a year earlier, according to National Association of Realtors2014 Profile of International Home Buying Activity.
“International buyers are attracted to U.S. real estate because of the prices, cap rates, investment opportunities and the amount of money that they can get for rents,” reported local real estate expert Kristin Stampini, CEO of Florida Platinum Group with RE/MAX Services.  In South Florida today, rents average around $2.25 per square foot up from the last boom where they averaged around $1.25 per square foot.
“The international buyer also likes the economic stability in the U.S.,” says Stampini.
Over the last five years, all cash sales have accounted for more than 60% of the total real estate sales in South Florida.  Almost 90% of international buyers pay all cash for their homes, as it is not customary to finance real estate in their own countries.
A majority of the international buyers don’t use Florida’s schools or social services such as Medicare and Medicaid; they do not qualify for homestead on their properties so they are not receiving any tax exemptions.  Kristin Stampini says that because of those facts, “Many of the international buyers are actually a benefit the South Florida economy”.
China accounts for $22 billion in purchases of U.S. real estate for the twelve-month period.  China now accounts for 24% of total international sales and a year ago they accounted for 19% or 12.8 billion in real estate sales, according to the National Association of Realtors.  Miami International Airport now has a direct flight from China.
Canada had been the foreign country that provided the most international buyers of Florida homes, however in 2013 buyers from the Caribbean countries and Latin America as a group were the largest, coming in just a little higher at 32% while Canadian buyers came in at 26.6%.  These three groups account for 83.3% of the purchases of Florida homes by international buyers.
The international buyers that purchase the most properties in Florida are the following:  Canada, Brazil, Venezuela, Argentina, China, Columbia, Peru, U.K., Germany, France and Italy.
As a last word, Kristin Stampini states, “If you are thinking of selling your home, make sure the Realtor you choose has international knowledge as well as Global Marketing”.
If you want to contact Kristin Stampini – call her at 561-843-1734, or send her an email at kristin@thestampiniteam.com – www.FloridaPlatinumGroup.com

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