MIAMI, FL--Foreign buyers are spending an average of $318 million – primarily in cash – every month purchasing residential real estate in South Florida, according to a new report from CondoVultures.com. International buyers from Latin America, Canada, Western Europe, and many other regions purchased more than $3.8 billion in residential real estate in the Miami - Fort Lauderdale - Miami Beach market in 2010, according to a new report from the National Association of Realtors in conjunction with a survey of Florida Realtors association members.
More than 86 percent of the Florida transactions involving international buyers are being completed in cash as financing – while desirable - is proving difficult to obtain for many foreigners who have been attracted by the state's climate, available product, discounted pricing, and infrastructure, according to the report.
“Many foreign buyers are accustomed to purchasing real estate in cash in their home countries,” said Jenny Huertas (top right photo), a licensed international real estate broker with Bal Harbour, Fla.-based CVR Realty™.
“The challenge related to obtaining U.S. financing in today’s market is not necessarily a deal killer for most foreign buyers. Still, South Florida would probably benefit if financing were more readily available.”
Despite the financing difficulties of today’s market, foreign buyers are acquiring Florida properties at a strong pace given the fact that a majority of the owners have no intention of occupying their real estate for any extended period of time, according to the report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
No comments:
Post a Comment