Real Estate Trend Update: Foreign Buyers
April 25, 2008 by Stefan SwanepoelAccording to the lead story in the Money section of USA Today yesterday, Foreign Buyers are snapping up US real estate. The article cites that agents are eager to win the business of foreign investors who due to low US real estate prices and the weak dollar are find eye-popping deals in places such as Miami, New York and San Diego.
According to the National Association of Realtors foreigners are enjoying an average discount of about 30%. Although approximately 25% of Realtors are reporting an increase in home buying by foreign clients in the past 5 years it is probably not enough to absorb the glut of properties currently for sale.
Miami Beach condo anyone?
Contact author
Posted in: Buying & Selling A Home International Real Estate Real Estate Trends
I am not a real estate agent, but I am a property owner who has 73 acres for sale ($900,000) approx. one mile from the beaches in Niantic, Ct. (2 hours from New York and Boston). The property has some wetlands on it, but is very lovely with natural forest growth. How would I go about offering this on the foreign market? Any help would be appreciated. Thank you.
I work at Waterfront Properties & Club Communities in Palm Beach County. The number of Canadian and International buyers to our websites has been on the rise lately. Last month we had visitors from 79 countries and I many of these buyers have been looking at the top end of the luxury spectrum. At this point the Canadians seem to be the ones that are making offers.
US real estate is a good buy at the moment for foreigners due to the low value of the dollar however we wont see a big take up until the housing market has stopped it downward trend.
I just sold nice luxury home yesterday on Lido Key to a great couple from the United Kingdom. You can see the home here - http://www.luxurysarasotarealestate.com/idx/listings/374977/details.html
I have worked with several Canadians this year and now the Europeans are very active. It is a perfect storm for them. Our market is depressed and their dollar is down.
Post new comment