A new report highlights the effects that international real estate buyers have had on the South Florida property market in recent years. Buyers from abroad have helped to grow the popular real estate market in Florida and even as hard times have hit they are taking advantage of the low prices and low dollar value. A report from the consultants Gerson Lehrman Group notes that foreign buyers are now positioning themselves to buy distressed and under-priced Florida homes.
In mid 2008 the National Association of Realtors and the Florida Association of Realtors conducted a survey that asked Realtors in the state about experiences with international clients. More than half of the Realtors who responded had worked with international clients over the previous 12 months, and the average Realtor worked with three clients from abroad.
Canadian buyers account for approximately 25 percent of international sales in Florida, with buyers from the UK making up 21 percent. The rest of Western Europe totals another 25 percent, and buyers from Latin America add up to about 17 percent. The most popular area of the state for such sales is the Miami-Fort Lauderdale area at 21 percent. 11 percent of international buyers purchased in the Orlando area, and the Southwest Florida coastline around Tampa Bay and Fort Myers is also seeing a lot of foreign interest.
The report concludes with the note that foreigners are stepping in and buying bargain properties even now at very low prices. Interested buyers who delay investing in property in Florida may have to pay more in a short time.
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