43 Urban Village Live + Work New Construction written by: Frank Vigliotti, Realtor®, Global Sales…
Florida Real Estate | Fort Lauderdale Homes | Wilton Manors Condo
A recent report conducted by Florida Realtors shows that based on residential real estate, international buyers are partial to the state of Florida. Home buyers from outside of the country account for 20% of Florida home sales.
More specifically, home buyers from Latin America and Caribbean countries made up for 35% of all international purchases in Florida. Canadian home buyers were responsible for 31% of international home sales and the remaining 22% was accounted to Western European home buyers.
The most sought after locations in Florida were the city of Miami and the city of Miami Beach. These two cities made up more a little more than 31% of all sales and the neighboring South Florida city of Fort Lauderdale was not too far behind at 11.6%. This study from Florida Realtors indicated that buyers from outside of the country spent a total of $10.71 billion on home sales in the state of Florida from June 30, 2011 to June 30th 2012. Foreign buyers were responsible for 19% of all residential home sales in the state. Non-resident Canadian home buyers were responsible for 31% of international home purchases which is a slight decrease from the 39% calculated last year. The study also revealed that Canadians were still the top nationality to purchase homes in Florida and that Brazilians weren’t far behind as the second nationality. Brazilians accounted for 9% of international home buyers which is a 1% increase from 2011.
Studies also indicated that 82% of international home purchases were in all cash which is a 4% decrease from the 86% calculated in 2011. This may be due to the fact that many foreigners find it difficult to get mortgage loans in the United States since they lack an adequate credit history. Out of the foreign home buyers in Florida, the utilization of mortgage financing had dropped lower than the national average. Only 17% of buyers from out of the country used mortgage loans to finance their homes. Based on data released from the National Association of Realtors (NAR), 87% of homebuyers in the United States used mortgages to finance their home purchases.
49% of Brazilian homebuyers purchased homes in the Miami-Dade county area. Fort Lauderdale has also become pretty popular with the Brazilian nationality as 18.6% purchased homes in this area. Canadian home buyers purchased homes from all throughout the state but the area with the most activity from Canadian buyers was the Venice-Sarasota-Bradenton region. 14.4% of Canadian home buyers chose the Venice-Sarasota-Bradenton area, 12.9% of Canadian home buyers chose the Miami-Fort Lauderdale region, and the remaining 11.9% of Canadian buyers purchased homes in the Naples-Marco Island region.
Home buyers from the United Kingdom made up for only 5% of all home buyers from out of the country which is a 2% decrease from last years numbers. Overall, sales from the international home buyers for the entire United States has increased. International home buyers has made up close to 5% of all home sales in the United States over the past year. Based on information released from the National Association of Realtors, from March of 2011 to March of 2012, home buyers from outside of the United States have purchased more than $82.5 billion which is a large jump from the $66.4 billion seen last year.
The Henri Frank Group at Remax Preferred is located at 2810 E Oakland Park Boulevard, Fort Lauderdale, Florida. Also, offices at 2166 Wilton Drive in Wilton Manors, Florida and 2 University Drive in Plantation, Florida and on Ocean Drive at the Hillsboro Inlet to the Hillsboro Mile in Hillsboro Shores, Florida. Call 954-604-9999 or go to their website at https://henrifrank.com or find the Henri Frank Group on FACEBOOK, Twitter, Pinterest and other social media. For knowledgeable, experienced, professional Realtors, contact Henri Vezie and Frank Vigliotti of the Henri Frank Group today. We are a group of Realtors who know the market and can assist you with all your real estate needs.
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