When it comes to foreigners looking to plant roots in the United States, Florida is the hot spot.

The Sunshine State is the most popular among foreign home buyers with 31 percent of all home purchases made there coming from foreign residents, according to a study by Credit Sesame, an online credit and loan management firm, that used National Association of Realtors’ data.

Foreign buyers represented $82 billion of the U.S. real estate market in 2010, while in 2009 they represented only $66 billion.

“Housing is more affordable than ever,” said Susan Wachter, professor of real estate and finance at The Wharton School, University of Pennsylvania. “It’s difficult to get credit now but international investors come with cash.”

Foreign buyers also purchase higher-priced real estate.

With international buyers so integral to our market, make sure to list your property with a true international Real Estate Company to achieve the best result. If you are interested in selling contact us to take advantage of our international connections.

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Typically, international buyers spend more per property too. The average price paid by international buyers was $315,000 compared with the overall U.S. average of $218,000.

Another interesting fact is that 62 percent of international purchases are reported as being all cash. This percentage is significantly higher than all-cash purchases for domestic buyers.

REALTORS participating in the survey furthermore reported that their clients often found them online or through their company’s system of international referrals. This is arguably the most important point in the survey for would-be sellers in the process of choosing a Real Estate Agent.

With international buyers so integral to our market, make sure to list your property with a true international Real Estate Company to achieve the best result. Contact us today if you are interested in selling your home.

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Here are some interesting facts:

In the unincorporated areas of Manatee and Sarasota counties and on Longboat Key, builders have begun construction of 49 luxury homes during the 12-month period ended June 30 at an initial cost of $58.5 million. That compares with 32 homes valued at $31 million during the preceding 12 months. Those numbers do not include Bird Key, Anna Maria Island and the city of Sarasota, where at least 40 more high-end homes are under construction at a total cost of around $40 million.

Court records show that at least one third of 115 luxury homes permitted in Manatee and Sarasota counties since July 2009 have been purchased by people from out of state or out of the country.

So if you are interested in selling a luxury home, make sure that it is marketed to those out of state and out of country buyers.

Call us today at 941.866.1666 if we can help you buy or sell a luxury home.

According to the survey, total residential international sales in the U.S. for the year ending March 2011 equaled $82 billion, up from $66 billion in 2010.

Florida had 31 percent of total international transactions this year, the most of any state. California had 12 percent, Texas had nine percent, and Arizona rounded out the top four with six percent of international transactions.

Historically, foreign buyers have been attracted to property ownership in the U.S. for a number of reasons. U.S. homes are generally less expensive than comparable foreign properties, homes in this country are viewed as a secure investment, and the U.S. market offers rental opportunities and long-term appreciation potential.

More recently, Realtors have noticed new factors motivating foreign buyers. Many U.S. colleges and universities have a significant number of international students, and some foreign families are purchasing U.S. properties in college areas so their child has a place to live. Another source of international demand is foreign executives temporarily working in the U.S., some of whom prefer to purchase a residence instead of renting.

The average price paid by an international buyer was $315,000 compared to the overall U.S. average of $218,000. However, 45 percent of international purchases were under $200,000. This price segment has grown significantly over the years, most likely due to overall price declines in the U.S., as well as the strengthening of some foreign currencies.

Sixty-one percent of foreign buyers purchased a single-family home while 36 percent bought a condo/apartment or townhouse.

In addition, 62 percent of international purchases were reported as being all cash. This percentage is significantly higher than all-cash purchases for domestic buyers, mostly due to the differences in international credit reporting standards.

If you are interested in selling your home, make sure to use a Real Estate Brokerage who knows how to market your home to out of state and international buyers.

Call us today @ 941.866.1666.

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Other survey findings:

• Men are more likely to consider purchasing a U.S. home, 29 percent compared to 16 percent of women.

• Regionally, residents of Alberta (31 percent), British Columbia (28 percent), and the Prairie Provinces (27 percent) are most interested in buying U.S. property.

Some Canadian banks, such as BMO, have branch offices operating in Florida and elsewhere in the U.S.

But not only Canadian buyers are interested in getting a second home in the Sunshine State. The demand from Europe also very strong.

If you are interested in selling your home, make sure to use a Real Estate Brokerage who knows how to market your home to out of state and international buyers.

Call us today @ 941.866.1666.

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Slightly more than half of foreign buyers (51 percent) purchased a detached single- family home, compared to 78 percent among all buyers nationally. More than one third (37 percent) of foreign buyers purchased a condo, 11 percent purchased a townhouse or row house, and the remaining 1 percent purchased some other type of home. 

While there are a number of factors that have contributed to the decline in sales nationally and in Florida specifically, one significant countervailing force has been the growing importance of foreign home buyers. Foreign buyers recognize U.S. real estate as a desirable, profitable and secure investment. In addition, the weak dollar has made U.S. real estate an even more attractive investment for foreign buyers. 

Foreign buyers are especially drawn to Florida because the state is viewed as a desirable location, making it a top destination for buyers seeking a second home or investment property. According to a survey of conducted by the Florida Association of REALTORS® 11 percent of foreign buyers that purchased a home in Florida bought a new home, while the remaining 89 percent purchased a previously-owned home. 

Region of Origin of Foreign Home Buyers 

According to the 2009 Profile of Home Buyers and Sellers, 92 percent of all home buyers used mortgage financing to purchase their home. Among recent foreign buyers in Florida, use of mortgage financing was less frequent. Overall, 19 percent of foreign buyers financed their home with a mortgage while 81 percent paid cash with no mortgage financing. 

All cash (no mortgage financing) 81%
With mortgage financing 19% 

Buyers from Western Europe brought even more cash to the table: 

All cash (no mortgage financing) 88%
With mortgage financing 12% 

Half of foreign buyers purchased a property to use exclusively as a vacation home. About a fifth (21 percent) purchased a home to be used as a rental property. Given the limitations on the length of time that foreign buyers may be able to personally use their property, 24 percent of sales were for a dual use – as a vacation home for the buyer’s family and friends and as a rental property at other times. 

 With 13 % of Internationals buying in the Bradenton / Sarasota area our area ranked #3 Florida wide after Orlando (19%) and Miami (17%). 

 If you are interested in selling your home, be sure to get the best international exposure possible. 

 Call us today @ 941.866.1666 for a free consultation.

Condor also said financial yields on Florida flights were limited, which hampered any expansion into the state. The airline now serves just one Florida destination, Fort Lauderdale. Condor had considered flying nonstop from Frankfurt twice weekly, from April to October, for a two-year period beginning in 2011. Each of its flights, aboard Boeing 767 aircraft, could have brought 270 passengers.

Airport officials were disappointed with the outcome but noted that Condor praised the local effort as “among the most attractive we received from all airports in the area,” according to Oberhuber’s letter. “This would have increased our number of passengers, but even more than that, it would have put us in a different strata from the standpoint of attracting other air service,” said airport Chief Executive Fred Piccolo. “Condor would have had a real prestige value for us,” Piccolo said.

Government run visitor bureaus outside Manatee / Sarasota not supportive enough!

Condor specifically cited the area’s “most attractive marketing support package,” though it added that the lack of a more regional approach from the visitors bureaus was “more than disappointing” because most German tourists tour throughout Florida when traveling.

Virginia Haley, president of the Sarasota Convention and Visitors Bureau, said the decision will not curtail efforts to make further inroads into Germany. “This in no way slows down our expanded marketing efforts in Germany,” Haley said. “It is clear that they were impressed with the marketing from Sarasota-Bradenton, the economic development offices and the convention and visitors bureaus. We just need to bring more regional partners to the table.”

Condor’s presence in Florida has been shrinking over the years. After the 9/11 attacks, Condor had to pull out of Tampa International Airport due to nearby McDill AFB. Four years ago, it left Fort Myers’ airport, and in 2009, it abandoned Orlando International.

Still, Piccolo said he may try to court Condor in the future.

“We’re going to keep plugging away, and we can take a lot of positives out of this,” he said. “We’ve built a better template now for how to attract carriers, built better relationships with the CVBs, and received information on improvements we can make here.”

The leading German – American Real Estate Team for Bradenton and Sarasota is always here to help:

Weiss International Realty
Axel Weiss, Bea Weiss
3605 Riverview Blvd.
Bradenton, Florida 34205
(941) 866 1666
www.weissinternational.com
www.bradentonbroker.com
www.bradentonbroker.de

 While in the past the majority of international buyers were retirees, the current buyers from overseas are getting younger and younger. Many of them are trying to secure a piece in paradise with a clear investment strategy. Use the home for a couple of weeks each year for themselves and rent it out to vacationers in order to cover the expenses like insurance and taxes. Just a combination of 2^nd home and investment.

However they have to keep an eye on one thing: Long term rentals don’t work, as they want to use the home or condo several times per year for themselves. They could rent it to snowbirds, but many homes are just too high priced in order to rent for 3 months or more. And many retirees are locked with their pension portfolios right now and have to scale back on their winter plans.

So these foreigners are advertising their homes as extended vacation places for other people who prefer the amenities of living in a community against staying at hotels for stay between a few weeks to several months.  Many communities in the Bradenton/Sarasota area however show relatively tight rental restrictions regulating the number of times per year a property can be rented out and/or minimum leases terms. Some restrictions are manageable, but if you are limited to a minimum of 6 months or just once per year, or even no rentals at all, it’s a “No-Go” for every investor.

Recent calculations show a loss in usability of about 25% – 33% for an identical property with or without rental restrictions. That’s about $100,000 on a $300,000 property in usability loss. The stricter the restriction the higher the loss. Because not everybody is planning to rent at this point the loss in property value might be a little less dramatic. As – however – in future more and more people are living on tight budgets, condos and homes with higher restrictions will have a lower potential of possible gain in value.

 For the homeowner it’s a disaster, just imagine: If somebody from your neighborhood knocks on your door and asks for support of new rental restrictions, ask yourself why they want to take $100,000 from your money? And if your association already has strict rental restrictions in place, ask yourself what you would do with the $100,000 if they get rid of them.

And the community is suffering, too: You have foreclosures or unpaid dues in your community? Maybe the owners are just not able to rent / sell their place as fast as possible. By time, they get late in the HOA dues and the community is suffering.

A well-off investor from overseas with cash in a property will probably be the best add-on for your community. So watch out and make sure you stay attractive for this clientele!

For more information on how to market your property locally and internationally please contact:

Axel Weiss, Broker
Weiss International Realty
Bradenton, FL 34205
(941) 866 1666

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1. Florida leads the pack
International buyers purchase homes across the U.S., but Florida leads with 26 percent of all sales!

2. More pay in cash
Twenty-eight percent of international buyers bought their homes with cash, compared to 8 percent of U.S. buyers. In today´s market nothing is of greater value than a cash buyer!

3. Internationals purchase pricier homes
The median sales price of homes purchased by international buyers was $299,500, which is significantly higher than the U.S. median of $221,900 during the same period.

Trust the best! Weiss International Realty is the leading International Real Estate Broker in Florida.

Weiss International Realty
3605 Riverview Blvd.
Bradenton, FL 34205

(941) 866 1666

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Buyers often are taking money out of stocks and retirement plans and sinking it into real estate.

Many are in search of retirement properties and are grabbing the bargains. Others want to buy a home for vacation and investment and are buying without even having seen the home in person.

If you are interested in selling your home, contact a Real Estate Company which specializes in working with International and out-of-state buyers – contact Weiss & Weiss International Realty.

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