Sunny Isles Beach buyers are predominantly foreigners
Foreigners steadily buying American Homes
The top six countries of origin for foreign home buyers, in rank order, were Canada, the United Kingdom, Mexico, China, India and Germany. This year, Canada replaced Mexico as the country with the largest share of foreign buyers in the U.S. The percentage of Canadian buyers doubled from last year, from 11 percent to 23.5 percent.
Foreign purchasers tended to buy more expensive properties than their domestic counterparts. International buyers paid a median $297,400 (in U.S. dollars) for a U.S. property - significantly greater than the $217,900 median price for a U.S. existing home of any type in all of 2007 which cost an average of 36 percent more than the typical domestic buyer's home purchase, but less than the median price paid by foreign buyers in the previous year's survey. More than 14 percent of properties sold to international buyers sold in excess of $750,000.
Brosda & Bentley Realtors™ is ideally positioned to market Sunny Isles Miami Beach real estate listings overseas. With offices and alliances in Dubai, Hamburg, London, Monte Carlo, Mumbai, Paris, Toronto and affiliate offices in Buenos Aries and Mexico City, it is right in the epicenters of metropolitan areas whose residents are prone for buying property in South Florida.
Some of the components of demand for international real estate services include the following: relocations into and out of the U.S. by both domestic and foreign transnational companies; U.S. retiree purchases overseas; immigrant home purchase inflows into the U.S.; immigrant purchases of commercial or business properties in the U.S.; foreign investor purchases of U.S. real estate; and U.S. investor purchases of foreign real estate.
Foreign-born purchases of residential real estate are expected to rise steadily from the significant increase in immigration. Nearly half of the recent increase in the overall U.S. population is due to newly arrived immigrants. Given the strong relationship between rising homeownership rates and the length of time in the U.S., home purchases by immigrants will have a sizable impact on the housing market for the foreseeable future.
Full service real estate companies with knowledge of these market conditions and professional consultants equipped with cross-cultural skills and the tool kit to provide expert advice to foreign investors are the leading movers and shakers in current South Florida real estate sales.
Brosda & Bentley™ is also marketing foreign properties to US citizens. Statistics from the Association of Americans Resident Overseas indicate that excluding Military personnel, over 4 million Americans live in over 150 countries overseas. Besides corporate employees, other major components of this group include educators, students and retired persons. The growing annual market share lies at approximately 200,000 relocation and housing orders from US citizens.
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