INTERNATIONAL BUYERS

Daily Real Estate News July 30, 2007

Survey Digs into Details of International buyers — foreign citizens who legally enter the United States to purchase a home — are making up a growing share of business for real estate practitioners, according to new research by the NATIONAL ASSOCIATION OF REALTORS®. NAR’s 2007 Profile of International Home Buying Activity shows that a quarter of REALTORS® report more international business in 2006 than five years ago. Nearly one in five respondents sold a home to an international client in the past year, and one-third say they believe foreign retirees are an increasingly important market in the United States. “Just as many U.S. residents are looking overseas for retirement and second homes, people in other countries are considering a home in this country,” says NAR President Pat V. Combs. As international boundaries of homeownership dissolve, you must stand ready to serve an increasingly diverse and multicultural marketplace, she adds. The research explored the characteristics of second-home purchases in the United States made by international clients. Here are six of the top findings, which reveal important trends that will help you tap into the expanding international niche:
Stronger preference for condos and apartments. In 2006, most international home buyers purchased single-family homes or townhomes, and like most domestic home buyers, they financed their purchase. However, they showed stronger preferences for condos/apartments when compared to U.S. home buyers; 22 percent of international buyers purchased condos/apartments, versus 12 percent of U.S. buyers.
More pay in cash. Twenty-eight percent of foreign buyers bought their houses with cash, compared to 8 percent of U.S. buyers.
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.
Homes used for vacation, investment. Forty-seven percent of all international buyers purchased homes exclusively for vacation, while 22 percent were motivated primarily by investment. Nearly a third of foreign buyers cited both vacation and investment as reasons for their purchase. International homeowners spent an average of 4.2 months of the year in their U.S. property in 2006.
Buyers from Mexico most prevalent. A third of all international buyers are from Europe, but buyers from Asia and North America (outside the United States) each represent about one-fourth of the total market. Sixteen percent of all international buyers are from Latin America. By individual country, most buyers come from Mexico (13 percent), the United Kingdom (12 percent) and Canada (11 percent).
Florida leads the pack. Foreign buyers purchase homes across the United States, but 52 percent of sales in 2006 were concentrated in three states: Florida (26 percent), California (16 percent), and Texas (10 percent). The South attracted nearly half – 49 percent – of international buyers last year, while 31 percent purchased homes in the West.

Bargain Hunting for Condos
Thinking of retiring to a formerly hot market? The slowdown has made parts of the Sunbelt a lot more affordable. Eugenia Levenson of Fortune Magazine presents a guide to finding the best deals in Naples. June 15, 2007.

It is just a 2 hour drive from Miami, but Naples is another world, as famous for its sun-drenched beaches as it is for the high-society snowbirds who fill them. The tiny resort town attracts everyone from retired NFL coaches, basked ball players, baseball players, golf pros, TV personalities and former auto execs. Judge Judy, Ted Turner, Mike Ditka, Marty Schottenheimer, Larry Bird, Ted Turner or maybe it's Jane Fonda, Greg Norman, Tom Cruise and Steven Spielberg to name a few.
During the real estate boom, Naples regularly landed at the top of housing analysts. overpriced market list. Last year a chill fell over this pristine town and its expansive golf courses. Pending condo sales dropped 43% from the first quarter to the fourth and the median prices fell 17% as buyers chose to wait out the frenzy.
But some experts say the market is starting to stabilize. While there is still excess inventory-a 36 month supply of new condos, plus another 42 months worth of existing units for sale-construction has halted and the glut is mostly in the lower end of the market. (Yes, Naples has a low end.) That means now might be the time for the skittish to come off the sidelines.
And buyers may be doing just that: Baker says three $2 million condos sold in the Aria last month. "The savvy second-home buyer is seeing that this is a good time," says Naples Area Board of Realtors President Spencer Haynes. "There is choice now and they might be able to negotiate a better deal. "For this ritzy enclave, that kind of opportunity doesn't come around often."

Call Bernie East Realtor®

239-248-1966

www.Berniesellsnaples.com

Amerivest Realty

OPEN HOUSE SUNDAY 29th 1.00-4.00pm

118 PLANTATION CIRCLE FLORIDA 34104

One of the newest homes in Plantation with 3 Bedrooms looking out onto a new heated pool complete with high pressure wave action in deep end, multi colored mood light in pool & heated spa with waterfall and surrounded by paver deck. This great-room plan revolves around the expansive pool deck with tropical plantings and fruit trees and very large tropical gardens, very private and wide lot gives you that true feeling of Florida's tropical setting. The 14' vaulted ceilings, formal entry and glass sliders across the entire back of this home welcome you to one of the largest back yards, fully fenced in Plantation. Inside the warm Italian ceramic loors, solid surface countertops, polished gold bath fixtures and plant shelves provide a warmth and elegance to this special home. The family friendly community of Plantation offers Clubhouse with swimming pool, tennis courts and also very low HOA. Motivated Seller bring all offers.

BERNIE EAST REALTOR®

239-248-1966

AMERIVEST REALTY

WWW.BERNIESELLSNAPLES.COM

OPEN HOUSE 7/22/2007 1.00PM TO 4.00PM

118 Plantation Circle Naples FL34104

Lovely Single Family Pool and Spa home 3 Bedroom 2 Bath with low Home Owner Fees.

VERY MOTIVATED SELLER

Bernie East Amerivest Realty

239.248.1966

www.Berniesellsnaples.com

OPEN SUNDAY 1.00pm - 4.00pm

OPEN HOUSE SUNDAY JULY 15th 1.00-4.00

118 PLANTATION CIRCLE, RADIO ROAD EAST PAST SANTA BARBARA ENTRANCE ON RIGHT THEN TURN INTO SECOND 2ND CUL-DE-SAC ON LEFT.

One of the newest homes in Plantation with 3 Bedrooms looking out onto a new heated pool complete with high pressure wave action in deep end, multi colored mood light in pool & heated spa with waterfall and surrounded by paver deck. This great-room plan revolves around the expansive pool deck with tropical plantings and fruit trees and very large tropical gardens, very private and wide lot gives you that true feeling of Florida's tropical setting. The 14' vaulted ceilings, formal entry and glass sliders across the entire back of this home welcome you to one of the largest back yards, fully fenced in Plantation. Inside the warm Italian ceramic loors, solid surface countertops, polished gold bath fixtures and plant shelves provide a warmth and elegance to this special home. The family friendly community of Plantation offers Clubhouse with swimming pool, tennis courts and also very low HOA.

Bernie East Realtor

Amerivest Realty
http://www.berniesellsnaples.com/
239-248-1966