Florida International Home Buyer Survey, Investment Trends and Statistics

Florida International Home Buyer Survey, Investment Trends and Statistics

It’s no secret that foreigners have been purchasing second homes here in Florida, and throughout the Tampa, St. Petersburg, and Clearwater Beach areas.  The information provided was complied from 3 recent news articles, and the Florida  International Survey-2011. How do foreign home buyers impact the Florida Real Estate Market? According to recent reports, International buyers are expected to buy even more in 2012. Florida has been the front-runner in International sales since 2009.  Condos continue to be foreign buyers’ residence of choice with condominium sales accounting for more than 70 percent of purchases. International buyers are largely cash buyers and buy homes at a higher price point. Recent statistics show that 1 in 10 foreign home buyers purchase in the Sarasota-Bradenton area.  But they aren’t the only buyers attracted to our sunshine state.  Another study by Trulia  listed the Tampa- St. Petersburg- Clearwater area as number 4 in the top 10 Florida cities Chicagoans love.  Not a coincidence  for me, as I have clients right now from Chicago looking to purchase here in Tampa.  As a result, home prices have risen while inventory has fallen. By now you’ve probably heard the term “buy a home, get a visa”.  Another possible boost in the International home buyers market is a bipartisan bill that two Senators will be introducing that would give any foreign home buyer a visa.  All they would need do is spend $500,000 in residential real estate and they receive a visa to live in the U.S.   Purchasers would be able to spend the entire amount on one single family house, condo, or townhouse, or they have the option of spending...
What Everybody Ought to Know About The Tampa Real Estate Market

What Everybody Ought to Know About The Tampa Real Estate Market

The latest 3rd Quarter Tampa Real Estate Market report just came out.  If you are still on the fence about buying a home here are some interesting facts: In January of 2011 our average sales price was 134,856 with 11.1 months of inventory on the market. In September of 2011 our average sales price climbed to 161,146, with only 5.8 months of inventory on the market. Homes priced under 50,000 have only a 3.6 months supply, while homes listed at 1 million and up show a 40 month supply. If you are a buyer looking for luxury homes in Florida this may be the best opportunity to strike a deal with motivated sellers.  There are 284 homes listed for sale at over 1 million and only 7 of those sold in the month of September.  Pretty discouraging stats for sellers to say the least.  Still think you don’t have negotiating power?  Want to see what you can get for the money? Check out our MLS listings here.  This is just a snapshot of our current housing market.  If you are looking for the most accurate information and statistics you can download the full report...
Tampa Real Estate Investing: 10 Reasons Buying In Florida Is A No-Brainer!

Tampa Real Estate Investing: 10 Reasons Buying In Florida Is A No-Brainer!

Despite the downturn nationally and in the Tampa Bay area, real estate still remains a solid long-term investment. Here are ten (10) reasons why: Baby Boomers. National demographics point to an aging U.S. and developed market population.  Older Baby Boomers in the U.S. love the sun and great amenities Florida has to offer. Baby boomers are one of the most economically advantaged groups in the nation and consistently list Florida among the top retirement destinations. Retirement Mecca. According to research conducted by the U.S. Census, Florida, California and Texas will account for 46 percent of total U.S. population growth by the year 2030, much of this is because these warm weather states are where retires want to live. No Personal Income Taxes. Florida is one of nine states without a state income tax.  Our annual influx of vacationers and Snow Birds pay much of the tab for residents through a number of sales and use related taxes.  This is very attractive for Tampa residents, especially when there is discussion of raising U.S. income taxes or eliminating loopholes. Continued Growth. Florida is growing again after its first decline since the 1940s.  According to the University of Florida’s Bureau of Economic and Business Research, Florida added more than 21,000 residents between 2009 and 2010. The second greatest growth in new Florida residents came in Hillsborough County, home to Tampa.  This growth means demand for real estate and, therefore, greater resale values. Affordability. Tampa homeowners have experienced roughly a 50% adjustment in value, making property more affordable than they have been in years. Interest Rates. Interest rates remain at historic lows making...
Why Florida’s Real Estate Market Will Rebound.

Why Florida’s Real Estate Market Will Rebound.

INTERNATIONAL HOME BUYERS IN FLORIDA-NAR 2010 STUDY Overall 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. A total of only 19 percent of foreign buyers financed their home with a mortgage while 81 percent paid cash with no mortgage financing. 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. Tampa, Cape Coral-Fort Myers and Naples rounded out the top 6 destinations in Florida, accounting for at least 5 percent of purchases by foreign buyers. The fact is that Florida is still a desirable area for tourism, second homes and retirement communities.  With increased sales and great deals, the Tampa Bay area will rebound sooner than other parts of the Country that don’t have our beautiful beaches, tourist attractions and sunny weather! See More Articles Like This… Search all Homes for Salein Tampa, St. Pete and Clearwater Beach...

2010 Florida Real Estate Survey-A Positive Outlook!

Thinking of buying a vacation home in Tampa Bay? With our white sandy beaches, the Tampa, St. Pete and Clearwater areas are one of the BEST places to invest.  Many buyers are getting properties for 50% less than what they had sold for in 2005 & 2006. Here’s the latest stats and how Floridians see our future! ‘Floridians Still Love Florida’ – so reads a recent headline in the Tampa Bay Business Journal. According to a study by Leadership Florida and the Nielsen Co., most Floridians believe our home state is a good place to live and are encouraging friends and families from out of state to move here. That of course is good news for us because those people will need to purchase homes. What is particularly interesting about the “2010 Sunshine State Survey” is that for the first time in the survey’s history, the majority of Floridians felt so positive about living the Florida lifestyle they would advise others to become their neighbors. Despite concerns about the economy and unemployment those surveyed also realized the importance of investing in economic development. In fact, 69 percent favor giving incentives to businesses to encourage them to expand or relocate to Florida. More good news… A major finding is that 75 percent of respondents see a bright future ahead—a substantial increase over views expressed only one year ago. Overall, Floridians show a lot of enthusiasm for life in the Sunshine State. Realtors are also enthusiastic about working in Florida, particularly here in the Tampa Bay area. Showing signs that a housing recovery is near is a recent finding that inventory in...
Florida is Still a HOT Vacation Home Spot!

Florida is Still a HOT Vacation Home Spot!

Second Home Purchases in Florida    In addition to being a favorite location for those moving from other states or from abroad, Florida is also a favorite destination for second home buyers. In fact, NAR Buyers Survey reveals the highest proportion of recently purchased vacation properties, as well as investment properties, were in the South, where Florida is the primary destination. Almost half of the vacation properties and 40 percent of the investment properties purchased in 2008 were in the South.  According to the 2007 HMDA, a total of 274,428 home purchase loans were made in Florida. Search all homes in Tampa Bay, including Clearwater, St. Petersburg and the Beach...