International Buyers of Miami Beach Real Estate; Miami Beach Real Estate values have been dropping for the last 18 months. What we see is high inventory and a good selection everywhere. I believe that besides each market being “local,” we will soon see another local separation between the Beaches and the mainland of Miami. While Miami, including Brickell and Downtown Miami, is desirable, the strong demand will always be for Miami Beach oceanfront condos and waterfront homes.
With limited building space and increased tourism, the beaches have been and will continue to be very desirable. Today’s foreigners are taking advantage of a soft real estate market and a weak US dollar. Florida itself is number 1 in the Nation for International buyers. Being a Florida native, I know no other city like Miami Beach, FL, exists. According to the 2007 National Association of Realtors Profile of International home buying activity, NAR’s latest and most comprehensive research exploring the characteristics of second home purchases in the US made by International clients, Florida is the top state destination for international buying!
Despite the housing slowdown, international clients still account for a significant share of Realtor’s business in the US. Twenty-six percent of all international home-buying transactions in the US take place in Florida. California was next at 16 percent, followed by Texas at 10 percent. Each of these states is recognized as a significant “gateway” for visitors to the US from other countries.
International Buying of Miami Beach Real Estate
South Florida is additionally known as the “Gateway to the Americas.” 2008 should be another year where International buying in Florida will occur more aggressively as educated buyers take advantage of the excellent value of Miami Beach Real Estate. Contact me here for more information.