Florida remained the top destination of foreign buyers purchasing U.S. residential real estate in 2017, with 22 percent of all foreign buyers who bought residential property in the United States. Florida Realtors® latest report, the 2017 Profile of International Residential Real Estate Activity in Florida, finds that international sales hit $24.2 billion this year, up from $19.4 billion in 2016.
The economic environment created a mix of opportunities and challenges for Florida’s foreign buyers in 2016 and 2017, according to the report’s analysts. Latin American countries faced political and economic difficulties and weaker currencies in the wake of the collapse in oil prices. Meanwhile, economic growth strengthened in Canada and the Canadian dollar stabilized against the U.S. dollar.
House prices rose in the United States, including in Florida, but the appreciation was modest compared to home price appreciation in Canada. Amid these challenges and opportunities, overall foreign buyer purchases of Florida residential property increased: the share of buyers from Canada rose, the share of buyers from Latin America and Europe declined and the share of buyers from Asia and Africa remained unchanged.
The report is based on an annual study done by the National Association of Realtors® (NAR) in cooperation with Florida Realtors. It presents information relating to residential transactions with international clients of Florida’s Realtors as well as information on U.S. clients seeking to purchase property abroad during the 12-month period of August 2016-July 2017. In this report, the year 2017 refers to the 12-month period August 2016–July 2017, and the year 2016 refers to the period August 2015–July 2016. A total of 6,551 Realtors responded to this year’s survey, conducted Aug. 7-Sept. 9, 2017.
The survey considers only residential purchases in the state.
Report highlights
Foreign purchases in the state increased to $24.2 billion, a $4.8 billion increase from 2016’s $19.4 billion.
Foreign transactions accounted for 21 percent of Florida’s residential dollar volume of sales, a 2 percent increase year-to-year. Nationally, foreign buyers comprised 10 percent of the dollar volume of existing sales.
Foreign buyers purchased 61,300 Florida properties (47,000 in 2016), which made up 15 percent of Florida’s residential market (12 percent in 2016). Nationally, foreign buyer residential purchases accounted for five percent of existing-home sales.
The median purchase price paid by foreign buyers increased to $259,400 ($252,500 in 2016), which was in line with the overall increase in Florida prices.
The median price paid by foreign buyers was 18 percent higher than the median price paid by all Florida buyers.
Nationalities of Florida’s foreign residential buyers
Latin American and Caribbean buyers accounted for the largest portion of Florida foreign buyers (34 percent), though this group made up 39 percent the previous year.
Canadian buyers increased to 22 percent (19 percent in 2016).
Other countries remained consistent year-to-year: The share of European buyers was unchanged at 23 percent; Asian buyers at 10 percent; and African buyers at one percent.
Most foreign buyers were concentrated in five metropolitan areas: Miami-Fort Lauderdale-West Palm Beach (53 percent); Orlando-Kissimmee-Sanford (11 percent); Tampa-St. Petersburg-Clearwater (nine percent); Cape Coral-Fort Myers (six percent); and North Point-Sarasota-Bradenton (five percent).
Transaction details
72 percent of foreign buyers made an all-cash purchase.
68 percent of foreign buyers purchased residential property for vacation, residential rental or for both uses (72 percent in 2016); 49 percent bought a townhouse or condominium (52 percent in 2016).
35 percent (40 percent in 2016) purchased in a central city/urban area; 15 percent purchased in a resort area (14 percent in 2016).
93 percent of foreign buyers visited Florida at least once before purchasing a property (92 percent in 2016).
Florida clients searching properties abroad
17 percent of Florida’s Realtors said they had a client seeking to purchase property abroad, up from 14 percent in 2016.
Top countries of interest from Florida residents looking elsewhere: Colombia, Costa Rica, Spain, Canada and the Dominican Republic.
75 percent were interested in residential property (79 percent in 2016).
75 percent intended to use the property for vacation, residential rental or both uses (84 percent in 2016).
Florida’s Realtors interaction with international clients
While international business rose, fewer Realtors in Florida (44 percent) said they worked with an international client in 2017 (48 percent in 2016).
61 percent of Realtors said they did not have cultural and language problems.
Personal contacts, previous clients and business contacts accounted for 72 percent of referrals or leads.
An agent’s firm, franchise website or social media was the primary source of online leads, followed by other aggregator websites and realtor.com®.
Respondents were evenly split about the outlook in the next 12 months: 43 percent expected the same or an increase in international clients, 42 percent expected a decrease, and 15 percent had no opinion.
56 percent expect foreign retirees to be potential clients.
Tuesday, February 27, 2018
Home Sellers Can Take Steps Now for a Great Spring Landscape
Thinking of selling a home in the spring? Then now is a good time to get in the yard and prepare the landscaping. Many home sellers focus on indoor projects and forget that the first thing potential buyers see is the home’s curb appeal – the landscaping and yard.
Fall is the best time to lay the groundwork for a springtime yard that will attract buyers, according to the Outdoor Power Equipment Institute. Attractive landscaping can help improve curb appeal, adding as much as 17 percent to the sale price of a home, studies show. To help homeowners prepare their yards, the Institute shares several tips:
Nurture healthy turf. Fall is the time to aerate the soil by punching holes in it so oxygen, water and nutrients can reach the grass roots. Continue mowing your lawn as needed throughout the fall.
Trim it short. For the last two cuttings of the year, lower your mower blade to its lowest setting so your grass gets a tighter cut. This will enable more sun to reach the crown of the grass – and you’ll see fewer brown leaves in your lawn. Be careful to leave one third of the grass blade in place.
Rake or collect the leaves. It may be tempting to wait until all the leaves fall off the trees before clearing them up, but don’t delay. Leaves on the ground block the grass from sunlight – suffocating your grass – and can also breed fungus. Remove the leaves, compost or mulch them, or dispose of them.
Load up on grass nutrients. Use a mulching mower to shred and return cut grass back to the lawn. You can also finely mulch your leaves and distribute them on your lawn. Shredded leaves can help control weeds and load your lawn with nutrients for a long winter.
Fix the bald spots. Fall is a good time to fix those bald spots in your lawn. Get a lawn repair mixture at your area garden shop and follow the directions.
Taking these steps can help boost your curb appeal with a healthy lawn in the spring.
Fall is the best time to lay the groundwork for a springtime yard that will attract buyers, according to the Outdoor Power Equipment Institute. Attractive landscaping can help improve curb appeal, adding as much as 17 percent to the sale price of a home, studies show. To help homeowners prepare their yards, the Institute shares several tips:
Nurture healthy turf. Fall is the time to aerate the soil by punching holes in it so oxygen, water and nutrients can reach the grass roots. Continue mowing your lawn as needed throughout the fall.
Trim it short. For the last two cuttings of the year, lower your mower blade to its lowest setting so your grass gets a tighter cut. This will enable more sun to reach the crown of the grass – and you’ll see fewer brown leaves in your lawn. Be careful to leave one third of the grass blade in place.
Rake or collect the leaves. It may be tempting to wait until all the leaves fall off the trees before clearing them up, but don’t delay. Leaves on the ground block the grass from sunlight – suffocating your grass – and can also breed fungus. Remove the leaves, compost or mulch them, or dispose of them.
Load up on grass nutrients. Use a mulching mower to shred and return cut grass back to the lawn. You can also finely mulch your leaves and distribute them on your lawn. Shredded leaves can help control weeds and load your lawn with nutrients for a long winter.
Fix the bald spots. Fall is a good time to fix those bald spots in your lawn. Get a lawn repair mixture at your area garden shop and follow the directions.
Taking these steps can help boost your curb appeal with a healthy lawn in the spring.
Thursday, February 22, 2018
Home sales, prices rose in all three SoFla counties in January: Florida Realtors
Miami-Dade had the strongest month with a 5.3% rise in resi sales...
New year, new South Florida? Home sales were up in Miami-Dade, Broward and Palm Beach counties at the start of 2018, according to new reports from the Florida Realtors. Median prices were also on the rise.
The higher sales figures follow a slow 2017. Despite an overall increase in residential dollar sales volume in South Florida’s three counties last year, the number of sales fell.
Miami-Dade
Residential sales posted the biggest overall increase in the tri-county region, rising 5.3 percent year-over-year to 1,820 closings in January. Single-family home sales lagged behind condo and townhouse sales, increasing only 2.1 percent to 875. Condo sales rose 8.1 percent to 945.
The median price for a house was $330,000 last month, up 6.5 percent from the previous year, and the median price for a condo was $230,000, an annual increase of about 3.5 percent.
Broward
In Broward, residential sales totaled 2,146 in January, up 3.67 percent year-over-year. The increase is thanks to a big leap in condo sales and a slight drop in single-family home closings. Condo and townhouse sales rose 7.8 percent to 1,167, while three fewer houses sold, a 0.3 percent decline to 979 closings.
The median price of a single family home increased 10.8 percent to $345,000, and the median price of a condo rose 8.8 percent to $156,000.
Palm Beach
The northernmost county experienced a smaller bump in residential sales in January. Closings increased only 1 percent to 2,014 due to a 3.8 percent drop in single-family home sales, which totaled 1,103 last month. Condos and townhouse sales lept 7.6 percent to 911 closings.
But home prices continued their steady rise. The median price for a single-family home in Palm Beach County was $325,000 in January, a 4.8 percent increase. The median price for a condo/townhouse was $170,000, up a whopping 13.3 percent.
Tags: home prices, home sales, Residential Real Estate
New year, new South Florida? Home sales were up in Miami-Dade, Broward and Palm Beach counties at the start of 2018, according to new reports from the Florida Realtors. Median prices were also on the rise.
The higher sales figures follow a slow 2017. Despite an overall increase in residential dollar sales volume in South Florida’s three counties last year, the number of sales fell.
Miami-Dade
Residential sales posted the biggest overall increase in the tri-county region, rising 5.3 percent year-over-year to 1,820 closings in January. Single-family home sales lagged behind condo and townhouse sales, increasing only 2.1 percent to 875. Condo sales rose 8.1 percent to 945.
The median price for a house was $330,000 last month, up 6.5 percent from the previous year, and the median price for a condo was $230,000, an annual increase of about 3.5 percent.
Broward
In Broward, residential sales totaled 2,146 in January, up 3.67 percent year-over-year. The increase is thanks to a big leap in condo sales and a slight drop in single-family home closings. Condo and townhouse sales rose 7.8 percent to 1,167, while three fewer houses sold, a 0.3 percent decline to 979 closings.
The median price of a single family home increased 10.8 percent to $345,000, and the median price of a condo rose 8.8 percent to $156,000.
Palm Beach
The northernmost county experienced a smaller bump in residential sales in January. Closings increased only 1 percent to 2,014 due to a 3.8 percent drop in single-family home sales, which totaled 1,103 last month. Condos and townhouse sales lept 7.6 percent to 911 closings.
But home prices continued their steady rise. The median price for a single-family home in Palm Beach County was $325,000 in January, a 4.8 percent increase. The median price for a condo/townhouse was $170,000, up a whopping 13.3 percent.
Tags: home prices, home sales, Residential Real Estate
Saturday, February 10, 2018
First phase of Jungle Island’s multimillion-dollar renovation to open this year
Jungle Island is getting back on track with its multimillion-dollar renovation after Hurricane Irma forced its closure in September.
The first phase, expected to cost $16 million, is underway and the park is projected to reopen in late spring with new attractions. ESJ Capital Partners paid $60 million for the property in April with major redevelopment plans.
Irma caused substantial damage to the 18.5-acre property, including knocking down a zipline tower under construction, according to the Miami Herald.
New attractions include an indoor trampoline park near the entrance, an outdoor skydiving wind tunnel, a beach restaurant, and a new children’s playground with interconnected tree houses.
In July, Jungle Island’s owners pulled their request for a 39-year lease extension and a deal allowing for the development of a $50 million hotel next to the Watson Island theme park after facing stiff opposition from nearby residents. [Miami Herald] – Amanda Rabines
The first phase, expected to cost $16 million, is underway and the park is projected to reopen in late spring with new attractions. ESJ Capital Partners paid $60 million for the property in April with major redevelopment plans.
Irma caused substantial damage to the 18.5-acre property, including knocking down a zipline tower under construction, according to the Miami Herald.
New attractions include an indoor trampoline park near the entrance, an outdoor skydiving wind tunnel, a beach restaurant, and a new children’s playground with interconnected tree houses.
In July, Jungle Island’s owners pulled their request for a 39-year lease extension and a deal allowing for the development of a $50 million hotel next to the Watson Island theme park after facing stiff opposition from nearby residents. [Miami Herald] – Amanda Rabines
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