Foreign Buyers Spent $8.7B in South Florida Housing Purchases

A recent report shows Chinese buyers are once again the top purchasers of US residential real estate, accounting for $27.3B invested in more than 29,000 properties since last March.

The housing market is recovering.. If you begin by knowing how much you can spend, what aspects of the real estate purchase are most important to you, and what trade-offs you might be willing to make, you can make an educated decision on your purchase.. Because so much of Florida’s homeownership population consists of foreign buyers.

South Florida was responsible for nearly 9.5 percent of all U.S. international home sales last year. Foreign buyers spent a median price of $373,000 for residential properties in 2018, while about five percent of South Florida foreign buyers purchased local homes without even visiting the state.

Foreign buyers are buying less U.S. real estate-and that has ramifications for some of the nation’s priciest housing markets. International purchasers spent only about half of what they did on U.

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Considerations for Foreign Real Estate Buyers and Sellers. If the sale price is less than $300,000 and the buyer will use the property as a personal residence at least 50% of the time for the next two years after closing; or If the seller has obtained a withholding certificate from the IRS. If none of these exemptions apply,

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Miami, Florida locals must compete with foreign and out-of-state home and condo buyers, whose cash offers at asking price tighten housing inventory and drive up real estate prices.

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 · Some South Florida homeowners, stuck in a twist on the prisoner’s dilemma, are deciding to sell now-not necessarily because they want to move, but because they’re worried their neighbors.

Chinese investors have reportedly claimed the title away from Russia as top foreign buyers of. other reasons for the surge in purchases from the People’s Republic. At the top of the list: the.

Their value depends on what a buyer will pay, and no one can predict the figure until a purchase is made. which brought him to South Florida to speak to Cuban Americans for a day. Otherwise he.

In places like South Florida, international buyers already account for a whopping 25% of the market. California, Texas and Arizona also attract many foreign buyers, as do Hawaii and New York.