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‘Will 2017 Bring Internet Buyers Back to Florida?’

  • Thu Aug 31 2017, 12:19 pm
By James D. York, PA

January 6th 2017

 

‘Will 2017 Bring Internet Buyers Back to Florida?’

 

By James D. York, P.A.

With 2016 now history, we can take a look at some stats for the year. One that stands out from a real estate viewpoint is investment by international buyers in Florida property.

According the Florida Realtors Profile of International Residential Real Estate Activity, 2016 (actually August 2015 to July 2016, for this report) brought $19.4 billion into the Sunshine State from foreign investors, or 19% of total sales. (Compare to nationwide figures, where foreign sales made up only 7% of the total.)  It sounds like a lot, until we compare it to 2015’s $23.7 billion.

In wondering why the marked reduction, several factors come to light. First off, prices. The past year’s total represents 47,000 total sales, whereas in the previous year, only 44,000 properties sold. The average cost decreased from $539K to $412K, a significant difference.

Also, the strong U.S. dollar made a difference by affecting sales totals, with 58% of respondents stating that the impact was “significant.” Around a third of buyers said that Florida real estate prices were more expensive than in their home countries—notably Canada, Brazil, Venezuela, the United Kingdom, and Argentina—with 72% making all-cash purchases.

Hopes are high for improvement in the economy overall, and along with that, for real estate. Let’s look to maintain and increase our contacts with international clients this year. Just give us a call with any questions or ideas for collaboration.

 

Connect With York Real Estate Group

Website: www.NaplesYorkRealEstate.com  

Blog: www.YorkRealEstateGroupSWFL.com

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York Real Estate Group consists of James, Michael, and Morgan York, Florida Realtors with Downing-Frye Realty. James York is the winner of the prestigious 2014 and 2015 SWFL People’s Choice Realtor Award. The group has over 25 years combined experience and over $275 million in sales transactions.  Visit The York Group website at www.naplesyorkrealestate.com for all current MLS listings of houses for sale in Naples, Marco, Bonita, and Estero. If you have other questions, the York’s invite you to email or call them at JYorkinFL@cs.com or 239-273-6727.

                

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