Successful cross border closings involve proper legal advice and smart agents
It’s not just U.S. Citizens flocking to Florida for real estate opportunity; foreign investors have their eyes on us as well and are engaging Florida real estate lawyers and agents to act on their behalf. Some of the more obvious draws for new residents and this thriving cross-border phenomenon include year-round sunshine, a friendly business climate, and a generous housing inventory. However, a closer look at the foreign investor’s search habits and purchases reveals a more exacting menu of targeted benefits. Who are they? Where are they coming from? And what are their real estate hot buttons?
Florida is the No. 1 Destination for Out-of-country Buyers
According to the National Association of Realtors (NAR), Florida is the top U.S. destination for foreign real estate buyers, and has been number one for foreign home buyers for the last 15 years. American Mortages agrees, pointing out that Florida closes 23% of foreign real estate purchases in the U.S.
A closer look reveals that more than 47% of Florida’s international home sales are in the Miami-Fort Lauderdale-West Palm Beach area, with one in two international home sales closing in the Miami metro area. America Mortgages also confirms that the home buyers are mostly coming from Latin America 46%, Canada 24%, and Europe 16%.
Top 3 Foreign Countries Investing in Florida Real Estate Today
- Columbia is South Florida’s top global buyer according to web site searches. Condo Blackbook supports that statement and points out that Columbia provides 15% of the total number of foreign buyers in Miami real estate and “sits on the podium as number one.”
- O Canada. If we discount North America, Canada is the 2nd largest investor of Florida real estate. The U.S. and Canada enjoy a reciprocal arrangement where citizens of both countries can visit the other for a maximum of 182 days per year.
- The UK is number three and Florida is now home to a thriving community of British expats over 40,000 strong.
The Foreign Buyers’ Sweet Spots
Columbians love the economic stability, safer living conditions and more fruitful potential futures for their children. Because economic problems and violence have led a large population of Columbians to immigrate to South Florida, the Columbian buyer may be especially interested in low crime rates and securely gated communities. Be ready to present your inventory of extra-safe single-family home and condo communities. South Florida’s luxurious lifestyle, unmatched in other parts of the world, is also a very sweet hot button for the Columbian buyer.
For many Canadians it’s a matter of preferring sunny beaches over harsh winters. However, the economic impact shouldn’t be discounted. Many expats have found that a move to Florida means making more money, getting a job to love with advancement opportunity, and owning a great house. It doesn’t hurt that a Canadian-friendly expat community is here, ready to embrace its fellow Canucks. Talk weather, talk professional opportunity, and talk hockey to impress the Canadian buyer—note, the Florida Panthers recently won the Stanley Cup, close on the heels of the Tampa Bay Lightning!
Florida is a retirement haven for the UK. Year-round sunny days beats the London fog when one is enters his comfort years. Factor in, no state income tax, and lower housing costs and it’s easy to see why our state has the largest British community in the U.S. With a similar English-based culture and no language barrier, Florida is a welcoming easy-to-move-to destination. And this bit if info might come in handy: most Brits pay cash for their Florida homes because they don’t know about the mortgage options open to them in the U.S. Their Sweet spot? It’s almost like home, but with 360 days of warm weather. Be sure your conversation is loaded with seashore activities and beachy fun. Then check your inventory for inviting lounge-laden swimming pools and airy sun-filled great rooms.
Florida Bar Board-Certified Attorneys David E. Klein, Esq. and Guy Rabideau at Rabideauklein.com are well versed in cross-border real estate activity and have the expertise and knowledge required to ensure your move proceeds smoothly and your interests are protected. Contact Rabideau Klein to discuss the legal implications of your Florida property transaction.