Foreigners are big buyers for the Sunshine State

Foreigners, mainly Europeans and Latin Americans, accounted for an estimated 15 percent of home sales in Florida between May 2004 and May 2005, according to a report conducted for the Florida Association of Realtors (FAR) by the National Association of Realtors (NAR). These buyers flock to the Sunshine State for its warm climate and reasonably priced properties; and the weak dollar, direct international flights, and political and financial instability in their home nations also plays a role. The most popular markets among foreigners are Miami-Fort Lauderdale, Orlando, and Naples-Fort Myers, accounting for 30.4 percent, 22.7 percent, and 13.7 percent of foreign purchases, respectively, reports NAR. The statewide median single-family home price was $196,200 during the year-to-year period, but the "Profile of International Home Buyers in Florida" report reveals that the median price for foreign buyers was 52.4 percent greater at $299,000 over the same 12 months. Excerpts obtained from: Inman News Features (05/17/06) Roberts Jr., Glenn © Copyright 2006 INFORMATION, INC. Bethesda, MD (301) 215-4688