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Miami Tops List for Foreign Buyers


Miami Tops LIst for Foreign Buyers

SAN FRANCISCO – July 24, 2012 – Trulia – a home search website – looked at the buyers who accessed its website to check home listings. The company says that in recovering markets, the number of foreign buyers conducting a search appears to drop off as real estate prices rebound.

However, foreign buyers are still interested in U.S. real estate generally and Florida real estate specifically. Trulia listed the top 10 cities searched by foreign buyers through its website, and six are in Florida:

1. Miami
2. Los Angeles
3. Fort Lauderdale
4. Lakeland-Winter Haven
5. Orlando
6. West Palm Beach
7. Cape Coral-Fort Myers

8. Honolulu
9. San Francisco
10. Las Vegas

Trulia says that 15.7 percent of the Miami searches done through its website were by foreign buyers.

“Foreigners attracted to real estate bargains get turned off when prices increase,” says Jed Kolko, Trulia’s chief economist. “Investors want to buy when prices are at their bottom, but they’ll start to lose interest when prices rise 15 percent, as they have in Miami and Phoenix.”

Falling home prices across the U.S. real estate market have attracted foreign home searchers, most notably from Canada, the United Kingdom, Germany and Australia. However, U.S. asking prices rose nationally 0.3 percent year over year in June.

© 2012 Florida Realtors®


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