Foreign Buyers Spent $8.7B in South Florida Housing Purchases

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“For the first time in 2016, Chinese buyers ranked in the top tier of foreign purchasers in South Florida. have also begun to take interest in South Florida. The $220 million purchase of the iconic.

News Stream of Foreign Buyers Grows in South Florida But Slows in miami-dade foreign homebuyers in Miami-Dade represented about 51 percent of all buyers, less than in previous years, a study shows.

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Foreign home buyers are pulling back amid political uncertainty. According to the National Association of Realtors’ new survey cited by the Wall Street Journal, the number of purchases by.

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Cash buyers still make up more than half of all transactions in the miami housing market– down from more than 70 percent in 2012, when investors were helping to pick up the slack in Miami’s hard-hit housing market. During the housing recession, cash buyers helped revive housing markets by keeping sales alive when mortgages were hard to come by.

The cash-rich South Americans are leading a charge into Miami real estate, helping to spur a recovery in a market that once stood as a poster child of America’s housing bust.

Florida is epicenter of foreign investment, attracted 20% of all foreign buyers in U.S. According to the National Association of Realtors, a decline in global growth and low housing inventory contributed to a steep drop in foreign investment in U.S. residential real estate over the past year.

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.

Florida remains the top state for international buyers with 21 percent of all foreign purchases in the U.S., according to NAR’s 2015 Profile of Home Buying Activity of International Clients. In Florida, Miami and Fort Lauderdale account for 50 percent of foreign sales, according to the 2015 Profile of International Home Buyers in Florida.