I have a copy of a report prepared last year by the Florida Association of Realtors giving a good overview of the demographic profile and buying trends of foreign buyers of residential real estate in Florida. Contact me and I can forward to you a copy of the report.
It gives a very good overview of where foreigners are buying, what they’re buying, and why. Miami-Fort Lauderdale is the most common market for foreign purchasers (over 25% of foreign residential buyers purchase in this market). Interestingly, low prices and opportunities for price appreciation did not seem to be driving decision-making for foreign buyers: 70% reported purchasing in Florida because of the desirability of the location whereas only 16% indicated their purchase was driven by profitability considerations. It’s safe to assume, however, that for many respondents both factors were important, since no matter how desireable a location is, if it doesn’t make financial sense to purchase there, most people won’t. And the single largest hindrance behind buyers’ decision not to purchase….? Property taxes.