The latest local Real Estate Figures show foreign buyers continue to dominate local shoppers, with New Yorkers the hottest domestic buyers. That’s according to the MIAMI Association of REALTORS®.
Where’s the most interest in local properties? Must be fueled by such coffee sales or other exports looking for Safe Investments in the U-S: Colombia.
The top-10 countries visiting Miamire.com in July 2016:
- Colombia
2. Brazil
3. Venezuela
4. Argentina
5. Spain
6. Canada
7. Italy
8. Israel
9. India
10. Peru
The report goes on to say for the third consecutive month, New York registered the most domestic Miami web searches.
Miami’s all-year sunny weather and growing world-class amenities are attracting more interest from Northeastern states too.
The District of Columbia, also in the Northeast, is another emerging market for Miami real estate. The nation’s capital registered the seventh-most web searches of South Florida real estate in July 2016.
The top-10 U.S. states searching Miamire.com in July
2016:
- New York
- Georgia
- Texas
- California
- Illinois
- Pennsylvania
- District of Columbia
- Michigan
- New Jersey
- North Carolina
Compared to the same time in 2015:
- California
- New York
- Texas
- Georgia
- Illinois
- Tennessee
- Louisiana
- Virginia
- Pennsylvania
- New Jersey
South Florida is the most searched U.S. market
The Downside
I see a downside, that it’s still almost impossible for many local buyers to compete in the marketplace, facing cash-only foreign buyers with no interest in looking for bargains…and often pricing working class families out of the marketplace. This is especially a problem for local first time home-buyers also dealing with much tighter mortgage requirements.
Video by Miami Association of Realtors/YouTube[/vc_message]
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