Home Consumer Out-Of-Towners Continue South Florida Real Estate Buying Spree (Video)

Out-Of-Towners Continue South Florida Real Estate Buying Spree (Video)

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:

  1. 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

  1. New York
  2. Georgia
  3. Texas
  4. California
  5. Illinois
  6. Pennsylvania
  7. District of Columbia
  8. Michigan
  9. New Jersey
  10. North Carolina

Compared to the same time in 2015:

  1. California
  2. New York
  3. Texas
  4. Georgia
  5. Illinois
  6. Tennessee
  7. Louisiana
  8. Virginia
  9. Pennsylvania
  10. New Jersey

South Florida is the most searched U.S. market

Miami-Fort Lauderdale-West Palm Beach finished as the most searched U.S. market for international consumers in July, according to Realtor.com. Miami has ranked No. 1 in eight of the last nine months.

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.

[vc_message message_box_style=”3d” message_box_color=”turquoise”]By Al Sunshine, SouthFloridaReporter.com, Consumer Investigator, Sept. 10, 2016 

Video by Miami Association of Realtors/YouTube[/vc_message]

Al Sunshine is a South Florida-based Broadcast and Digital Journalist whose career has spanned more than 40 years at the local and national levels. His award-winning investigations have triggered more than a dozen state and local consumer protection laws and his work’s been cited in Congressional Testimony before the U-S House of Representatives. He is best known for his “Shame On You” features for CBS Miami which sought to expose businesses, agencies and individuals defrauding or deceiving consumers, as well as endangering the safety and welfare of the general public. In 2013 Al retired from CBS Miami to set up his own Digital News Business, “Sunshine News, LLC” and Al continues to blog for the Radio, Television, Digital News Association, sponsors of the prestigious Edward R. Murrow Awards”. An avid environmentalist, Al is one of the founding members of the “Miami Pine Rocklands Coalition”. The Florida Non-Profit is fighting to save and restore the last 2% of Pine Rocklands found only in South Florida and nowhere else in the continental United States. Al was recently elected its President.