Sarasota remains one of the most popular state for international buyers of U.S. residential real estate.
The international market for the sale of existing residential homes to non-resident foreigners remains an important part of the total Florida real estate market and although the role of foreign buyers has declined compared to the years in the wake of the recession, foreign buyers continue to be a significant source of business in Florida, especially when compared against the national performance.
The latest sales accounted for 12 percent of Florida’s total residential market, down from 15 percent last year, but much higher than the 4 percent U.S. rate.
The Sarasota and Manatee County areas are tied for third statewide in the percentage of foreign buyers purchasing homes, accounting for 8 percent of the sales of single-family homes and condos.
Canadians, the most avid buyers of Florida real estate, made 29 percent of their Florida purchases in Sarasota and Manatee Counties, the highest share in the state.
The two counties were the state’s second most popular region for Chinese buyers, third for U.K. residents and fifth for Western Europeans.
Foreign buyers typically purchase properties that are more expensive than those purchased by the typical Florida domestic buyer. The average price of a property purchased by the foreign buyer was $538,600, compared to the average price of $258,200 in Florida’s residential market.
Buyers from Western Europe, except the U.K., and from China bought the more expensive properties, while buyers from the U.K. and Canada purchased less expensive properties.
Nearly three quarters of foreign buyers paid cash, with Canadians the most likely to buy without financing.
Two thirds of Florida’s foreign buyers said they bought homes to use as vacation or rental properties, or both. Another 20 percent purchased as a primary or retirement residence.
Norton Hammersley’s Real Estate Practice Group provides comprehensive legal representation to individual and corporate clients in the acquisition, development and sale of residential and commercial real property, leasing and financing of single-family homes, multi-family projects, residential subdivisions, hotels, office buildings, condominiums, shopping centers and other real-property developments throughout Florida.
For more information regarding our various Sarasota Real Estate Lawyer services, please contact one of Norton Hammersley’s real-estate attorneys: Sarasota Real Estate Lawyer Sam D. Norton, Sarasota Real Estate Lawyer Peter Z. Skokos, Sarasota Real Estate Lawyer Michael P. Infanti, or Sarasota Real Estate Lawyer Eric R. Hoonhout.