Miami Heats Up Condo Market for Canadian Investors ? Miami ...

Miami Beach, Florida ? Our illustrious Miami Real Estate market has seen its share of foreign investors over the past 20 years. There were Indians investing in the city of Miami. We saw Scandinavian Real Estate investors buying Condos and luxury homes. At the present time Canadians are benefitting from the recovering Miami condo market. Canadian Real Estate Investors see the value and enjoy the weather difference between Miami and the great North.

National Association of Realtors Reports on Buyers in Florida

Canadians were the largest foreign buyer percentage-wise in Florida with studies from 2011. The Foreign Investors from Canada are often known to be paying cash for these properties in Miami. Approximately 65 percent of sales in the Miami area for the last quarter of 2011 were all cash deals. That number is about double the national figure of 32 percent. Now, many of those Florida investments are paying off, with statistics from the National Association of Realtors showing forward momentum in the Miami market.

Canadian Buyers for Miami Real Estate

The median condo sales prices was up 46 percent in March, year-over-year. Florida Real Estate specialists believe that the fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels. The Miami Association of Realtors is pleased with the results after seeing the real estate market slowed for a long period of time.

Miami and Tampa Bay Area Top The Charts for Foreign Investors

Canadian Real Estate Investors buyers purchased homes throughout the entire state of Florida. However Miami is one of the top destinations for Foreign Real Estate Investors money. The most popular destination was Tampa ? St. Petersburg ? Clearwater area (17%), and followed by our sunny Miami Beach ? Fort Lauderdale area. After Miami Beach, Canadian Investors choose the Orlando ? Kissimmee real estate market.

International Home Buyers in Florida Coming From Canada

The latest report from the a Florida Realtors Group provided insights into the international segment of Florida?s residential real estate market. Nationally, the level of international sales is relatively small, falling somewhere in the neighborhood of 3 percent of all transactions. Having said that, for the state of Florida these international sales are a major portion of the market:

? Approximately 25 percent of all sales in Florida are to foreigners.
? Nearly all sales are all-cash.
? Foreign purchasers buy upper end homes ? median approximately $174,700.
? Foreign purchasers bought because of good values in U.S. housing market, helped by the weaker dollar.
? Canadians lead, with the UK now less important. Brazil and Venezuela have become more important.

International Home Buyers and Their Region of Origin

Although home buyers come from all over the world to Florida, a few countries and regions accounted for the majority of sales to international clients. Canada accounted for 39 percent of buyers, up from 36 percent in 2010. The United Kingdom accounted for 7 percent of buyers, down from 15% last year. Other countries with large numbers of buyers included Brazil (8 percent, up from 3 percent), Venezuela (7 percent, up from 3 percent) and Germany (5 percent, same as last year). Brazil and Venezuela Condominium buyers have been heating up the market.

Home Buyers from Canada

Canadian Buyers accounted 39% among the entire foreign buyers in Florida. 57% of Canadian buyers chose Condos and Apartment type of housing. These Foreign Real Estate Investors grab about townhouses also with 32% purchasing detached single family homes. Miami Realtors notice that about 43% of Canadian buyers purchased properties located in resort area. Close to half of the Canadian buyers planned to use the property between 3 to 6 months during the year.

Miami Beach Condos Perfect Fit For Canadian Buyers

The median price of homes purchased by Canadians was $151,500. This statistic is somewhat lower than the median of all foreign buyers which is about $173,799. Also close to two thirds of the Foreign Investors paid under $200,000 for the Florida properties. Miami Brokers see about 91% of Canadian buyers paid all in cash and only 9% used bank loans or mortgage financing. More than half of Canadian buyers intended to use the Florida property for vacation homes with their family and friends.

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