This week, AOL Real Estate reported on foreign investors becoming so infatuated with U.S. real estate, particularly Florida residential real estate, that they are buying property here without even bothering to visit the home before closing on the deal. In an article entitled, "Foreign Investors Buy Florida Homes Sight Unseen," the power of the World Wide Web really makes itself known as buyers from Canada, China, and other countries, are shopping real estate sites to find homes to buy.
Florida, according to the article, is the current hot spot for these foreign buyers: Canadians, Chinese, and other foreign investors are surfing Florida realty web sites to find condos and homes and town-homes to purchase. And they are buying these homes sight unseen (except for photos, maybe a video tour).
Looking to other media sources, it appears that foreign media coverage is concurring with AOL on this new trend in foreign investment. A cursory review of international media coverage of foreign investment in Florida real estate found the following:
- The Toronto Star reporting on Canadians facing off with Chinese investors in purchasing Florida real estate. Both foreign real estate investment group, those in Canada and those in China, are finding Florida (particularly South Florida) a market where they can find great deals on properties in a place they consider to be safe as a long term investment location.
- The Winnepeg Free Press writes on Canadians buying property in Florida, giving details on how Canadians who are foreign investors in Florida real estate need to be aware of things like property taxes here, how a power of attorney works, as Canadians are finding the "depressed" Florida real estate market a tempting place to buy a home far away from the cold Canadian winters.
- Great Britain's The Independent puts Florida right alongside Spain, various Caribbean islands, Italy, and France as popular places for Brits to put their real estate investment funds these days. Miami is cited as being a particularly "strong" market for foreign real estate investors. The British article discusses "dirt cheap" properties being available now in Florida due to recent economic conditions.
- Finally, here in Miami, the Miami Herald reported earlier this month on foreign real estate investors coming to Florida and particularly South Florida to buy up local residential real estate. Using individual stories, including an English couple who own a London hotel who have discovered the opportunities here for real estate investment, local coverage is dovetailing with coverage around the globe.
In 2013, we should expect and welcome foreign investors of all shapes and sizes and nationalities here in South Florida where our current real estate market beacons them to buy here and invest their money into our economy - both now and in the future.