If you’re a local buyer looking for real estate in South Florida, you may have noticed the competition heating up from foreign buyers with cold hard cash to spend. International buyers are increasingly placing the city of Miami at the top of their list when considering luxury homes in Florida. These buyers are attracted to the U.S. because of our exchange rate and the low prices of beautiful Miami luxury homes compared to the homes in their native countries.
Why South Florida Real Estate Is Hot
Miami is a cosmopolitan, world-renowned city. The beautiful weather and pristine beaches attract tourists from all over the world, year round. Miami is also in the midst of a boom in condo construction, with new luxury developments springing up all over the place. The local economy is booming as well, which means the jobs market is steady at the moment. Buyers also appreciate South Florida’s waterfront location and ports because it makes it easy to hop on a Caribbean cruise for vacation.
Where Buyers Are From
Investors from Asia, Europe and nearby Latin America are the primary foreign buyers. According to data from the Miami Downtown Development Authority, 90 percent of recent sales in downtown Miami were from international buyers. South Florida is particularly appealing to the buyers from Latin America because flights back to their hometowns are fast and easy.
South Florida Lifestyle
The South Florida lifestyle is especially attractive to international buyers. Residents can spend their leisure time sunbathing at the beach and enjoying perfect views of the ocean from luxury high-rise condos by day and then experience the bustling entertainment and club scene by night. Five-star restaurants and designer shopping are also plentiful in South Florida.
Competing with International Buyers
Real estate in South Florida is competitive because local buyers are not only competing against each other, but foreigners as well. Often times, the foreigners are able to pay cash and do not need a mortgage. When faced with multiple offers, sellers are attracted to all cash deals because they can close quickly and there is less of an opportunity for the deal to fall through.
As a local buyer, your best bet is to work with a knowledgeable South Florida real estate agent who can help you find the gems in the luxury market, make a successful offer and close the deal.
If you are searching for luxury homes in Florida, contact us. Our experienced team can help you find your own exclusive piece of real estate in South Florida.