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Foreign buyers helped support local real estate
By Staff Report
Hearld Tribune
Published: Sep 29, 2010

Foreign buyers were a balm to the wounds the Great Recession inflicted on Florida real estate, according to a new survey by Florida Realtors.

Sixty-five percent of Realtors who participated in the survey conducted during July and August said they had worked with an international buyer during the preceding 12 months. Twenty-two percent said they worked with two and 18 percent said they worked with three. About 25 percent said they had an international client who bought a home.

Half of Realtors with international business said those clients accounted for 25 percent or less of their business, while 15 percent said those buyers accounted for half of their business. About one-third of Realtors surveyed said their international business had risen in the last five years.

The survey showed that Canada still had the biggest share of international business, at 36 percent. Western Europe accounted for 29 percent of sales and Latin America, 16 percent. A total of 19 percent came from Eastern Europe, Asia, Australia, Africa and the Middle East.

Most of these foreign buyers -- 89 percent -- bought an existing home. About one third bought a condominium.

Thirty-eight percent of purchases were in the suburbs, 30 percent were in a "resort area" and 25 percent were in a central city or other urban area.

Pricing showed some of the same trends as domestic buyers, who, at least in Southwest Florida, have concentrated on the $200,000-and-under market.



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