Treu Group Real Estate Blog - Hobe Sound

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International Real Estate Market in FloridaThe international impact on our South Florida real estate market makes me think of "It's a Small World After All".  If you have been to Disneyworld, that song probably started going in your head.  In South Florida, that is a great theme song for our real estate market.

Florida has become a favorite with International Buyers and is the #1 place that they are investing their money.  

Top States for International purchased

Florida - 22%

California - 15%

Texas - 10%

New York and Arizona - 4% 

The international buyer spends more on real estate as an average sales price which helps the luxury sellers.  Most international buyers are cash which is a nice plus.  Also many buyers are looking for property that will wow their friends and family.  Often the homes are vacation homes or even quick get a way properties.  

Understanding which countries are interested in South Florida is important. We are constantly building relationships and studying the world changes so that we can stay in front of the changes.  

For more on International influence on the local real estate market in South Florida, check out our latest radio show!

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Buying a home with Treu Group Real EstateThis week on Treu's Weekly Tips we'll talk about buying a home and everything you need to know about the process! The first step is getting pre-approved. Treu Group has great resources for you, like our website which is a direct MLS feed, so you can search all of the newest homes for sale. 

When buying a home, or working with a builder, you should use Treu Group. Most importantly, we will represent you as a buyer's agent. The seller pays our commission, and when you hire one member of the Treu Group, you really get the entire Treu team, working for you! We have years of experience and are experts at getting results, and finding solutions. 

 

Listen to "Master Your Mortgage with Treu Group Real Estate" here!

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The international market is alive and well in Florida.  It really is a small world after all.  Changes globally impact us here at home in Florida both positively and negatively.  Why does the international market matter so much?  Florida receives 22% of all international buyers.  In fact, we are the number one state that international buyers purchase in.  Many guess that California or New York are the most popular however they trail Florida with !5% for California and 4% for New York. This shift has occurred since because of the perceived value for Florida properties. 

One of the benefits of the international buyer is that their average sales price is higher.  The average sales price for Florida buyers was $258,200 compared to Florida International buyers at $538,600. 

Why do international buyers purchase a home in Florida? 

41% selected Florida because it is a desirable location.  That is an easy guess.  Who wouldn't love warm weather, great beaches and a lot of entertainment. 

30% selected Florida because it was a secure investment. 

21% selected Florida because it was a profitable investment. 

The value of the US dollar versus their prospective country's currency impacted their ability or comfort to make a purchase.  The Canadian, Brazil and Britain have seen the impact and therefore their buying decisions. 

Why do international buyers decide not to purchase?  The number one reason is the cost of the property.  This is up 7% in a year.  The other reason is that they could not find the right property.  Many times, this could be avoided by finding the right agent that understands their needs, takes a consultative approach, has an understanding of the market and a proven track record. 

The International Market is always changing and it is important to look for the opportunities that are current and also upcoming.  I would say all countries are important however some impact our real estate market more than others.  Changes in economic and political situations in other countries as well as the United States can impact buying and selling decisions for South Florida. 

Why is the International Market important?  They make up many of our real estate transactions and also tend to buy more expensive properties.  What do the international buyers spend by country?

Brazil                      $587,700 

Canada                   $376,800

China                   $1,064,000

United Kingdom       $289,600

Venezuela                $390,400

Western Europe       $844,500

Most of the international buyers are purchasing with cash which also helps with our real estate market stability.  Only about 20% of the buyers obtained a mortgage. 

Why are they buying?  We are seeing a variety of reasons.  Buyers from the UK were the most likely to purchase for vacation or rental.  Buyers from China like to buy properties for their primary residence or for their college students to occupy.  This is one of the reasons that the Chinese tend to spend more. 

Why should Palm Beach County be considered by international buyers?  Palm Beach County offers stability and opportunity.  There are amazing communities that have a variety of lifestyles including golf, great beaches and unlimited entertainment.  There is something for everyone. 

 

 

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The international market is always something to watch with real estate in South Florida. It is always a constantly adapting market, with the economic and political changes that take place.  As the famous ride at Disney World says, It's a Small World After All.  

Which two countries could have the greatest impact on OUR Florida real estate market?  

Give up? 

Well…. One is CANADA.  The other is CHINA.

Let me ask you another question now.  Which country’s impact will be more positive and which will be negative?  I’ll give you a hint:

 China has just surpassed the US as the official new world leader in cross-border investing.  Florida has made the top 5 places that Chinese investors are focusing on with their real estate purchases.  
 

And what exactly are the Chinese investing in??  They are investing in residential and commercial property assets - to the tune of about 21 billion dollars!  And they’re using some great strategies to do so.   

What is their overall investment strategy?  

Stability… and opportunity. By opportunity…the Chinese know where to find a good REAL ESTATE BARGAIN.  South Florida is really popular since our rent rates are favorable for the investor. 

Now… what about our friends north of the border??  Well… that’s where the news isn’t so good.  

Canadians represent a lot of the international real estate purchases here in Florida.  However, with the Canadian dollar continuing to decline… that’s causing a significant decrease in their ability to invest in Florida real estate.  With the strengthening of the US dollar, it now costs 25% more for the Canadian buyer.  
 

What can you learn from all this:  It’s important when hiring a realtor… that your realtor knows the ins and outs of the international market!  


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3 Ways to Save Big on Property Tax

 

I am sure you have heard the quote, "In this world nothing can be said to be certain, except death, and taxes," by Benjamin Franklin. However, there are ways to save money on your property taxes!  In the state of Florida, you can claim homestead on your property if you reside there for 6 months and 1 day out of the year. If you own a property in Florida that is your primary residence, you qualify for some great tax breaks!  Here are 3 things you need to know about property taxes:



1. Close by December 31st, 2016!


If you are in the process of purchasing a new home, you must close by December 31st to be allowed to receive the homestead tax exemption for the next year. To qualify for the homestead exemption for the year of 2017, you must own your home by December 31st, 2016! Another date to keep in mind is March 1st, 2017. In order to get a homestead tax exemption for the year of 2017, you must apply by March 1st, 2017. If you miss these dates you will have to wait until next year!  Either error could cost you thousands of dollars. 


2. Plan ahead!

Closings  can take some time. The average closing takes about a month to fully complete. In some cases it can take up to 6 weeks. Allow yourself plenty of time well before the December 31st due date to assure that your new home will qualify as your primary residence for the next year!


3. Use a reliable lender!


Be sure to finance your new home through a lender you can trust. Don’t work hard to meet that December 31st cut off only to find that your financing has fallen through or has been delayed! Only use a dependable lender for your real estate finances, a reliable institution that will definitely be able and willing to hit your deadlines.


Follow these steps to your homestead tax exemption!


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Come see this amazing home today!  Located nearby Hobe Sound beaches, this 2-bedroom, 2-bathroom condo is completely upgraded with modern luxurious touches throughout!

Enjoy the breathtaking views of a lakefront property!  This unit has a premium location in the community right on the water with backyard space.  Imagine having an ice cold drink or doing some light reading all with a view.  And inside is just as incredible, too!  The interior of this home is entirely redone with fresh paint, new flooring, walk-in closets, modernized bathrooms, hurricane shutters, and more.  The kitchen is upgraded to perfection with custom cabinetry and gorgeous granite countertops.  It is perfect for the chef in you!  

This beautiful home even includes all of the premier amenities that this pristine community has to offer.  Take advantage of the year-round Florida sunshine by diving into the resort-style community pool or relaxing in the clubhouse. There is so much to enjoy!  Have a boat or RV?  There is a storage area just for you!  In addition, this community boasts a convenient location in proximity to schools and shopping.

This property is an absolute steal!  Call the Treu Group today to schedule a private showing!

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