Bienvenue! Bienvenido! Bem-vindos! Welcome to Miami – where cash is king
Buyers from across the globe continue to hone in on South Florida as a hot market for real estate investment. Canadians, Brazilians, and now the French are investing heavily in the South Florida market. And, as the New York Times reported this past weekend, all-cash deals are on the rise. In fact, the Times reported that in Miami, a whopping 65 percent of homes sold were cash deals, as compared to 16 percent only six years ago. This cash influx is thought to be largely the result of international investors and retirees with cash available after selling their homes elsewhere. And these international investors continue to look in South Florida.
For Canadians, Florida is not just for the snowbirds anymore. With reasons that include the weather, direct flights and a solid rental market in Miami-Dade and Broward, many Canadians focus on properties such as condos or townhouses in gated communities that can be rented easily and are located in Florida – which does not have state income tax.
French emerging as major players in South Florida market
And the interest in South Florida is certainly not limited to Canada. In fact, many experts anticipate the French to emerge as major players in the South Florida real estate market. These thoughts are based largely on the Miami Association of Realtors’ recent reports that France ranked as the top country searching for Miami properties in April and May 2013. While some speculate that this increase in interest can be partially attributed to the Miami Association of Realtors’ participation at the Salon National de l’Immobilier conference, which was held this April in Paris, it is certain that a much bigger reason for the French’s interest in purchasing property abroad arises from the staggering tax hikes facing French citizens at home.
Thus, while Canada and Brazil were the top countries of origin for the majority of Florida buyers in 2012, these buyers could be facing some stiff competition from the French in coming years.