JTHS Council of the MIAMI Association of REALTORS - Jupiter, Tequesta, Hope Sound

     

                

  • JTHS-MIAMI Golf Tournament to Benefit Veterans Organization on 9/11

    Aug 10, 2017
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) will host its 32nd annual JTHS-MIAMI Golf Tournament on Monday, Sept. 11 at the PGA National Resort & Spa in Palm Beach Gardens. Partial proceeds will benefit the Renewal Coalition, a Jupiter-based organization that assists wounded veterans and their families.
    Full story
  • JTHS-MIAMI Realtors Collect 240 Pounds of Food for Needy Palm Beach Residents

    May 16, 2017
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) collected 240 pounds of non-perishable food for the Palm Beach County Food Bank in April as part of the JTHS-MIAMI Leadership Academy’s “Move for Hunger” Food Drive.
    Full story
  • JTHS-MIAMI Rock the Market Attracts Top Experts, Panels

    Mar 09, 2017
    Palm Beach County real estate will continue outperforming the national average because of continued population gains, a growing economy and spectacular amenities, South Florida top brokers and real estate analysts said at the Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) Rock the Market conference on Feb. 28 in Jupiter.
    Full story
  • JTHS-MIAMI Realtors to Host Rock the Market in Jupiter

    Feb 27, 2017
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) will host JTHS-MIAMI Rock the Market on Tuesday, Feb. 28 at the Wyndham Grand Jupiter at Harbourside Place. The conference is designed to equip local Realtors with the latest market information, services and trends so they can better serve their clients.
    Full story
  • Lynne Rifkin Elected 2017 JTHS President of the MIAMI Association of REALTORS

    Feb 10, 2017
    The MIAMI Association of REALTORS® (MIAMI) has elected Lynne Rifkin, Broker Associate, ABR, MRP, PMN, SRES as the 2017 President of the Jupiter-Tequesta-Hobe Sound Association of Realtors (JTHS) Council. She and the entire 2017 JTHS Board of Governors were installed Dec. 2 at Frenchman’s Creek Beach & Country Club in Palm Beach Gardens.
    Full story
  • JTHS Realtors Collect More than 500 Holiday Toys for Local Children

    Jan 09, 2017
    The Jupiter Tequesta Hobe Sound (JTHS) Council of the MIAMI Association of REALTORS® (MIAMI) collected more than 500 toys for local families in need this holiday season during its first JTHS Young Professionals Network Toy Drive on December 15.
    Full story
  • JTHS Realtors to Host Educational Breakfast with Palm Beach Schools Superintendent

    Jan 09, 2017
    The Jupiter Tequesta Hobe Sound (JTHS) Council of the MIAMI Association of REALTORS® (MIAMI) will host a “Make a Connection” Breakfast with Palm Beach County Schools Superintendent Dr. Robert Avossa as the featured speaker on Wednesday, Jan. 18 at the Eastpointe Country Club in Palm Beach Gardens.
    Full story
  • YOUR July Minute with the JTHS President

    Jul 29, 2016
    Announcing Important Upcoming Events
    Full story
  • Jupiter Broker Patti Fitzgerald Appointed to Florida Real Estate Commission

    Mar 03, 2016
    The MIAMI Association of REALTORS® is honored to have one of its members, Patti Fitzgerald, named to the Florida Real Estate Commission, which administers and enforces real estate license law. Fitzgerald is a past president of the statewide Florida Realtors association and is currently a real estate broker associate and manager for Illustrated Properties in Hobe Sound.
    Full story
  • YOUR February Minute with the JTHS President

    Feb 18, 2016
    We are halfway through February. Time goes by so quickly. Our JTHS Leaders continue to focus on goals to maximize our Member's strengths. Our Professional staff continue to make enhancements to products and service offerings.
    Full story
  • Sue Gaieski Elected 2016 JTHS Council President of the MIAMI Association of REALTORS

    Feb 18, 2016
    The MIAMI Association of REALTORS® (MIAMI) has elected Sue Gaieski, e-PRO, SFR as the 2016 President of the Jupiter-Tequesta-Hobe Sound Association of Realtors (JTHS) Council. She and the entire 2016 JTHS Board of Governors were installed Dec. 11 at Frenchman’s Creek Beach & Country Club in Palm Beach Gardens.
    Full story

Venezuelan Home Buyers Rank as South Florida’s Top International Clients

by | Aug 16, 2017

Print Version

Venezuelan consumers bought the most South Florida real estate among all foreign countries last year.

The oil-rich South American country with 31 million residents registered 15 percent of the $6.2 billion in South Florida residential real estate purchases by foreign buyers, according to the 2016 Profile of International Homebuyers of MIAMI Association of RELATORS® Members. The National Association of REALTORS® (NAR) conducts the annual profile for MIAMI.

Venezuela — which is currently experiencing 700 percent inflation rate, social unrest and political chaos — has led the annual list since NAR began conducting surveys for MIAMI in 2006.

South Florida’s global business center, world-class shopping, affordability compared to other world cities, and outdoor lifestyle are some reasons why Venezuelans purchase property here. Venezuelan investors are also active in Miami commercial markets, including projects in Wynwood and Little Havana.

Top Countries Investing in South Florida 
                  1.    Venezuela (15 percent of South Florida foreign purchases) 
                  2.    Argentina (11 percent) 
                  3.    Brazil and Colombia (10 percent each) 
                  4.    Canada (6 percent) 
                  5.    Mexico, France & Peru (4 percent each)

Venezuelan Buyer Characteristics
Venezuelans preferred Miami-Dade over Broward, according to the 2016 Profile of International Homebuyers of MIAMI Association of RELATORS® Members. About 66 percent of Venezuelan residential buyers purchased in Miami-Dade. About 28 percent purchased in Broward County, 2 percent bought in Palm Beach County and 5 percent chose another South Florida county.

Venezuela ranked as the top foreign buyer in both Miami-Dade and Broward. Venezuelan consumers registered 17 percent of all foreign transactions and 18 percent of all transactions in Miami and Broward, respectively.

Venezuelans paid on average $534,000 for South Florida properties. In comparison, all MIAMI buyers spend $352,900 on average. Foreign buyers of Florida Realtors members spend $412,100 on average, while foreign buyers in the U.S. spend $477,500 on average.

Country                                Avg. Purchase Price for South Florida Real Estate

1. Brazil                                 $775,000
2. Canada                             $646,00
3. Venezuela                        $534,000
4. Argentina                          $406,00
5. Colombia                          $388,000

71 Percent of Venezuelan Buyers Pay All-Cash
About 71 percent of Venezuelan buyers paid all-cash for South Florida real estate. Among all foreign buyers, Venezuela tied for third with Colombia for highest percentage of cash sales. Canada (81 percent) and Argentina (78 percent) were first and second. About 72 percent of South Florida international buyers paid all-cash, according to the 2016 Profile.

Most Venezuelan buyers purchased condominiums in the central city/urban areas. About 48 percent of Venezuelans preferred condominiums over townhouse (26 percent) and single-family homes (24 percent). About 63 percent of Venezuelan buyers bought in the central city/urban locations over suburban (26 percent), small town (3 percent), rural area (3 percent) and resort area (6 percent).

Venezuelans Buy Properties for Rental Reasons
Venezuelans mostly use their South Florida property for residential rentals. About 36 percent of Venezuelans intend to use their properties for residential rentals; 20 percent for vacation home, 17 percent for both vacation and residential rental, 16 percent for primary residence, 6 percent didn’t list a reason.

Venezuelans Purchase in Doral, Fla. and Weston, Fla.
While Venezuelans purchase all over South Florida two local cities — Doral in Miami-Dade County and Weston in Broward County — have high percentage of Venezuelan-born residents.

About 28 percent of Doral’s 59,000 residents are of Venezuelan ethnicity. Doral, which ranks among the fastest-growing cities in the United States, has been nicknamed “Doralzuela.” Doral was the first city to elect a Venezuelan-American mayor when Luigi Boria was elected. Weston has also earned the nickname of “Westonzuela.”

The population of Venezuelan-born residents in Broward, Palm Beach and Miami Dade counties has increased rapidly — up 250 percent from 2000 to 2013, Census numbers show — to more than 80,000.

Safe Place to Invest
Like other international buyers, Venezuelans view Miami as a safe place to invest their money. In an ideal location for a resort lifestyle, Miami provides foreign home buyers safety of investment that they don’t typically see in their respective homelands. The U.S. has a trustworthy legal system, which places importance on property rights.

Historical-low interest rates in addition to world-class condominiums with oceanfront views are attracting international home buyers to South Florida.

Miami Welcomes All Cultures
Venezuelans enjoy South Florida’s unique multilingual, multicultural population. Miami is the most international city in the U.S. About 51.3 percent of Miami residents are foreign born, according to the U.S. Census. Miami’s concentration of foreign-born residents is more than double the national average of 19.4 percent.

Affordability, World-Class Amenities
South Florida has world-class amenities like the Phillip and Patricia Frost Museum of Science, the Pérez Art Museum Miami and the Adrienne Arsht Center for the Performing Arts in Downtown Miami. Miami is not only a dynamic place to live, but it’s also incredibly affordable compared to cities like New York and San Francisco.

A 120-square meter condominium in Miami-Fort Lauderdale-Miami Beach cost $170,000 in 2016 Q3, according to the National Association of REALTORS® (NAR). The average cost of a 120-square meter apartment in 2016 in the prime inner city areas of London ($4.1 million), Hong Kong ($3.1 million), and New York ($2.2 million) were at least ten times higher, according to Global Property Guide.

Direct Flights
Miami International Airport (MIA) offers 160 direct flights, including 25 to South America. MIA has non-stop flights to three Venezuelan cities: Caracas (American Airlines, Santa Barbara Airlines), Barcelona (Avior Airlines) and Maracaibo (American Airlines). Fort Lauderdale-Hollywood International Airport (FLL) has 116 direct flights, including 60 international destinations.

Boosting the Market
Venezuelans are part of a significant number of South Florida international buyers who are increasingly purchasing property in South Florida. The foreign clients want to live, work, and play in our multicultural, multilingual region. The international buyers are not only paying more on average for properties, they tend to do it with all-cash.

Print Version