Broward Council of the MIAMI Association of REALTORS

                                                                                                     

                

  • MIAMI REALTORS® Launches MIAMI Platinum PLUS for its Members

    May 17, 2018
    The MIAMI Association of REALTORS® (MIAMI) is now offering its members subscriptions to MIAMI Platinum PLUS, an exclusive and unparalleled suite of upgraded Realtor products and services, so Realtors can utilize an even higher level of industry tools to improve and expand their business while enhancing the home buying and home selling process for the public.
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  • Miami Luxury Home Sales Soar in 1Q 2018

    May 15, 2018
    Total Miami luxury home sales surged 12.3 percent in 1Q 2018 as median prices rose for the 25th consecutive quarter, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • MIAMI REALTORS CEO Named to South Florida’s Most Influential Business Women

    May 14, 2018
    MIAMI Association of REALTORS® (MIAMI) Chief Executive Officer Teresa King Kinney was named one of the top 25 Most Influential Business Women in South Florida. The South Florida Business Journal honored Kinney’s strong record of leadership, community involvement and industry innovation at an event on May 11 in Fort Lauderdale.
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  • Miami Luxury Single-Family Home Sales Jump in March

    Apr 23, 2018
    Miami luxury single-family home sales posted double-digit gains as median prices for all properties continued rising in March, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • South Florida Industrial Real Estate Prices, Transactions Rise in 4Q

    Apr 23, 2018
    South Florida industrial real estate prices increased 11.4 percent year-over-year in the 4Q 2017 and the Miami-Dade, Broward and Palm Beach tri-county region posted its second highest industrial transaction volume for the year,
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  • Patricia Anglero Elected 2018 Broward President of the MIAMI Realtors

    Apr 07, 2018
    The MIAMI Association of REALTORS® (MIAMI) has elected Fort Lauderdale broker Patricia C. Anglero as its 2018 Broward Council president. She and all of MIAMI’s leadership boards were installed Feb. 2 at the MIAMI 2018 Inaugural and Awards Celebration.
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  • MIAMI REALTORS Commercial Partners with Research and Data Firm Vizzda to Provide South Florida Commercial Statistics Reports

    Apr 05, 2018
    MIAMI Association of Realtors Commercial (MIAMI Commercial) has formed a strategic alliance with Vizzda (Visual Data) to provide The Quarterly Report – South Florida Commercial Real Estate, which will offer comprehensive commercial research and statistics to MIAMI’s 46,000 members and the consumers they serve.
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  • MIAMI Realtors Commercial Association Rebrands as MIAMI Commercial

    Apr 05, 2018
    The MIAMI Association of REALTORS® (MIAMI) has rebranded its commercial real estate organization, to MIAMI Commercial. MIAMI Commercial’s new name and logo is part of MIAMI’s successful expansion of the commercial reach of the Miami Association of Realtors that enhances the 25-year-old organization, which was formerly the Realtors Commercial Alliance MIAMI (RCA MIAMI).
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  • Miami Condo, Luxury Home Sales Rise in February  

    Mar 21, 2018
    Miami existing condominium and total luxury home sales increased in February, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Miami Realtors Expands Presence of South Florida Real Estate at Global Expo

    Mar 14, 2018
    The MIAMI Association of REALTORS® (MIAMI) has increased its presence by 400 percent at the world’s largest commercial real estate conference, MIPIM. MIAMI Realtors will have exhibits promoting South Florida at MIPIM from March 13-16 in Cannes, France as part of the National Association of REALTORS® (NAR) expanded U.S. pavilion. This year, MIAMI has significantly expanded the U.S. and MIAMI/South Florida presence by adding its own adjacent exhibit space.
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  • Colombia Leads Countries Looking for Miami Homes in January

    Mar 13, 2018
    Colombian consumers registered the most international web searches for Miami homes in January, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida remains the most-searched U.S. market by international consumers and a top-five market for homebuyers in the world’s six largest regions, according to January data.
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  • Urgent Legal Alert from Florida REALTORS General Counsel

    Mar 06, 2018
    Recently, Florida Realtors became aware of several lawsuits filed against real estate brokers in Miami Dade and Broward counties concerning allegations of discriminatory advertising—a violation of fair housing laws. Specifically, brokers are being sued for discriminating against tenants with Section 8 vouchers. These violations, however, pertain to local ordinances, not the Federal Fair Housing Act. Under these local ordinances, landlords and Realtors are precluded from discriminating against tenants with Section 8 vouchers, as this falls under the protected class "source of income."
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  • Miami Condo, Single-Family Home Sales Jump in January

    Feb 22, 2018
    Miami existing condominium and single-family home sales rose in January as $1 million-and-up luxury transactions jumped for all properties, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Colombia Tops Countries Looking for Miami Homes

    Feb 20, 2018
    Colombian consumers posted the most web searches among foreign countries for Miami homes in December, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida finished as the most-searched U.S. market by international consumers and is a top-five market for consumers in the world’s six largest regions, according to December data.
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  • Miami Single-Family Homes Post Fifth Biggest Sales Year in History

    Feb 13, 2018
    Miami recorded the fifth-most annual single-family home sales in county history in 2017 as total dollar volume and median prices rose at year-end and in 4Q 2017, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • MIAMI Realtors Releases New 2017 South Florida International Real Estate Report

    Feb 08, 2018
    Foreign home buyers spent more on South Florida homes and purchased more local residential properties in 2017 than the year before, according to the new 2017 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members conducted by MIAMI and the National Association of Realtors (NAR).
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  • Jorge L. Guerra Jr. Elected 2018 MIAMI Realtors Residential President

    Feb 06, 2018
    The nation’s largest local Realtor association has elected Miami broker Jorge L. Guerra Jr. as its 2018 Residential President. He and the entire Board of Directors were installed Feb. 2 at the MIAMI Association of REALTORS® (MIAMI) 2018 Inaugural and Awards Celebration.
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  • MIAMI Realtors to Honor South Florida Real Estate Industry Leaders

    Feb 06, 2018
    he MIAMI Association of REALTORS® (MIAMI) will honor South Florida real estate’s industry leaders with its 2017 MIAMI Awards at its 2018 Inaugural & Awards Celebration today. “From educator of the year to humanitarian of the year to public policy advocates, the MIAMI Awards honors individuals and groups that made the real estate industry and all of South Florida a better place,” MIAMI CEO Teresa King Kinney said.
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  • Miami Native Brian Sharpe to Lead MIAMI Commercial Realtors

    Feb 06, 2018
    The Realtors Commercial Alliance of the MIAMI Association of REALTORS® (MIAMI) has elected Miami native Brian Sharpe as its 2018 president. He and the 2018 RCA Board of Governors were installed Feb. 2 at MIAMI’s 2018 Inaugural and Awards Celebration.
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  • MIAMI Realtors to Honor South Florida Real Estate Industry Leaders

    Feb 02, 2018
    The MIAMI Association of REALTORS® (MIAMI) will honor South Florida real estate’s industry leaders with its 2017 MIAMI Awards at its 2018 Inaugural & Awards Celebration today.
    Full story

Florida is Top U.S. Destination for Foreign Home Buyers

by | Jul 22, 2016


By Chris Umpierre/MIAMI Staff

With its all-year sunny weather, resort lifestyle and educational institutions, it’s no wonder Florida is the top state in the union for foreign home buyers. Florida finished with the largest share of international home sales in the United States in 2016, according to a new study by the National Association of REALTORS® (NAR).

About 22 percent of foreign buyers purchasing in the United States bought in Florida, according to NAR’s 2016 Profile of International Activity in U.S. Residential Real Estate. California, at 15 percent, finished second. Texas, with a 10 percent share, finished third. (Complete list is below).

The new NAR study highlights Florida’s and therefore Miami’s unique ability to attract international home buyers. Miami is Florida’s top location for foreign home buyers. In Florida, Miami and Fort Lauderdale account for 50 percent of foreign sales, according to the 2015 Profile of International Home Buyers in Florida.

Foreign home buyers accounted for 36 percent or $6.1 billion of total sales volume, according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas, conducted by the 41,000-member MIAMI Association of REALTORS® (MIAMI) and the National Association of Realtors (NAR). 

Miami is a worldwide brand, known around the globe for its multicultural and multilingual community. International consumers feel at home here. Miami is geographically close to Latin America and the Caribbean, offers state-of-the-art amenities, world-class beaches, nightlife, premier schools and more.

Miami is the most international city in the United States. 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. Students at Miami-Dade County Public Schools, the nation’s fourth largest school district in the U.S. with 345,000 students, speak 56 different languages and represent over 160 countries.

Top U.S. Destinations of Foreign buyers

(State’s share to number of international sales)

  1. Florida            22%

  2. California        15%

  3. Texas             10%

  4. Arizona           4%

    New York        4%

    Illinois             4%

  5. New Jersey     4%

  6. North Carolina  3%

  7. Maryland         2%

       Georgia          2%

      Connecticut       2%

      Colorado            2%

      Michigan           2%

     Nevada               2%

      Washington        2%

Origin of Florida’s Foreign Buyers

Latin America and the Caribbean comprise the largest share of Florida’s international buyers. Miami, which is home to Florida’s most populated county, is leading the way here. Miami is often nicknamed the Capital of Latin America.

About 36 percent of Florida’s foreign buyers come from Latin America and the Caribbean. Here’s the remaining breakdown: 25% from Europe, 21% from North America, 11% from Asia/Oceania, 5% didn’t disclose and 1% from Africa.

Canadians Love Florida

Florida is the No. 1 destination of foreign buyers from Canada. Canadian buyers typically purchase properties for use as vacation homes, so they tend to locate in states with warm climates and resort areas. Miami-Dade, Broward and Palm Beach counties are perennially the top destinations for Canadians.

The United Kingdom Loves Florida

U.K. buyers mainly purchased residential property for vacation use, typically in warm-weather states of Florida, California, and Texas.

 

Primary Residence is Top Reason for Purchase

Forty-six percent of residential properties were purchased for use as primary residences, according to the NAR study. Non-resident foreigners, or non-U.S. citizens with permanent residences outside the United States, are more likely to purchase property as a vacation home or residential rental unit.

Seventy-two percent of non-resident foreign buyers purchased property as a vacation and/or residential rental property for investment while only 21 percent of resident foreign buyers purchased for this purpose. Resident foreigners are defined as non-U.S. citizens who are recent immigrants (in the country less than two years at the time of the transaction) or temporary visa holders residing for more than six months in the United States for professional, educational, or other reasons.

Resident foreigners significantly prefer to purchase detached single-family homes (71 percent) vs. condominiums (12 percent).

International Clients Spend More on Average

On average, foreign buyers paid $477,462 which is higher than the average price of all existing homes sold in the U.S. at $266,683. Over 10 percent of foreign buyers paid $1M and over for their property.

Among the major foreign buyers, Chinese buyers purchased residential properties that were more expensive than properties purchased by other buyers. 

Lifting the South Florida Economy 
South Florida’s unparalleled ability to attract international home buyers and world-class global developers continues to boost the local economy, lift home sales and spur state-of-the-art commercial development. Of the 500,000 new residents who moved to the Miami, Broward, Palm Beach metro area over the last five years, about 65 percent (335,000) came from other countries, according to new U.S. Census data.

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