SI Real Estate Tampa and The Beaches

International consumers have always played a vital role in American economy. Today, more than ever, internationals from neighboring and distant countries are contributing to our real estate recovery both on a local and national level. Individuals from a variety of countries have homeownership increasing to around 36% from 2000 to 2010 and by 2020, it is expected that 50% of all home buying will be fueled by international home buyers. If those numbers don’t seem significant, consider 100 billion worth in mortgage loans! Florida is a “gate way” state in which many internationals choose to invest. Our close proximity to Mexico and other Caribbean countries makes it attractive for those desiring the “American Dream”. Many foreigners find our Florida market so attractive because of favorable exchange rates and similar climates. Our Canadian neighbors to the north are streaming into states like Illinois, New York and New Jersey at rates we haven’t seen in quite a long time. Californ...

According to the National Association of Realtors, foreign buyers accounted for $82.5 billion spent in the residential real estate market for the twelve month period ending in the first quarter. That equals about 8.9% of all residential real estate transactions. Investors from Canada, Asia, Europe, and Latin America are all eager to invest their money into U.S. real estate. The weakness of the U.S. dollar compared to some currencies is an additional market factor as to why some investors like the odds of what some claim to be a “risky bet”. Recently SI Real Estate has seen an increase in rentals which stems somewhat from the hesitant nature of Americans when it comes to home buying. With rental rates increasing, investors will be presented with an even more favorable outlook when it comes to their returns on buying a home and turning the keys over to someone else to manage. Savvy foreign investors are beginning to invest their money for real estate in cities or areas with highly de...

When it comes to foreign investors searching for a lucrative real estate return, Florida ranks number one in the US, especially among Cubans, Haitians, and Colombians. The National Association of Realtors data shows that almost a third of all home purchases in Florida, come from foreign residents. With the constant struggles of qualifying for mortgages these days in the US, many of these foreign investors are in a better position because they are cash buyers. Many Cubans see investing in Florida as a safe bet because the concept of owning real estate is still a novelty to them. Now that direct flights to and from Cuba are in full swing, the Tampa Bay area can expect to see an increase in Cuban interest. There are currently about 80,000 Cuban Americans in the Tampa Bay area, all of which are excited that they do not have to travel to Miami for a flight to the island. Another factor that may increase investor activity is the number of home foreclosures in 2011. Down almost 34% from t...

2010 has been an exciting year for the real estate market in the Tampa Bay area. SI Real Estate has reported the year’s real estate events on our weekly blog to keep our readers abreast of our ever changing real estate market. Major notable factors in the real estate market came into play producing a fast paced year of sales. The extension of the 2009 First Time Home Buyers Tax Credit into 2010 fueled the market for the first portion of the year. REO (bank owned) properties sold just as quickly as they came on the market, many seeing multiple offer situations. A huge influx of foreign investors getting into the real estate action here in Tampa and in many places across the country caused an interesting adjustment to the home buyer pool. Interest rates hovered at near record lows for the entire year. Wow! No wonder the year went by so fast. SI Real Estate hopes you have had a prosperous year, and looks forward to continuing to report Tampa Bay’s real estate news and events to you in ...

This has been an exciting year in the real estate market in Tampa, Florida. The real estate market moved at a fast pace in the first half of the year when the federal government decided to extend the 2009 Homebuyer Tax Credit. Originally, the tax credit was to end on November 30, 2009. However, the 2009 First Time Home Buyer Tax Credit was extended so that those with a binding contract on or before April 30, 2010 and closing on or before June 30, 2010 would be able to take advantage of this fantastic opportunity to become a homeowner. This fueled the real estate market in a big way. Another major force in the real estate market this year has been the abundance of REOs (bank owned) properties that were for sale on the market. These properties sold just about as quickly as they were listed. Not only did they sell quickly, but they received multiple offers which caused an interesting bidding situation for all involved parties. This resulted in a serious reduction in the housing invento...

The word is out…real estate in Tampa Bay and around Florida is a hot commodity for foreign investors! Not only is the weather hot in Tampa, Florida, so is the real estate market. International investors from Argentina, Canada, Colombia, France, Israel, Italy, Norway and Venezuala are swarming to Florida for what they see as irresistible real estate deals. According to msnbc.com’s recent article, Foreign Investors Not Scared of Housing Market , “For the international investor class, the United States’ bloated inventory of homes, high unemployment and weak currency make for an unusually attractive buyer’s market.” Peter Zalewski, founder of Condo Vultures, a consulting and brokerage firm stated, “I have never seen such a high concentration of foreign nationals acquiring real estate. Eighty percent of the sales in downtown Miami are foreign-based. This is unprecedented.” And Miami is not the only “hot spot” for international real estate investors. Surges have been seen in Tampa, Washi...

The real estate market in Tampa, Florida and is seeing an increase in sales to foreign investors, and we aren’t the only city witnessing this spike in foreigners purchasing real estate. Florida and many states across the nation have become target markets for international investors looking for a place to invest their money. Who can blame them? Real estate prices are phenomenal, interest rates are maintaining in the low 4% range, and the strength of foreign currency in relation to the dollar make this a smart investment choice for many. Interestingly, this swarm of foreign investors could very well be what catapults the real estate market into a long-awaited rebound. As the real estate inventory gets bought up, a natural outgrowth will be housing price stabilization. And that is good news for the real estate market! A reduction in inventory and house price stabilization along with fantastic mortgage rates will continue to spur economic recovery. SI Real Estate works with many intern...

At SI Real Estate , we are keenly aware of the fact that international investors continue to seek to purchase real estate in Florida and in other regions in the United States. We have seen a steady influx of foreign investors who are actively investing in our Tampa Bay housing market. While some naysayers about the real estate market here in Tampa, have been sitting idly by, the global investor community are buying real estate, and making money doing it! Some may ask, “Just who is it that is investing in our real estate market?” Well, the latest profile of international activity in the U.S. housing market published by the National Association of Realtors® has revealed many interesting figures regarding that question. Foreign Investment in U.S. Real Estate (2010) – The Stats (Realtors Report) shows the biggest finding was in the state by state breakdown of foreign purchases. The report shows that Florida had 22% of the transactions by international purchasers, California had 12%, Ari...

International buyers of real estate are purchasing homes, townhomes and all types of properties here in Tampa, Florida, and around the state. Tampa has long been known to be a destination city due to the abundance of sunshine, beautiful beaches, a world-renowned international airport, and world-class entertainment and amusement parks. Florida has a history of attracting European, Canadian and South American buyers due to its proximity to these countries. According to International Interest in U.S. Homeownership Increases, Realtors® Report, a recent article published by the National Association of Realtors®, “International buyers were reported in 39 states in 2010, but a slight majority of the total buyers are concentrated in Florida, California, Arizona and Texas. These four states account for 53 percent of purchases and have remained the top destinations for the past three years, with Florida and California remaining the top two destinations.” “A large majority of Realtors® report t...

The Florida real estate market is enjoying a real boom in condo sales and many of the buyers are coming from abroad. International investors are showing their confidence in our real estate market and are snapping up condos, sometimes in bulk. A recent article in the Miami Herald titled, Foreign buyers are flocking to Florida condos again discusses this trend saying, “Lured by rock-bottom prices, international buyers are now flocking to buy Florida properties. It’s especially true in countries where the currency is strong against the dollar.” Recent increases in real estate sales over the past several months have been in large part due to the federal government tax incentive programs for first-time home buyers and move-up/repeat home buyers; however, as these programs wind down, sales are remaining strong and the international real estate investor is a big factor. Peter Zalewski, a Condo Vultures principal stated, “The stampede from overseas is kind of like a foreign subsidy helping u...

Excellent news - the U.S. real estate market is rebounding faster than expected. For the first time in five years, existing home sales have increased for four consecutive months., the National Association of Realtors announced today. Existing home sales, including single-family homes, townhouses, condos, and co-ops rose 7.2 percent to a total if 5.34 million in July. An NAR survey showed that 30 percent of the homes purchased in July were by first-time home buyers, as buyers have started to come off the fence to take advantage of the $8,000 tax credit. The National Association of Home Builders/Wells Fargo Housing Market Index reached 18 this month, its highest level since June 2008. The numbers show that confidence among home builders is continuing on a steady rise. This increase can be contributed to buyers taking advantage of the dramatically discounted home prices, with nationwide housing affordability continuing to hover near its highest level in more than 18 year and the $8,000 ...

Although U.S. real estate prices have taken a hit during the troubled economic conditions, there are reasons to cheer if you are looking for diversity in your investment portfolio. While the discounted prices may not be good for short-term investors who wish to purchase real estate in a booming economy and then immediately resell it for a profit, investors with a long-term vision see bigger opportunities. With the ever changing conditions of the U.S. real estate market, right now appears to be the best time for bargain hunters to grab cheap properties that will grow in value over time. According to “Three reasons for cheer for the overseas property investors” published by Assetz Property News Services, “whenever the recovery may come, be it in the next few months, not until the end of the year or even well into 2010, the acquisition of something for a low price now may look like a very good deal in 2014 or 2015.” With evidence of U.S. market conditions turning around, investment decisi...

While some U.S. buyers may still be uncertain whether or not it is time to step off the fence and buy their dream home or condo in Florida, international investors are showing increased confidence in an early Florida real estate market recovery and are quickly taking advantage of the deeply discounted prices. Foreign buyers continue to recognize the U.S. real estate market as a desirable, profitable and secure investment and the weak U.S. dollar partnered with the housing surplus has made the U.S., and particularly the Florida, real estate market even more attractive, according to an article by the Gerson Lehrman Group. According to a recent survey by the National Association of Realtors , in cooperation with the Florida Association of Realtors , half of the Florida Realtors surveyed indicated that more than 25% of their business now comes from international clients. These foreign investors come from all over the world and have shown a particular interest in the Tampa Bay, Sarasota-Bra...

Existing homes, condo sales improve in Tampa Bay (edit/delete) With the abundance of interesting press regarding the housing slump, there has been a significant increase in optimism and market conditions in the Tampa Bay real estate arena. SI Real Estate calls it our "Shimmer of Hope" for the Tampa Real Estate Market. The experts have been chiming in and we are listening. From the nationally respected Jim Cramer and Dave Ramsey, to all of our local real estate market experts here in Tampa Bay, the news is refreshing and could not have come at a better time. Jim Cramer states that the "The Florida market is the template for all of the recovering real estate markets, being a year ahead of the rest." He further says that Florida is in this position because Florida builders stopped construction 2 years ago, which allowed for an earlier bottom. The inventory has NOW begun to go pending and sold. Let's face it folks, we are headed for brighter days. In partic...

Greetings! Well it finally happened! The US dollar has finally slipped to a record low against the euro ($1.54/1€), breaking the $1.50 barrier that seems to have an emotional, as well as an economic, impact on the US. The US dollar is doing even worse against the British pound, which is up to about $2.00/1₤. The surge in foreign investment in the US real estate market shows how this currency change has not gone unnoticed abroad. Foreign investment in real estate has been flowing in from all over the globe, including a great deal from Candan, Europe, and Russia & South America. Foreign investors are seeing their buying power increase in the US and have started to capitalize. And when it comes to purchasing real estate in the US there is no place like Florida. The Sunshine State has attracted overseas real estate buyers who are looking for both investment properties, as well as buyers who want to purchase vacation homes for their own enjoyment, taking advantage of reduced prices and...