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Pinellas Property Online - News, Articles, Facts and Lists of homes in Pinellas County Florida
International Interest in U.S. Homeownership Increases, Realtors Report
Monday, 26 July 2010 09:42 | 
International home buyers are increasingly attracted to property in the U.S., according to the National Association of Realtors’ 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country.
“While all real estate in the U.S. is local, the same is not true for property owners,” said NAR President Vicki Cox Golder. “The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on Realtors to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, Realtors have a global perspective.”
The survey covers the period between April 1, 2009 and March 31, 2010. During that time, foreign buyers, including those with residency outside the U.S. as well as recent immigrants and temporary visa holders, are estimated to have purchased $66 billion of U.S. residential property, or 7% of the residential market.
Slightly more than a quarter of Realtors, 28%, reported working with at least one international client in the past year. This is a significant increase from the 2009 report, when 23% of Realtors worked with foreign clients. Eighteen percent of all Realtors were estimated to have completed at least one sale, compared to 12% last year.
“Several factors have contributed to an increase in international buyer interest in the U.S.,” said Golder. “A large majority of Realtors report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value.
International buyers came from 53 different countries around the world. The top four countries were Canada, Mexico, the U.K. and China/Hong Kong. With 23% of international buyers coming from Canada, the country has remained the largest buying group in the past three years. Foreign buyers from Mexico have been steadily increasing. In 2010, Mexico replaced the U.K. as the second largest buying group with 10% of buyers. Buyers from the U.K. decreased from 10.5% in 2009 to 9% in 2010. Eight percent of recent buyers came from China/Hong Kong.
Two factors important to international clients when purchasing property in the U.S. are proximity to their home country and the convenience of air transportation. Florida typically attracts European, Canadian and South American buyers while the East Coast draws Europeans. The West Coast brings Asian buyers and the Southwest attracts Mexicans.
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% of purchases and have remained the top destinations for the past three years, with Florida and California remaining the top two destinations.
The median price paid by international buyers for a home in the U.S. was $219,400, a decrease from 2009’s median price of $247,100. However, the median price paid by foreign buyers was significantly higher than the overall median market price, which was $172,500 in 2009. On average, foreign buyers tend to purchase closer to the upper end of the market; 16% of the total international purchases were for homes priced at more than $500,000. According to Realtors, this was because international buyers are typically looking for a second home.
A majority of international buyers, 66%, purchased single-family detached homes. However, more international buyers purchased a condo than did their U.S. counterparts, at 23% and 7%, respectively. Only 44% of international buyers used a mortgage to pay for their home, compared to 92% of domestic buyers. Fifty-five percent of foreign buyers paid all cash. Realtors reported that a majority of international buyers use all cash because of the difficulty in establishing international credit in the U.S. Over one-third, 34% of potential foreign buyers were unable to complete transactions because of financing problems in the U.S
Short sales not immune to debt collectors
Monday, 26 July 2010 09:41 |
Of all the existing-home sales reported by Realtors in the core Orlando market in May, 23 percent were short sales. They are called “short” sales because the sales price come up “short” of, or less than, the amount owed on the mortgage.
What these homeowners, whose loans are “underwater,” may not realize is that they could successfully complete a short sale of their house but then face a lawsuit from their lender for not paying off the entire loan, a shortfall known as a “deficiency.”
At particular risk of being hit with such a debt judgment are owners of second homes and investment properties, homeowners who haven’t faced any kind of financial hardship, and owners who have a second mortgage.
“That’s going to be a huge problem moving forward in the next few years,” said Orlando lawyer Matt Englett, who specializes in home foreclosures. “These people who use Realtors to advise them on the transactions can end up facing deficiencies, and the deficiency notes will go to third-party collections agencies, and they will start suing and progressively pursuing those people.”
Florida Shopping Guide: Tampa Bay and St. Petersburg
Monday, 26 July 2010 09:38 |
From the finest in first class designers to historic and cultural centers, the Tampa Bay/St. Pete area offers an immense variety of shopping. Whether you're looking for a great cigar in Ybor City or looking for a relaxing water front stroll, you can find it here.
Central Avenue, St. Petersburg
Central Avenue in St. Petersburg has something for everyone. From great antiques to furniture to clothing, if you're in St. Petersburg this is a great part of town to visit.
2429 Central Ave., St Petersburg, FL 33713
727-328-7086, www.grandcentraldistrict.org
Centro Ybor
Centro Ybor features an exciting mix of retailers, restaurants and entertainment venues situated around a palm-lined plaza that captures the flavor of Tampa 's historic Latin Quarter--Ybor City. Anchored by the Muvico Centro Ybor 20 Theater and featuring such names as GameWorks, The Improv and Urban Outfitters, Centro Ybor is a unique and unforgettable experience you'll not find anywhere else.
1600 East 8th Avenue, Tampa, FL 33605
813-242-4660, www.centroybor.com
Tick, tock ... tax credit deadline looms
Monday, 26 July 2010 09:37 |
How's it going out there, racing to close home purchases by 11:59 p.m. Wednesday?
That remains the deadline to qualify for the homebuyer's tax credit of up to $8,000. A measure extending the closing deadline to Sept. 30 is pending in Congress -- but it has not been passed. (That would apply only to deals that met the April 30 deadline for going under contract.)
There is always a chance that Congress could pass an extension after the June 30 deadline that could be made effective retroactively, but that can't be counted on.
Officials launch ad campaign: Bay Area beaches are open
Monday, 26 July 2010 09:36 |
Some beaches in northern Florida are fighting off the oil, but here in the Bay Area, we're fighting perceptions.
The TV and radio ads developed by state tourism officials are clear: Florida is open for business and most of the state's beaches remain free of oil.
Even so, it is still unclear just how many people are getting the message.
"Our challenge right now is there's an HD camera, 24-7, of oil spewing into the Gulf of Mexico," said David Downing of Visit St. Pete Clearwater. "We're the number one tourist destination on the Gulf of Mexico. It's really hard to separate that image from our destination."
To fight the images and the perception, Pinellas tourism officials are launching a new ad campaign this week, saying in part:
"Here in St. Pete-Clearwater, our beaches are still America's best beaches. As pristine as ever. We're open. Wide open."
The ads are paid for with $1.15 million in BP grant money.
Home price declines slowing in Tampa Bay area - Tampa Bay Business JournalWednesday, 23 June 2010 10:23 |
Home prices, including distressed sales, in the Tampa Bay area dropped 2.6 percent in April compared with the year before, a bit better than the 4.1 percent fall in March, according to CoreLogic (NYSE: CLGX). Disregarding distressed transactions, home prices dropped 4.7 percent in April and 5.2 percent in March. That is not following the national trend, which is showing increases. Home prices were up 2.6 percent in April compared with the year before and up 2.2 percent when distressed sales are removed. Both were improvements from March. Overall, Florida experienced a 3.4 percent decrease in home prices when excluding distressed sales, keeping it in the bottom five states in terms of year-over-year price declines. Florida joins Nevada (5.6 percent down), Michigan (4.1 percent down), Arizona (3.4 percent down) and Washington (3.1 percent down). “The monthly increase in the [index] shows the lingering effects of the homebuyer tax credit,” said Mark Fleming, chief economist for CoreLogic, in a release. “We expect that we will see home prices remain strong through early summer, but in the second half of the year, we expect price growth to soften and possibly decline moderately.” CoreLogic uses 30 years worth of repeat sales transactions, representing more than 55 million observations in the company’s database. Opposing view on real estate: It's still the American DreamWednesday, 23 June 2010 10:21 |
Vicki Cox Golder There's a reason homeownership is called the American Dream. U.S. history is replete with instances of government support of homeownership, from the Homestead Act during the Civil War to the G.I. Bill after World War II. OUR VIEW: Misguided housing subsidies promote unfairness, bailouts Today our country faces economic challenges not seen since the Great Depression. Questionable lending practices and excessive risk-taking in the mortgage-backed securities market certainly played a significant role, and subsequent declines in home prices and increases in foreclosure rates have led some to question the very value of homeownership itself. There's no doubt we need to restructure entities such as Fannie Mae and Freddie Mac, and improve government regulation of the mortgage lending industry. However, owning a home has government support in this country because homeownership benefits individuals and families, strengthens our communities and is integral to our nation's economy. Tampa home prices find balance in MayWednesday, 23 June 2010 10:18 |
Home prices continue to stabilize in the Greater Tampa area as single-family sales climb. The median sales price for existing single-family homes in Tampa, St. Petersburg and Clearwater in May dropped just 1 percent compared with the year before on the heels of a 20 percent increase in sales from 2,427 units to just under 3,000, according to Florida Realtors. That was better than the state average, which experienced a 2 percent median price drop, but still trailing Sarasota and Bradenton, where median prices climbed 6 percent to $166,400 and sales grew 31 percent to 1,029 homes. Lakeland single-family home sales grew 8 percent to 346 homes while the median price there dropped 7 percent to $104,500. The median price for existing condominiums didn’t fare as well in Tampa. It dropped 5 percent to $103,700 in May. That was despite sales growing 47 percent to 878 units. Super low mortgage ratesWednesday, 23 June 2010 10:13 |
Economic data moved mortgage rates this week. Slower than expected economic growth data and tame inflation figures were favorable for mortgage markets. As a result, mortgage rates ended the week lower. |
