Canadians, Chinese and Mexicans Target U.S. Real Estate

Canadians, Chinese, and Mexicans are flocking to U.S. real estate in droves. They’re looking for bargains on vacation homes.

Foreign purchases of homes in the U.S. have surged 24 percent since 2011, according to the National Association of REALTORS®. 

“Foreigners purchase for a variety of reasons: trophy homes, desire to put money in the U.S. for safety, desire to have a place to visit for vacation, desire for a rental unit,” Jed Smith, an NAR economist, told NBC News. “These factors … tend to dampen the effects of changes in total overall cost."

From March 2011 to March of this year, Canadians were found to be the leaders when it comes to snagging up U.S. real estate. They make up 24 percent of foreign sales in the U.S. The areas they mostly target? Miami, Fort Lauderdale, and Orlando, according to Realtor.com.

Chinese make up about 11 percent of international transactions in the U.S., and mostly target areas in Los Angeles and San Francisco. 

Meanwhile, U.K. consumers may be driven to come to the U.S. for supersized properties. U.K. consumers have been found to be more drawn to McMansions and larger U.S. homes — targeting median size properties of 2,342 square feet compared to Americans who tend to target median 1,854 square feet, according to Trulia.

“The rest of the world might make fun of Americans for our big portions, big homes, but it turns out that most foreigners look at bigger homes than what most Americans look at,” Jed Kolko, Trulia chief economist, wrote in a blog last week.

Source: “Foreign Residential Invasion: Why the NEw Neighbors May Not Speak Your Language,” NBC News (Sept. 27, 2012)

 

About Ady Simion (Realtor and Public Notary)

Ady Simion was named in the Top 1% of all agents for NRT LLC a subsidiary of Realogy that operates a variety of real estate offices under brands such as Coldwell Banker, Sotheby's International Realty, Century 21, The Corcoran Group, and the technology-based brokerages ZipRealty and Climb Real Estate. NRT has 787 offices and 47,000 sales associates. Selling and buying property can be very stressful but with the right agent it can be profitable and a fun experience. Ady is also a Notary Public and being a people person he wants to help negotiate for his clients making their transactions as smooth as possible. Ady’s goals are simple: He wants to be the best source of information on the Los Angeles area Real Estate market, as he assists clients through each transaction with care and professionalism. He is proud of his large referral base of clients who have placed their trust in him over the years. Why him, when there are so many good people out there?!?! • Sellers will have their property exposed to the largest team of sales professionals in the world by far. Coldwell Banker Agents sale more homes than anyone else. • Buyers will have the opportunity to view more properties exclusively. • And most importantly when you hire him you get a whole team working for you not just “only one person”. Ady Simion started his Professional Career as an Insurance Agent, and then mastered the Mortgage Industry focusing on helping buyers and sellers achieve their life dreams. He now is an Agent with the Largest Residential Real Estate Company in the nation and the world, Coldwell Banker, at the Pasadena office which is the leader in the areas in which he specializes. After finishing College Ady has consistently been a Top Producer in every office/business he worked at. He speaks English, Romanian and Spanish. Real Estate is constantly changing and working with an agent that has been involved in the Real Estate buying/selling process most of his life is always beneficial for clients. Call, text or e-mail him or just stop by to say Hi and ask any real estate questions you may have.

Posted on September 28, 2012, in Uncategorized. Bookmark the permalink. Leave a comment.

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