Foreign Investments in Real Estate Surge.

International home buyers are eager to invest in the United States and may be willing to pay top dollar for your property. Foreign investment in US residential real estate hit a new high this year, driven by an increase in sales dollar volume from Canadian buyers, according to a new survey by The National Association of Realtors. Foreign buyers and recent immigrants bought $153 billion of residential property, which represents a 49% jump from last year.

International buyers who live outside the United States invested more than$153 billion of residential property, which represents a 49% jump from last year.  A recent survey reveals that China is still No. 1 in terms of sales dollar volume, but the overall boost in activity came from Canadian buyers. Transactions from Canadians this year more than doubled from last year, reaching $19 billion – a new high for Canada. Canadians are finding that US markets though expensive are actually more affordable than in their home country. Though home prices have been steadily rising, gains across Canada have been steeper, especially in Vancouver and Toronto.

Make your home or condo appealing to foreign buyers, you have to do a little more than hire the average real estate agent. Align yourself with a broker who has ties with foreign buyers. Ask brokers if they have the ability to place advertising in other countries and if they will have a website dedicated to the property with a virtual tour. Agents who specialize in working with foreign buyers normally list the property on websites that market homes for sale globally and nationally. Even if the property is listed only on Realtor.com, make sure there’s enough information and pictures on the listing to attract international buyers. Foreign buyers are looking for great pictures and videos of the property because most of the time they’re not here to physically see them. It is crucial to have your property listed for sale online with multiple photos and videos of the home and the neighborhood and or the complex. Prepare your home or condo for selling. First impressions count for everything. Pay attention to details, complete maintenance on your property, and declutter as much as possible.

There is a myth that foreign buyers will just come in with cash and pay more than what the property is worth, but that’s not true. They look for a bargain, like everyone else, and they look for properties that are easily rentable, in desirable areas, with high rates of return.  If you’re after a quick sale, be prepared to get engaged and be proactive.

Existing-home sales rose in October to their strongest pace since earlier this summer, but supply shortages continued.

U.S. Home Sales Uptick 2.0 Percent in October 

According to the National Association of Realtors, existing-home sales in the U.S. increased in October 2017 to their strongest pace since earlier this summer, but continual supply shortages led to fewer closings on an annual basis for the second straight month.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from a downwardly revised 5.37 million in September. After last month's increase, sales are at their strongest pace since June (5.51 million), but still remain 0.9 percent below a year ago.

Lawrence Yun, NAR chief economist, says sales activity in October picked up for the second straight month, with increases in all four major regions. "Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home," he said. 

"While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated."

Added Yun, "The residual effects on sales from Hurricanes Harvey and Irma are still seen in parts of Texas and Florida. However, sales should completely bounce back to their pre-storm levels by the end of the year, as demand for buying in these areas was very strong before the storms."

The median existing-home price for all housing types in October was $247,000, up 5.5 percent from October 2016 ($234,100). October's price increase marks the 68th straight month of year-over-year gains.

Total housing inventory at the end of October decreased 3.2 percent to 1.80 million existing homes available for sale, and is now 10.4 percent lower than a year ago (2.01 million) and has fallen year-over-year for 29 consecutive months. Unsold inventory is at a 3.9-month supply at the current sales pace, which is down from 4.4 months a year ago.

Properties typically stayed on the market for 34 days in October, which is unchanged from last month and down from 41 days a year ago. Forty-seven percent of homes sold in October were on the market for less than a month.

Realtor.com's Market Hotness Index, measuring time on the market data and listings views per property, revealed that the hottest metro areas in October were San Jose-Sunnyvale-Santa Clara, Calif.; Vallejo-Fairfield, Calif.; San Francisco-Oakland-Hayward, Calif.; San Diego-Carlsbad, Calif.; and Boston-Cambridge-Newton, Mass.

"Listings - especially those in the affordable price range - continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying," said Yun. "With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter."

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.90 percent in October (matches highest rate since June) from 3.81 percent in September. The average commitment rate for all of 2016 was 3.65 percent.

First-time buyers were 32 percent of sales in October, which is up from 29 percent in September but down from 33 percent a year ago. NAR's 2017 Profile of Home Buyers and Sellers released last month - revealed that the annual share of first-time buyers was 34 percent.

NAR President Elizabeth Mendenhall says the pending tax reform legislation in both the House and Senate is a direct attack on homeowners and homeownership, with the result being a tax increase on millions of middle-class homeowners in both large and small communities throughout the U.S.

"Making changes to the mortgage interest deduction, eliminating or capping the deduction for state and local taxes and modifying the rules on capital gains exemptions poses serious harm to millions of homeowners and future buyers," said Mendenhall. "With first-time buyers struggling to reach the market, Congress should not be creating disincentives to buy and sell a home. Furthermore, adding $1.5 trillion to the national debt will raise future borrowing costs for our children and grandchildren."

All-cash sales were 20 percent of transactions in October, unchanged from September and down from 22 percent a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in October, down from 15 percent last month and unchanged from a year ago.

Distressed sales - foreclosures and short sales - were 4 percent of sales in October, unchanged from last month and down from 5 percent year ago. Three percent of October sales were foreclosures and 1 percent were short sales.

Single-family and Condo/Co-op Sales

Single-family home sales climbed 2.1 percent to a seasonally adjusted annual rate of 4.87 million in October from 4.77 million in September, but are still 1.0 percent under the 4.92 million pace a year ago. The median existing single-family home price was $248,300 in October, up 5.4 percent from October 2016.

Existing condominium and co-op sales increased 1.7 percent to a seasonally adjusted annual rate of 610,000 units in October (unchanged from a year ago). The median existing condo price was $236,800 in October, which is 6.9 percent above a year ago.

Regional Breakdown

• October existing-home sales in the Northeast rose 4.2 percent to an annual rate of 740,000, (unchanged from a year ago). The median price in the Northeast was $272,800, which is 6.6 percent above October 2016.

• In the Midwest, existing-home sales inched forward 0.8 percent to an annual rate of 1.31 million in October, but are still 1.5 percent below a year ago. The median price in the Midwest was $194,700, up 7.1 percent from a year ago.

• Existing-home sales in the South increased 1.9 percent to an annual rate of 2.16 million in October, but are still 1.8 percent lower than a year ago. The median price in the South was $214,900, up 4.6 percent from a year ago.

• Existing-home sales in the West grew 2.4 percent to an annual rate of 1.27 million in October, and are now 0.8 percent above a year ago. The median price in the West was $375,100, up 7.8 percent from October 2016.

(https://www.nar.realtor/newsroom/existing-home-sales-grow-20-percent-in-october)

Miami-Dade County Single Family Housing Market Report through Third Quarter (Q3) 2017.

The Housing Trends eNewsletter contains the latest information from the National Association of real estate professionals, Florida Realtors Association and the Miami Realtors Association.

Miami-Dade County Single Family Housing Market Report through Third Quarter (Q3) ending in September 2017.

In the Miami-Dade County area, Inventory of Single Family Homes Active Listings, of Non-Distressed properties through the month of September 2017: 5,769

The Dollar Volume of Sales in Miami-Dade Cunty (Non-Distressed properties) through September 2017: 307,404,675

The Cash Sales of Single Family Homes, Non distressed through September 2017: 139

Cash Sales As a Percentage of Closed Sales (September 2017): 22.6 %.

Median Days between Orig. List Date and Contract Date for Closed Sales through
September 2017: 41

Median Days between Orig. List Date and Closing Date for Closed Sales September 2017: 91 (DOM).

New Single Family Home Listings in the Third quarter: 868

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:
<a target="blank" href="http://Lazaro.housingtrendsenewsletter.com/homeworth.cfm">http://Lazaro.housingtrendsenewsletter.com/homeworth.cfm</a>;

Please click on this link to view the Housing Trends November 2017 Newsletter:
<a target="blank" href="http://Lazaro.housingtrendsenewsletter.com">http://Lazaro.housingtrendsenewsletter.com
</a>
The Housing Trends eNewsletter contains the latest information from the National Association of real estate professional, the U.S. Census Bureau, Realtor.org reports and other sources.

Housing Trends eNewsletter is also filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, housing market video reports, blogs, real estate glossary, maps, mortgage rates and calculators, consumer articles, community reports that map shopping, schools, recreation and more.

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your real estate professional in the future.

Sincerely yours,

Lazaro Lopez, PA
Fortune International Realty
1390 Brickell Avenue Suite 104 Miami FL 33133
305-400-6393 | 786-525-9430
Lazaro@fir.com

Colombia Tops Miami Real Estate Searches for Seventh Consecutive Month!

Colombia Tops Miami Real Estate Searches for Seventh Consecutive Month!

Colombian consumers have posted the most global Miami real estate searches for seven consecutive months, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida, a top destination for international home buyers, finished as the second-most searched U.S. market by Realtor.com international consumers in September 2017.

MIAMI — Colombian consumers have posted the most global Miami real estate searches for seven consecutive months, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida, a top destination for international home buyers, finished as the second-most searched U.S. market by Realtor.com international consumers in September 2017. Colombia registered 11.4 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in September 2017. Colombia has led the MIAMI property search rankings for seven consecutive months and 17 of the last 22 months. 

“Miami real estate continues to be a top destination for consumers in Latin America but all over the world,” said Coral Gables Realtor Christopher Zoller, the 2017 MIAMI chairman of the board. “Canada, Ukraine, Spain, Italy, India and the Philippines rank among the top-10 foreign countries searching for Miami real estate.” Colombia Tops Miami Real Estate Searches for Seventh Consecutive Month.

Top-10 countries visiting MiamiRealtors.com in September 2017:

Country, Share of International Searches

Colombia, 11.4%

Canada, 10.4%

Ukraine, 5.5%

Venezuela, 5.2%

Spain, 4.7%

Brazil, 4.3%

Italy, 4.3%

India, 4.3%

Argentina, 3.8%

Philippines, 3.0%

Colombia: A Top Market for South Florida Real Estate

Colombian home buyers tied with Brazil in making the third-most international purchases in South Florida, according to the 2016 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Colombia had a 10 percent share of all international purchases in South Florida. Venezuela (15 percent) and Argentina (11 percent) finished first and second, respectively.

MIAMI again promoted its members, South Florida’s lifestyle and real estate market at Colombia’s largest property showcase, El XII Gran Salón Inmobiliario – Feria Internacional, on Aug. 24-27, 2017 in Bogotá, Colombia. MIAMI made a South Florida market presentation at the 12th annual expo, which attracted 30,000 visitors and 200 exhibitors.

Top-10 International Cities Visiting MiamiRealtors.com in September 2017

Ontario, Canada

Bogotá, Colombia

Kyiv City, Ukraine

Capital District, Venezuela

Buenos Aires, Argentina

Sao Paolo, Brazil

Antioquia, Colombia

Quebec, Canada

Madrid, Spain

Milan

South Florida is Second-Most Searched U.S. Market by International Clients 

Miami-Fort Lauderdale-West Palm Beach is the second-most searched U.S. market by international consumers, according to Realtor.com September 2017 data. South Florida has ranked among the top-two U.S. markets for global demand for years.

Top-10 U.S. markets for international real estate demand: September 2017

Los Angeles-Long Beach-Anaheim, CA

Miami-Fort Lauderdale-West Palm Beach

Bellingham, WA

New York-Newark-Jersey City, NY-NJ-PA

Orlando-Kissimmee-Sanford, FL

Urban Honolulu, HI

Tampa-St. Petersburg-Clearwater, FL

Kahului-Wailuku-Lahaina, HI

Phoenix-Mesa-Scottsdale, AZ

Las Vegas-Henderson-Paradise, NV

Top-10 countries driving international demand in South Florida: September 2017

Canada

Brazil

Argentina

United Kingdom

Colombia

Germany

France

Spain

Italy

Mexico

(http://www.miamirealtors.com/news/news/releases/2017/11/13/colombia-tops-miami-real-estate-searches-for-seventh-consecutive-month).

#RealEstate #Realtor #Realty #Broker #ForSale #NewHome #HouseHunting #MillionDollarListing #HomeSale #HomesForSale #Property #Properties #Investment #Home #Housing #Listing #MiamiRealEstate #Luxuryhomes #10X #RealDeal #Colombia

Foreigners are getting serious about "Buying American" real estate.

The National Association of Realtors released a report Tuesday that said foreign buyers and recent immigrants spent an estimated $153 billion on American properties in the year ending March 2017. That was a 49% increase over the previous year and the highest level since record-keeping began in 2009.

The purchases accounted for 10% of the total value of existing home sales in the U.S. The report did not include new homes.

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The breakdown of sales between foreigners and recent immigrants was about 50:50.

Blame Canada

America's neighbors to the north were one big factor behind the surge.

Canadian real estate investors nearly doubled their purchases of American homes over the period because of the relative affordability of properties in the States. Many Canadians have been squeezed out of property markets in cities like Toronto and Vancouver that have experienced rapid price gains.

Canadians were the second biggest foreign purchasers of homes after the Chinese. Buyers from China shelled out nearly $32 billion over the period, while Canadians spent $19 billion.

Related: London's economy is starting to 'wobble'

Trump turmoil?

Foreign buyers had to brush off U.S. political turmoil in order to make their purchases.

"The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year," said Lawrence Yun, chief economist at the National Association of Realtors.

"While the strengthening of the U.S. dollar in relation to other currencies and steadfast home-price growth made buying a home more expensive in many areas, foreigners increasingly acted on their beliefs that the U.S. is a safe and secure place to live, work and invest," he said.

Location, location, location

Nearly half of all foreign sales were in three states: Florida, California and Texas.

Canadians gravitated to Florida. Chinese buyers focused on California. And Texas was the preferred state for Mexican buyers.

New Jersey and Arizona were the fourth and fifth most popular states.

Related: Yes, student debt is delaying homeownership

The report estimated foreign buyers typically paid just over $302,000 per property, up 9% from the previous year.

About 10% of foreign buyers paid over $1 million.

(http://money.cnn.com/2017/07/18/real_estate/real-estate-property-fo...).

#RealEstate #Realtor #Realty #Broker #ForSale #NewHome #HouseHunting #MillionDollarListing #HomeSale #HomesForSale #Property #Properties #Investment #Home #Housing #Listing #MiamiRealEstate #Luxuryhomes #10X #RealDeal

Miami condo price reductions in sales just 1.1% from list

Miami has seen a recent boom in not only condominium construction and sales but also resales.

While many buildings are still in the pre-construction or construction stages, there is always a demand for units in existing buildings, observers say. Of the 50 most expensive, prices range from $13.9 million for a 6,120-square-foot unit on Fisher Island to $55 million for a penthouse at Faena at 3315 Collins Ave. on Miami Beach. The five-bedroom, five-bath unit features 8,273 square feet of living space.

Though sellers of single-family homes priced at more than $1.5 million have had to drop their prices an average of 3.8%, condo prices were reduced by only 1.1%, according to the Multiple Listing Service.

“The top of the market is stable,” said Alicia Cervera, managing partner and principal of Cervera Real Estate. “It’s not a raging market – which everybody prefers – but it’s not in freefall, either.”

There’s no shortage of buyers, but different factors motivate them to buy, she said. “The reality is, you’re selling to a very small pond, maybe 5% of the population. People at this level have the cash; it just depends on when they want to pull the trigger.”

Cervera Real Estate advertises both locally and in targeted luxury publications. “The big shift is that you don’t market geographically, but to other demographic factors: where they go, what luxury items they consume. What appeals to them? Is it the boat show, is it Art Basel, is it the Miami 500 races? We advertise in our own backyard, too, because we know wealthy people from around the world come here.”

In Miami, luxury condo buyers want to be on the water, near upscale restaurants and luxury shopping, Ms. Cervera said. Edgewater, where Cervera Real Estate is marketing Elysee Miami and Biscayne Beach, is near the Design District, as is Aria on the Bay; Aston Martin Residences is downtown, close to Zuma and DB Moderne restaurants, she added.

Other properties the group represents are The Grove at Grand Bay and The Markers in Coconut Grove and The Bond and Smart Brickell in Brickell.

Demand for the buildings is driven by high occupancy overall (97%) and “rents going through the roof,” Ms. Cervera said. “It takes two or three years for a building to deliver, so it’s good that we have all of these units coming on the market. Otherwise, it would have stifled the city.”

It’s also fortunate that the buildings are proceeding at different schedules, to accommodate those who want to move in right away, as well as those who can wait, she added.

“It’s good to have some that are close to finishing; Aria on the Bay will be finished in January. We sold it out, and people want to move in. Biscayne Beach is finished. Life changes quickly, and it’s hard to know where you’ll be in four years.”

A major change in this building boom is that more people will occupy their units, even if on a part-time basis, she said. “Someone has to call it home, even if it’s one week or one month a year, so it’s not idle. In Miami, that hasn’t been an issue. In fact, we have buildings being occupied very quickly.”

“It’s the definition of luxury,” said Chad Carroll of Douglas Elliman, describing the $39 million penthouse on which the company has an exclusive listing in the Regalia in Sunny Isles Beach. With nearly 17,000 square feet, it is the second most expensive condominium unit for sale in Miami-Dade County.

The two-story penthouse at Regalia comprises 10,700 square feet (at $3,600 per square foot) with a 7,000-square-foot rooftop terrace and private pool reached by glass elevator, dual master bedrooms, a great room, movie theater, game and family rooms, private spa, wine cellar and guest room with its own living space.

Finishes include Nikzad wood and Blanco Sevilla stone flooring, Kreon designer lighting, custom speakers and millwork, Falma Italian closets, and programmable controls for lighting, shades, temperature and music. “No expense was spared,” Mr. Carroll said.

Designed by Arquitectonica’s Bernardo Fort-Brescia, the building itself offers only 39 units, he said, with unit prices starting from $8 million. They have 360-degree wrap-around terraces that offer unobstructed views of the Atlantic Ocean, Golden Beach, the Intracoastal Waterway and the skylines of Miami, Miami Beach and Fort Lauderdale.

Another listing in the Regalia is a six-bedroom, six-bath “beach house” comprising 10,515 square feet, with a private pool, sauna, steam room and spa. It is listed for $29 million, he said.

“We have had interest from hedge fund managers, European families, Brazilians. It’s a very diverse group,” Mr. Carroll said. “The ultra-wealthy just love the building because it makes them feel at home. We’ve been very active.”

Voice for Real Estate 77: Conference, Tax Reform, Mortgage Market