Real Estate Matters

As the local real estate market continues to adjust it is worth noting though that property sales in the Sarasota area continue to improve, according to the Sarasota Association of Realtors', Multiple Listing Service statistics.  July, 2007 residential sales were up 6% from 2006, continuing a trend from June sales, which were up 5%.  This is causing many to believe, including me, that the market is becoming stable and we are optimistic for a positive trend beginning this season.

Since international buyers in Florida account for more that 7% of all property sales in the state, I though it interesting to note where they reside from.  According to a recent survey conduced by the National Association of Realtors in conjunction with the Florida Association of Realtors, international home buyers came from many different countries around the world.  The majority, 21% from the United Kingdom, down from 34% in 2004/5. Latin America accounted for 34% of international home buying in Florida, with the largest percentage coming from Venezuela (11%) and Colombia (4%).  It is interesting to note that excluding the U.K., the rest of Western Europe increased its share slightly.  Eastern European buyers doubled their participation to 6% in 2006 and Canada accounted for 9% compared to 7.1% in 2004/5.  Other regions of international home buyers are:

• Germany: 8%
• United Kingdom: 21%
• France: 4%
• Venezuela: 11%
• Colombia: 4%
• Western Europe: 10%
• Eastern Europe: 6%
• Latin America: 19%
• Asia: 5%
• Canada: 9%
• Other: 3%

60% of international home buyers purchased single-family homes or townhouses compared to 40% condominium or apartment homes.