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Chinese buyers are finding Florida real estate

Chinese buyers are buying real estate in Florida. We think of the west coast of the US as being the most appealing to Chinese buyers, largely because of geographic proximity and yes, that’s true. The Chinese are also buying in New York now, and in Florida – they’re buying in Miami, Ft Myers and St Petersburg.

The Chinese are now the second-largest segment of foreign buyers of US homes, behind only the Canadians. Some of them are buying luxury homes and condos, priced between $25 Million and $50 Million.  Others are buyingproperties in the $100,000 Р$500,000 range. Florida is appealing because prices dropped so low during the financial crisis and are now heading back up. China has been restricting multiple home purchases in China, driving sales out of the country. Also, the yuan continues to rise against the dollar. The US has low interest rates, discounted prices and a safe harbor for diversifying investments.

These Chinese buyers are not the answer to overpriced listings, however. They carefully research properties, values and rates of return and will walk away from a purchase rather than paying above market value. Some of the Chinese buyers purchase without ever coming to the US – they generally rely on a relative or friend to find suitable properties for them.

Agents wanting to market to the Chinese and other Asians are well advised to have detailed information about the properties and the market and to learn some principles of Feng Shui and to know which numbers are lucky or unlucky. Agents can learn these in courses leading to the Certified International Property Specialist (CIPS) designation. Sharon and Tami have both earned the CIPS designation and have developed a network of professionals (attorneys, CPAs, bankers) that serve the international market. Contact the Simms Team for more information.

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