Foreign buyers have been the #1 buyers of South Florida real estate for more than a decade. However, for the past few years, there was a tremendous decrease in Latin American buyer’s activity due to inflation and unstable local governments. However, according to the Profile of International Home Buyers Report of 2018, there was a rose of 23% of foreign purchase activity in 2018 compared to 2017. Out of those foreign buyers, Brazilians are in the top of the list.
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Lately I noticed that the number of buyers needing financing has drastically reduced. My personal feeling was confirmed by a recent study from RealtyTrac Inc showing that Florida is the nation’s leader with an amazing rate of all-cash home sales of 66 %! Even more impressive is the 69% rate of cash deals in Miami. To give you an idea, among all the other States, only Nevada with 64% and Maine with 60% got the next closest numbers of cash closings. Read the rest of this entry »