Why Foreign Buyers Choose Sarasota Real Estate
Posted by Bill True on
Buyers from China, Canada, and other nations are snapping up luxury homes and condos for sale in Sarasota as investments.
Are you thinking about investing in the choice, luxury homes for sale in Sarasota? According to the National Association of Realtors (NAR), more than 7% of all homes and condos for sale in the US today sell to non-Americans, and 31% of those are in Florida. Sarasota, on Florida's Gulf Coast, is the 4th most popular market in the country for non-American homebuyers. Below, some of reasons that so many invest in luxury homes in Sarasota:
1) Residential properties are a good hedge against inflation. Over time, a home's value usually rises above the inflation rate.
2) Foreign investors can buy with fewer restrictions and avoid their own country's restrictions.
3) Investors assume a low financial risk because the US is the world's most stable and largest housing market.
4) As the US recuperates from the recession, demand for housing, especially upscale, luxury homes and condos, is rising. Prices are up, inventories are dropping, and new construction starts are up.
5) Sarasota is a popular tourist destination with a thriving rental market. It's also a top retirement destination, attracting thousands of prosperous retirees each year.
6) Sarasota is a cultural haven with museums, galleries, performing arts venues, and a welcoming attitude to different cultures and new ideas.
7) Sarasota is only a short drive from the Sarasota-Bradenton and Tampa International Airports.
8) A variety of luxury real estate for sale in Sarasota remains available, including single-family homes, luxurious mansions both on and off the water, spacious condominiums, and multi-unit apartment buildings.
Some erroneous assumptions are floating around about purchasing luxury homes in Sarasota and in the US. If you're a homebuyer from outside the US, be aware of these conditions:
Financing can be a big challenge. Five years ago, non-American buyers could secure a home loan with 20% to 25% cash down. Today you may need to put down 40% or more. As a foreign buyer looking to buy luxury real estate in Sarasota, your best strategy is to try borrowing the money in your native country first.
A foreign buyer looking to buy real estate in Sarasota will also need a valid visa, proof that you can enter and leave the US freely, and proof of residence in your home country. Some American lenders require you to have a US Social Security number or taxpayer ID number. You'll need that anyway to rent or eventually sell the property. And you should obtain services from an American real estate attorney to walk you through tax and legal complications.
The key move any non-American homebuyer needs to make is to seek out an exclusive buyer's real estate agent (an EBA). An EBA can be immensely helpful cutting through the financial and cultural challenges of purchasing a property in the US. Here at True Sarasota Real Estate, we are skilled and experienced in the Sarasota market, and we're Exclusive Buyer Agents who help you through every stage of the homebuying process. We'll show you some of the most attractive homes for sale anywhere in the world, right here in Sarasota. William True holds the CLHMS designation, making him a Certified Luxury Home Marketing Specialist. Offered by the Institute for Luxury Home Marketing, the designation indicates proven experience as well as specialized knowledge of the luxury market. We know Sarasota and the nearby beaches better than anyone, and we work strictly for buyers seeking upscale homes for sale in Sarasota and the surrounding region.