Foreign Buyers Drive South Florida Real Estate Recovery

Foreign investment in residential real estate continues to be on a terror as Canadian snowbirds and South Americans purchase residential real estate, often with cash.
International real estate deals accounted for 29 percent of all transactions in Miami-Dade and Broward counties in the past year, comprising one of the more vibrant corners of the local economy. “Miami is the most international city in the entire United States,” Teresa King Kinney, CEO of the Miami Association of Realtors, told the gathering. Her proof: More than half the residents in Miami-Dade were born abroad. If Miami-Dade doesn’t set another record year for residential sales in 2014, it will come close to doing so, buoyed by the strength of foreign demand, King Kinney said.
Despite tough economic conditions in much of Latin America and Europe, foreign buyers are continuing to invest in Miami, according to a report from the National Association of Realtors. Still, foreign sales accounted for a smaller share of sales than in 2013, when 35 percent of sales by Miami-Dade and Broward agents involved international clients.
According to the NAR study, 81 percent of South Florida’s foreign buyers paid cash, and 72 percent purchased a condo or townhouse.
To help foreign investors of real estate, Canner Brody and Yan CPAs has developed an expertise in real estate accounting for all types of real estate buyers. In addition, Canner Brody and Yan CPAs is multilingual in English, Spanish and Chinese and has been trusted by real estate buyers for over 65 years for accounting and taxes. To illustrate, we work with:
– Non-Resident Property Owners
– Real estate brokers and agents
– Condominium Associations, HOAs and Condo Boards
– Property Managers – Commercial and Residential
– Construction Accounting
To learn more about how we can help you, call 305-231-2150 and ask for Andrew Brody, CPA JD MBA.