Foreign Home Buying Drifts towards Condos


SARASOTA, FLORIDA, May 29, 2018 – Sarasota condos for sale in the mold of units of the Strand currently under construction off the North Tamiami Trail got a heads-up amongst international homebuyers, based on a recent industry survey.

This survey’s results were compiled in the 2017 MIAMI International Homebuyers Report based on poll data gathered by the realtors’ trade group in Miami and the National Association of Realtors® (NAR). This sixth annual survey on Florida’s international home buying trends indicated that 55 percent of foreigners buying South Florida residences prefer condominiums, a match with many other local properties aside from the residential units in the pipeline at the Strand.

Notable inclusions to Sarasota condos for sale which foreign home buyers would prefer include the existing units in Botanica off Honore Avenue as well as options in the Riviera Dunes north in Palmetto. Many of the available units in these communities and those in the Strand are within the price points where foreign buyers are mostly active.

Price Comparisons

The Strand Sarasota

The Miami realtors‒NAR survey showed that international home buyers in South Florida shelled out a median price of $339,300 in their property purchases in 2017. This amount compares with the median price of $259,400 paid in all of Florida’s home buying transactions and the $302,300 median nationally.

The survey likewise noted that 57 percent of South Florida international home buyers prefer condominiums located in the central/urban areas, a preference met by local condos like the Strand, Botanica and Riviera Dunes. Of all the foreign home buying in the region, 70 percent were noted as mainly intended for use as vacation home, rental property or both.

Robust Sales Increase

Robust Sales

In all of the South Florida region, foreign homebuyers’ spending was estimated to have increased by $900 million to $7.1 billion in 2017 from the $6.2 billion spent in 2016. More residences were purchased as international buyers bought 15,400 residential properties, up 41.3 percent from the 10,900 residential purchases by foreigners in 2016.

Overall, Florida remains as the top U.S. destination for foreign buyers, accounting for 22 percent of all international sales, according to a separate 2017 NAR report. Out of the Sunshine State’s slice of foreign homebuyers, the Miami‒Fort Lauderdale‒West Palm Beach region got the biggest share with a 52.6 percent market share in 2017 which represents a half percentage point gain from the prior year.

The foreign market share of the North Port‒Sarasota‒Bradenton region amounted to 4.7 percent, up 1.5 percentage points from 2016. Of the total international buyers in this region, 37 percent were from Europe and 36 percent from Canada.

In a recent forum of Sarasota and Manatee realtors, NAR’s chief economist Lawrence Yun said Florida inspires the confidence of foreign home buyers as they view properties in the state as safe investments bound to rise in value in the future. On the downside, he said that one of the major barriers international buyers face is thin inventory of residential properties which are attractive to them. Other concerns, Yun added, is the constraints foreign buyers encounter in transferring funds and coping with restrictive immigration laws.