It's no news that the Euro is strong and Europeans are buying Miami Real Estate. I read the other day (but can't remember the source) that 1 out of 4 real estate sales in Miami are foreign national deals. Rick and I have been dealing with foreign nationals since we began our real estate careers. We both speak Spanish fluently (I was born in Venezuela and Rick is of Venezuelan and American descent) and we have family all over Europe - so we have close ties. Because we have so many foreign national customers, we have come up with a plan to help our clients from abroad and have a complete system in place for when they are ready to buy and/or sell.
If you are a Foreign National buying Real Estate in Miami - ask yourself these questions:
- What are you financial expectations when buying real estate in Miami?
- do you expect to cash flow
- are you looking for a short-term or long-term investment?
- do you want a vacation home that you can rent out when not in use
- Will you need financing?
- most banks are requiring 25% - 30% down payments for foreign nationals
- you interest rate will be competitive but will be adjustable (this is subject to change of course)
- What location will benefit your investment the most?
- This is not a science - real estate is about location - sand and ocean will be your most solid investment
- If you can't do sand and ocean make sure you have water views (ocean preferable, bay also works)
- Think of amenities when choosing a Miami condo or building complex
- full-amenity buildings usually carry more expensive monthly maintenance fees, but are also more popular when it comes to resale.
- There are also Luxury Condos with spas and high-end restaurants that offer hotel services
- Proximity to popular shopping areas, golf-courses or local areas of interest could also be considered an amenity (for example: Aventura Mall is very popular with our South American customers)
- Will you need someone to manage your property for you
Most of our foreign national customers buy properties in Miami and close the doors for when they visit (2 or 3 times per year). But Rick and I have been known to find them a cleaning service, contractor to remodel and even provide them with construction supervision while they are away. Bottom line, we thank our South American, Canadian, European and Russian clients for making our business fun and exciting. We have found that our real estate business is no longer just local, it has become World Wide as well. In the words of my father-in-law, "La Globalizacion es un hecho"
**originally published 5/8/08