As Southern California sales have stalled and home prices have slumped, realty agents here have geared up to help sellers tap into this market of buyers who come with pockets full of cash. Some local agents have adapted their websites for foreign buyers by adding multiple language translation options. Others have joined professional organizations to give themselves an international reach. One local agent has even offered to reimburse buyer travel expenses should a sale close.
Foreigners purchase all types and sizes of properties; however, high-end estates, larger homes and condominiums in upscale areas are especially prized. These buyers also prefer properties that are bright, clean, ready to occupy and on large lots, experts say.
About one-quarter of agents surveyed in a National Assn. of Realtors study last year said their business with buyers who principally reside in another country had increased in the previous five years. California was second in popularity, accounting for 16% of international purchases in the U.S. Florida was tops.
Locally, real estate brokers report an influx of buyers from Europe, the Middle East, Asia and Latin America. Specific countries include Brazil, China, France, Germany, Italy, the Netherlands, the Philippines, Russia and Spain, as well as Canada and Mexico.
Desert and beachfront areas are both seeing their share of international shoppers seeking sunny vacation getaways.
The strength of foreign currencies against the U.S. dollar has been the “icing on the cake” of California’s appeal, said Greg Moesser, estates director at Prudential California Realty in Beverly Hills.
George Colombotos, a real estate investor and partner in Casa Grande Enterprises, a luxury home design-build firm in Cathedral City, wasn’t surprised when a Canadian couple made an all-cash offer to buy a Rancho Mirage property he’d listed with a local broker. Another Canadian couple had bought a similar home, also for cash, that Colombotos had listed with the same broker several months earlier.
Tags: California, dream, real estate
