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Chinese buyers can’t resist lure of Florida homes

WASHINGTON – May 15, 2013 – The National Association of Realtors says foreigners – primarily from Canada, China, and Latin America – made $82 billion in U.S. real estate purchases last year.

Chinese buyers, in particular, seem to have a hearty appetite for American real estate – especially in California, New York and Florida. Garrett Kenny, CEO of Century 21 Team Feltrim in Florida, is courting Chinese buyers, traveling overseas to network with Chinese agents and investors and tout the benefits of owning property in Florida.

He was impressed with the OPP Tour of China, which covered four cities in 10 days. “Three days back and already dealing with three agents successfully,” he says. “We will certainly be going on more tours with OPP in 2013.”

With two-bedroom apartments in Shanghai fetching more than $2 million, it is no surprise that Chinese buyers are drawn to Florida, where three-bedroom homes in some areas can be had for about $200,000.

Not only do the Chinese view U.S. real estate as a good value, but they also view U.S. properties as status symbols, says Las Vegas real estate agent Betty Chan.

Source: RealtyBizNews (05/14/13) Wheatley, Mike