March 26, 2012
San Francisco Misses Inman’s Global Homebuyers Hot Spot Cut
According to the National Association of Realtors, Canadians accounted for 23 percent of foreign buyers of U.S. real estate with Chinese accounting for the second highest share at 9 percent. And while Miami, Manhattan, Honolulu, and Las Vegas cracked the top ten most popular areas in which the foreign buyers are buying according to an Inman News report, San Francisco did not which shouldn’t come as a surprise to those who are plugged-in.
∙ 10 Hot Spots for Global Homebuyers [Inman]
∙ Recap: What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]
∙ What’s The Scoop On Foreign Investment In San Francisco? [SocketSite]
First Published: March 26, 2012 10:45 AM
Comments from "Plugged In" Readers
Except for NYC, they are all warm weather retirement spots with low housing prices.
Fee simple my a**, the realtors will say ANYTHING to scare buyers.
And you can see the longer term effects by looking at that list. If you are wondering where the retiring baby boomers are going to be heading, it ain't here.
Posted by: tipster at March 26, 2012 10:57 AM
except for nyc AND honolulu you meant to say.
spot on with sentence two.
Posted by: correction-time at March 26, 2012 11:23 AM
The report notes that CA sales accounted for 12% of all foregin transactions (2nd only to Florida and the same as Arizona, Hawaii, New York and Nevada *combined*). Also, from the report, interest in CA cities seems high:
Most-searched U.S. cities on Juwai.com:
Though spread across the state, an extra $9.2B (the 2011 CA foreign purchase total, assuming it is accurate) is significant.
Posted by: steve at March 26, 2012 11:35 AM
Who in their right mind would want to retire to Florida anyway?
Posted by: futurist at March 26, 2012 12:19 PM
*Miami is the most cosmopolitan warm-weather city in the U.S.
*Flaunting one's wealth is infinitely more fun than the prius-driving and solar panel-buying lifestyles favored by most bay area tech execs
*South Beach has the highest concentraction of models and supermodels anywhere on earth
Posted by: anon at March 26, 2012 2:18 PM
Isn't that where LMRiM went? Maybe he got sick of the Marin granola lifestyle and wanted to buy a Chris Craft 43 foot Roamer and show off.
I would be more worried about Hurricanes and global warming if I was planning on buying in Florida than any of those things you mentioned futurist.
Posted by: NoeValleyJim at March 26, 2012 3:00 PM
I'd much rather be in a hurricane in Florida than live in a trailer park next to a republican.
Posted by: futurist at March 26, 2012 4:47 PM
Sounds like futurist has never experienced a cat. 4 hurricane.
Posted by: The Milkshake of Despair at March 26, 2012 5:34 PM
The next real estate bubble will be caused by rich Chinese buying mobile homes in Florida -- you heard it here first.
Posted by: shza at March 26, 2012 5:58 PM
futurist for the most offensive post of the month-so far.
Posted by: guest at March 26, 2012 6:00 PM
The month isn't over. Maybe we can get more "offensive" posts up.
Posted by: futurist at March 26, 2012 6:26 PM
Florida also now has 9 pound Gambian rats breeding out of control in the Florida Keys.
Still wanna live there?
Posted by: futurist at March 26, 2012 8:17 PM
6 out of 10 cities in....Florida??? California not even on the list.... go figure.
I own property in both CA and Fla. As an investor CA is a much better investment...especially SF given the high rents and the workforce demand for housing. Fla on the other hand is a real stinker.
Florida has no real job base to draw from other than hospitality and tourism....low paying jobs. Every other property is a vacation rental and the rents are dirt cheap. $300 for a 1 br house within walking distance to the beach...$600 for a two br...
Property taxes in Florida put a second home or investor owned property at the mercy of the taxman. Taxes rise on a whim with no real protection for the second homeowner or investor. On the other hand CA has Prop 13 which keeps taxes from rising on investment property over the long haul. Florida on the other hand looks to investment property or second homeowners to milk and pay for services and schools rarely used.
Obviously foreign investors could care less about taxes and must think our taxes are low by comparison. Hence Florida having 6 out of 10 cities on the list as most popular to invest in.
Posted by: Thetaxmancometh at March 26, 2012 8:22 PM
Is making fun of Republicans offense now? Let me join in then!
Why do Republicans avoid living on the West Coast?
They're scared to live that close to the edge of the Earth
Posted by: NoeValleyJim at March 26, 2012 10:28 PM
I think snowbird migration along I-75 explains a fair amount of the Florida presence on this list. After all, the loonie is strong and Canadians count for 23% of all international sales counted in the report.
It's odd that one could gripe about FL property tax, contrasting it with CA's prop 13 distortion, while failing to notice the stark difference in state income tax. As LMRiM seems to have demonstrated, FL, NV, and WA grow on someone sitting on a large capital gain.
Posted by: noodle at March 26, 2012 10:55 PM
1. America is for sale, that's how foreign investors see US real estate, especially places like FL. Wealthy foreign buyers see US real estate like we see a pair pants at the GAP, CHEAP.
2. Not surprising, Canada #1. Their economy was not hit as hard as the US and the US and Canadian dollar are on par. Remember the good ol days when going to Canada was a bargain? Also, there is a large Chinese population in Canada coming down to buy in the US.
3. While we may consider CA the center of the universe, or maybe just SF, that's not how the rest of the world sees it. 3 reasons FL is more attractive: warm, major transportation hub with easy access to south and central america and WARM.
Posted by: chance at March 27, 2012 8:47 AM