Tag Archives: Foreign Money

South Florida Real Estate

Miami the place where foreigners are buying real estate

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In Miami Florida, foreigners are buying real estate.  Since the crisis in 2008  the real estate market has made a strong recovery  largely due to the purchasing power of international investors. Is well known that in Florida 25% of the buyers are international buyers. Unlike many other countries, the United States allows land sales to foreigners and provides almost equal opportunities as to actual citizens. At Paz Global we have a team trained to assist you in buying real estate in the Miami, Florida.

Miami foreigners buying

Who is buying in Miami?

Most of foreign purchases in Miami are by citizens of  South America and Canada, which have accounted for 62% of all international transactions. The reason these countries dominate is that they want to invest their money in a stable economy. Whether it is for investment, relocation or a purchase for a second vacation home.

What are international buyers looking for in Miami?

Foreigners in Miami look for: a long term investment, typically pay top dollar and are cash buyers, expect a good return and want detailed research from the best specialists. At Paz Global Real Estate we have a Certified International Property Specialist and a group of immigration lawyers that  will provide with the financial and market reassurance you need.

What do I need to consider prior to making a purchase in Miami?

Work with a Real Estate Agency that manages International Sales

This is the most important part of your project. Foreigners need to be in the hands of an agency with expertise that can lead all the negotiation. From finding the right property that fits their specific needs to managing their property so they can obtain the best return in your investment.

Financing

It is possible to obtain financing for a purchase for a foreign buyer. In Miami there are special loan programs available which typically require a larger down payment. This is due to the additional risk taken by the lender when the borrower’s assets are untouchable. We have mortgage bankers that specialize in these types of loan and available to help.

Closing

Often, foreign buyers are concerned about having to travel to negotiate and close real estate transaction. It could become quite costly and inconvenient. Fortunately, it is possible to provide ‘’power of attorney’’ to a trustworthy agent to make all the necessary arrangements and sign documents.

There are numerous other considerations one should consider as a foreign investor in Miami, but it’s entirely possible and relatively easy to purchase real estate in the US. For more information, feel free to visit our website at Paz Global Real Estate or give a call to Rebecca Schmitt our Certified International Property Specialist or Richard Paz the broker and Certified Residential Specialist at +1 305-466-2990.

Canadian Dollar
South Florida Real Estate

Canadian Dollar Crisis: an opportunity for investors

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Canadian Dollar recent history

The Canadian dollar is dropping fast, and more than one investment bank is predicting it will hit a record low in 2016.

Recently he valued of the Canadian “loonie” dropped below 70 cents U.S. for the first time in 13 years, and experts expected it to drop to 59 cents U.S. by the end of the year. This would be a record low for the loonie, falling below its 2002 trough of just below 62 cents U.S. to the American greenback.

What causes the Canadian dollar to decline?

Over the last six months, the value of the Canadian dollar (loonie) has declined by approximately 12 percent. Simultaneously, the price of oil fell by approximately 48 percent. The positive correlation between the two variables (the Canadian dollar-US dollar exchange rate, and oil prices) is high and has existed for a long time.

That’s not good news for our neighbors to the north (or the U.S. companies that make money exporting to them) who have been suffering the increment in the cost of living, since the country imports about 80% of its fresh produce.

In the real estate sector this represents a limitation for  buyers  since they are more cautious about expanding their money in moments when the currency has dropped down so low. The Depressed value of the Canadian currency against the US dollar is not only discouraging some Canadians from buying Florida Homes but also encouraging others to sell.

Why is this an opportunity for Canadian Citizens who bought property in the U.S. ?

Inversely this situation represents a great opportunity for Canadian owners of U.S.property to sell.  Canadians who bought property in Florida in early 2008, 2011 and 2013 when the Canadian dollar was dancing par or below the US dollar will have a great return in their investment if they decided to sell their homes now. At the current exchange rate the Canadian dollar or loonie is worth approximately 75 cents, and conversely, a U.S. dollar is worth between $1.30 and $1.40 Canadian dollars. This can only mean something: is a great time to sell and net more with the current exchange rate. In Florida this represents a major impact on the Real Estate industry since Canadian have accounted t for seven out of ten international home buyers in recent years.

How can we help?

At Paz Global Real Estate we can help you with the process of selling your home. The process of selling real estate property can be confusing but you need not to be discouraged about making the move to sell in South Florida.  Canadians are bombarded with misinformation, yet the process of selling your home in Florida is really easy. At Paz Global Real Estate we are knowledgeable professionals that will help you understand the how you can take advantage of this opportunity and invest by selling your home in times when opportunities are up. You can find more about us at  https://pazglobal.com/ or call us at 305 466 2990.