Resort real estate in the south of the United States has long been in the zone of interest of people from all over the world. But high prices stopped buyers, so prestigious housing was acquired mainly by wealthy compatriots.
The financial crisis forced the owners to reduce prices so that transactions in the depreciated American market could now be considered an option for one’s living and a good investment of unrestricted funds. Realtors are ready to suggest projects with high net income to their clients.
Advantages of the Southern States
Warm climate, sunny weather, the Gulf of Mexico, the best beaches, and excellent infrastructure for recreation – this is an incomplete list of characteristics that the US resort region has. According to Stanislav Singel, president of the International Real Estate Agency Gordon Rock, two states are at the very top of the rating of preferences of foreigners purchasing resort real estate in the United States – Florida and California.
If in 2007 and 2008, California was the leader in foreign home purchases in the United States, then since 2009, Florida has held the palm, accounting for more than a third of all real estate purchases made by non-residents of the United States.
US real estate has been in the middle of the highest ten in times of favor among buyers over the past three years. In 2011, the number of transactions in the country increased by at least 40% compared to 2010.
In general, according to Gordon Rock, the preference rating of Russians buying real estate in the United States is as follows:
- 40% buy real estate in Florida;
- 25% – in California;
- 15% of transactions are made in New York;
- 5% in New Jersey;
- the rest of the transactions are distributed among other US states.
According to a California mortgage company, many peoples buy real estate in the US because they plan to emigrate to this country or at least spend a lot of time there. Some of them consider the country a profitable platform for investing in real estate.
Florida or California
In California, most often purchase resort real estate in Los Angeles, San Francisco, Sacramento, San Bernardino, and San Diego. Less wealthy-speaking immigrants gravitate toward inexpensive apartments and houses in ethnic areas populated by immigrants from the former USSR. According to Stanislav Singel (Gordon Rock), in Los Angeles, this is the West Hollywood area (near film studios and the Kodak Center), in San Francisco, Richmond, and Sunset.
Wealthy people and immigrants from the CIS countries are trying to acquire status real estate in those areas where the American “upper class” lives. For example, in Los Angeles, these are the areas of Malibu, Bel Air, Beverly Hills, Palisade Heights, and Belmont Shore. In San Francisco, Alamo Park and Marina are considered prestigious.
According to Sampson California Realty’s San Diego representative, La Jolla, Del Mar, and Coronado are the most sought-after by wealthy buyers. And with the average cost of housing in San Diego – at $ 153 thousand, the average transaction conducted by foreigners is about $ 180 thousand.