Coldwell Banker hosts international brokers forum
Florida leads nation in attracting international homebuyers
Coldwell Banker Residential Real Estate, Florida's largest residential real estate brokerage company recently hosted an international broker's forum at its annual International Business Conference held at the Gaylord Palms Resort Hotel and Convention Center in Sarasota. The event was attended by over 50 brokers and agents from Coldwell Banker's international affiliates from around the world.
"The forum was a huge success," said Clark W. Toole III, President and Chief Operating Office, Coldwell Banker Residential Real Estate, Florida, "Coldwell Banker brokers from countries around the globe, including Canada, Colombia, Ecuador, Panama, Ireland and Australia just to name a few, attended the event. Foreign buyers are attracted to the U.S. real estate market for many reasons: mortgage interest rates are low, the favorable exchange rate of the Euro enables many to 'buy more for their money' here, the U.S. is politically stable, airfares are affordable, and baby-boomers want to maximize their return on investment properties. By developing personal relationships with our international affiliates, we will create more opportunity to market our seller's properties to a diverse worldwide audience who are very interested in taking advantage of the exceptional values that exist today."
In addition to favorable buying conditions, Toole credits recent tax law changes that benefit homebuyers by providing an assessment cap of 10 percent for all properties not previously capped. While homestead properties are already capped at three percent, now all other properties, including rental properties, second homes, and business properties, will be protected from huge tax increases. "Based on past years where we've had as much as 30 percent appreciation in some markets, I believe the new cap provides a measure of comfort to international buyers, that their home's assessed value will not escalate rapidly," said Toole.
Based on National Association of Realtor statistics, Florida leads the nation in attracting international homebuyers with 26 percent of all foreign home sales. International buyers currently account for 15% of total home sales statewide and 21% of those customers are from the United Kingdom. "We feel strongly that international homebuyers will continue to generate significant interest in Florida properties. In a recent internal survey, 47% of our 1,237 sales associates, who responded, reported working with international home buyers from 90 countries in the last six months, which is significantly higher than the national average. Local brokerage companies are really at a disadvantage when it comes to competing with an internationally recognized brand, such as Coldwell Banker. Consumers in Canada, Great Britain, Germany, and any of the 47 countries where Coldwell Banker has established relationships for over 100 years, are familiar with our reputation for excellent service," said Toole.
