Miami is Number One Among Top 10 Cities Searched by Foreign Buyers

Florida Realtors reported yesterday that Trulia performed an assessment of the number of foreign buyers that accessed their website to search for a home in the U.S. and it seems foreigners are dropping off as home prices rebound. However, international investors remain interested in U.S. real estate primarily in Florida. Trulia listed the top 10 cities searched by foreign buyers through its website, and six are in Florida:
1. Miami (15.7% of the Miami searches done through Trulia were by foreigners)
2. Los Angeles
3. Fort Lauderdale
4. Lakeland-Winter Haven
5. Orlando
6. West Palm Beach
7. Cape Coral-Fort Myers
8. Honolulu
9. San Francisco
10. Las Vegas

Home searches by foreigners on Trulia are regularly from Canada, the United Kingdom, Germany and Australia. On this real estate blog, Jeannett’s Journal, foreign readers are mainly from Russia, Slovenia, Canada and Germany, and make up 5% of our total blog visitors. At Slesnick & Jochem, we specialize in properties for sale in the Coral Gables/Miami area and often work with foreign buyers.

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Coral Gables Market Update

The Market in Coral Gables on the move... +As of August 2019 there were 383 single family homes on the market for sale. The average LIST price was $3,173,000 The average SOLD price was $1,208,000 The MEDIAN sold price was $901,000 +There are 122 homes out of 383 homes that are priced under $1,000,000, or 32% of the total +There are 261 homes priced over $1,000,000 in the Gables which is 68% of the Total. + Over the past year there were 446 homes sold in the Gables ( 241 were under $1.0M or 54%) and ( 205 were priced over $1,000,000 or 46%) +The average time a listing is on the market is 63 days. + The average price per square foot is up this year about 3.6%, May-July 2018 to May-July 2019. I think this is due to the sale of many homes that are updated and ready to go. They have been setting records.

Four times a year, Jeannett publishes " Jeannett's Journal" which is distributed directly to well over 18,000 residences in Coral Gables. The magazine encompasses Coral Gables news, Culture, and Business. We devote several pages to Real Estate and below you can find the most recent update on what is going on in the Gables, when it comes to selling single-family homes.. Click here to Jeannett's Journal.

As of the end of August 2022, in Coral Gables, the inventory of single-family homes has risen by 11% over the same time last year ( Aug 2021). However, the number of homes sold and the number of homes pended, have decreased by 26% and 24%, respectively. Why is this happening? For a long time now, we have been forecasting that the price/sqft has been on the rise, but prices have now overshadowed the norm and there is too much inventory that is simply overpriced.. In conclusion, prices need to come down in order to move that inventory. Since the Spring of 2022, when our Coral Gables inventory was at 48 homes, we have now more than tripled that number. However, our sales have been on the decline, month over month. More than about 63% of our present active inventory has been on the market for over four months. That is a very strong indication that these properties are overpriced and should be reduced at a faster rate. There are still many buyers out in the market looki...

S & J Journal

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