Sarasota real estate holds multiple attractions for international homebuyers | Home Front
This month I want to discuss some of the real estate findings in Coldwell Banker Global Luxury’s The Report 2023.
To gauge luxury international consumer sentiment towards U.S. real estate, Coldwell Banker Global Luxury commissioned a survey delving into the dreams, motivations, attitudes and preferences of this international audience. While international homebuyers are only one component of the real estate market, Florida is a popular destination for people around the world.
With Sarasota’s broad cultural community as well as an ideal, mild winter climate for a “snowbird” influx from places like Canada, the international influence in Sarasota is an element of its annual real estate sales. Our survey found that affluent international buyers are dreaming big, spurred by location/lifestyle preferences, an overall positive outlook on the U.S. luxury real estate market, and more.
In fact, a significant number of respondents say they are optimistic about the state of the U.S. real estate market; 80% of luxury consumers believe purchasing real estate in the United States is a safe investment; and 76% rate the current market conditions to purchase a home as “excellent and/or good.”
The survey was conducted in partnership with Censuswide and highlights the consumer sentiments of over 1,200 high-net-worth consumers from 12 countries. Some of the leading motivations to purchase property in America included:
· Frequent business trips to U.S. cities.
· Three-way tie: A movie or television series based in the U.S.; a recent vacation to a U.S. city; Investment opportunity.
· Social media.
· Dual citizenship/"golden passport."
Part of Coldwell Banker Realty’s premise for the international survey was to ask, “If you could live anywhere, where would it be? And what would it be like?” Waterfront property with breathtaking views was one of the most desired types of real estate.
Sarasota’s waterfront real estate has been undergoing increasing demand as well as a metamorphosis of sorts with older houses being purchased, torn down, and larger, more modern homes that meet or exceed new building codes replacing them in recent years. In addition, the downtown Sarasota area has seen tremendous growth, with luxury high-rise condos offering incredible Gulf of Mexico and Sarasota Bay views.
More than 4 in 5 (84%) survey respondents said they own residential real estate outside of their home country. Respondents from Italy (90%), Turkey (87%), Costa Rica (87%), and the UK (86%) were some of the highest percentage responses.
With inflation and stock market volatility, affluent consumers in both the U.S. and abroad are turning to real estate. Traditionally seen as a strong hedge against inflation, real estate helps provide financial, emotional, and psychological stability in the face of rising uncertainty. Wealthy consumers are looking to diversify their real estate portfolios, create long-term generational wealth, make opportunistic buys in traditional luxury markets, and seek properties at in-demand locations.
Enter the Sarasota residential real estate market, which continues to be one of the most in-demand locations not just in Florida but the entire southeastern United States.
Duff Rubin is president of Coldwell Banker Realty in Florida.
This article originally appeared on Sarasota Herald-Tribune: DUFF RUBIN: International homebuyers and Sarasota's real estate market
