Dealing with foreign nationals who want to buy Miami real estate is a lucrative but complicated specialty.
So I had three top-notch practitioners in this segment on the show recently to help sort it all out.
We covered so much ground, so to speak, that it’s impossible to review it all in writing. So here are the high points:
The Chinese are coming
Chinese buyers are coming to Miami, said Francisco Angulo, Assistant Managing Broker at Coldwell Banker Residential Real Estate – Coral Gables.
For every Chinese student that enrolls in a university here, a house is sold, Angulo said. Their parents prefer to invest in real estate rather than rent, and they like single-family homes because they feel more comfortable about the investment if they can touch the land, he said.
Hot spots include Doral, Coral Gables, Weston, Coconut Grove, and Pinecrest.
Carrying costs
The international market for real estate in South Florida has slowed, but it’s still vibrant, said Richard A. Cahlin, CPA – Director of Tax Services for EisnerAmper LLP.
International buyers need to work with a CPA and immigration attorney, as well as local real estate professionals, he said.
International buyers sometimes need to be made aware of the carrying costs for a real estate investment, like condo association fees, maintenance fees, property taxes, etc., Cahlin added.
Why are you buying?
Brazilians are active also buyers, said Vivianne Swietelsky, Realtor Associate with Coldwell Banker Residential Real Estate – Coral Gables. And in the luxury segment of single-family homes, price points are $1 million and up.
But there are some key questions that Swietelsky would ask a new international buyer:
– Will you be living in Miami year-round?
– Is this a vacation property?
– Do you have children?
– What is your purpose for buying here?
Buyer beware
Unfortunately, there are a lot scams perpetrated by U.S. real estate professionals on foreign buyers of their own nationality, Cahlin said. It’s an affinity fraud. Foreign buyers feel that they’re safe doing business with someone from their home country, and they get scammed.
Foreign buyers need to do business carefully and get second and third opinions to ensure their own financial safety, he said.
In addition, choosing a bank is critical for foreigners who want to do business here, Cahlin said. Not every bank is international-friendly.
The place to be
Miami, my guests said, is viewed as an international destination for its lifestyle and its investment opportunities. Working with foreign buyers takes a strong professional network and a willingness to work as a team for their benefit.
Click here to listen to the full interview.
Contact Richard of Cahlin EisnerAmper LLP at 305-371-6200 or eisneramper.com.
Contact Vivianne Swietelsky of Coldwell Banker Residential Real Estate – Coral Gables at 305-502-1345 or vsmiamiproperties.com.
Contact Francisco Angulo of Coldwell Banker Residential Real Estate – Coral Gables at 305-667-4815 or coldwellbanker.com/agents/Francisco-Angulo-33146.
