International / Foreign Real Estate Investors In San Francisco & Marin County
With the diminishing relative strength of U.S. currency, more and more foreign investors are looking into buying homes, condos, and other forms of real estate — particularly in desirable U.S. coastal cities and outlying communities. San Francisco (and Marin County), along with New York City, Miami, and the beach communities of Los Angeles, have attracted investors and second home buyers for decades. Today there are more of these buyers than ever before.
In addition to the weakened dollar, the internet has simplified the search process. Anywhere in the world, one can readily access all homes for sale and relevant market information on the city in which the home sits.
In Marin County, local realtors are noting an increased number of English, Chinese, Korean, Canadian, and other buyers. The numbers of luxury homes sold to foreign buyers has increased to nearly 10% of homes sold, up from 4% in 2007, and 1% in 2006 and 2005. The National Association of Realtors’ Profile of International Home Buying Activity, noted that since the housing boom of 2001–2005 ended in 2006, activity was up and that the median price for homes purchased was significantly higher than the national median and much higher percentage bought with cash (28% compared with 8%). Florida, California, and Texas were the top three states for foreign investors.
For answers to any of your questions relating to the Marin County real estate market, please call me (Kyle Frazier) at (415) 350–9440, or e-mail me at K[email protected].