In Florida, foreign buyers help buoy high-end real estate market

In Florida, foreign buyers help buoy high-end real estate market

All is not disaster in Florida, U.S.A.

Thousands of houses for sale are sitting empty across the southernmost state, and there have already been auctions of hundreds of foreclosed homes.

But, in a situation typical of wealthy enclaves across the United States, the glistening waterfront glass towers on Miami Beach, the sprawling estates of Palm Beach and the clustered mansions in Naples continue to sell.

Indeed, Florida homes and condos with price tags of $1 million or more are still changing hands at roughly the same price, albeit not as briskly as they did a year ago, according to real estate data. And the rate of foreclosure for lower-income homes is far greater than for homes over $1 million.

As Housing in Florida Plummets, the Top Tier of the Market Just Dips

As Housing in Florida Plummets, the Top Tier of the Market Just Dips

Despite a record number of foreclosures and a raft of public auctions of unwanted houses, the upper tier of the real estate market in Florida remains relatively immune to the spreading disaster.

The $7 million penthouse is on the water near Fisher Island and has 7,250 square feet of outdoor space.

Houses and condominiums with price tags of $1 million or more are still changing hands robustly in some of the most exclusive areas, though at a pace less brisk than a year ago. The glistening waterfront glass towers on Miami Beach, the sprawling estates set in manicured gardens in Palm Beach and the clustered mansions in Naples are attracting buyers, both domestic and foreign.

As in other once-booming regions, in Florida the housing market seems to be not one market, but two. The lower end is littered with vacant houses and unfinished developments, and homeowners are struggling to meet their monthly payments as rates adjust upward. The luxury end has its unsold new condos and mansions lingering on the market, too, but as in New York, where the demand in pricey Manhattan is still strong, sales have fallen less. And Miami and other parts of Florida are continuing to attract interest among the wealthy.

Pro athletes make a sport of real estate

Pro athletes make a sport of real estate

Ross Rebagliati may be known as the first snowboarder to win Olympic gold, but his real estate investments have put him at the top of his game.

Mr. Rebagliati made his first purchase at 20, when he bought a Whistler, B.C., home for $200,000, using racing prize money as a small down payment. He later sold the property for $385,000 and that’s when, he says, a “light bulb went off.” He realized that real estate could be more lucrative than the $50,000 a year he was making as a professional snowboarder.

Today he owes his success to a series of property investments, including the ones he’s made in Kelowna Mountain resort, where he’s also director of its snowboard and skiing academy. He shares a passion for real estate with his wife Alexandra, the realtor in the family.

Real Estate Isn’t For Day Traders

Real Estate Isn’t For Day Traders

When I purchased my first home at age 28 I was advised I would have to live in it for 5 years to be able to come out ahead, considering the costs I would incur as a seller. That was fine as we bought the home because we planned on raising our family in it. We didn’t look at it as an investment like stock. Sure, we hoped it would grow in value, which it did.

Since that day I have lived and worked in real estate in this market for over 30 years. The common trend of those years is that there have been market surges, often cutting that time down to 3 years to come out ahead. Then we had the amazing years of the recent past. Record low interest rates coupled with easy purchase programs for almost everyone fueled a housing economy that never was and never will be again. Hear me folks, never again.

I see some good that came out of the last cycle: many responsible people were able to buy a home. We hear a loud cry about those that are delinquent or in foreclosure, but note this is referencing the minority of buyers. Most people that took this opportunity are paying their bills.

Also, a lot of people made some good money: loan officers, real estate agents, building industry employees, appliance stores, Home Depot and Lowes, and it actually rippled across the entire economy. The majority of our population own their homes. Most of their home equities have risen.

House-Hunting as Vacation

House-Hunting as Vacation

Vacationing in Panama last spring, Chris Stanley complemented fishing and beach lounging with seminars on the ins and outs of buying property overseas.

When Mr. Stanley, who lives in Scottsdale, Ariz., thought about buying a home in Latin America, he decided he needed a primer. So he booked a seven-day trip with Tropical Pathways, a Texas company that runs real estate tours to Panama.

Days spent with real estate agents, loan officers and lawyers were followed by tours of high-rise condos, golf course residences, mountain homes and grand beachfront houses that were for sale.

“My main goal was to get a sense of the real estate market,” he said. “I could have done it myself, but it would have taken longer to put together and probably would have been more expensive.”

1 in 9 jobs tied to real estate [Colorado]

1 in 9 jobs tied to real estate [Colorado]

One out of every nine jobs in Colorado is tied to the multibillion-dollar residential and commercial real estate industry, according to a report released Thursday.

“Regionally, real estate-related employment and earnings are a bedrock of the local economy,” noted the report prepared for the Colorado Association of Realtors.

The report, done by the University of Colorado at Colorado Springs and the Colorado Policy Studies group, tracked the economic impact of the real estate industry from Grand Junction to Pueblo.

“Approximately 10.8 percent of the region’s jobs and earnings and profits are real estate related,” the report concluded.