Foreign buyers are holy grail for luxury real estate industry
Attracting foreign money has worked in other cities, most notably Miami, where international buyers, mainly from Brazil and other emerging South American nations, have steered the luxury condo recovery and prompted new luxury condo construction.
Some housing experts see foreign buyers as the answer here in Boston
The toughest component, here and across America, is the ability to move up in price ranges, said Paul Boomsma, president of Luxury Portfolio International, a network of high-end real estate firms.
The world’s most wealthy also have been thinning their real estate portfolios. From 2008 to 2011, second home ownership among the richest 10 percent of international buyers dropped from 48 percent to 28 percent, with beachfront properties in areas like Southwest Florida taking the biggest hit, research commissioned by Luxury Portfolio shows. But the trend id changing since 2017 and now into 2018.
These affluent foreign buyers are trending younger, and they favor smaller with luxurious features rather than the spacious, 6,000-square-foot estates that were popular during the area’s building boom.
East coast properties, especially luxury condominiums, could be a draw to foreign investors from areas such as Japan, Singapore and China.
If you are in the market for investment luxury properties, the market is clearly better than it has been in many years. If you are looking for investment properties, especially luxury condominiums in the Boston area, call Janet lamb or Robert Veek of www.Bostonluxurycondosforsalecom to assist you in finding a great investment property. If you are thinking about selling a luxury home or a penthouse condominium, make sure your agent gets it featured on websites that will be found by foreign investors when they search for US luxury investment properties.
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