Leading Question

Traditionally, Florida has been the No. 1 state in the country for foreign homebuyers, accounting for 23 percent of all sales to foreigners in the nation, according to the 2009 survey by the National Association of Realtors (NAR).

What’s really impressive is that Sarasota-Bradenton-Venice has captured 11 percent of all Florida sales, according to the survey, making us one of the top destinations for foreign homebuyers in the state. This is a significant increase over 2006, when our region captured only 5 percent of all foreign homebuyers in Florida, but not quite as strong as the 13 percent in 2005.

Biz941 research shows that sales to foreign homebuyers were up in Sarasota County in the 2007-2009 period we evaluated, but Manatee County sales to international clients continued to drop.

Marie Avery, a real estate agent with Re/Max Alliance Group and the chair of the Manatee Association of Realtors International Committee, says while the number of sales has gone down, lower prices have been drawing in foreign buyers lately, mostly for those who want second homes (as opposed to investors), and these buyers are helping “to prop up the local market.” Europeans are hearing about the great deals in short sales and foreclosures, says Avery, who does plenty of these sales to American buyers. But the bulk of her business to foreign buyers is not in that category, since short sales and foreclosures require a lot of patience and education.

Bill Geller, a certified international property specialist with Re/Max Platinum and the president of the board of the Sarasota Association of Realtors, says Sarasota is seeing a lot of activity, primarily from Canada and the U.K. “The exchange rate is favorable, and properties are downright cheap here,” he says. “Europeans traditionally buying in southern Spain and France have experienced declining values there compared to what they can get here.”