How come foreign buyers aren’t buying in Boston?
With the dollar down and home prices falling, U.S. residential property is attractive to overseas buyers, says Kevin Brass of the International Herald Tribune.
Mr. Brass says that in 2007:
* 26% of overseas buyers purchased a home in Florida.
* 16% bought in California.
* 10% bought in Texas, with the Gulf Coast being popular.
* 6% purchased in Arizona.
* 4% bought in New York.
* 3% snagged a home in Colorado.
Of those buyers, 33% were from Europe, 24% hailed from Asia and 16% came from Latin America, Mr. Brass says.
You’d think an east-coast city with easy access to Europe, a city with a big English-speaking and Western European heritage would be popular with buyers looking for second homes.
Source: International buyers head for the Texas coast – By Kevin Brass, The International Herald Tribune, by way of What It Takes to Sell Your House Quickly – By Lauren Baier Kim, Wall Street Journal (last item)