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International Second Homes Market Where the action is and how to make the most of it

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Vacation. 16.3% 2.8 million. 2.4 million. 2nd Homes. Percent ... Vacation. Intl 2nd Homes Key Indicator? Top Immigration Destinations. US Total. California ... – PowerPoint PPT presentation

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Title: International Second Homes Market Where the action is and how to make the most of it


1
International Second Homes MarketWhere the
action is and how to make the most of it
  • Miami International Real Estate Congress
  • Jeff Hornberger, International Market Development
    Manager,
  • National Association of REALTORS, Chicago IL

2
Why focus on International and Second Homes?
  • International real estate business is conducted
    by 20 of all NAR members.
  • Second Homes represented 35 of existing single
    family, condo and new home sales (2004), 16
    increase from 2003.
  • 4 million Americans live abroad.
  • You sell real estate in Florida

3
Major Challenges of this niche market
  • Inbound Outbound lack of specific data and
    statistics one must rely on leading indicators.
  • Outbound uneven business practices and
    connecting with the right people.
  • Time commitment and financial commitment are
    required.

4
NAR Profile of 2nd Home Buyers 2005
  • 2nd homes are 35 of existing single-family,
    condo and new home sales in 2004, an increase of
    16 over 2003.
  • Methodology of survey 100,000 home buyers
    through Experian (via county records), 8.2
    response rate.

5
NAR Profile of Second Home Buyers key indicators
for intl.
6
Intl 2nd Homes Key Indicator?Top Immigration
Destinations
  • US Total
  • California
  • New York
  • Texas
  • Florida
  • Illinois
  • New Jersey
  • 1.34 million
  • 344,000
  • 159,000
  • 135,000
  • 122,000
  • 75,000
  • 60,000

7
Foreign Arrivals to the USA regional breakdown
of totals
8
Foreign Direct Investment Position in U.S. Real
Estate by Region
  • Top 10 Investing Countries
  • Japan
  • Canada
  • Netherlands
  • Germany
  • UK/Caribbean
  • Switzerland
  • Bermuda
  • Bahamas
  • Panama
  • Hong Kong

9
Top Global Cities for Real Estate Investment
  • Global
  • Washington, DC
  • London
  • Tokyo
  • New York City
  • Paris
  • US
  • Washington, DC
  • New York City
  • Los Angeles
  • San Francisco
  • Miami/Fort Lauderdale/West Palm Beach
  • Chicago

Source Survey conducted by Association of
Foreign Investors in Real Estate, 2004
10
Making sense of the data unscientific 2nd home
ownership
  • Germany100,000 Germans own 2nd homes in FL,
    2,000 properties/yr sold (75 West Coast FL)
  • UK 50,000 own 2nd homes mainly in Central
    Florida.
  • Brazil 50,000 own property in South FL.
  • Mexico 10,000 and growing
  • Source Excellent Real Estate Services in
    conjunction with a 2003 survey of Germans living
    in Florida (Carsten Werner, President and Stefan
    Spieske, General Manager). See
    www.exellent4you.com for more information.

11
Why Latin America 2nd homes in FL?flight
capital, proximity, comfort level
12
Putting it all together for FloridaStudy/survey
by Vani Ungapen, FAR Research Director
13
Intl 2nd Homes where the action is
14
US citizens living abroad
  • Mexico 1,036,300
  • Canada 687,000
  • UK 224,000
  • Germany 210,000
  • Italy 168,000
  • Philippines 105,000
  • Australia 102,000
  • France 101,000
  • Spain 94,000
  • Israel 94,000
  • All other countries 1,247,705

15
Quality of Life the top ten
  • United States (86)
  • France (85)
  • Australia (84)
  • Switzerland (84)
  • New Zealand (82)
  • Austria (81)
  • Canada (80)
  • Belgium (78)
  • Denmark (77)
  • Finland (76)
  • Cost of living
  • Leisure Culture
  • Economy
  • Environment
  • Freedom
  • Healthcare
  • Infrastructure
  • Risk Safety
  • Climate

16
Global Retirement Index the top ten
  • Panama (74)
  • France (69)
  • Nicaragua (67)
  • Croatia (66)
  • Romania (66)
  • New Zealand (64)
  • Mexico (64)
  • Malta (63)
  • Ecuador (87)
  • Slovenia (75)
  • Real Estate
  • Special Benefits
  • Cost of living
  • Culture
  • Health
  • Infrastructure
  • Safety/Stability
  • Climate

17
Where NAR/CIPS members list properties
  • Costa Rica
  • Honduras
  • Fiji
  • Belize
  • Nicaragua
  • El Salvador
  • United Arab Emirates
  • Dominican Republic
  • Panama
  • Bahamas

 
18
2nd Home Markets in Latin America
  • Opportunities
  • Geographical proximity and Florida linkages.
  • Beachfront property
  • Florida homeowners are rich in home equity
  • Obstacles
  • Uneven business practices
  • Lack of market data and information.

19
Hot 2nd Home Markets Latin America
  • Established
  • Mexico
  • Costa Rica
  • Caribbean Islands (Dominican Republic, Bahamas,
    Belize)
  • Up and Coming
  • Mexico
  • Panama
  • Nicaragua

20
2nd Homes Market in Europe
  • Obstacles
  • Euro-Dollar exchange rate problem for both US
    Europe.
  • Uneven business practices, no culture of
    referrals.
  • Opportunities
  • Quality of life
  • Southern Mediterranean markets are the Florida
    of Europe

21
International 2nd Home Markets for Europeans the
hotspots
  • Africa Morocco and Tunisia
  • Latin America Dominican Republic and Northeast
    Brazil
  • E Europe Croatia, Malta

22
Other International 2nd homes hotspots flight
capital hubs
  • Panama good alternative to Miami, no Visas! (ex,
    Colombia, Peru, Venezuela)
  • Dubai Palms (2nd homes haven of Arab world)
  • South Africa (oasis on troubled continent)

23
HOW TO MAKE THE MOST OF IT 6 TIPS
24
TIP 1 GET OUT THERE!
25
SIMA Madrid, Spain the largest 2nd Homes show
on Earth
  • 100,000 visitors, 10,000 real estate
    professionals, 1,000 intl real estate
    professionals from 45 countries (and 200
    REALTORS!).
  • Spain is the Florida of Europe where 100,000
    2nd homes are sold annually.
  • Opportunities and visibility for REALTORS.
  • Mark your calendar April 4-7, 2006

26
(No Transcript)
27
NAR Annual Convention and Expo San Francisco
Oct 28-31, 2005
  • International seminars and social events a
    resort and international track.
  • Over 1,500 international attendees.
  • The International Networking Center is a great
    place for business exchange.
  • Booths 2,800

28
NAR Resort Symposium February 4-7, 2006

29
Panama Spectacular! March 13-17, 2005
30
TIP 2 Utilize intl 2nd homes online resources
31
Register today on 2 websites REALTOR.org and
World Properties.com
  • Identify yourself as a resort and international
    REALTOR and get in the loop.
  • World Properties get started today by
    registering! Link to your site!

32
Surf international 2nd home websites
33
TIP 3 Get educated
34
Take the TRC today at www.realtor.org/internationa
l
  • Take course online
  • One time fee of 99.
  • Time commitment 6 hours maximum
  • Benefits learn to do intl referrals, your info
    on online database
  • Multiple languages
  • Set yourself apart from the crowd before its too
    late!

35
TIP 4 Join or form a REALTOR International
local Council
36
International REALTOR Councils
  • Tools to help you find out about how
    international works locally ex, alliances with
    chambers of commerce, local international
    organizations.
  • Networking events.
  • Trade missions.
  • Your first point of contact.
  • There are 15 local councils in Florida

37
TIP 5 Tap into NARs International Presidents
Liaisons or PLs
38
NARs PL Corps your intl mentors and guides
  • Knowledge of international market, local
    contacts, and organized real estate at your
    disposal for advice and mentoring.
  • Required to travel in their country once a year.
  • They can help you navigate the waters.
  • Appointed by NAR President

39
TIP 6 Create a niche
40
Creating a niche
  • Know the inbound and outbound leading indicators
    you will become the expert.
  • Its a crowded field Set yourself apart.
  • Utilize existing FREE resources and
    infrastructure at 4 levels local, state,
    national, international.

41
Thank You Merci Obrigado Danke Gracias Cheers
GrazieMahaloSukranXieXieTodaArigatoSpasiba dank U
wel
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