According to the California Association of Realtors “2013 International Clients Survey”, homebuyers outside of the U.S. find the California real estate market quite attractive, especially southern California.
Out of the total homes purchased by international buyers last year in California, a whopping thirty five percent were in L.A. County with Orange County, San Diego and Riverside County trailing significantly behind.
Though some may find it hard to believe, the international community is drawn to our government and financial system. For example, eighty five percent of the homebuyers shopping for homes in the California last year claimed that they were primarily interested in purchasing a home in the U.S. because the stable government and financial system would ensure their home investment.
While the government and financial system are the main attractors for international buyers, twenty percent of the buyers said that the location and climate were the deciding factor. The survey also exposed that the international set has some aesthetic sense and appreciation, as forty four percent of the buyers purchased homes with designer kitchens, 9 percent purchased homes with a sauna and 26 percent purchased homes with a wine cellar.
Other attractive features that international buyers sought included a private beach, heated floors, an outdoor kitchen and even a putting green. The survey was conducted via email to a random pool of realtors across the state.
A different survey from the National Association of Realtors showed that vacation home sales rose significantly last year while investment purchases dropped below the remarkably high levels witnessed in the past two years.
Michael Bain is an analyst for Move New Homes.
