Wednesday, October 5, 2011

International buyers "gobbling up" U.S. real estate

The Real Estate Roundabout
By Mary Umberger
Inman News™


International buyers of residential properties are an increasing presence in U.S. markets, according to numerous reports.

They're a big driver in a slightly revived luxury market across the country, according to Barron's. Although Russians, Indians and Europeans continue to have a strong presence, Chinese and Brazilians are the newest on the scene, it said. Wealthy Chinese investors are looking for a place to put their money, while the Brazilians are enjoying a surge in the exchange rate and are here looking for "mega-homes," according to the report, which quoted one executive at Halstead Properties in New York: "They're gobbling up New York, Miami and Nevada."

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