Regional Spotlight: Florida Is More than Beaches, Says FAR

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RISMEDIA, Jan. 23, 2008-With its cosmopolitan cities, world-class beaches, golf, boating and sports, Florida offers an attractive lifestyle to buyers from around the world.

“As a major vacation location, Florida will continue to draw families of all ages, with a particular appeal to the retiring Baby Boomer generation,” said Donna Cloman, broker-associate with ERA Menu Realty in Port Orange.

The state’s strong economy is another positive factor for Florida’s residential market. New job creation remains well above the national average, especially in sectors like professional services, leisure and hospitality, healthcare, trade and education.

And with abundant inventory of homes for sale, readily affordable mortgage rates and lower prices than in many other U.S. coastal locations, Florida also offers an excellent financial value, according to Alison Anderson, broker- associate with Amerivest Realty in Naples.

“I have lived in five other states and find Florida to provide an excellent quality of life for my money,” said Anderson. “Compared with other parts of the country, Florida is still a bargain.”

Many buyers from outside the U.S. — including Europe and the Pacific Rim — benefit from the weaker U.S. dollar. That multiplies the purchasing power from buyers paying in euros, yen or the British pound. Buyers from Latin America and Europe also appreciate the relatively low costs of Florida property compared with similar homes in their countries.

“People all over the world envy the Florida lifestyle,” said Michelle Cremata, sales associate with Coldwell Banker in Coral Gables. “Our fantastic climate, sandy beaches and tremendous economic opportunities are just a few of the reasons people the world over are attracted to living here. More than any other state, Florida is known for its diverse population and its ability to attract new people.”

In fact, a 2007 survey by the National Association of Realtors(R) (NAR) found that Florida led the nation in foreign home buying, accounting for 26% of all international purchasers. California was next at 16%, followed by Texas at 10%.

The 2007 NAR Profile of International Home Buying Activity, which covered buying patterns from April 2006 to April 2007, noted that U.S. real estate is still considered a prime investment opportunity for foreign buyers and a “safe haven” in which to put their money.

For U.S. buyers, one of Florida’s financial attractions is not having a state income tax. That provides an extra boost to residents’ net income. In addition, qualifying residents benefit from the state’s homestead exemption, which reduces local property taxes.

“Having moved here from Pittsburgh in 1972, I know that Florida stands out as a superior place to live,” said Lynn Robbins, sales associate with Coldwell Banker in Sarasota. “One of our strongest assets is a relaxed and healthy lifestyle that is envied by most people who don’t live in Florida. And our overall tax burden is lower than many other states as well.”

For more information, visit http:// floridaRealtors.org.

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