de palm beach michaela kennedy

INSIDE

Special Section

Your guide to making the MOVE to

Palm Beach County!

R PBRealtors® Association of the Palm Beaches

r e l o c a t i n g t o p a l m b e a c h c o u n t y . c o m

THE OFFICIAL PUBLICATION OF

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122 | R E L O C AT I N G T O PA L M B E A C H C O U N T Y

F lorida has been a vacation destination for over a century. Beginning with Addison Cairns Mizner’s vision for his wealthy clients in Boca Raton to the

tycoons that expanded the railways down to present-day Miami, Americans have been seeking the Florida sun for generations. In the 1980’s and 1990’s, many Americans considered Florida “God’s waiting room”; retirees moved here as their final to last destination. Today, not only wealthy vacationing sun-seekers or retirees make it a destination of choice, Florida also attracts residents that make the sunshine lifestyle their lifestyle of choice for many other reasons.

On an annual basis, more than half of all the migrants to Florida are adults and only ten percent are senior citizens. Many of those new residents are young professionals seeking to balance their working hours with the option of also participating in the many activities that Florida offers. Throughout Florida and in Palm Beach County, the purchasers of real estate are still predominantly American citizens: young professionals, families and retirees. Americans are heading to the Sunshine State, as are many Canadians, South Americans, Europeans and Asians. Of all the real estate sold in the State of Florida in 2013, approximately 23% was purchased by Canadians, and international transactions accounted for 53%, collectively. Canadians and Chinese are the fastest growing segments of international purchasers.

Of all the real estate sOld in

the state Of flOrida in 2013,

apprOximately 23% was purchased

by canadians, and internatiOnal

transactiOns accOunted fOr

53%, cOllectively.

BuyerPALM BEACH COUNTY

AND THE International

BY MICHAELA KENNEDY

Continued on next page.

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As Palm Beach County continues to offer incentives to attract more companies to this region, as national real estate developers continue to purchase land and build communities, as the appreciation in real estate continues, Palm Beach County will continue to attract world class brands, products, services, and full-time and part-time residents. This growth is directly reflected in the demand for real estate along the coastline and in the last couple of years in western non-beach communities.

High profile international celebrities and athletes that can purchase their primary residence in any State and in any county in Florida, choose Palm Beach County as their domicile. They know what we know: Palm Beach County has it all. For all the same reasons Americans find it very attractive, the international buyer does as well. Palm Beach County offers a lifestyle of outdoor activities including golfing, tennis, boating, equestrian sports, international polo events, track speedways for motor enthusiasts and airparks for flight enthusiasts; and of course, the first-class shopping and dining has become standard for the local lifestyle. For each lifestyle choice, there is the matching real estate option to complete the dream of living the good life. The question for buyers of real estate is not what do you want; it’s more appropriate to ask, what do you not want.

PALM BEACH COUNTY AND THE

International BuyerContinued

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Continued on next page.


THE EASIEST PART OF BUYING A HOME IS FINDING ONE.

For domestic buyers, appreciation is not on the top of the list of criteria for a home purchase. It’s on the list, but not at the top. For international buyers, it’s much closer to the top of the list. International buyers, in general, vacation and/or rent here, and then buy here, and, they tell their friends. Those friends then come and visit, rent here and buy here. International buyers are more likely to buy for investment purposes, that is, appreciation and access to lifestyle.

International buyers are always surprised by the level of public information available on real estate transactions in the US. A lot of foreign countries have data protection laws in place that do not disclose any information about the buyer, seller or the terms of a transaction. International buyers often choose to hold their properties in limited liability corporations simply because it affords them a higher level of privacy.

Real estate has always been a significant factor in personal net worth and it continues to be a major asset allocation both for domestic and international buyers and sellers. For

international buyers the perceived risk of a foreign real estate purchase in Florida mandates more due diligence and also the reliance on professionals with local expertise and knowledge to assist in the process. They do so to minimize the risk of the investment in a foreign country. Real estate investment is ideal because it is secured with a tangible asset: the actual real estate. Many foreign investors also choose to start businesses or invest in businesses but for most, buying real estate is their primary foreign investment objective.

So, that couple from Sweden that just bought the neighbor’s place is a good sign. They have done their research and have advisors that have vetted the real estate investment. Foreign buyers as a whole are a sign of the strength of the market, the demand for the product, and the favorable growth projection of the area. They are confirming what the locals already know: Palm Beach County is the place to be!

Email: [email protected] n


PALM BEACH COUNTY AND THE International Buyer Continued

real estate has always been a

significant factOr in persOnal net

wOrth and it cOntinues tO be a

majOr asset allOcatiOn bOth fOr

dOmestic and internatiOnal

buyers and sellers.


Michaela Kennedy, MBA, MS, Realtor®Douglas Elliman Real Estate340 Royal Poinciana Way, Suite 318Palm Beach, Florida 33480, USADirect: 561.843.2566 Office: [email protected]

de palm beach michaela kennedy

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