This year, as many of my real estate colleagues are saying, “the light switch is back on” in Malibu. We are seeing that not all buyers are from the U.S. anymore. Most of the buyers today are from places like Asia, Canada, Europe and Latin America.
According to The Wall Street Journal and a survey by the National Association of Realtors, international buyers accounted for $82.5 billion, or 8.9%, of the $928 billion spent on residential real estate in the 12-month period that ended in March. That’s up 24% from $66.4 billion in the previous year period.
The survey showed that about 55% of all international buyers came from five countries: Canada, China, Mexico, India and the United Kingdom. Five states, meanwhile, accounted for around 55% of all sales to international buyers: Florida, California, Texas, Arizona and New York. The survey found that 62% of international buyers paid in cash.
In our experience this year, we have seen an influx of Russian and Chinese buyers purchasing lots of local land and distressed homes.
John Snyder is a Realtor at Prudential Malibu Realty, 310.459.8163