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Canadians Doubled Spending on U.S. Real Estate in Last Year

August 9, 2017

The National Association of Realtors reports great news for sellers in South Florida: ‘œMore than one out of three Canadian buyers in the U.S. choose homes in subtropical Florida, with the majority of those snapping up homes around Miami, Fort Lauderdale and West Palm Beach’. Over the past year, Canadians have doubled the amount spent on real estate in the US ‘“ $19 billion to be exact and mainly on vacation homes and residential investment properties. Mansion Global tells us ‘œThey look to their southern neighbor for sunny, high-end vacation spots in places like Florida’. Some may be surprised to learn that ‘œEven with a large contingent of Latin American buyers in Florida, Canadians spent the most of any foreign nationals in the state’”around $3 billion in 2016’. ‘œCanada’s burning hot housing market, particularly in Toronto and Vancouver, has fueled purchases in the U.S., as baby boomers cash out on their long-time family homes in Canada and use the spoils to pick up amenity-rich second homes in the U.S.’.

What are the Canadians buying?
The typical buyers is looking for a low maintenance vacation spot, so it is no surprise most buyers are looking for a luxury condo in the beach area. ‘œA lot of those snowbirds want new developments. It’s their resort property,’ said Ms. Fox, who will soon launch sales in Canada for the new Four Season Private Residences Fort Lauderdale. ‘œThey want a valet, they want a concierge, they like maid service.’ ‘œNew developments in Boca Raton like Akoya Boca West, a condominium at the Boca West Country Club, have seen an influx of new high-end buyers from Canada, a spokeswoman for the development said’. In fact, Akoya already has over 20 Canadian owners which is helping sales with other Canada based households.

How are they buying?
‘œThe vast majority of Canadian buyers in the U.S., some 76%, pay for their homes in all cash, according to John Slivon, president of the realtors association in Palm Beach and Greater Fort Lauderdale’. The typical Canadian buyers have several million in assets and many are looking for luxury homes in the $1 million to $3 million dollar range, making Palm Beach, Fort Lauderdale, and Miami beach area homes very desirable. See Mansion Global article.

Contact Nicholas Malinosky and Randy with Douglas Elliman if you are looking to buy or sell a luxury oceanfront, waterfront or beach area home in South Florida.

Douglas Elliman Pitches New Boca West Luxury Condo to Long Island Buyers

July 11, 2017

Long Island Business News reports that Jordan Tepper of Douglas Elliman will be at Hendrick’s Tavern in Roslyn to pitch Akoya, the new luxury condo at Boca West Country Club in Boca Raton, Florida. The presentation is scheduled from 6:00 pm to 8:00 pm on Wednesday, July 12, 2017. See LIBN post

Akoya is a nine-story luxury condo offering two to five bedrooms with a list price from $800,000 to $3 million. The condo’s resort-style amenities will include pool and sun deck overlooking the golf course, 24-hour fitness center, valet parking and concierge services. Boca West Country Club is the #1 Private Residential Country Club in the Nation with five-star amenities including four championship golf courses, brand new $50M clubhouse, tennis center with 30 plus courts, fitness and aquatic center with five pools, spa with full salon, six restaurants and a year-round calendar of social and cultural events.

Exclusively listed by Douglas Elliman, Akoya is a new development project that is quickly earning its place in the luxury real estate market. South Florida residents and New Yorkers alike are taking notice and making inquiries about the exciting and new condo project.

With over 40 years combined experience in the South Florida luxury real estate market, Douglas Elliman agents, Nicholas Malinosky and Randy Ely know that many luxury buyers come from the Northeast. If you are interested in more information about Akoya or other Douglas Elliman New Development projects, please contact Nick and Randy today.