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National RE News

China’s Xi Jinping Visit to Mar-a-Lago puts Florida Real Estate on Display

At Apr 05, 2017
Reprinted without any permission or warning from this article, BY KENNETH RAPOZA
CONTRIBUTOR FOR FORBES.

BY KENNETH RAPOZA, CONTRIBUTOR, FORBES

BY KENNETH RAPOZA
CONTRIBUTOR FOR FORBES

Next month, China’s president Xi Jinping will visit Donald Trump at his Mar-a-Lago estate in Florida. For millions in the world’s No. 2 economy, the visit will put Florida on their mental map of places to buy real estate.

If there is one thing the Chinese investor loves, it’s housing. And so Xi’s visit to Florida is about to give the Sunshine State its biggest curtain call yet. Not to mention Trump’s golf club, which will now be on radar of status seeking Chinese living in south Florida.

“There are many individual and corporate investors buying in Florida, but Chinese developers are also exploring the state looking for good opportunities to build,” says Charles Pittar, CEO of Juwai.com, a Chinese real estate services firm. “Florida is an attractive market.”

Prices in Florida are a fraction of what they are for comparable properties in other Chinese investment hot spots like Hong Kong, London, Sydney and New York. Average home prices in Shanghai are now around $750,000, or five million yuan. Investors can find that easily in Miami. And those with deeper pockets believe long-term value, and lifestyle quality is worth the extra money in Florida. There is a growing number of Chinese students at the University of Florida, and their parents are often putting them up in their own apartments instead of in the dorms, or buying real estate nearby for family visits. Roughly thirty-two percent of international students at the university are from China.

The most popular Florida destinations in 2016 for Chinese investors were Orlando, Fort Lauderdale, and Miami.

Chinese-American Caroline Griffith’s mother is a Miami fan. She spent over a million dollars on an apartment project called the Paramount, going up now at Worldcenter downtown. Her mom, a Shanghai businesswoman, and is not a U.S. citizen.

“She is just buying it as an investment,” Griffith says. “She’ll rent it and maybe use it sometimes for vacation but she is not moving here. It’s not her first property either,” she says. “She has six homes in Miami.”

Miami Worldcenter is a modern, glass and steel superstructure currently under construction. They’re onto the fourth or fifth floor now and have 60 floors to complete. It’s supposed to be done by 2019. According to the exclusive broker, OneWorld Properties, most people are settling in cash. And guess how many are foreigners? Peggy Fucci, One World’s CEO says 70% are international, coming to from 38 different countries.

Chinese-American Caroline Griffith’s mother is a Miami fan. She spent over a million dollars on an apartment project called the Paramount, going up now at Worldcenter downtown. Her mom, a Shanghai businesswoman, and is not a U.S. citizen.

“She is just buying it as an investment,” Griffith says. “She’ll rent it and maybe use it sometimes for vacation but she is not moving here. It’s not her first property either,” she says. “She has six homes in Miami.”

Miami Worldcenter is a modern, glass and steel superstructure currently under construction. They’re onto the fourth or fifth floor now and have 60 floors to complete. It’s supposed to be done by 2019. According to the exclusive broker, OneWorld Properties, most people are settling in cash. And guess how many are foreigners? Peggy Fucci, One World’s CEO says 70% are international, coming to from 38 different countries.

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The nation’s healthiest, and unhealthiest housing markets

At Apr 03, 2017

Housing remains in high demand in most of the nation, but the housing recovery looks increasingly uneven, depending on location. Whether buyers are shopping for their own homes or for investment properties that will throw off some cash, certain markets are becoming far more lucrative than anyone might have expected just a few years ago. […]

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Chris Smith, Tampa Bay Real Estate Investor

Tampa real estate investor Chris Smith’s advice: “Get into rentals.”

At Jun 20, 2015

Get Into Rentals Chris Smith had just graduated from the University of West Florida in 2003 when he saw a foreclosed house he admired. He tracked down the Tennessee bank that owned it, and got what he calls “a really good deal.” Smith was hooked. After moving to Tampa in 2005 to help with his […]

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Venice Beach Apartments by j_arred, on Flickr

More Young People Investing in Real Estate

At May 27, 2015

More Young People Investing in Real Estate Millennials and younger members of Gen X appear to be delaying the financial responsibility of homeownership. But it’s hard to blame a group who watched the housing market skyrocket and plummet just as they were entering college or becoming young professionals gearing up to buy a starter home. As […]

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4 Real Estate Opportunities Near SunRail Station

At Apr 09, 2014

If you’re an Orlando SunRail follower — and a real estate junkie — you’re familiar with something known as TOD. And no, it’s not the brother of SunRail’s safety mascot, Tie, the Squirrel. It stands for “transit-oriented development“, a buzzword in urban planning circles that describes compact residential and commercial development with a pedestrian-friendly design […]

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