Foreigners are buying into the California dream

"About one-quarter of agents surveyed in a National Assn. of Realtors study last year said their business with buyers who principally reside in another country had increased in the previous five years. California was second in popularity, accounting for 16% of international purchases in the U.S. Florida was tops."

"Foreigners purchase all types and sizes of properties; however, high-end estates, larger homes and condominiums in upscale areas are especially prized. These buyers also prefer properties that are bright, clean, ready to occupy and on large lots, experts say."

"The strength of foreign currencies against the U.S. dollar has been the "icing on the cake" of California's appeal, said Greg Moesser, estates director at Prudential California Realty in Beverly Hills."

Southern California real estate agents are expanding their reach to international buyers as local sales have declined and prices have fallen. Agents are adapting websites with multiple language options, joining international professional organizations, and offering incentives like reimbursing travel expenses. About one-quarter of realtors report increased business from foreign buyers over five years, with California accounting for 16% of U.S. international purchases. International buyers prefer high-end estates, larger homes, and upscale condominiums that are bright, clean, and move-in ready on large lots. Buyers come from Europe, Middle East, Asia, Latin America, and Canada. The favorable exchange rate of foreign currencies against the dollar enhances California's appeal, particularly for desert and beachfront properties.

Read at Los Angeles Times