Real Estate Abroad: The American Dream

From multi-million dollar New York lofts to suburban condos under $100,000, the American dream is within reach of everyone and spans four time zones.Already more than 300,000 Frenchies have packed their suitcases across the Atlantic, and the United States is home to the second largest contingent of French people abroad after Switzerland.

Since the subprime cataclysm in 2008, US real estate has generally recovered to return to its pre-crisis level thanks to vigorous economic growth.

“However, it is difficult to estimate the market on a national scale,” warned François Gagnon, president of the ERA real estate group for France and Europe, “it must be evaluated city by city.

Real estate : the temptation of foreigners at https://propertiesmiami.com/

In the East, between Boston and Atlanta, the median transaction price fluctuates around $220,000 in the medium-sized cities and climbs in some large cities: $420,000 in the Washington area, $460,000 in Boston and $400,000 in New York.

Beware, much more than in other cities, there is a multitude of markets in New York.A two-room condo (apartment) in Manhattan can be negotiated for more than a million dollars when for the same price you can buy a loft of several hundred square meters in Brooklyn.What also need to be looked at carefully are the “maintenance fees”, the co-ownership charges.In large cities, they are generally higher than in France.

In the interior of the country, prices are falling below the median of transactions, which is around $250,000.

On the other hand, prices are soaring on the West Coast.San Francisco attracts a large number of foreigners every year who come to join the ranks of Silicon Valley.In the country’s most expensive city, the median transaction price flirts with the million euro when it climbs to over $1.2 million in San Jose.In Los Angeles, properties are trading at around $570,000.

But the real estate market that has been inescapable in recent years is undeniably that of Miami, which is experiencing an unprecedented boom.Since 2012 and the end of the crisis, prices have been 20% higher than before 2008 and are still rising.And international buyers are jostling each other.According to the National Association of Realtors (NAR), almost 19 per cent of all transactions in 2018 were with foreigners.

“In the Miami area we are between 2,000 and 10,000 euros/m² and an average of 6,000 euros/m² for surfaces greater than 150 m²” details Florian Jouin French real estate agent for Sotheby’s Realty in Miami.The city is building in towers , keeping prices at still reasonable levels, even though the luxury market is taking off in the city so close to the Caribbean.

“It is an interesting market for investors with very high rental profitability,” explains Florian Jouin.The absence of a state tax in Florida also favours this development.

A couple from the south of France has just acquired a house on the island of Miami Bay with 3 bedrooms, 4 bathrooms, a jacuzzi and a swimming pool for $550,000.”It was rented out in less than a week for $3,700 a month,” says the real estate agent.

The other popular formula is the “condo hotel”, where one acquires a room in one of the huge buildings on the waterfront managed by a hotel with a profitability of 2.5%.”It’s ideal for those looking for a pied-à-terre and staying between 30 and 60 days a year,” says Florian Jouin.

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