Industry News

Second-home market ripe for picking

Part 1: Florida says 'cheerio,' 'hola' to international real estate buyers

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Editor's note: The second-home or vacation-home market is a booming niche that's vastly different than the market for primary homes. Many foreign buyers are playing a larger role in second-home purchases in the U.S., while many domestic buyers are crossing the border for their second homes. In this three-part series, we examine the fast evolving second-home market, looking at the trends of foreign buyers coming to the U.S., U.S. buyers looking outside the borders, and how booming second-home markets impact affordability for everyone else. (See Part 2: Priced out of paradise and Part 3: Baby boomers spark second-home surge abroad.) It's not exactly correct to say the Miami area is a popular second-home market for international buyers, says Mark Zilbert, president of Zilbert Realty Group in Miami Beach, Fla. "This isn't the second house. This is the sixth house. Probably 90 percent of the foreign buyers in Miami are buying a property here to add to their holiday portfolio of homes...