Josh Stein Realtor Sells Preconstruction Condos as Chinese Buyers Flock to Miami
August 26, 2022 at 23:36
International buyers, specifically Chinese homebuyers, are flooding the South Florida real estate market to purchase pre-construction condos. These buyers are coming in droves to take advantage of the weak dollar, making U.S. properties more affordable than ever.
One real estate agent reaping the benefits of this trend is Josh Stein of Josh Stein Realtor, a Miami-based real estate firm specializing in luxury properties in South Florida.
"Miami is becoming the new Hong Kong," Stein said. "As the Chinese economy continues to slow down, more and more of their citizens are looking to invest their money in safe havens like Miami real estate."
According to Stein, Chinese buyers are particularly attracted to pre-construction condos because they can get more bang for their buck.
"They're getting a new condo unit for 20 to 30 percent below market value," Stein said. "And since these units are not yet built, they can often negotiate even further discounts with the developer."
Stein is not the only one seeing an influx of Chinese buyers. According to a recent National Association of Realtors report, Chinese buyers are the fastest growing group of international homebuyers in the United States, accounting for $6.1 billion with an average of $1 million per deal.
Foreign buyers from Hong Kong, Taiwan, The Philippines, and India have also been active in the Miami real estate market. Still, Chinese buyers have been the most aggressive, accounting for nearly half of all international sales in South Florida.
Most foreign buyers are also more likely to pay in cash than domestic buyers, which helps to drive down prices further. And with the Miami Association of Realtors partnering with a listing service in China, it's easier than ever for Chinese investors and buyers to find properties in South Florida.
While rising interest rates are being felt across the board, they're having a minimal impact on foreign investors, according to Stein.
"The Chinese have been buying real estate all over the world for years, so they're used to fluctuations in currency and interest rates," Stein said. "They see the Miami market as a long-term investment, so they're not as worried about short-term changes or increasing property prices."
The recent surge of Chinese investment in South Florida's pre-construction condo market is changing the game for luxury developers and brokers alike. With an unstable Chinese market and political landscape at home, an increasing number of affluent Chinese are looking abroad for stability – and finding it in Miami's thriving property market.
Real estate agents in Miami-Dade County are scrambling to sell commercial or residential properties attractive to Asian buyers to take advantage of the growing trend.
Josh Stein Realtor and his team have been at the forefront of this trend for 12 years, working closely with wealthy young Chinese clients looking to invest in South Florida real estate. And the results have been impressive; according to Stein, his team has closed dozens of sales totaling millions of dollars worth of pre-construction condos targeting mainland investors.
The enormous advantage that Stein and his team have is their knowledge of the Mandarin language and the Chinese culture. This has allowed them to build trust with their clients and effectively communicate with them throughout the process – from finding the right property to navigating the often-complex world of U.S. real estate laws and regulations.
"We have an excellent understanding of what Chinese buyers are looking for, so we're able to help them find the right property and get them the best possible price," Stein said. "It's a win-win for everyone involved."
The team also uses tools steeped in Chinese cultures, such as the Chinese social media platform WeChat, to reach a wider audience of potential buyers.
"We have a dedicated WeChat account to post listings and market properties to our clients in China," Stein said. "It's an incredibly powerful tool that allows us to reach many people quickly and easily."
The Chinese real estate market is notoriously complex and ever-changing, but Stein and his team have the knowledge and experience necessary to navigate it effectively. Thanks to their efforts, many mainland Chinese investors are finding success in Miami properties that they otherwise would have never known about.
"Other global cities like New York, London, and Hong Kong have been seeing a slowdown in Chinese investment due to various factors, but Miami is still going strong," Stein said. "It's a great time to invest in the Miami real estate market."
If one is thinking about investing in Miami real estate, Josh Stein Realtor and his team can help find the right property and get the best possible price. With years of experience working with Chinese investors, they have the knowledge and resources necessary to make one's investment successful.
For more information about Josh Stein Realtor and his team, or to start searching for one's dream Miami property, visit their website or give them a call today.
For more information about Josh Stein Realtor, contact the company here:
Josh Stein Realtor
+1 (305) 695-8257
1688 Meridian Ave Suite 700,
Miami Beach, FL 33139