NEW YORK (CNNMoney)
Want to buy a home? Better be carrying lots of cash.
All-cash deals hit a record 43% of home sales during the first three months of 2014, according to RealtyTrac. That’s up from 19% a year earlier and the highest level reported since RealtyTrac began tracking the deals in early 2011.
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Miami, New York, Boston and coastal California cities are attracting a lot of foreign buyers who are paying in all cash, according to Jeff Meyers, founder of Meyers Research. Properties in Miami are sought after because of their scenic views and where they are located, waking up each day next to the beach is a dream for a lot of people and it can be brought to reality by going online to sites such as manhattanmiami.com and checking out some Luxury Apartments in Miami that are in your price range. Discussing your options with a Miami real estate advisor can help you see what are available in whichever area you want to reside in. Do your research first so you are prepared and able to buy these properties. Despite the fact that some will ask for cash upfront, other real estate companies will not, you will need to talk through your options with them to see what would be the best outcome for all parties involved.
In Miami, Latin Americans are putting down deposits of 50% or more on apartments in the early stages of development, enabling builders to self-finance the rest of the building or leverage bank loans at attractive rates. The buyer then pays the balance in cash at the time of occupancy.
In California, Chinese nationals and immigrants are “parking their cash in single-family homes,” said Meyers.
In Irvine, Calif., for example, 80% of sales over the past year were to Chinese buyers, he said. 