Demand grows for detroit property
Florida remains the most popular place in the US for international property buyers, according to TheMoveChannel.com. The portal’s At a Glance infographic, which charts activity on the site in the last 12 months, shows that the Sunshine State accounts for 7 of the 10 most searched-for locations. Indeed, Orlando is the most searched-for destination, joined in the top five by fellow Florida investment hotspots Kissimmee, Miami and Naples.
Detroit, though, is closing the gap: the city, which filed for bankruptcy, was the second most sought-after US location on TheMoveChannel.com between August 2013 and July 2014, up four places from sixth in the same period between 2011 and 2012.
Indeed, demand has expanded across the US in the past two years, as the recovery spreads from Florida to other markets. Florida was previously home to eight of the 10 most searched-for locations in 2012, but in 2014, is now home to seven, with Houston and Los Angeles also in buyers’ sights – and Los Angeles and Las Vegas just behind them in 11th and 12th place (slots that were also previously taken up by Florida).
This trend has translated from interest into activity. Two years ago, Florida accounted for more than half of enquiries for US property (57.91 per cent). Now it makes up 3 in 10 US property enquiries (29.07 per cent), as it fuels investor demand and confidence in a range of states.
Michigan, meanwhile, has seen its share of activity soar from 13.6 per cent between August 2011 and July 2012 to 22.35 per cent between August 2013 and July 2014, making up almost 1 in 4 enquiries. In real terms, Michigan has seen enquiries rise 28.8 per cent between 2012 and 2014.
North Dakota has also enjoyed a burst of interest, thanks to its oil boom, which has generated a strong buy-to-let market. The proportion of enquiries targeting property in the state has jumped from just 0.71 per cent two years to more than 1 in 8 enquiries (12.71 per cent), overtaking Ohio, New York, Nevada and others.
The At a Glance infographic also charts house hunters’ behaviour on Google. Searches for “property in USA” have increased significantly in the last two years, leaping from 490 between May and July 2012 to a staggering 11,700 in the same period this year.
Previously, buyers looked for property on a localised rather than a national basis, with “Florida property” appearing in 2,190 searches between May and July 2012. Now, that has risen to 2,760, indicating the enduring popularity of Florida real estate among international buyers.
Buyers now appear less specific about what type of property they were searching are in Florida, though, with searches for “houses for sale in Florida” and “condos for sale in Florida” down from 5,800 and 740 to 2,640 and 590 respectively.
Editor Ivan Radford comments: "Florida has long been the big player in the US property market thanks to its unbeatable combination of lifestyle, tourist and investment appeal. That was enough to help the state withstand the downturn, accounting for over half of activity on TheMoveChannel.com two years ago.
"Now, our 2014 At a Glance infographic shows that interest is much more evenly spread. Florida remains a key hotspot, but as prices and sales jump across the country, investors are increasingly looking elsewhere. North Dakota’s oil boom has turned the state into one of the top three investment opportunities in the country, while Detroit’s bankruptcy has been welcomed as an opportunity for capital growth. In 2012, there were six states without any enquiries on TheMoveChannel.com. In 2014, two of those have seen activity increase. As figures show that US real estate is moderating into a more stable market, our At a Glance report reveals a more balanced country; the Florida-fuelled recovery has arrived."