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Patricia Tan – Perspectives – International REAL Estate

Do Tourists Buy Homes?

By Patricia Tan

I was approached recently by the Florida Association of Realtors® and asked to present at their annual convention in Orlando. They wanted my presentation to discuss ways in which my fellow Realtor® members could convert tourists into home buyers. The invitation spurred me to do some research and think about this conundrum.

Do tourists actually buy homes?

The answer is a resounding yes! People who discover our beautiful area as a vacation destination often become homeowners and members of our community. The thought processes they go through to achieve this are many and varied.

Having spent a relaxing and enjoyable vacation in Florida, many tourists decide to make it a regular destination, and they may purchase a vacation home so they can enjoy more time in “a place of their own”, bring the family, and visit more frequently without the worry and cost of hotel accommodation. Many vacation home buyers then take the leap to become winter, or full time residents.

Here is an example of one of our real estate customers who did just that. They discovered Manasota Key while visiting, bought a condo there and used is for vacations over a few years. As their jobs allowed them to spend more time in the area, they wanted to have more options for activities, entertainment, dining and shopping. They sold the condo on Manasota Key and bought a condo on Siesta Key. When they retired, they wanted to spend five to six months a year in Florida, so they sold the condo on Siesta Key and bought a house in Sarasota on the mainland. As Michigan’s cooler climate began to take its toll, they made a decision to move here full time – they traded their house here for something larger, and are now happily year-round members of our community. That initial visit to Manasota Key has a lot to answer for!

The things that draw a tourist to our area are not always the reasons they decide to buy here. While the natural beauty, beaches, golf courses, theme parks and sports may draw people here for the first time, they are just a few of the reasons they decide to buy a home here. A visitor who is looking to set up home will show interest in other aspects life in Florida.

The standard and availability of health care takes on more importance. Diversity of cultural activities throughout the year may be a major consideration. Depending on their ages and family profile, schools and education may be key influencers. Prospective home buyers will also want to be assured that an area is economically and financially stable, and has good transportation links to support trips for business and pleasure.

Florida Trend magazine published some research on international visitors who bought homes in Florida. They looked at tourists who visited our State in 2012 and ranked the top 20 countries by number of visitors. They then ranked the same countries by the number of home buyers they generated in 2013. The research showed that the top 5 countries which sent tourists to Florida were also the top 5 countries for overseas home buyers.

Yes – tourists do buy homes here and we welcome them as part-time or full-time residents on a regular basis!

Patricia Tan was born in England, and her career in international sales and marketing led her to live and work in many countries around the world before moving to Sarasota in 1997. Patricia is a Certified International Property Specialist (CIPS), Graduate Realtor Institute (GRI), and Transnational Referral Certified (TRC). She is involved in global activities of the Sarasota, Florida and National Association of Realtors, and currently serves as NAR President’s Liaison to U.K. Her real estate business operates from Coldwell Banker on St Armands Key, where her focus is to bring international buyers to the local market. She regularly makes marketing trips to Canada, Asia and Europe, to promote Florida’s Gulf Coast and the Sarasota area in particular. Patricia may be reached at 941-504-9232 or Pat@PatriciaTan.com.