Florida residential real estate attracting foreign buyers

Florida residential real estate attracting foreign buyers

The real estate market in Florida remains hot as 2015 draws to a close. Residential real estate is drawing a great deal of attention in Tampa Bay. One investor who is especially interested in this area is an entrepreneur from the eastern part of the world, named Bo Wu.

Wu and the limited liability companies tied to him have bought a minimum of 37 residential properties in cities such as Tampa and St. Petersburg since March 2014. A majority of these transactions took place in 2015. This year, Wu spent over $1 million for a number of buildable lots in popular neighborhoods.

Wu is a U.S. citizen who founded a website in China that offers daily deals, similar to Groupon in the United States. He is part of a group of Chinese individuals involved in more direct investment in real estate properties in several American states. China has recently become a bigger player in the Florida real estate market in particular, accounting for nearly 6 percent of Florida home purchasers in 2014. Wu himself has purchased and then resold multiple houses in one Florida county to residents in Chinese cities such as Hong Kong and Beijing.

With the Florida residential real estate market continuing to draw interest not only locally but on the world stage, now appears to be a promising time to both buy and sell. Sellers can unload their properties with the hopes of making a profit, and buyers can purchase residences that will likely increase in value over time. Proper legal guidance may help both buyers and sellers to navigate real estate deals and accomplish their individual goals.

Source: tampabay.com, "Chinese investors target Tampa Bay real estate", Susan Taylor Martin, Dec. 18, 2015