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Daily Real Estate News  |  May 22, 2006  |   International Luxury Buyers 'Just Like You and Me' Foreign buyers of U.S. luxury homes are the same as domestic buyers in that they start their property searches on the Internet and peruse magazines, UniqueGlobalEstates.com co-founder Donna Lee Laue says. Foreigners are flocking primarily to Florida, but Nevada, Colorado, the Carolinas, and Virginia are also popular, Laue says. According to Institute for Luxury Home Marketing President Laurie Moore-Moore, foreign buyers are most interested in making a solid investment. They want a particular lifestyle, prefer communities where people from their native countries already reside, and desire financial and political stability, she adds. A 2005 report from the NATIONAL ASSOCIATION OF REALTORS® finds that vacation homes account for 40 percent of purchases by foreign buyers, while homes used for investment and a place to stay while working in the United States make up 27 percent and 17 percent, respectively. Though the international market appears robust, cultural and language differences, concerns about a housing bubble, and visa restrictions could put a damper on demand in the coming months. Source: Inman News Features, Janis Mara (05/19/06) © Copyright 2006 Information Inc.

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