International Buyers Lead the Way in California Real Estate

The President of the California Association of Realtors LeFrancis Arnold said in Malibu recently that Canada, China and Mexico are the three largest international purchasers of real estate in California.

Arnold was in Malibu last week for the Realtor membership meeting at Dukes. He described real estate as local, as “Malibu is best sold by Malibu agents.” Malibu has 44 properties over the ten million dollar price range. There are five properties over forty million and the highest priced property in Malibu is listed at $59 million.

Arnold also shared that Canada is the number one investor in U.S. real estate and Mexico to our south is the number three investor. China is currently ranked number two, according to NAR surveys.

After traveling the entire state for the past year and lobbying legislators in Washington on five occasions, Arnold said “the key issue that Realtors want protected for their clients is the mortgage interest deduction on first and second homes.”

“The Realtor trade association collaborates with insurance and business entities in order to support and push bills that have common interests with the real estate industry," Arnold said. 

Bobby Lehmkuhl, president of the Malibu Association of Realtors, was optimistic about the future of real estate locally. 

“My business in Malibu has improved immensely over the past year that I have served as the association president,” Lehmkuhl shared.

Realtor, Tashia Hinchcliffe, Chairman of the Global Real Estate Forum for the state association and member of the National Association’s Global Business and Alliance Committee, addressed the global real estate trends encouraging the local Realtors to expand their marketing efforts to more effectively serve a multicultural market. She discussed some of the issues facing international clients such as credit and immigration issues, taxes, and communication and etiquette differences.

“Any time buyers cross borders; differences emerge in finding, viewing, and purchasing property which play an important role in real estate transactions,” she said. ”Each year, roughly $66 billion worth of U.S. real estate is sold to buyers residing primarily outside of the country. Immigrants, first-generation Americans, and buyers with extended families living abroad also represent a growing demographic among potential homebuyers in all 50 states.”  California ranks as the state with the largest amount of transactions involving international buyers.

Malibu Realtor, Kamilla Taylor has earned the designation as a Certified International Property Specialist (CIPS) through extensive training and classes with the National Association. The Malibu Association has formed a new committee to continue the goals of fulfilling the needs of International clients.

Beverly Taki is a California-licensed real estate broker who has represented clients in Malibu for 22 years. She is a Malibu resident and president/broker of Seabreeze Estates Realty. Beverly has earned a certificate in dispute resolution from Pepperdine University, specializing in mediation. Taki can be reached at beverly@beverlytaki.com or 310-456-4843. Her website is beverlytaki.com.