Offshore Buyers Taking Action For Homebuying Opportunities
While most of America is struggling with four percent gains in inflation, offshore buyers and wealthy Americans, with discretionary income of $100,000 or more, believe that today’s market is a good time to buy. According to The Annual Survey of Affluence and Wealth in America, from American Express and the Harrison Group, 40 percent of the nation’s wealthy plan to buy real estate in 2008.
The participants were divided into groups — the upper middle class ($100,000 to $149,000 annual income), the affluent ($150,000 to $249,000) and the super affluent ($250,000 to $499,000.) Of the wealthiest, 41 percent said that owning a second home was “almost a requirement,” with 33 percent in the market for such a home in 2008. One quarter are shopping for a third home.
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