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6C — September 28 - October 11, 2018 — Fall Preview — M id A tlantic
Real Estate Journal
I nternational R eal E state
By Marie Scarpulla, Berkshire Hathaway Fox and Roach Realtors ® Philly Real Estate Has Gone Global… like everything else
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enacted to stimulate the US economy with foreign in- vestment, and has promoted significant commercial real estate development and sales during past years. Recently, however, the Program has come under criticism, that it is too expensive for the results it produces, and that it has become a source of funds for high-end Manhattan hotel developers. The Program will either expire at the end of September, 2018, or will have to be re-enacted by Congress with significant changes. Another interesting, grow- ing sector is that of Americans buying overseas. As baby boomers retire, they look to travel, enjoy living overseas for part of each year, and connect with long-lost family who remained in their home countries. (As we all know, the genealogy sites have become a popular craze.) In addition, many millennials are attend- ing college programs overseas and are encouraging their baby boomer parents to invest. For some time, Berkshire Hathaway Home Services (BHHS), as a company na- tionwide, has participated in advertising our local US properties on global sites. During 2017, BHHS spon- sored an initiative to encour- age more BHHS agents to earn their CIPS Designa- tion. Our NAR (National Association of Realtors ® ) awards the CIPS (Certi- fied International Property Specialist) to Realtors who have completed specialized training and who conduct business in the interna- tional real estate arena. In 2018, recognizing even more growth in the inter- national market, BHHS opened two offices overseas, one in Germany and one in London. More exciting locations are slated for the future. BHHS is looking to put flags on the ground in Hong Kong, Tokyo, Dubai, Vienna, Rome, Luxemburg, Hamburg, Spain, and Mexi- co, to name a few. It will be exciting to see the growth of this international sector in future years. Marie Scarpulla is an in- vestment and development specialist with TeamDamis at Berkshire Hathaway Fox & Roach Realtors in Philadelphia, PA.
hiladelphia is now of- ficially on the books as a World Class City. In
number of tourists visiting last year. The Eagles even won the SuperBowl for the first time in...ever. In ad- dition, we see the number of international real estate transactions increasing with foreign investors from all over the world. (In our Mid- Atlantic region, other areas of interest are those areas around colleges and universi- ties, in particular, Princeton, and areas in North Jersey, for proximity to New York City.) Foreigners have always found investing in US real
estate attractive. The dollar has been strong, and US real estate is seen as a safe haven for their money, when condi- tions are shaky in their home countries. We see foreign investors purchasing income producing, luxury resort, and commercial property. Foreign parents, with college students attending in the US, purchase residential properties to be oc- cupied during the college and graduate school years, and then used as rental property. (See on-line article: Gentry, Evan. “Why Foreign Investors
Love U.S. Commercial Real Estate, and Why More Will Follow.” Forbes Real Estate Council. Published May 30, 2018. Accessed Sept. 16, 2018.) One controversial issue to watch is the US EB-5 Immi- grant Investor Visa Program. Under this Program, when eligible immigrants invest $1M of their foreign money to finance businesses in the US that employ at least 10 Americans, they can become lawful permanent residents. This Program, established by Congress in 1990, was
2015, Phila- delphia be- came the first World Heri- tage Site in the US. The population in Philadelphia continues to gr ow. New
Marie Scarpulla
chef restaurants featuring international cuisines arrive every month. Philadelphia Magazine reports a record
WHEN SELLING YOUR PROPERTY, WE DELIVER MAXIMUM EXPOSURE.
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MARIE SCARPULLA Associate Broker, REALTOR ® CIPS 530 Walnut Street, Suite 480 Philadelphia, PA 19106 c: 484.478.3481 o: 215-627-6005 x1622 marie.scarpulla@foxroach.com
WWW.TEAMDAMIS.COM/MARIE
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