Special to Realty/Builder Connection
International companies that are looking for new sites are squarely in the sights of Northeast Florida’s major company-seeking organization.
More than 80 members of the Northeast Florida Association of Realtors’ International Real Estate Council heard from Michael Breen, director of the International Department of the Cornerstone Regional Development Partnership, at IREC’s January breakfast meeting.
Cornerstone is the division of the Jacksonville Regional Chamber of Commerce that facilitates the creation and retention of quality jobs and significant capital investment into Northeast Florida.
Breen explained that European countries are a good target, with investors from several nations recently opening in Jacksonville. He said that the Chamber has significantly increased its focus on seeking international firms as a result of the favorable monetary exchange with the dollar.
He indicated that Northeast Florida is very attractive to European small-to-medium size business owners due to a number of factors, including investment in green technology, favorable climate, good quality of life, an established work force, friendly environment and people, strong cooperation between the private and public sectors, and statistical data that demonstrates the area is not prone to hurricanes.
According to Breen, more European families are investing in the United States, particularly in Florida, as many are accustomed to the practice of owning vacation or second homes. Rather than buying a second home in another European country, they find Florida’s values, coupled with the strength of the Euro, a compelling reason to invest “across the pond.”
While the U.S. market is attractive, Breen detailed the challenges faced by foreigners in their quest to buy a U.S. property: non-English speakers require interpreters; those that require financing don’t have established credit in the U.S. (foreign credit information is not currently recognized or checked by U.S. financial institutions); visas to visit and/or reside in the U.S. can be difficult to obtain and are heavily regulated; and completing a transaction can be lengthy.
Amanda Morrow, 2010 IREC chairwoman, addressed the important role that Realtors can play as liaisons to international customers, facilitating and providing them with community resources to help them establish businesses, secure a visa, or wire funds into the United States.
NEFAR president Carol Hill added, “International business in Northeast Florida is a market segment in which Realtors are becoming increasingly involved.
“To best serve the specialized needs of international real estate customers, NEFAR’s International Real Estate Council is working hard to gain all available market knowledge, as well as engaging in specialized training such as the Certified International Property Specialist designation program.”