They came a long way

Hot Texas real estate market brings in billions from international buyers

Homebuyers from around the globe are flocking to Texas.

Photo courtesy of Kuper Sotheby's International Realty

International homebuyers may have the world at their fingertips, but it's the Lone Star State where many want to invest.

The Texas Association of Realtors' 2019 Texas International Homebuyers Report reveals that 18,310 Texas homes were sold to international buyers between April 2018 and March 2019, totaling $7.8 billion in sales. That accounts for 10 percent of all U.S. homes sold to foreign buyers, trailing only Florida (20 percent) and California (12 percent).

While $7.8 billion is a lot of money, it's the state's lowest haul from this group of buyers in six years, according to the association. From April 2017 to March 2018, international buyers spent $10.89 billion on 24,012 Texas homes. The previous year, they spent a staggering $18.66 billion on 34,135 Texas homes.

Texas isn't alone in the downward trend. Nationwide, the number of international homebuyer purchases dropped 31 from the previous period.

Despite slowing sales, Texas steadily represents 9-12 percent of all U.S. homes sales to this group of buyers each year.

“Texas is seen as a solid state for investments due to our strong economy, business environment, and large metropolitan areas,” says Tray Bates, chairman of Texas Realtors, in a release. “Investors are interested in residential and commercial real estate in Texas where they can deploy their resources to make an attractive return. Specifically, we’re seeing international investors look to Texas for large-scale investments in subdivisions and master planned communities.”

And who's buying in Texas? The report shows 28 percent of buyers from Mexico bought homes in Texas the latest reporting period. The Lone Star State was also a hot spot for buyers from India (13 percent), the U.K. (4 percent), China (3 percent), and Canada (3 percent).

The state also ranks third in homes sold by foreign owners. In the most recent period studied, 8 percent of all U.S. homes sold by international sellers were in Texas.

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on the market

Galveston's largest condo offers stunning Gulf views, listed at $2.95M

Photo courtesy of Nan & Company Properties

801 E. Beach Drive offers beachfront elegance.

The largest condo on Galveston island — complete with panoramic sea views and five bedrooms — is on the market. 801 E Beach Drive (Unit 2001) is priced at $2.95 million, and represented by Zuleima Cossio of Nan & Company Properties.

The approximately 3,800-square-foot, 20th floor residence feels like a spacious beach home in the sky, making it perfect for those who want space for family and friends. The residence’s design merged two premium floor plans in the oceanfront high rise, resulting in a spacious layout that includes five bedrooms, each with a private bath, and soaring 10-foot ceilings.

Its four expansive balconies total 805 square feet and offer uninterrupted views of the bay and the Gulf. The kitchen features Costa Esmeralda granite, custom cabinetry, and curated lighting. Those who like to host guests will appreciate the condo's coffee bar, wet bar with a Sub-Zero dual-control wine fridge, and undercounter beverage drawers.

Spacious dining and living rooms also ensure plenty of room for entertaining.

The condo delivers the feel of a generous beach home while providing the ease and amenities of a luxury, maintenance-free coastal lifestyle. Owners and their guests will love the ability to hit the beach or spend an afternoon by the high-rise’s private pool.

Those who are in the market for a spot that provides elegance, ample entertaining and living space, and beautiful views will be intrigued.