The Dayton Area Board of Realtors (DABR) is making efforts to play a larger role in international and regional economic development in the city of Dayton and surrounding areas through its launch of a brand-new initiative, the Southern Ohio Global Alliance (SOGA).
“We want our Realtors prepared to work with international clients,” said 2016 DABR president Michael Martin. “Encouraging our local, regional and state leaders to involve Realtors and the real estate industry will play a critical role in economic development.”
The Ohio Association of Realtors has tapped SOGA as the pilot program in the state of Ohio for the global alliance initiative. SOGA plans to work with private and public sector officials to generate opportunities and create marketing materials for international and U.S. business site selectors considering investment in the Miami Valley region.
“Real estate plays a major role in local economies and should thus be involved in the conversations regarding business development,” said DABR CEO Andrew Sims. “We want our Realtor members to realize that their success in real estate is in direct correlation to the economic success of their region. When the cities and counties succeed in courting and securing international and domestic businesses to the region, we all win.”
According to the 2016 Profile of International Activity in U.S. Residential Real Estate published by the National Association of Realtors, international buyers purchased $102.6 billion of residential property from April 2015—March 2016. Non-resident foreigners accounted for 41 percent of foreign buyers while resident foreigners made up 59 percent. Concerning commercial real estate, Real Capital Analytics says foreign buyers purchased $132 billion in U.S. commercial real estate last year.
Foreign buyers typically purchase more expensive properties. For example, foreign buyers purchased properties valued at $277,380 compared to the median price of $223,058 of all U.S. existing home sales.
DABR will be launching a new website in 2017 for members and consumers that will also include details regarding the mission and focus of SOGA.