Where the Owner Doesn't Live in the Home

October 30, 2014

A growing number of new homes are being purchased by "absentee buyers," which are most often real estate investment trusts, corporations, or individual investors who don't actually live on the properties.

In the retirement haven of The Villages, Fla., for example, nearly 35 percent of new homes purchased so far this year have been bought by absentee owners. That follows the same trend last year, when absentee owners purchased 31 percent of new homes in The Villages.

Builder Online recently culled CoreLogic data to determine the top markets for absentee owners between 2013 and the first three quarters of 2014, when 10 percent or more of new-home purchases did not result in the true owner living there. Here are the top 7 markets where you can expect to find the true owners of the new home missing from the doorstep:

  1. The Villages, Fla.
    Percentage of new homes purchased by absentee owners in 2014 (so far): 34.49%
  2. Naples-Immokalee-Macro Island, Fla.
    Percentage of new homes purchased by absentee owners in 2014 (so far): 33.5%
  3. San Jose-Sunnyvale-Santa Clara, Calif.
    Percentage of new homes purchased by absentee owners in 2014 (so far):16.05%
  4. San Francisco-Oakland-Hayward, Calif.
    Percentage of new homes purchased by absentee owners in 2014 (so far): 12.84%
  5. Portland-Vancouver-Hillsboro, Ore.-Wash.
    Percentage of new homes purchased by absentee owners in 2014 (so far): 16.63%
  6. Cape Coral-Fort Myers, Fla.
    Percentage of new homes purchased by absentee owners in 2014 (so far): 28.42%
  7. Fayetteville-Springdale-Rogers, Ark.-Mo.
    Percentage of new homes purchased by absentee owners in 2014 (so far): 14.02%

Source: “Top 10 Markets for Absentee Owners,” BUILDER Online (Oct. 23, 2014)