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More than 80 members and affiliated professionals attended IREC's Jan. 29 breakfast and networking meeting. Mandy Morrow, 2010 IREC chairwoman, gave an overview of IREC's recent revamping and mission. Morrow highlighted the importance of involvement and association with local businesses relating to international real estate, including legal, financial and immigration entities. She emphasized that real estate sales to international buyers is a specialized area and a growing portion of our local economy.

Michael Breen, director of the International department of the Cornerstone Regional Development Partnership, served as keynote speaker. Cornerstone is a 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 successful target, with several European-based companies 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, European families investing in the U.S., particularly in Florida, is on the upswing 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.

The IREC meeting 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. Realtors who have completed the Certified International Property Specialist training are equipped with the specialized knowledge to serve the needs of international customers.

Sponsors for the Jan. 29 networking meeting were Matt Wilkinson of Toll Brothers, Jim Biby of Showhomes and Carter Banks of BBVA Compass Bank. Wilkinson spoke about Toll Brothers "fly and buy" program at Coastal Oaks of Nocatee, which offers relocation incentives to both local and international buyers, as well as rewards Realtors through commission and bonus programs.