Brazilians Continue to Purchase in South Florida Amid Real’s Gain
Continuing in the vein of highlighting Latin America’s recent impact on South Florida’s real estate market, we’d like bring some attention to an article from composed by Bloomberg a few months ago that indicated that Brazilians have been buying Miami condos at bargain prices in historically large quantities.
The article starts by telling the story of an under-40 president of a housing development company that came to Florida with the hope of simply buying a second home but instead left paying for three properties, each in excess of $300,000. The man, Frederico Azevedo, said that he couldn’t pass up the offer to buy as the prices in South Florida were so cheap. One of those three homes will be used as a vacation house but the second two are solely investment properties. A combination of factors, including the Brazil’s currency’s 45 percent gain against the American dollar as well as soaring real estate prices in Brazil has made South Florida a prime place to stretch a dollar when it comes to investing.
But why South Florida? Undoubtedly, this boom in buying activity is boosting Miami’s condo market but why here instead of elsewhere in the United States? After all, Brazilians bought 9 percent of homes and apartments sold to international buyers in the 12 months through March 2010, according to the Miami Association of Realtors, behind only Canadians and Venezuelans.
If you’re in the market to invest and would like to learn more about what makes South Florida a prime area to invest, contact Urbanism Group today at 888-774-9692. Whether you’re looking to lease or buy an office or personal space, we’ve got something for you.
Photo Credit: Nations Loan