Venezuelans Looking for More than Just a Bargain in South Florida Real Estate
In a recent blog post, Urbanism Group took a closer look at the trend of individuals from Brazil making their way to South Florida in search of real estate investment opportunities in the wake of a strong real currency and fluid income. But there’s another sect of the Latin American community that is making up a sizable chunk of the foreign homebuyers in Florida. While smaller in comparison to the Brazilian real estate buyers in South Florida, Venezuelans are swiftly catching up in condo purchases throughout areas like downtown Miami and Coral Gables. Unlike Brazilians, however, Venezuelans’ motivation for securing housing in Florida’s real estate market stems from the need for stability and security from an uncertain political regime than for investment opportunities, according to a recent article from The Real Deal.
From The Real Deal:
“For the Venezuelans, buying a second home for their family [to live in] is more important than a second home as an investment,” said Michael Internoscia, vice president of sales at Pordes Residential Sales & Marketing. “They want a home for their family in times of need or crisis, a community of people in the neighborhood, so if they have to move they have a home and a school system they’re comfortable with.”
Venezuelans saw a more than 100 percent increase in their share of the foreign homebuyer market last year, with 7 percent of all foreign buyer transactions in Florida being made by Venezuelans, according to data from the Miami Association of Realtors covering the year 2010.
Similarly to the majority of Latin American buyers in Miami, Venezuelans are also looking for condos more than they are looking for detached single family homes. If you are in search for a reasonably prices luxury condo to lease of to sell, contact Urbanism Group today at 888-774-9692 for more information about out expansive real estate inventory.