While most parts of the country are suffering from the ill-effects of the depressed real estate market, Miami’s condo market seems to be the exception. Amid the housing glut, Downtown Miami sat mostly empty. However, many young professionals and families have begun to fill up the once empty residential towers.
Another major driving factor for the sales boom is the recent surge in international buyers.
One major group of foreign nationals that are buying up a sizable portion of condos in South Florida are Brazilians. Brazilians purchased 9 percent of homes and apartments sold to international buyers. This places them only behind Canadians and Venezuelans. Many Brazilians are coming due to the surge in real estate prices back home and their currency’s 45 percent gain against the US dollar since 2008.
While many Latin Americans are purchasing in South Florida to seek safety from economic and social uncertainty, Brazilians are mostly coming to enjoy themselves and for investment purposes. Accordingly, some are buying vacation homes and other are buying multiple units at a time to capitalize on South Florida’s strong rental market.
The amount of homes being purchased by foreign nationals certainly signals that now is the time to buy in South Florida. Prices have dropped considerably in South Florida, and it doesn’t seem that prices have bottomed out either. If you’re looking to buy a vacation home or purchase real estate for investment purposes, you should take advantage of the low prices.
Although we’re hearing some good news, today’s current real estate market, and ongoing foreclosure crises presents all sorts of issues that must be properly navigated. Often, an attorney is needed to navigate these troubled waters. We currently represent lenders, borrowers, buyers, sellers, and developers. This broad array of experience allows us to effectively take a multi-faceted approach to our clients’ legal issues. No matter what you or your business’s needs may be when it comes to real estate, don’t hesitate to contact Alvarez & Barbara, LLP.
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About the Author – Gabriel de las Salas is an attorney with the law firm of Alvarez & Barbara, LLP. His practice is focused on general civil and commercial litigation, including personal injury, insurance claims and real estate disputes. Mr. de las Salas received his B.A., cum laude, from the University of Florida, and his J.D., from Stetson University College of Law.