The Real Deal Miami

PH sales pinched as overseas buyers slow spree

July 25, 2013 11:00AM

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Proposed luxury condo tower in Miami

Proposed luxury condo tower in Miami

Penthouse sales have been pinched as the overseas wealthy slow purchases of U.S. real estate, CNBC reported. Slowing economies in China and Brazil pose particular risk to Florida, currently the number one destination of foreign buyers, according to the network.

Foreign purchases of real estate in the U.S. dropped 17 percent in the 12 months ended in March compared with the same period a year ago, according to the National Association of Realtors.

Sales of homes to foreign buyers in Florida dropped from 31 percent of total sales to 23 percent, the NAR said in a recent report.

In Miami, foreign buyers are even more critical, with some condo projects selling half or more of their units to Brazilians, Argentines and other single-nationality groups.

Brokers who specialize in selling pre-construction luxury real estate to overseas buyers tell The Real Deal they haven’t seen a slowdown. “Dollars have become a little bit more expensive, but in my opinion, that hasn’t effected much,” said Aires Balieiro, an agent with the Brazilian division of International Sales Group. [CNBC]Emily Schmall

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