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South Florida

Foreign buyers, multifamily homes mark Miami market

23 Biscayne Bay
23 Biscayne Bay

Foreign investors feel more at ease putting their money in the Miami real estate market than in countries with a shakier economy such as Venezuela and Argentina. These buyers’ deposits are increasingly funding construction of many condominium projects and providing firmer financial support, the Wall Street Journal reported.

In the Miami area, 118 condo towers are planned, including the 41 slated for downtown, according to Condo Vultures data. Downtown, there are 12,100 new condo units and 7,000 new rental units on the way.

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The former model for cash financing saw developers relying on debt. But in case of developer Carlos Melo and the now-completed 17-story tower 23 Biscayne Bay, about 90 percent of the owners bought their units as investments and opted to rent them out.

“They are looking to sit their money in a safe place,” Melo told the Journal. [WSJ] — Mark Maurer

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