The Real Deal Miami

Foreign buyers, multifamily homes mark Miami market

December 02, 2013 03:00PM

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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.

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

  • jake

    This is very very obvious. Please write articles that the average realtor or person in the industry does not know about. Everyone knows that Miami is a safe haven for South America and that London has gone up 10% in the last month. Please write on the not so obvious.

  • Vitali Sorokin

    please see more new project >> http://www.miamirealtymall.com/pre-construction/

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