“Chavez effect” drives Venezuelans to Miami market

As The Real Deal first reported, Venezuelans are coming to the Miami real estate market in droves, in large part due to the so-called “Chavez effect,” their concerns over the economic policies of the Venezuelan president.  “They pull out their checkbooks right away [in Miami],” Harvey Hernandez, managing director of the Newgard Group, told Reuters. Venezuelans have looked particularly hard at areas like Doral and Weston. “It’s the Chavez effect,” said Cleto Puzzi, a Venezuelan who bought to apartments in Doral. “You can’t invest in Venezuela these days.” [Reuters]

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