The Real Deal Miami

Posts Tagged ‘foreign buyers’

  • Expo helps Puerto Ricans get their footing in Florida

    More than 7,000 attended the event aimed at "educating people about the reality of moving"
    March 24, 2014 03:00PM

    florida-expo-2014-24Puerto Rico is currently experiencing a recession and an unemployment rate of 15.2 percent. And hard times are driving many Puerto Ricans to move to Florida.

    More than 7,000 Puerto Ricans attended the Florida Expo, according to the South Florida Business Journal. The event, which took place in Puerto Rico, is designed to help educate those hoping to relocate to Florida find jobs and houses. [more]

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  • IRS slows down foreign investors’ ability to buy real estate

    International purchasers waiting six to 10 weeks for approval
    March 19, 2014 03:45PM

    urlThe Internal Revenue Service is taking a more conservative approach to issuing tax identification numbers to foreign real estate investors, a decision that threatens to slow down the growth seen in South Florida’s luxury market.

    The IRS is responding to an increase in the number of fraudulent tax returns and identity theft. [more]

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  • The Canadian and French flags

    The Canadian and French flags

    First, it was the Brazilians and the Venezuelans. Now, it’s the French and Canadians who are snapping up South Florida’s real estate. The French took the top spot as the biggest buyers of property this spring, according to Lanham and Associates, citing a report from the Miami Association of Realtors. [more]

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  • Foreign buyers help push SF home prices up 14%

    Over 20K new condos proposed in the next few years
    August 16, 2013 04:00PM
    Continuum on South Beach

    Continuum on South Beach

    Foreign buyers are supercharging South Florida’s housing recovery, Bloomberg News reported.

    In the 10 Florida counties that have seen the largest injection of international money since 2010, property-tax assessments have risen by an average of 4.1 percent – nearly twice as fast as the rest of the state — this year, according to state records reviewed by Bloomberg News. [more]

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  • Developer: Miami ‘most attractive’ to foreigners

    Overseas cash buyers fueling construction in Brickell, Edgewater
    June 12, 2013 10:00AM
    From left, Le Parc at Brickell and Henry Pino, Raimundo Onetto and Patricio Ureta

    From left, Le Parc at Brickell and Henry Pino, Raimundo Onetto and Patricio Ureta

    The Magic City’s fame as an international business and hospitality center continues drawing foreign cash buyers to Miami-Dade County rather than to cheaper Broward and Palm Beach counties, South Florida-based developer Henry Pino told the South Florida Business Journal. [more]

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  • Gary Saul

    The engine of South Florida’s factory-like condo production is what Carlos Rosso, head of condo development at the Related Group, touted in The Real Deal’s roundtable Thursday as a “new type of contract.”

    Developers like Rosso are asking buyers – mostly wealthy and foreign – to cough up as much as 80 percent of a condo’s sales price, months before construction begins. “The world has changed. We’re coming back from a huge crash,” Rosso said. [more]

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  • Just as foreign buyers have helped to drive the real estate recovery in South Florida, they are now helping its retail sector, particularly in Fort Lauderdale, according to a report from Marcus & Millichap. “The flow of foreign capital into Fort Lauderdale has swelled and boosted retail property,” the firm said in a third-quarter report. On the leasing side, the retail market in Fort Lauderdale has shown improvement, with a 110-basis-point drop in vacancy last year and a projected 70-basis-point drop to 9.6 percent in 2012. Asking rents are also projected to rise 0.9 percent to $18.20 per square foot this year. — Alexander Britell

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  • Alex Zylberglait

    Latin American investors have long buoyed Miami’s residential market through turbulent times, but now South Florida’s commercial properties are also benefiting from capital originating south of the boarder, according to Miami Today.

    Approximately 20,000 investors recently attend a real estate expo in Argentina. One of the attendees was Alex Zylberglait, Marcus & Millichap vice president in investments and director of the firm’s National Office and Industrial Properties Group. Zylberglait said that his firm attended the expo because they have noticed increased activity among Latin American buyers in commercial properties. [more]

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  • Maria Velazquez, the Opera Tower and Jorge Sanchez

    Miami’s housing market has long benefited from Latin America interest, especially of the Brazilian, Argentinian and Venezuelan varieties. But with Latin American governments cracking down on capital flight, wealthy South Americans are becoming desperate to pump their money into Miami and Manhattan properties, the New York Times reported. [more]

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  • Europeans continue Miami shopping spree

    August 29, 2012 03:00PM

    Interest in South Florida’s real estate from across the Atlantic hasn’t waned. Europeans looking for a safe place to hide their millions from the ongoing sovereign debt crisis are continuing to buy in Miami, according to Miami Today. Despite ambitious pricing on certain high-end properties, such as the Versace estate, home prices in South Florida remain relatively affordable compared to cities such as Paris and London. [more]

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