The Colombian peso has improved by nearly one-third against the U.S. dollar, a trend that has led to Colombian investment in Miami real estate. The level of comfort and interest in Miami is such that Colombians joke that Miami is the prettiest city in Colombia, according to Jenny Huertas, director of international sales for Condo Vultures Realty. “As the South Florida real estate market works to turn itself around, the Colombian investors with their stronger pesos have played an integral part in the changing climate.” According to a recent Miami Association of Realtors survey, Colombians represent seven percent of foreign investors operating in South Florida. TRD [more]

An influx of overseas buyers is prompting some developers to start their own mortgage financing operations to speed closings amid high demand. Developer Joe Milton, president and CEO of J. Milton & Associates, recently put up $100 million of his company’s cash to set up a mortgage company to fund loans help his clients close on units at the luxury St. Tropez condominium in Sunny Isles Beach. He said no loans are being made to foreign nationals, though they comprise 60 percent of his buyers. Jenny Huertas, the international sales director for Condo Vultures, a Bal Harbour-based brokerage and consultancy, said international buyers have revitalized the market. [Miami Herald]