Foreign investors drive SF condo sales

A surge in international buyers is driving South Florida condo sales. Buyers from Italy, Germany, Spain, Greece and even China are looking
for discounted vacation properties and second homes in Florida. Nicola Schon, an
Italian restaurateur, said he bought a $1.8 million condo at Epic in
downtown Miami. After persuading many of his friends to do the
same, he joked that the building is now “half-Italian.” Schon paid 25
percent less for the total price of the condo than he would have a couple of years ago. Veronica
Cervera, president of Miami-based Cervera Real Estate, said she had
seen a large increase in international buyers. [Miami Herald]