Long enamored of Miami condos, Brazilians now look to single-family homes

TRD MIAMI /
Feb.February 21, 2012 10:30 AM

Miami’s downtown skyline may not have been built by Brazilians (the same cannot be said for the next wave of projects) — but it would not have the same bustle were it not for cash buyers from Sao Paulo and Rio de Janeiro looking for condominium bargains.

But while many Brazilians continue to look at Miami condo towers, a number of them have now shifted their focus to single-family homes in areas like Miami Beach and the Venetian Islands.

“I think what happened was, it was almost as if they were putting their toe in the water before they were jumping in,” said Coldwell Banker Realtor Danny Hertzberg.

Now, he said, Brazilian buyers are increasingly asking about the single-family market, as they look to move up from part-time vacation units or rental investment properties — and making purchases.

According to Miami Association of Realtors data from the fall, the majority of Brazilian residential buyers, or about 53 percent, were purchasing condos or apartments in Florida as opposed to single-family homes – but brokers say the condo-only attitude is beginning to change.

In fact, it’s many of the same buyers who once looked to condos that are now adding to their Miami portfolios.

According to Evie Cardenas, an associate with EWM in Miami, many Brazilians looking for single-family homes are targeting areas like Miami Beach, but also extending their reach further south to areas like Pinecrest and Coral Gables.

“The value in Miami looks very affordable for them,” she said.

“I wouldn’t say there’s been a total shift,” said Sonia Gherardi, an associate with One Sotheby’s in Coral Gables. “Because the [buyers] I have been working with are looking for the ultra-luxury [single-family] homes on the islands in Miami Beach. But overall they want the waterfront, South Beach, Brickell, anything that’s waterfront,” whether single-family or condo.

Last year, The Real Deal reported on the new movement of businesspersons from Latin America looking not just to buy condos, but to open up offices in Miami.

More and more Brazilian homebuyers can be counted among that class, and are now looking to create permanent home bases in Florida, Hertzberg said.

“A lot of the single-family home purchasers previously owned a condo here, and they’re stepping up from it,” he said. “Now they’re asking us how the schools are, because they may move here and spend six months here; I think that’s a very positive sign.”


Related Articles

arrow_forward_ios
Clifford Asness and 321 Ocean (Getty, Douglas Elliman)

Billionaire hedge funder sells South Beach PH at a loss

Billionaire hedge funder sells South Beach PH at a loss
(iStock)

South Florida by the numbers: From the Big Apple to the Magic City

South Florida by the numbers: From the Big Apple to the Magic City
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
6380 north bay road with Richard and Barbara Lane (Urdapilletta Real Estate, A Scott/Patrick McMullan/Getty)

Real estate honcho buys waterfront North Bay Road home for $9M

Real estate honcho buys waterfront North Bay Road home for $9M
Shelborne South Beach

Shelborne South Beach unit owners lose appeal contesting $30M in assessments

Shelborne South Beach unit owners lose appeal contesting $30M in assessments
22 Star Island and Stuart Miller

Lennar chairman Stuart Miller sells waterfront Star Island mansion for $50M

Lennar chairman Stuart Miller sells waterfront Star Island mansion for $50M
From left: Vlad Doronin, Len Blavatnik, Ken Griffin, Ken Griffin, Lloyd Blankfein, Jamie Dinan and a rendering of the project (Getty, City of Miami Beach)

Billionaires vs billionaires: Developers seek height increase for Aman tower, face opposition from Miami Beach neighbors

Billionaires vs billionaires: Developers seek height increase for Aman tower, face opposition from Miami Beach neighbors
Birdman with the home (Credit: Gabriel Olsen/Getty Images)

Investor buys rapper Birdman’s Miami Beach home out of receivership

Investor buys rapper Birdman’s Miami Beach home out of receivership
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...