From The Real Deal’s South Florida market report: The oral history of Miami’s residential boom over the past two years should be told in Spanish or Portuguese. Buyers from Colombia, Venezuela, Argentina and, of course, Brazil have taken Miami’s once-empty “condo canyon” and turned it into a bustling metropolis. But as these foreign buyers looking for second, third or even fourth homes — and armed with cash to boot — have plunked down millions in Miami, they have brought up prices dramatically.
For example, the median sales price of condos in Miami in September represented a 28.4 percent increase over the same period in 2011, according to data from the Miami Association of Realtors. [more]