The Real Deal Miami

How Latin America saved Miami

Large up-front deposits increasingly common among South American purchasers
By Alexander Britell | November 26, 2012 03:45PM

From the South Florida Market report: Related Group CEO Jorge Perez last year told The Real Deal that Latin America “saved” Miami. He wasn’t kidding.

The transformation of Miami’s residential (and particularly condominium) sector since the darkest days of the downturn has been propelled by Latin American buyers. Brokers across South Florida point to Latin Americans, chiefly Brazilians, paying cash for perceived condo bargains as the single-biggest driver of the market. And they’re also playing a key role in the current wave of new projects springing up across the Sunshine State’s southern tip. [more]