Thinking of Buying a Cheap Second Home in Miami? Get Ready to Compete or Negotiate Bigtime With Latin America
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We know that foreigners are buying up U.S. real estate from New York City to Hawaii. Once our values went downhill, sharp foreigners popped in to pick up bucketloads of bargain U.S. dirt. We know that the Chinese, now, are even investing in Dallas real estate. Many of us thought the last few years might have been a great time to buy a second home property. Well, it was.
WAS. Hot vacation home spots on the water and beach and other desirable areas are getting picked up by foreigners faster than sand dollars. Now, Latin America is precipitating a building boom in southern Florida that has almost brought on the halcyon says of 2007 in, of all places, Miami.
Miami? Isn’t this where they were giving away condos, jokes were made about see-through buildings, and prices were lower than low because no one was buying anything condo after 2008. The cash buyers came on board in 2010, which signaled the end of the downward home value spiral.
According to Yahoo News, wealthy Latin Americans have long invested in south Florida property. But this time the Miami resurgence is getting a huge boost from South American developers building for their fellow Argentineans, Brazilians, Venezuelans and Mexicans. They are looking for a stable place to park their money and to make extra income through rentals. Peter Zalewski, a fellow NAREE member and probably the most informed condo expert in the whole state of Florida, says he’s never seen them with the kind of clout they are carrying right now in construction and development.
“It really is a coming of age period.” said Peter, principal of real estate consultancy Condo Vultures.
Southern Florida property prices are rising, and there are 80 announced plans for new residential projects. Latin American developers are involved in nearly one-third of them, according to Zalewski.
Wonder when they’ll come to Texas?
