NY Times: Miami Real Estate Market Embraces Brazilians
Updated: Saturday, May 19, 2012
MIAMI — In 2008 the real estate market in this “Gateway to Latin America” was in the dumps, with the hottest deals involving foreclosures. And the future looked as dark as many of the new beachfront luxury condo towers, where scores of buyers had forfeited sizable deposits and walked away from their deals.
“We had 70 years of product inventory out of the ground or ready to be built,” recalled Maurice Veissi, a local Realtor and president of the National Association of Realtors. “About a third who had contracts walked. Another third had to close but never built. It was basic supply and demand. The prices went down and down and down.”
But that was before the Brazilians became the latest wave of Latin Americans to hit Miami. They first flocked to spend holidays on the beach and then to buy vacation condos, sometimes more than one and mostly for cash.
To read full article click on link below:http://www.nytimes.com/2011/12/30/greathomesanddestinations/30iht-remiami30.html
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