Florida International Real Estate Investment Soars in 2012 Media Coverage: Foreign Investors' Cash Buys in Miami Real Estate Generating a Growing Excitement
Among the things that we monitor on this blog are two things: (1) the actual growth in foreign investment throughout Florida, particularly the Miami area and (2) the media coverage of the international investor interest in Miami and the surrounding South Florida properties, both commercial and residential.
A few weeks ago, Forbes reported to its readers about Miami being the target for a lot of foreign investors. (For details, read our February 16, 2012 post.)
Maybe Forbes stumbled upon a hot topic - or maybe there is just a lot of chatter and actual events worthy of news coverage in the past few weeks, because more and more publications are providing coverage on foreign buyers coming to Florida and especially Miami to buy real estate.
Consider the article in yesterday's International Business Times entitled, "Cash paying Latin American property investors invade Florida real estate market." There, the influx of real estate buyers of Miami real estate from Brazil and Venezuela is discussed as a big reason that Florida can look forward to a better real estate year in 2012.
The article explains that buyers from a variety of Latin American countries, accustomed to buying land with cash and not a mortgage, are flocking to Miami to buy property they consider to be at bargain prices. The article quotes a source at the Miami Association of Realtors that the top country for bringing real estate buyers to the Miami area is Venezuela with Brazil and Argentina coming in second and third.
Note: If you visit the Miami Association of Realtors' website you can read and download a report entitled "Profile of International Home Buying Activity 2011" prepared by the National Association of Realtors.
The NAR national study found over 70 countries have been represented in foreign buyers purchasing real estate here in 2011 and that the top five were Canada, Mexico, China, Great Britian (the United Kingdom), and India. Their researched found that buyers from these five countries bought 53 percent of the real estate transactions involving international buyers - and that many of these foreign buys were in Florida.
Another recent news article takes a different perspective on things and asks "What makes Miami a hot spot for international real estate," Local experts like Greg Freedman, developer of Trump Hollywood and also a BH3 partner; Paola Garcia-Carrillo, Vizcaya Residential Sales Director; and Shawn Vardi, President of Think Properties were all interviewed for their take on why Miami real estate is so popular with foreign real estate buyers.
Each gives his own opinion on why the Miami area is such a beacon for international investors - but each agrees that this is just the beginning of the foreign buying of South Florida real estate.
In conjunction with this news coverage, real estate industry professionals are issuing their own press releases that are confirming the long-term, extended interest of foreign buyers in Miami real estate. For example, in news release this morning, Emilio Cardenal, Executive President of Interinvestments Realty® states:
“We expect in the years to come, that the foreign buyers shall to continue to drive the real estate market in South Florida. Consequently, our future plans are geared to serve the International buyer sector. We are currently in the process of selecting our new Broker-affiliates in Europe and Asia which we will be added to our exclusive Brokers’ Network....”
Tip of the Iceberg of Foreign International Interest
Obviously, more and more people both in the state of Florida as well as across the country and around the world are becoming aware of the skyrocketing foreign buyer interest in Florida real estate, particular Miami real estate properties. In tandem with that influx of needed and welcome investment, local real estate professionals are gearing their operations to make things easy and efficient for their foreign clientele.
It will be more and more important for Miami area service providers - like our firm, as well as brokers, etc. - to accommodate the international client. This is all very good for our community.