Miami Condo’s: Boom 2.0 Has Begun, International Buyers Providing The Spark

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By Michael Gerrity
Because Miami’s prior decade of excessive condo building was something akin to a multi-year sporting event watched and followed by millions around the world, today’s condo environment can now be summed up in three words:  “Game On, Again!”
But the game is much different now. Unlike the prior condo boom, fueled by thousands of U.S. consumers and condo speculators using 90% to 100% leverage to finance their purchases, today’s buyers are mainly foreigners – and they buy in cash. The National Association of Realtors (NAR) reports that the total residential international sales in the U.S. for the past year ending March 2011 equaled $82 billion, up from $66 billion in 2010. Total international sales were split evenly between non-resident foreigners and recent immigrants, while combined total domestic and international existing-home sales in the U.S. were $1.07 trillion. Therefore, Miami has now become the main beneficiary of this growing global real estate investment trend. Emerging economies in Latin America, mainly Brazil and Colombia, coupled with favorable exchange rates, are driving an historic multi-billion dollar per month inbound ‘flight of capital’ from the South into Miami that most other U.S. markets don’t enjoy.

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About Pamela's Blog

Pamela Diaz-de-Leon With an accomplished background encompassing Diplomacy, Architecture, Business and Film, Pamela Diaz-de-Leon brings to the real estate industry the entrepreneurial expertise which stem from her interdisciplinary experience. Her world wide network of distinguished personalities carefully knitted of relationships formed in her five years as the Cultural Attaché for the Instituto Cervantes, serving the King of Spain, in Chicago, and her Hollywood connections acquired while working with a recognized film distributor, give her the global platform in which she has developed her business with great success. Knowledgeable, informed and organized she holds ethics and integrity as her highest values thus, providing her customers with an excellence of service that ensures their utmost satisfaction and their continued loyalty to her work. Office. 305.677.5055 Cell. 305.720.8439
This entry was posted in Green Housing, Miami Beach Condos, Miami Real Estate, Miami Waterfront Properties, South Beach Condos, South Beach Real Estate and tagged , , , , , , . Bookmark the permalink.

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