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Tuesday, June 21, 2011

Miami Condos: Foreign Cash Buyers

by Calculated Risk on 6/21/2011 09:05:00 AM

Existing home sales will be released soon.

Here is an article from Bloomberg: Brazilians Buy Miami Condos at Bargain Prices(ht Nanoo-Nanoo)

Surging real estate prices in Brazil and the currency’s 45 percent gain against the U.S. dollar since 2008 are sending Brazilians to South Florida in search of bargain vacation homes and property investments. That’s helping bolster Miami’s condo market ... As many as half of the downtown Miami condos that have been sold to foreigners for more than $500,000 since January were purchased by Brazilians.
This doesn't help in most overbuilt areas. But it does help a little in some areas - like Miami - and they are paying all cash.