Brazilians are snapping up bargain luxury condos at a fast clip. The rate is favorable for them:
http://www.bloomberg.com/news/2011-06-21/brazilians-buy-miami-condos-at-bargain-prices-after-45-surge-in-currency.html
Frederico Azevedo went to Florida looking for a second home. He left with three, paying $300,000 and $500,000 for condos in two Miami towers, and $1 million for a unit at the Trump International resort in nearby Sunny Isles.
“I bought one to use as a vacation home and the other two as investments,” Azevedo, 39, president of Construtora Altana Ltda, a housing-development company, said in a telephone interview from his office in Sao Paulo. “It’s actually very cheap in Miami compared to here.”
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, with total sales increasing 79 percent in the first five months of 2011 from a year earlier, according to data from the Florida Association of Realtors released today.
It's been going on for a few years, now....
http://rockcenter.msnbc.msn.com/_news/2012/06/14/12207356-brazilians-snap-up-south-florida-real-estate-sparking-new-boom?lite&preview=true
Waves of wealthy Brazilians such as Luciano are landing on South Florida’s shores and spending millions of dollars on vacation condominiums, clothes, furniture, cars and art, all of which are much less expensive here than in their homeland.
They started arriving in the past few years when South Florida was one of the epicenters of the real estate crisis, with vacant buildings and foreclosures all around. At the same time, Brazil's economy was starting to surge, and as costs in Brazil soared, the United States and its depressed real estate prices made it the land of opportunity.
“The prices here are really cheap now,” said Luciano. “If you look for the same type of unit to spend a vacation in Brazil, in a place like Rio, it's double the price. If you go to Rio de Janeiro, you have problems everywhere. You have all the violence. Here, no problems, no violence. You can do whatever you want. You do a nice investment and spend your vacation at the same time.”
“The dollar exchange rate now is very good for the Brazilians,” added Piquet, “so now is the time to buy. And on top of that, the prices of the properties, they went down big time, about 50 percent. It's a big discount.”
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Miami-Dade property values rise for first time in four years (Original post)
