Brazil has discovered Florida, which is not news to the Latin American community here in South Florida but is a story newsworthy enough to be covered by the national media in a June 21, 2011, Bloomberg article entitled, "Brazilians Buy Condos at Bargain Prices."
According to this news story, Brazilians are in a fantastic position to take advantage of the low Florida real estate market, because of two main reasons. First, Brazil's currency (the real) has skyrocketed up 45% against the U.S. dollar in the past three years and second, Brazil's real estate prices are high in comparison to what we offer here in Florida.
Along with Mexicans and Venezuelans, Brazilians are flocking to the Miami metroplex to buy condominiums, in particular. The story quotes Craig Studnicky, president of International Sales Group, in reporting that around 50% of Miami's downtown condos have been sold to foreign buyers, many for over half a million dollars.
You will remember Mr. Studnicky from our post last week: his ISG group has just joined forces with the "Condo King" Jorge Perez to build several condominium projects in the Miami area that are being targeted to Latin America, and with Latin American financing, which is very different for the American financing model. For details, see "Latin American Investors Targeted by Miami's "Condo King" Jorge Perez and His Related Group: 4+ New Condo Projects With Intl Sales Group."
Please see full article below for more information.
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