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Top Real Estate Buyers In Miami Are Brazilians
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To understand the impact of Brazilians to luxury real estate in Miami, you only need to go downtown and look up. After only a few years after the luxury real estate downturn, in Miami, once again, cranes and construction crews are back at it, building luxury high-rise condominiums. Thousands of units are being constructed all over town, and many are being built for Brazilians.
It would cost three times more in the best neighborhoods of Sao Paulo or Ria for the same real estate you can get here in Miami, and you're going to get much better quality. Only a short time ago Brazilians mostly came to Florida to visit the theme parks or to buy electronics. There used to be an idea of Miami as a tacky place that wasn't really the United States. That has since turned around and it is now thought of as an international destination. They feel comfortable and they can look around and see people from everywhere.
Strong interest from foreign buyers has created a new residential real estate boom in Miami. Brazilians are in front leading the way. Back in 2011, they were the top foreign buyers and just recently they were passed last year by Argentineans, after the Brazilian economy began to slow down. Over 20 residential condo projects are currently underway in South Florida and all of them with Brazilians and other foreign buyers in mind.
The luxury piece of real estate the SLS hotel and residences is a 132 room boutique hotel. It's the length of an entire city block, yet it is boutique and it has 450 condos on the top with everything sold out.
The Related group went through some difficult times after Miami's last condo boom busted. They were one of the firsts to realized the importance of the Brazilian luxury real estate market. Brazilians have bought half of the units in some of his buildings at very reduced prices. Many Brazilians still see Miami real estate as a bargain and a good real estate investment.
Another Miami real luxury estate developer, Edgardo Defortuna, has learned a valuable lesson as he opened a branch office in Sao Paolo a few years ago to gain a better understanding and to better serve the Brazilian market. He learned that Brazilians like to live with other Brazilians. Selling to the right families can make all the difference in the world. A very good example is Trump Hollywood. In Trump Hollywood, a few families from Belo Horizonte bought and they were well known. Next thing you know, eight or 10 families that bought in the same luxury building.
The things that Brazilians love about Miami is the weather, the beaches, the easy lifestyle and of course the shopping. It seems that everywhere you go, people are speaking Portuguese. No store in Miami caters more to Brazilians than Artefacto, a boutique furniture and interior design gallery. This store defines Brazilian design. It's very inviting, contemporary with a little bit of caipirinha, Brazil's national cocktail. Artefacto's style lets Brazilians feel at home in Miami.
You can find that wealthy Brazilians and other Latin Americans are attracted here for another big reason, it's a safe place to enjoy luxury and to show off your wealth. In South America, for security reasons, you have to live in a certain way no matter how much money you have. In Miami and they can drive a convertible car, have a luxury apartment, and just enjoy the lifestyle.
Andres Leiser is a local contributor for Constec Realty's Miami luxury real estate website. Andres Leiser has been involved in Miami real estate for over a decade. For more information please visit http://www.constecrealty.com
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