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.
Demand from Brazilians is “growing geometrically,” he said. “Next year, it’s clearly going to be the dominating force.”
“Five years ago, it was the other way around,” Studnicky said in a phone interview. “Miami was trading for $500 to $1,000 a foot. Rio was trading for $300 to $500. It has absolutely switched.”
“Brazilians today have the tide and the winds in their favor, the exchange rate being the tide and prices here being the winds,” Nunes, who moved to Florida from Brazil 25 years ago, said in a telephone interview. “If one of these falters, demand will also falter.”
“When I talk to Brazilian people, they are buying for the right reasons,” he said in a phone interview. “It’s not only because they have money now, but because they think they’re going to continue to make money next year and the year after.”
SS says - I smell some arrogance here.
“Everybody who makes a little money buys in Florida,”Paulo Bacchi, co-owner of Artefacto, said in a telephone interview from Miami. “Some came to buy a vacation home. Some are buying 10 units for an investment. They’re buying because the only way prices can go is up. They’re betting on Florida.”
“Brazilians are buying prime real estate, especially on the water,” Piquet, who races Porsche GT3 series cars, said in a telephone interview. “They pay $1 million for vacation homes, all cash.”
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.
Demand from Brazilians is “growing geometrically,” he said. “Next year, it’s clearly going to be the dominating force.”
“Five years ago, it was the other way around,” Studnicky said in a phone interview. “Miami was trading for $500 to $1,000 a foot. Rio was trading for $300 to $500. It has absolutely switched.”
“Brazilians today have the tide and the winds in their favor, the exchange rate being the tide and prices here being the winds,” Nunes, who moved to Florida from Brazil 25 years ago, said in a telephone interview. “If one of these falters, demand will also falter.”
“When I talk to Brazilian people, they are buying for the right reasons,” he said in a phone interview. “It’s not only because they have money now, but because they think they’re going to continue to make money next year and the year after.”
SS says - I smell some arrogance here.
“Everybody who makes a little money buys in Florida,”Paulo Bacchi, co-owner of Artefacto, said in a telephone interview from Miami. “Some came to buy a vacation home. Some are buying 10 units for an investment. They’re buying because the only way prices can go is up. They’re betting on Florida.”
“Brazilians are buying prime real estate, especially on the water,” Piquet, who races Porsche GT3 series cars, said in a telephone interview. “They pay $1 million for vacation homes, all cash.”
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