Latin drives the Miami real estate market

The Miami real estate market has reached the figures recorded during her peak, before the crisis of 2008, with a relentless growth attributed to pockets of Latin Americans, particularly Argentines, Brazilians, Colombians and Venezuelans.

According to the findings of the first international conference "Forbes Latam South Florida Real Estate" held today in Miami, the demand for quality housing not only in Miami but all over South Florida has gone from a hopeful rise to rapid takeoff.

About 300 real estate professionals in the meeting industry analyzed the role of Latin American investment in the revival of this sector in southern Florida.

The "housing boom" that is recorded in southern areas of the state has its epicenter Miami, known as the "sunshine capital" where up about 80% of investment capital in the sector comes from the pocket, not necessarily wealthy, investors and South American buyers.

"Argentines, Brazilians, Venezuelans and Colombians are those who have revitalized the Miami market, where the price keeps still affordable quality housing," said Efe VP Sales Company Fortune International Realty Andrés Asión.

In his opinion, this property "new boom" in Miami means a "dramatic increase" in the purchase of new quality homes. "We sell about a year billion preconstruction and another billion in existing homes."

The fact that these figures correspond to one real estate company clearly reflects how demand is pushing up the price of housing quality.

THE BEST, TO COME

In fact, continued the expert, the average price per square foot (1 square foot = 0.09 square meters) has doubled compared to the years of the housing bubble and "gained at least 50%."

"When the market fell, if the price per square foot for a condo was $ 400 now reaches a minimum of $ 600," he said.

He was very optimistic about this cycle of expansion and said that "there are many years of growth ahead" because, well, the price of housing is still "affordable" compared to what is recorded in the center of cities like New York or Los Angeles.

"You can not pay in downtown Manhattan to US $ 600 per square foot, and Miami, it would cost $ 2.000," he said.

In this context, "homes in Miami will have recovered to pre-crisis prices and even have overshot" he said.



Furthermore, the possibility of a crisis such as that followed the bursting of the housing bubble in 2008 is remote will repeat that "today purchases are cash", which gives an "absolute strength" to the market, he said Efe Mosés Bensusán developer company Costa Resot Hollywood Condo.

Bensusán Times explained that "speculation" when the buyer "had no money, went to the bank and was financed without even giving an entry, left behind."

Today, by contrast, "the investor pays cash

first stage of construction (up 60%).

"It is impossible to retake the housing bubble," said Bensusán to highlight that the sector is going through a point of "amazing" growth, driven by the flow of Latin American capital.

INVESTORS WISHING

Thus his Costa Hollywood project, developed in its namesake city, north of Miami, is overwhelmed by eager Latin American investors to acquire properties in this location with a beach just 2.5 miles (four kilometers) and receives annually eight million visitors.

300 real estate experts discussed the role of Latin American investment.