Highlighting our Brazilian condominium investors!August 8, 2011
As Americans worry about the economy and debt ceiling, international investors still perceive the U.S. as “the most reliable country in the world,” said Andrew Hellinger, chief executive of Coral Gables-based Hellinger & Penabad. Offshore investors are flocking to Florida’s distressed real estate prices as major companies with ties to Hong Kong, Spain, Argentina and Malaysia are snapping up properties sensing the local market has bottomed.
Brazilians have led the Miami condo market resurgence, accounting for 9 percent of unit purchases among international buyers of Miami single-family homes and condos, according to the Miami Association of Realtors. “The feeling in Brazil is certain aspects of their real estate and economy make U.S. real property a relative bargain,” said Richard Goldstein, of Bilzin Sumberg. “In other countries like Venezuela, the currency is not as much of a factor. Political instability is a factor; they want a safe haven for their money.”
Copyright © 2011 The Associated Press. Information from: Daily Business Review, http://www.dailybusinessreview.com