Miami real estate news and information

Venezuelans Eyeing CONDOS in Miami

Venezuelan buyers are increasingly interested in Miami … and in particular in areas such as Miami Beach and  Brickell… near the water.  

66% of all Florida property acquisitions right now by Venezuelans are in the Miami, Miami Beach and Fort Lauderdale areas.

Almost 2/3 of Venezuelan investors buy condos, as opposed to single family homes …  

And they tend to buy  high-end property  (very building-specific … with a preference for modern highrise construction) … The Icon on Brickell is a good example…  offering  an uber-modern ambiance …  amenities and  pampering (on a grandiose scale) … and in a rather unique fairytale setting …  with open air views out over  Biscayne Bay and a seemingly endless  larger than Olympic sized pool…  and a Brickell addess with easy access to both Miami Beach and Miami International Airport.

According to the NAR the median price Venezuelan buyers paid in 2011 was $258,300 with 12% of buyers buying homes priced over a million dollars… with 88% of Venezuelans buying in cash.  Over 1/3 of the homes and condos purchased by Venezuelans were bought for personal use, with the intention of being owner occupied for 3-6 months a year.

And the statistics that apply to other foreign nationals show that the vast majority of international investors coming to Miami are buying in cash.  

 

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