Venezuelan businessmen and Colombian second home seekers invade Florida

In the early months of the properties available in South Florida fell 70% compared to 2008. Shame of Latin Americans, especially Venezuelans, Brazilians, Colombians and Argentines, who buy 70% of the available properties. Your profile is varied, from businessmen to wealthy clients Caracas fleeing mass of Sao Paulo or Bogotá.

Little has changed in Latin America that made Miami his favorite neighborhood in the late 90. The average buyer is 45 years old, and 66% of them acquired the property that is your second home, and in 81% of cases, used.

According to Lonja Realtors of Bogotá, the average income of the buyer is U.S. $ 87,000 per year and that amount funded the $ 144,000 the average home, but paying cash is still preferred for almost 80%.

But on this there are many differences as deals in the area, recalled Liliana Gomez, director of sales for the international department of ISG World. This property controls, along with two other competitors, 70% of South Florida, with housing options ranging from U.S. $ 180,000 for the simplest to a base of $ 3.5 million for super luxury, from the financial area of ​​Miami areas located east of Palm Beach.

“80% of our inventory is sold to South America. The participation of Venezuelan and Brazilian 35% each. The remaining 30% is divided equally between Colombia and Argentina, but Colombians are slow to return to the market, “said Gomez.

While the Venezuelan client usually entrepreneur looking to invest in Brazil’s case is users “swimming in money” and want second homes, especially in Orlando. Colombians are “sophisticated people” who already own property in the U.S., and counterpoint, put the Argentines from different social branches, looking to take advantage of bargains in the market east of Palm Beach.

Jackye Ferreira Estate by Homes & Condos Florida agent said from the U.S. sales have increased 30% from 2010, the bursting of the housing bubble in 2008, he left behind a large surplus of housing that forced it to lower prices to be competitive.

“The costs are reasonable right now, nobody is asking for something out of reality. We talked and apartments costing an average of $ 300,000 in the case of Colombia have become attractive by rising housing in Bogotá. The difference is not so much a house in Miami, “said the expert.

This argument partly explains the buyer to return the Colombian South Florida. As Gomez recalled in 2005 this segment accounted for over 50% of its total sales in the region, and now rejoins re slowly to the comparison that is in the local market.

The relevance of the new housing boom is the Latin American simultaneity when buying, because even seen signs of interest, much more modest, Ecuador and Peru.

Lonja de Bogotá Estate Association said the real estate sector as the fastest growing segment in Florida, which has a weight of 20% of the total economy. The facilities for travel to Latin American and the similarity in price makes not only whether businessmen interested in investing.

“For a long time has been the image that is difficult for the foreigner to buy property here, and that has been proven false in recent years, has been a major change in the trend,” Ferreira said.

What properties are you looking for? For Colombia, houses of two or three rooms for second home event, and if it comes to investing, small apartments with high rents.

Miami has become a safe haven currency. For Venezuelans, who lead the market, is the conversion of their devalued bolivars to the dollar strengthened again.

A more attractive financing in South America

The option of financing is becoming increasingly attractive, as the annual interest rate is 5%, a rare find in the region, as you remember from ISG World.

In the latest report of the Association of Realtors Miami, indicated that most U.S. lenders require between 30% and 50% of the value of housing loans, which reduces paperwork and makes it more attractive mortgage rates.


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