Forum Thread

South Florida "rich haven"

Reply to ThreadDisplaying 3 Posts
  • Liberal Democrat
    Democrat
    Colorado Springs, CO
    Are you sure you want to delete this post?
        

    ABC News, January 19, 2016: As Wealthy Brazilians Snap up Miami Real Estate, Few Benefit

    "Facing a teetering economy at home, wealthy Brazilians have been pouring money into what they increasingly see as the safest place to invest: South Florida real estate.

    "So are Argentinians, Colombians, Mexicans, Venezuelans, French and Turks — almost anyone with money to shelter, a direct flight to Miami and a shaky economy to flee.

    "Their cash has helped drive the latest twist in Miami's ever-evolving transformation — from a 19th century rail stop to a tourist-and-retiree hub to a haven for Cuban refugees to now a harbor for global investors. No American skyline has undergone a more drastic face-lift from foreign cash in the past decade: Luxury condo towers and swanky retailers crowd a downtown once marred by empty lots."

    ------------------------------------------------------------------------------------

    In the global circulation of dollars, the money will eventually find it's way back to the USA. Foreigners are buying up real estate not only in Florida but in other cities like Seattle. I guess the USA, despite our political difficulties, is still considered a good place to invest...at least if you are super rich and need an anchor in America.

    Do Florida residents benefit though?

  • Center Left
    Independent
    Central, FL
    Are you sure you want to delete this post?
        
    I don't think it's entirely about instability of the buyers country. A number of years ago Japan was doing very well and there was a serious rise in the acquisition of US real estate. In general real estate in a popular area is just a solid business or investiment move. The Brazilian currency is probably very suspect.
  • Independent
    Ft.myers, FL
    Are you sure you want to delete this post?
        
    Schmidt Wrote:

    ABC News, January 19, 2016: As Wealthy Brazilians Snap up Miami Real Estate, Few Benefit

    "Facing a teetering economy at home, wealthy Brazilians have been pouring money into what they increasingly see as the safest place to invest: South Florida real estate.

    "So are Argentinians, Colombians, Mexicans, Venezuelans, French and Turks — almost anyone with money to shelter, a direct flight to Miami and a shaky economy to flee.

    "Their cash has helped drive the latest twist in Miami's ever-evolving transformation — from a 19th century rail stop to a tourist-and-retiree hub to a haven for Cuban refugees to now a harbor for global investors. No American skyline has undergone a more drastic face-lift from foreign cash in the past decade: Luxury condo towers and swanky retailers crowd a downtown once marred by empty lots."

    ------------------------------------------------------------------------------------

    In the global circulation of dollars, the money will eventually find it's way back to the USA. Foreigners are buying up real estate not only in Florida but in other cities like Seattle. I guess the USA, despite our political difficulties, is still considered a good place to invest...at least if you are super rich and need an anchor in America.

    Do Florida residents benefit though?

    Schmidt; no the west coast area, except Naples, does not benefit. Our house price has done nothing the last years; not that I live in a shack (about a 400K house) in a good neighborhood with pool and golfcourse. The reason is the snowbirds; they have no money to buy anything higher than about 200K or rent. So we will move as soon as prices go up.