Latin American buyers heat up Miami market
Latin American buyers heat up Miami market!! U.S. real estate markets are now attracting foreigners in droves. Nearly $92 billion worth of American homes were bought by foreigners during the year ending March 2014, according to a National Association of Realtors survey - an increase of 35% on the previous year. Nearly 7% of all homes on the market are being bought by foreigners. Favorable exchange rates and affordable home prices are the top reasons, the survey concluded. Florida remains the top choice, with 23% of all international home sales. California, Arizona and Texas represented 14%, 12% and 6% respectively. The top five cities searched online by international buyers in 2014 were Los Angeles; Miami; Las Vegas; Orlando, Fla.; and New York City. The market for premium residential property in Miami is dominated by buyers from Latin America, particularly Venezuelans and Brazilians. For many South American buyers, the main motivation for ...
