South Beach Condos For Sale

Continuum Condo For Sale

Downtown Miami Condos

are still very popular and getting more so as time goes on, according to recent reports. A report issued by the Downtown Development Authority revealed that the average sales price for a unit in downtown Miami rose 21.4 percent in the third quarter compared to last year.

The average sale prices for units for the third quarter of 2012, ending on September 30, showed a gain of 11.6 percent over that same period in 2011. In total, new and resale units have shown approximately 25 percent price growth every year since 2009, revealing that the real estate market is continuing to improve and that it is very vibrant at present.

Foreign Interest

Miami real estate

because of its superb location and its climate, has always been an attractive to international buyers. From the south, it’s a major draw for people from Latin America and the Caribbean. It’s also proven attractive to immigrants from all over the world, including destinations as far away as Russia. Foreign investment is listed as one of the reasons that property values have become higher over the years, according to the Miami Downtown Development Authority. In fact, a representative of that authority said that foreign investment is one of the major factors in helping Miami to recover.

Living In A Brickell Ave Condo

is living in the center of the city and has become more attractive to people in recent years. While many consecutive decades of the 20th century saw Americans moving farther and farther away from the center of the cities in which they lived, recent years have seen people demonstrate an increased interest in living close to the city that they call home. It reduces commute time, allows a person easier access to everything that the city has to offer and, of course, it has the additional benefit of revitalizing city cores, which oftentimes suffered as people moved away.

The increased interest in downtown Miami condos for sale is also named by the spokesperson is one of the reasons that property values have been increasing. Condominium properties and rental properties have seen growth, as well. In fact, according to the same report, sales were up 8.8 percent during the first nine months of 2012, demonstrating that the worst part of the real estate crash is apparently behind Florida and that the largest city in the state is rapidly becoming one of the places to be for people from all over the world.

Finding a Property

Living in the downtown area opens up many opportunities for anybody who decides to purchase property there. A good realtor can help find the right location for you. Even though there are some universal benefits to living in the core of a city, there’ll generally be some specific reasons that any individual seeks a property there and a realtor can ensure that those reasons are taken into account and that the properties you look at satisfy them. With the market heating up, there’s never been a better time to contact a realtor and talk to them about your options.


Miami real estate

Hallandale preconstruction condo

The latest report from Miami Herald (http://www.miamiherald.com/2012/02/08/2631956/construction-spending-finally.html) indicates that the construction spending in South Florida rose for the fourth month in a row in Broward County in November 2011, joining Miami-Dade County as areas with sustained growth in the real estate sector. “We’re seeing a lot of custom-home building,” said Bernie Navarro, head of the Latin Builders Association. “You see it in Key Biscayne and Coral Gables and Pinecrest. Those places had fallen to zero. Now they’re back on.” While construction employment is falling, the losses are more narrow than previously. “It’s going better than I expected six months ago,” said David Denslow, an economist at the University of Florida. “Remember, six months ago we were worried about a double dip. Now all of the evidence is pointing the other way.”

The Hollywood and Hallandale Condo resales

jumped in 2011 as well. Buyers purchased an average of 140 condominium units per month in the Hollywood and Hallandale Beach areas showing an increase in 2011 of nearly 20 units per month from 2010. This is due to the influx of investors chasing discounted condo resales that can be leased out to tenants who are willing to pay higher rents.

Latest report indicate that office vacancy in Miami-Dade County was at 19.1% at the end of 2011, according to data from CBRE Group’s Florida Market Perspective 2011. There was a total of 44.1 million rentable square feet in the county, and 8.4 million vacant. Last year saw net absorption of 64,238, with 359,630 square feet under construction, with the average asking lease rate in the county at $30.32. “The Miami office market has gained strength during 2011 with tenant activity picking up,” said Carter Hopkins, first vice president at CBRE. “The market should continue to strengthen in 2012.”

In addition to single family homes in Miami

the pre-construction condo sector is also on the rise. Fueled by steady pre-sales at the nearby Apogee Beach Hollywood condo, Jorge Perez of the Related Group is planning a new 31-story tower with condo and hotel units fronting the Intracoastal Waterway in the Hollywood nad Hallandale Beach coastal market of Southeast Broward County.

Despite the unsold inventory, the Related Group broke ground on the 23-story Apogee Beach condo tower on the sand just north of Hallandale Beach Boulevard in December 2011. As of Jan. 30, 2012, buyers have committed to purchase 41 out of 49 units in Apogee Beach project, according to company marketing material.

The path to development for the proposed Beachwalk tower – a few blocks west of the Apogee Beach project – is shaping up to be a bit more complicated initially. The proposed Beachwalk tower – which would stand 305-feet high with 84 residential units and 432 hotel rooms. Beachwalk is the 22nd project to be proposed east of Interstate 95 in South Florida. If they are all built, the projects would add nearly 4,400 units into a market that had 4,200 developer units unsold at the end of last year.

A Related affiliate bought the Beachwalk development site, home to Manero’s Steakhouse for five decades, for more than $2.9 million from TD Bank in May 2011. The Beachwalk project is slated to cost $60 million to construct and have a market value of $80 million at completion.

Related is also planning to start construction in two weeks on its MyBrickell condominium in Miami. To date, about 80 percent of the 192 units are under contract, with buyers paying a 20 percent deposit, the company said. It would be the first new condominium project to break ground in downtown Miami in several years.

Developers seeking to launch new condo projects are focusing particularly on the high-end market, which continues to dominate because of the ability of its prospective buyer pool to pay cash for units. The 70-unit Bellini Williams Island – a high-end condominium in Aventura’s William Island recently broken ground.


Miami Downtown New Real Estate

The 3rd largest casino company (Genting Malaysia Berhad) in Asia just purchased 13.9 acres of waterfront land owned by the Miami Herald, for $236 million. The property stretches from Biscayne Boulevard to Biscayne Bay. This landmark deal will reshape the surrounding downtown area, bringing more life and vitality to an already booming portion of the city.

Downtown Miami Real Estate

In a public statement, the Herald publisher noted that while their operations have thrived in this area for a number of years, the space was no longer conducive to ongoing operations. The $236 million land/property deal was also in part prompted by The Herald’s need to bolster funds, specifically to address funding needs of the organization’s pension plan, to repay some company debts and to address taxes. The newspaper’s executives have provided additional assurances that this sale will in no way interrupt their normal course of business.

The Genting group estimates the total construction project cost to be between $2-5 billion, which will not only boost the local economy, but will result in the creation of numerous jobs. The current plans for the property include a hotel, retail shopping, high rise Miami residences and a convention center.

Downtown Miami Real Estate

“This deal has generated a great deal of excitement within the Miami real estate community, as it is at or near to the highest price paid per acre in Dade history,” said Lana Bell of Sunny Realty. “A deal of this magnitude will create tremendous opportunity for not only local residents and businesses, but for the surrounding property market.”

Many local Miami real estate experts

feel that this deal serves as an endorsement for Miami. Asian developers chose the area not only due to the opportunity and price point, but the potential to draw international and domestic tourists, a strong revenue source for any project of this type.
“Successful real estate transactions such as this merely validate the strength of the South Florida real estate market. While this deal is certainly the largest to come our way in some time, it is surely a sign of what is to follow. South Florida is hungry for Miami luxury residential developments, both for current area renters as well as international visitors,” said Lana Bell, of Sunny Realty.

While the deal has been closed, construction isn’t expected to commence for 2 years, which corresponds to the allotted time frame provided to The Herald for relocation. The newspaper is currently searching for property within the area, although they may divide the printing and publication portions of their organization should the right space not be found to accommodate both.

From every angle, this landmark deal serves as a positive sign for Miami’s real estate market.


Miami Land For Sale

Vacant Land For Sale In Miami

As the signs that the Miami real estate market remains stable

many investors and residents are interested in what future Miami condo developments may be in store. While developments may take years to complete, they show promise as growth for the area, something recent investors and current residents are interested in monitoring.

Miami land

previously earmarked for commercial towers in the downtown Miami area, many of which are now in financial distress, has attracted the interest of investors seeking to construct future condo developments. Year-to-date, investment groups have purchased at least 10 condo sites for nearly $300 million according to the Miami-Dade Country records.

2011 Significant Land Deals In Miami

Some of this year’s largest land deals include:

· $236 million for the waterfront Miami Herald land at 1 Herald Plaza
· $14.8 million for the Coral Station at Brickell Way
· $14 million for the land currently occupied by the Brickell Tennis Club
· Acquisition of a 78,200 square foot development site located on the north bank of the Miami River, once slated to become the Cima condo development

These significant land deals represent only a small fraction of the available land within a focused area of Greater Downtown Miami. The prime real estate attracting attention currently consists of the 60 block stretch spanning the Julia Tuttle Causeway to the Rickenbacker Causeway.

Driving Forces Behind Increasing Developer Miami Land Interest

Developer and investment interest has picked up throughout this year as rental and lease activity, resale and new sale activity has picked up.

More and more Miami residents are choosing to lease Miami condos, offering an attractive income stream for investors, both on an individual and group investor basis. The average rental rate for the areas, as of June 30th this year, is approximately $1.82 per square foot, or $1,500 per month for a small, 800 square foot condo unit.

Another contributing factor is the decline in developer condo inventory. This decline in inventory has freed up investor capital. The current sales pace for the area indicates that the developer inventory will sustain only 12 more months of sales activity. This activity has enabled current developers to turn their attention away from moving already constructed properties toward what’s next.

While new projects have yet to be announced, speculation backed by the aforementioned land deals points to a wealth of new projects to be announced and constructed in the Greater Downtown Miami area over the next 3-5 years.


New Construction Condos Miami

New Construction Condos Miami For Sale

If you’re in the market for a new property in Miami

there are many available. These properties include some of the most luxurious and prestigious around and are located in some of the most desirable areas around Miami-Dade.

Luxuria on the Ocean

Situated in Boca Raton, this development is a high-end condominium property that was developed in association with the Trump Group. The Trump Group’s name is synonymous with luxury and that tradition continues at this spectacular property.

This property is best described as ultra-luxury. The property has penthouses, single family estate home and condominium properties available. There are 26 residences at the property that feature oceanfront living.

900 Biscayne Downtown Miami

If you want to be close to the center of all the action, this is one of the best luxury properties available. This property features incredible views and luxurious surroundings. There are 3 different sizes of apartments available at the property: 1-, 2-, and 3-bedroom units. The properties feature luxuries such as high-speed lifts and very elegant designs. The windows span from the floor to the ceiling. The property is very close to the most desirable areas in Miami. There are plenty of amenities that go along with living at this property, such as access to pet care, an onsite restaurant and the services of a concierge.

Bal Harbour One Condo Hotel

Bal Harbour real estate is one of the most sought-after addresses in the area. This condominium hotel offers you the best of living in an upscale condominium tower with the amenities you would expect at a five-star hotel.

Provided with expansive grounds, a workout facility, a business center and much more, those who make their home here will never suffer for a lack of resources. There is a beachfront restaurant at the property and a spa where you can receive top of the line treatments from experts. There are currently incredible deals being offered at this property.

Jade Ocean Sunny Isles Beach

Sunny Isles Beach real estate is one of the most desirable and upscale area and a well-known address among those seeking luxury real estate in the Miami area. Jade Ocean is a very modern development that features stunning architecture and numerous amenities. Enjoy the smart living systems installed in the units and the immediate access to many different options for arts and entertainment in the area. If you just want to stay home and enjoy the views from your condominium, the vistas from the balcony will take your breath away.

Getting in on these Deals

The most important element in taking advantage of the incredible deals available on these properties is having the right Miami realtor. A good realtor can ensure that you know what’s available, how much you should pay and how much money is simply too much to ask. These properties are all at the upper ends of luxury, so there is plenty to love about living at any of them and they all provide you with access to the type of lifestyle that draws so many people to Miami.

Will These Deals Last?

Miami real estate

is selling again, so it’s not likely that these deals will be available for very long. Because of that, smart buyers are snapping them up while they’re available. These aren’t properties that are selling for good prices because they’re in areas that are past their prime or because they’re imitations of the luxury condominiums that people associate with southern Florida. In fact, these developments include a few by the Trump Group, which prides itself on providing the utmost in luxury living. When you’re dealing with real estate companies, you’ll want to make sure that their information is always up to date and accurate.

Why Internet Savvy Matters with Realtors

Good realtors working this market have a global client base. They also have a pronounced need to dominate the Internet for information and as a way of selling properties for their clients. When they’re working with buyers, the Internet is just as vital to making a good deal. When you’re looking at these properties, you’ll want to be working with a realtor who understands how to bring digital resources to your quest for the best properties out there. Without this advantage, you are simply not going to be able to find the best deals on the market!

Other Interesting Properties

There are many properties that are offering spectacular deals on new development. Trump Towers in Sunny Isles Beach, Icon Brickell in Downtown Miami and many more are waiting for you to take a look at what they have to offer. You’ll find that many of these properties will offer far more than you may have expected, even from a luxury property. You’ll also find that a good realtor can avail you of options you didn’t even know existed and, by working with you, can determine which properties would likely be the best choices for you!


Miami Condos

About 85% of the 50,000 condos built during Miami condo boom era have sold.

You can read more about it here: http://www.miamiherald.com/2011/01/27/2036345/condo-inventory-detailed-in-new.html#ixzz1E31liat2 or down below:

Developers have sold 85 percent of the condos built in Miami during the building boom beginning in 2002, according to a report released this week by Bal Harbour-based consultancy Condo Vultures.

The report, which studies condo markets from South Beach to West Palm Beach, found that developers have sold 41,258 condos in the last eight years, with the largest chunk of sales taking place in downtown Miami.

“People are certainly taking advantage of the fact that [condos] are affordable and available both to live in and also to invest in,” said Leo Zabezhinsky, manager of business development and real estate for the Miami Downtown Development Authority.

While many of the boom-time buyers were speculators , many of today’s buyers are investors and vultures, hoping to capitalize on the troubled market by renting out the units.

That explains much of the shift in sales activity taking place between South Beach and downtown Miami, as rental demand is up in places like Brickell and purchase prices are lower in the city than by the ocean.

“An investor comes in, they look in South Beach, and they get sticker shock,” he said. “If they want to be on the sand, they go up to Sunny Isles Beach. If they’re looking for investment value, new construction, they go to downtown Miami.”

Spurred by bulk buyers and lender takeovers, condo sales in downtown Miami reached 3,675 in 2010, up 57 percent from 2009, according to the report, based on county records. Condo sales in South Beach totaled only 123 last year, up from 107 in 2009. At the current sales pace, it would take about a year to sell out the remaining developer inventory in downtown, and more than a decade to sellthe 1,300 new condos in South Beach.

Areas like downtown Fort Lauderdale benefitted from good timing, as developers completed most of their condo projects before their housing market crashed. There are only 160 new condos yet-to-sell in downtown Fort Lauderdale, where more than 5,000 units were built during the boom.

Condo Vultures focused its report on seven housing markets in Miami-Dade, Broward and Palm Beach counties, concentrating on areas east of I-95 and near bodies of water. During the 8-year span covered in the report, 244 new condo projects were created in those markets, for a total of nearly 50,000 units.

The epicenter of the building, sales and developer default activity has been in downtown Miami and Brickell, where more condo units were built in the 2000s than in the previous four decades combined.

About 18,675 new condos have sold in the downtown area in the last 8 years, totaling about 84 percent of the inventory, according to the report, based on county records.

Developers “built 23,000 condos, and when over 80 percent have been sold and occupied, clearly it tells you that this is where people want to live and invest,” said Zabezhinsky. “The condos have single handedly helped lead the transformation of downtown Miami into a 24/7 global city.”


real estate deals in Florida

Florida Real Estate Market Conditions

A very happy new year to you, hope it started out well. It certainly did for me and my beloved Sunny Isles real estate and Miami Beach real estate. This is my first newsletter in 2011 and I thought I’d start it on a positive note.

Sales of condos and homes in Sunny Isles Beach

and Miami Beach have been growing since late 2010. We are pleased to see strong demand for luxury oceanfront properties from wealthy buyers, a trend likely to continue in 2011 according to Florida Realtor analysts as well as brokers.

The latest Miami MLS data

indicates that the high-end market had increased dramatically in both activity and closed units. Thus sales of homes for the first nine month of 2010 in the $1 million to $2 million range were up 42% and sales over $2 million were up 78% compared with 2009. That’s a sign everyone believes the market is turning.

Recently a retired Michigan tire company owner purchase a $22,5 million oceanfront mansion in Palm Beach. That was the town’s ninth 2010 transaction over $10 million, compared with just one such sale in 2009.

“We don’t expect to see a dramatic turn-around”, says economist Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida in Orlando. “At least, the worst is behind us now.”

From a statistical standpoint, 2011 is expected to be a growth year for Florida’s economy. Florida is expected to add about 63,000 new jobs this year. The strongest industries will be healthcare, education, business services and real estate.

Interesting facts about Florida:

· 1,000 People move to Florida each day

· The state population will rise by 140,000 in 2011, compared with 100,000 in 2010

· Florida offers 1,800 miles of costilne

· 1,200 miles of sand beaches

· 12 International airports

· 19 major commercial airports

· 14 deepwater ports

· More than 1,250 golf courses

· Over 370,000 hotel rooms

A more optimistic forecast from Moody’s Economy.com, a national consulting firm, projects that Florida will achieve 3% job growth in 2011- more than any other state. The report says Orlando and Tampa are expected to grow the most at 3.4%. Others project to grow are Jacksonville – 2,6%, Miami at 1.7%, Pensacola at 3.1% and Tallahassee at 2.7%.

Once again, the new construction has picked up on the Gulf Coast, particularly single-family homes in master-planned communities. None of it is speculative building as each home has an owner who will move in at closing. We are also seeing high-end luxury homes taking shape on infill parcels throughout the city – a sign of confidence.

Another sign of health for Florida’s real estate market – today’s buyers are focusing more on using their new house or condo themselves, rather than buying it as an investment or even worst, to flip. The demand for luxury condominiums in Miami are predominantly by foreign buyers who view hosing as shelter rather than a financial investment. Tighter lender requirements will combine to make the market healthier as well.

Florida home prices are now comparable to the preboom years. In August 2010, the median price of a single-family home statewide was $134,000, according to Florida Realtors statistics. In August 2001, the median price was $130,000.

Whether it’s a buyer’s or seller’s market, we understand the current Miami real estate market conditions and are able to deliver the best deals to our customers.


Miami Ocean Front Properties

Best Ocean Front Properties In Miami

More than ever, Florida’s real estate opportunities

are drawing foreign investors from around the world. As the US dollar remains weak, many foreign currencies provide a significant discount on real estate, making luxury ocean front properties in Miami a possibility for more and more international investors.

Also consider that properties such as Turnberry Ocean Colony, Jade Ocean, Jade Beach, and Trump Towers are all going up in value. For instance, the average price for a Turnberry Ocean Colony condo was $538 per square foot in 2009, but had an increase in price to $634 in 2010. Purchasing one of these condos provides an excellent return on investment.

International investors also know that the amenities these condos provide have great appeal for many people. Each one of these condos provides a living experience that is both comfortable and luxurious. For example, Jade condos have large terraces with panoramic views, floor-to-ceiling glass walls, European designer fixtures, whirlpools, and spacious walk-in closets. This condo has a private beach, which offers a café and cabanas. You’ll also find a health club, spa, and the infinity-edge boat shaped Sunrise Pool, which overlooks the ocean. These amenities are just a few of what’s on offer at the beautiful Jade Beach condos.

The location of these ocean front properties are, of course, another great draw. They are all accessible to what Miami and Fort Lauderdale have to offer. Both cities offer an abundance of vibrant nightlife, attractions and dining options. All of this in addition to views of the blue Atlantic water and abundance of beaches makes South Florida’s luxury ocean front properties prime real estate.

Sunny Realty’s team speaks English, Russian, Spanish, German and Portoguese, and is available 24 hours a day, seven days a week to answer any questions you may have about buying, selling or investing in real estate in South Florida.


Penthouses in Miami For Sale

Miami Penthouses For Sale

As a growing number of investors realize the potential of buying into Miami penthouses, like Jade Ocean and Jade Beach, for instance, are escalating in popularity. In fact, two Acqualina Sunny Isles penthouses recently sold for $4.8 million and $4.6 million a piece by Sunny Realty.

It seems that the recession virtually skirted its way around the market for luxury ocean front condos in Miami. The dream of owning a Miami penthouse has been rediscovered and, fortunately for buyers, the options for buying Miami penthouses are many.

Currently among these options are Sunny Isles Realty’s amazing deals on penthouses in Jade Ocean and Jade Beach condos. Jade Beach penthouses are two story lofts offering sweeping views of both Miami Dade and the blue Atlantic Ocean. Imagine stepping into Jade Beach’s front entryway where a five story waterfall greets you or walking among the elegantly landscaped stepping gardens. Also impressive is the Porte Cochere, which overlooks the plaza with views of the ocean and city. Amenities include full concierge service, an Infinity Edge pool, and a spa, which provides such rejuvenating services as massages and facial treatments. The state-of-the-art health club includes Technogym TM, which is a new and exciting personal training system. The ocean side pool deck includes a spacious hot tub, pool bar, and a children’s play room.

For the definitive experience in elegance, investors are finding that they need not look further than penthouse living. Miami penthouses, located on the highest floors of condominiums, offer the ultimate panoramic view of the Atlantic Ocean or cityscape. With the feeling of being at the top of the world, these penthouses allow one to sit in the lap of luxury.

Whether the dream begins with a visit to sunny southern Florida or after one has perused the many articles praising the benefits of Miami condos, this dream can finally be fulfilled through one of the multitude of options Miami has to offer.


Miami Florida Condos

Downtown Miami Condos

Miami Condos are popular again

and investors are snatching up distressed ocean front condos in Miami like never before. Here is The Miami Herald article by Mimi Whitefield:

Nearly 800 Canadians will jam a hotel ballroom near the Toronto airport Sunday to hear the gospel of Florida real estate.
High-end Brazilian buyers prefer to be wooed more intimately — perhaps at a cocktail party or a small private dinner — but they are just as pumped.

Lured by rock-bottom prices, international buyers are now flocking to buy Florida properties. It’s especially true in countries where the currency is strong against the dollar.

“We’re telling Canadians this is a once-in-a-lifetime opportunity — the perfect storm,” said Brian Ellis, who heads Toronto-based Florida Home Finders of Canada.” The prices are just incredible and the Canadian dollar has been so strong.”

At least three of five buyers in the Greater Downtown Miami condo market are coming from abroad, estimates Jenny Huertas, international sales director for Condo Vultures, a real estate advisory and research firm.

The stampede from overseas is “kind of like a foreign subsidy helping us resolve our real estate problems,” said Peter Zalewski, a Condo Vultures principal. “This time the assistance isn’t coming from Washington. It’s coming from Caracas, London, Milan, Bogotá.”

The buying frenzy was set off by developers lowering prices on new units to below what it cost to build in today’s market, Huertas said.

“There were many people on the sidelines watching for the floor. In the last three or four months there’s the perception that we’re there,” said developer Edgardo Defortuna, president and chief executive of Fortune International and the developer of some of the most sought after ocean front condominiums in Miami like Jade Ocean Sunny Isles and Jade Beach Sunny Isles.

CASH CUSTOMERS

Most of the foreigners are cash buyers like Leroy Jean Francois, who has snapped up 47 properties since January for the two real estate firms he works for in France and Switzerland. The plan, he said, is to buy, fix up if necessary, rent out for the next five years, then sell — for a profit.

The Frenchman has already made a paper profit on a unit he closed on in January at Marquis Residences, a 67-story luxury tower in downtown Miami where prices for a one-bedroom apartment start at $375,000. His unit cost $317 per square foot — “a great price, incredible,” he said.

A recent plunge in the euro — it’s now worth $1.23, down from its high of more than $1.60 in 2008 — could cool things off a little. To buy a $1 million condo, it now takes around 814,000 euros compared to 625,000 euros under the old exchange rate.

Meantime, prices for brand new condos on the ocean in Miami also have came down to around $400 per square foot.

But even the declining euro has barely given Francois pause.

“I think the euro will weaken more. But even if the exchange rate is $1 to 1 euro, Miami real estate is still a great bargain for us,” said Francois, who is president of The Bridge, a real estate fund consultancy.

AVERAGE JOES

Luxury Miami condos

are once again popular among Latin America buyers who purchase them as investments but also as a home base while their children attend school here, they attend to business interests or escape strife at home.

But for his Canadian buyers, Ellis scours South Florida for condo units at around the $150,000 price point. “We’re basically the Wal-Mart. We’re for the average Joe.”

And these days average Joe Canadian can afford much more. For decades the U.S. dollar was worth more than the Canadian dollar and buying in the U.S. was always more expensive for Canadians. But in September 2007, the Canadian dollar reached parity with the greenback for the first time in 31 years. It fell back again, but now the Canadian loonie, which takes its name from the loon pictured on the one-dollar coin, is near parity at around 95 cents.

So Ellis has been offering his Florida real estate seminars to packed houses in Ontario and is thinking about taking the show on the road to Montreal. There was so much interest in the latest seminar that he had to schedule two sessions for 400 people each this Sunday.

Most of his Canadian buyers are what Ellis calls “end-vestors,” meaning they plan on renting a unit out for now with an eye toward using it themselves down the road.

Since Home Finders is licensed as a brokerage only in Canada, it works with Florida brokers who complete the sales and pay the Canadian firm referral fees. By year’s end, Ellis said he expects to have facilitated 500 Florida closings.

PRICES HALVED

Though Home Finders is now working with one Sunny Isles Beach property where condos are listed for up to $350,000, the Sun Vista Gardens in Tamarac is a more typical offering.

There, buyers can find a one-bedroom for under $75,000 and a two-bedroom for under $100,000. That same one-bedroom, used to cost $190,000, according to Florida Home Finders’ website.

Ellis said he’s actually having a hard time coming up with enough Florida properties in the $150,000 range. Of course, he’s picky. He’s looking for good value, a good location and properties without legal complications. Most of the Canadians want condos, but Ellis said he has some requests for single-family homes.

Though buyers from Europe, Latin America — most from Argentina, Brazil, Colombia, and Venezuela — and Canada predominate in the South Florida real estate market, a smattering of Chinese investors and African buyers also are starting to make purchases.

“We recently sold a $7.5 million penthouse at Jade Ocean to a Nigerian buyer,” said Defortuna. “They were here and they loved it.”

CHINA, TOO

At Fortune’s 237-unit Artech Aventura building

Defortuna said 11 condos were sold to Chinese investors. Units in the building are selling for almost half of the original asking price.

“I think China is still a marginal market,” said Defortuna. “The Chinese are more focused on the West Coast and New York, but small pockets [of Chinese buyers] can make a big difference in a building.”

With international offices in Mexico and Argentina, Fortune can tap directly into those markets, and it frequently holds seminars on the legal and financial aspects of owning property in the United States. At one recent event in Buenos Aires there was space for just 200 people, so Fortune decided to charge a $60 fee. “We still had to close reservations,” said Defortuna.

One big concern of foreign buyers is what happens to their properties when they lock up after a vacation, said Defortuna. But Fortune International’s property management division will take care of things like paying utilities and condo fees — and even turn over a client’s car engine once a week so the battery doesn’t die.

A number of local brokerages have country specialists on staff who work with their counterparts abroad to bring in buyers.

Sunny Realty

for example, has sales associates who specialize in the French, Italian, Russian, Brazilian and South American markets, said Leon Belenky, executive director and managing broker.

With Miami condos prices so low

the Brazilian currency (the real) strong, the Brazilian economy robust and real estate prices on the rise in cities like Sao Paulo, where a luxury property might cost $800 to $1,000 per square foot, Brazilians like what they see in South Florida.

IMPOSSIBLE TO LOSE

“They feel it’s almost impossible to lose money,” said Leon Belenky.

Africa Israel USA, the New York-based developer of the 292-unit Marquis Residences, also works with the brokerage community in target markets like Venezuela, the South of France, Mexico and Brazil. Working with brokers, it has put on events ranging from fashion shows to invitation-only cocktail parties and dinners, said Lori Odover, the managing director.

“It needs to be someone they know, that they have a one-on-one relationship,” she said. So that means even an event at a synagogue or someone’s uncle’s pool party can be a selling opportunity.

Though most international buyers pay cash, there’s an international financing program at Marquis that has proven popular. Some 57 percent of Marquis’ foreign buyers have chosen it.

While the program’s 45 percent down payment for a five-year ARM seems steep, Bob Wuan, managing director of Americore Mortgage/Vacation Finance, said, “We find international buyers are more than willing to put 50 percent or more down. They want to put money in U.S. real estate as a currency hedge or an inflation hedge.”

Meanwhile, Ellis keeps telling Canadians what a great deal Florida is: “We believe Florida real estate is in for quite a rebound. We just don’t know when.”

Read more: http://www.miamiherald.com/2010/05/29/v-print/1655236/foreign-buyers-are-flocking-to.html#ixzz0pVdSkWMh


Content published by Lana Bell

Content published by Lana Bell