Nobody understands why Brazilians are attracted to Miami better than Benchmark’s Lea Green – or her many friends that have purchased properties this year.
Smart money and the most successful Brazilians – are finding ways to capitalize on the appreciation of their currency relative to the dollar and a temporarily depressed South Florida real estate market.
The economic situation. Most educated Brazilians are enjoying robust economic growth at home. However, they do share the concern that their currency will not hold its value over the long-term. So even if the Miami and South Florida real estate markets were not to appreciate, based upon the common accepted reality – that the Real will not hold its value – Brazilians who invest in South Florida real estate would still make money on these investments.
At Benchmark, we work closely with many Brazilians looking to do just this.Upon arrival, usually a referral from a prior client or a friend, we educate all of our clients about the growth potential of our great city.
We are true believers in Miami. It is a young city, one with tremendous potential and at a key point in its history. Given the boom and bust of the real estate market coupled with the financial situation in the U.S. overall, Miami represents an unparalleled opportunity for those with cash.
At Benchmark, we tell people how fortunate we are right now to be in the middle of this once-in-a-generation opportunity: Before this last development boom Miami was best known for South Beach and considered a ‘fun in the sun’ destination. Now, it is emerging as a world-class city, with a performing arts center equal to other major cities, a new museum breaking ground in Downtown (Miami Art Museum), Art Basel Miami Beach (the largest art event in world) and a burgeoning, high quality culinary scene.
Combine all of this with the fact that Downtown Miami has seen the construction of tens of thousands of new condominium residences, 85% of which have already been sold, predominately to cash buyers, and that upwards of 80% are occupied by tenants.
Facts and trends like these are spurring fundamental change in Downtown Miami; we like the burst to an adolescent’s growth spurt: It’s just the beginning!
Today’s opportunity. The opportunity today is the ability to purchase high quality properties for less than they cost to build. Having the ability to buy at this fraction of the cost to replicate provides buyers with a basis today for the ability to generate positive cash flow if they rent, or the ability to enjoy luxury lifestyle, and hold until new construction begins again and prices go substantially higher.
In terms of simple economics, the current real estate market is a buyer’s “perfect storm.” Record levels of inventory have created a great selection of homes at attractive prices.
This inviting buyers’ market, coupled with historically low interest rates, offers a great opportunity for many buyers. And, of course, no one can say with certainty how long these conditions will last.
Why do fellow Brazilians love Florida? With a similar climate to Rio de Janeiro, Florida is one of the best and most popular places for Brazilians in the United States. More than 200,000 Brazilians live throughout the state, with the largest concentrations living in the cities of Miami, Coral Gables, Miami Beach, Pompano Beach, Deerfield Beach, and Fort Lauderdale.
From affluent lifestyle destinations to family-friendly vacations, South Florida has it all. The region offers direct flights to and from major Brazilian cities, economic opportunities, clean beaches, reliable utilities, great shopping, recreational activities, cultural events, and a thriving nightlife.
Thinking about making in investment in South Florida real estate? Here are some why Brazilians adore Miami:
- Safety for holiday travel
- Direct flights to and from MIA
- Climate and Culture similar to Brazil
- Beaches are very clean
- Price of consumer goods is very low
- Year round sun with International profile
- Investor visas are available
- No electric or water shortages
- Opportunity to lease vehicles and watercrafts if homeowner
- Portuguese and Spanish are widely spoken
- Language accessibility
- Opportunity to enroll in English classes during stays
- Currency exchange is currently highly favorable
- Excellent medical assistance
- World-class nightlife
- Port for cruise ships
- Incredible shopping, including one of the country’s largest outlet malls (Sawgrass Mills)
- Proximity to Disney World
- Adrienne Arsht Center / Performing Arts Center
- American Airlines Basketball Arena and the Miami Heat
A variety of International events:
- Miami Food and Wine Festival
- Art Basel
- The Miami Yacht and Brokerage Show
- International Film Festival
- Brazilian Film Festival