We all know the great role that Latin American buyers have played in the recovery of new condos sales in the last couple of years. Convenient prices, plus a good economic environment in some Latin American countries attract their nationals to the idea of owning a Miami condo.

Venezuelans have been widely interested in buying in Miami, motivated by the security of having a place to go in case political conditions worsen. But it is the role of the Brazilian buyers the one that has caught the attention of the media lately, mainly because they are interested in one particular type of condo: the high-end penthouse!

Brazilian buyers have flowed to cities like Sunny Isles Beach and to submarkets like Brickell’s and Downtown’s to buy luxurious waterfront condos. They buy penthouses and high-end condos because the prices are right for them with the current juncture of the Brazilian real appreciation. Brazil has become a very important regional power, and their economic growth has strengthen the value of its currency, so buying a luxury condo is a great opportunity, even in comparison with their local luxury properties.

The Brazilian has become the second largest nationality for international condo buyers in Miami! In some condos, even the touch screens to communicate with reception or concierge services have been translated to Portuguese, because the mayority of their residents comes from this exotic country! Agradecimientos e boas-vindas! At the left, a picture of Brazilians enjoying and making the Brazilian Day in Miami!

Private initiative is prooving to be very effective in the recovery of the South Florida real estate market. Recently, not Washington or a tax credit, but the private flow of capitals from outside borders has had the assistance effect for Florida’s economy. How big can the effect be?

According to an article in the Miami Herald posted on Saturday, more and more foreign buyers from more locations are turning to the Miami real estate market. The product? Condos. The condo units in Greater Downtown Miami are the most appealing for foreign buyers, who purchase units mostly by cash. So, some of the foreigns are becoming bulk-buyers, some of them are inidividuals who wish to rent in the short term to then use the property personally in the long run (named in the article as “end-vestors”).

Real Estate firms from France and Switzerland took a great advantage from low prices in Greater Downtown’s luxury condos and, of course, of the Euro-Dollar exchange rates that favours european investments. For example, the paper quotes the case of a french broker who works with two real estate firms, and has closed on 47 units from January to May.

Latin America has also a share in the foreign assistance. The biggest investors are Colombian, Venezuelan, Brasilian and Argentinian. Also Chinesse and Africans have started to gain increasing interest in the market. The affluence is due to low prices, that have anyways started a slight recovery after the sales activities last months. Both the tax credit aid and the foreign buyers have contributed to this, as prices in Downtown Miami’s condos rise -like Marquis Residences, that has had an increase from $317 to $400 in May.

The later strengthening of the Canadian currency has skyrocketed the interest of Canadian buyers, to whom real estate firms refer to as “end-vestors”. Despite the fact that these buyers help in prices recovery, they are all cash buyers, and government’s efforts to broaden the range of Fannie Mae’s financing options don’t seem reflect yet in the market. We will have to wait and see what happens in the next few months, when we will see the effect of Fannie’s new condos admitted for financing in Miami.

Miami, Florida has become the home of opportunity, YES opportunity to buy a second or vacation home and to make a great investment at the same time.  Presently, the globe is going thru a lot of changes not only ecologically but also economically. For example, many Latin American Countries are facing a lot of government problems and instabilities that cause people to feel frighten about keeping their money in their home land.  On the other hand, the US  economic crisis has motivated foreigners to see an opportunity to invest their money, put it in a safer place, and finally be able to own a vacation home in Florida.  This opportunity has been imposible in the past due to the inflated prices but today all this has changed and the affordable prices especially in the areas of Brickell, Downtown Miami, Miami Beach, and surrounding areas are making it possible for these foreigner investors to buy.  Another group of people that is being attracted to Miami, Florida are Europeans. Due to the devaluation of the US Dollar, buying Condos in Miami has become very affordable for foreigners to finally buy their dream vacation home and investment property.

The following requisites are needed when buying a Condo in Miami, Brickell, South Beach and surrounding areas as a foreigner if you are planning on financing: If you are Self Employed, you will need an Accountant’s income letter and copy of CPA License stating how long you have owned the business and its current annual income, including the past two years of income plus two business reference letters from your Country of Origin. If you are a Salaried Employee, you need your employer to write you an employer income letter certifying the time you have been employed, position held, monthly and annual income from the past two years and up to the present date. In addition to this, foreign employee or self employed buyers will need three (3) credit cards (Visa, Master Card, American Express, etc.) reference letters from country of origin or USA;  also the last Credit Card statement for each. Very important is to show two(2) bank reference letters and three most recent bank statements showing liquid assets like money market, stocks, bonds, life insurance face value, etc.(Last 2 months). Copy of Current signed passport and Copy of USA Visa. Proof of residence in country of origin (utility bill like water, cable, telephone, electricity, etc.) These documents are the general overview of the main requisites you will need to be aware of when applying for financing to purchase a condo in Miami as a foreigner. Remember that depending on the financial institution you apply with some of these requisites may vary a little, or they may require some additional documents.

In conclusion, a lot of foreigners think that buying a home in Miami, Brickell, South Beach or surrounding areas is too complicated but when following the right steps and getting the right information from professional people who can guide you thru the process, it should be a pleasant experience. For more information contact us and we will be happy to educate you more on how to buy a condo in Miami, Brickell, South Beach or surrounding areas.