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Condo Vulture’s Peter Zalewski on the growing concentration of foreign buyers in the Florida housing market.
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US home sales a nice boost in Florida joining us from Miami is -- is a loosely -- with -- Condo vulture is actually -- -- We've we've brought the story yesterday 31%.
Of home sales in the whole state of Florida what to foreign -- my question is what are they know the way Americans don't.
Well -- I would tell you in certain places the foreign buyer concentration is close to 90%.
-- really with a foreign buyers know that domestic buyers don't know is that cash is king.
They can go when they're they're they don't necessarily need the leverage a lot of domestic buyers -- to rely on.
And ultimately the currency advantage that's -- many of these foreign buyers weather coming from Brazil though the coming from Italy or other places like that -- able -- pick almost product at a pretty remarkable price.
Now is it Latin American bias in Miami and I asked the question because perhaps than not looking for capital gains -- in the looking for an investment.
They're looking for a political safe haven.
And established domicile in Miami is that what's going on.
Well.
You know how it's reported in two categories especially a Latin American crowd which is gonna represent -- -- having for a 5% of the foreign buyers.
You're gonna have your -- from Brazil and Colombia were buying because of prosperity in their home countries.
And you're gonna have your buyers out of Venezuela Argentina and Mexico were buying out of fear and are looking for a safe harbor.
May these buyers are coming -- trying to purchase they're looking to simply cover their cost is they're bullish at the prices of real satan in Miami.
Will be going up in the future and then and then sort of a wallop -- and all this is European buyer lot of Italians lot of French.
We're coming here they like the climate they -- the feel and they're not really sure what's gonna happen with the you're going forward.
Tell where the pockets in Florida -- it is up to 90%.
Of all home purchases of foreign wet -- well those pockets.
It was at first and foremost is going to be greater downtown Miami there's been a real push to try to drive buyers from South America -- -- integrate greater downtown Miami.
But -- these investors are coming in -- three to five your -- hold.
If you go to our certain portions of Fort Lauderdale you're gonna find the -- Canadian buyers are are they are and a pretty big way.
And then when you get into South Beach area that's probably going to be your European -- that'll be you're telling that'll be your -- your gentleman from France or Germany I'm European if -- went to South Beach -- now cash in hand could I get a nice Condo on the beach new for a 100000 -- Stuart you're gonna be shocked but -- sixteen projects trying to.
Get a minimum of 2000 dollars a square foot there's four units on the market for 3000 dollars a square foot so what I'm telling you this in South Beach -- deals are for the most part gone.
Yes you're right 2003000.
Books a square foot that's not a deal that's not a bargain has nowhere -- it now well.
What was Stewart now picked consider this if you go across the causeway which is four miles away and -- -- -- in downtown Miami.
The average price there's going to be 350 but silicon do -- launch -- again I can do much better than that in Naples Florida which is a very very nice area.
That is -- -- -- I'm sorry we're out of time I loved and -- your company what is it again.
Condo -- until.
-- figure -- -- sort of option they.
