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550 South Dixie Highway
Coral Gables, FL 33146
Take a look at this chart, which illustrates why foreign investors have stopped buying property in the US. You will note that, with the exception of China, it has become more expensive across the board to buy property in the US. For example, if you look at Argentina, back in 2007 a $1,000,000 property in the US could be purchased for 3,186,990 Argentinean Pesos. However, in 2016, a $1,000,000 home would cost 16,042,200. That makes a $1,000,000 house a whopping 403.4% more expensive to an Argentinian buyer in 2016 than it was in 2007! Colombia, Peru, Brazil, and Venezuela have all seen their currency rates change, meaning that the Latin American market here in Miami has weakened considerably.
It is not just South Florida that is experiencing this shift in the real estate market: other parts of the US have historically had heavy foreign real estate investment as well. Because property is relatively more expensive right now, the “steals” that foreign investors were purchasing around 10 years ago simply do not exist at this point.
The real estate market is constantly changing, and this is just the latest shift. I am sure that one day in the future I will be writing a blog about how much foreign investment we are experiencing!
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
Consistently in the top 10 company-wide at EWM for the past 15 years, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!