Argentine entice developers to buy back in Miami

"Two years of financial crisis, investors expect further falls in property prices and are now to be paid 30% more , "summed up in a conversation with Eduardo Cofresi to explain the change in business cycle in real estate in Miami.

Is no minor issue in the case of Argentine investors , who together with Latin Americans tend to buy in the south east coast of the U.S. because "they want, can and want to use , rather than rent, "according to synthesize Cofresi, is that" in the last 15 days the weather has cleared election . "

"This regained momentum in the housing market premium, both in the domestic market, as in the case of seeking opportunities in Miami, "said Adriana Massa, sales manager of Argentina Properties Sotheby’s International Realtty.

"Spurred by foreign buyers whose bids are for cash, in June 2011 i nventario of properties for sale fell to the lowest levels in five years . Sales of waterfront property were leaders in price increases, reinforcing an increase in the average sales in both counties at the highest level in two years, "said a Cofresi confident that values ​​will continue to rise.

Market vendors

According to the expert in several areas of Miami, just minutes from the main centers of consumption and leisure, "the prices of developments will continue to recover after falling more than 45% and by December it is likely that transactions will focus more on steps Hand of homeowners in initial sales, which provides funding to 30 years, fixed-rate of 4 to 5% annually for 50 to 60% of the cost of construction. "

Despite these offers, considering that it faces a market in which sellers have advantages to select the growing influx of potential buyers, many of whom are looking for a store of value, but tamb in because they like , most investors are not speculative . "

Expert explained that such conditions do not apply to residents in the U.S., which generally have a high level of indebtedness.

Hence the search for developers available in the few areas of Miami Latin American buyers, particularly Argentina, that "historically have had a preference for the beach areas of the southern U.S., because investors have often proved cancel operations within an average of 5.5 years, if not purchased for cash. "


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