Florida was hit hard by the real estate bubble’s explosion in 2008, and the resulting crash in real estate value, which severely damaged the net worth of many people and sent thousands of properties into foreclosure. But what was a catastrophic event for many residents of Florida became a tremendous buying opportunity for many from outside Florida.
In the case of Florida, Brazil was the source of the salvation for much of the condominium, apartment and home sales market. As the economy of Brazil boomed, it created a great many that were looking for investment opportunities for that new wealth.
The collapse of the Florida real estate market made it a very enticing region for these putative investors. The depression of valuations made for attractive pricing and this combined with the cultural, climatic and geographic similarities to draw many Brazilians.
And one real estate agent who works with primarily Brazilians noted they are buying significant properties, including one $6.2 million condominium on South Beach.
The market is so strong that some real estate developers are modifying properties to better suit their taste, including marketing condominiums with three bedrooms and thr25425ee baths.
In addition to buying residential real estate, many Brazilians were looking for businesses investments and commercial real estate.
They saw both a opportunity to obtain a greater return on their investment and the potential for obtaining a U.S. Visa by investing and creating a business that would create jobs in the U.S.
Some of these Brazilians are in their early 50’s and imagine “retiring” from their business in Brazil and creating a second career in business in the U.S.
Source: WLRN.org, “How Brazilians Have Helped Save South Florida Real Estate,” Tom Hudson, October 23, 2013