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| Written by Miami Herald |
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``The word is out across the entire globe that Miami is on sale, so we have had a lot of good activity this entire year.'' Those enthusiastic words from Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors, succinctly sum up this week's cover story on Page 16. As reporter Monica Hatcher notes, foreign buyers have become a key factor in the recent surge in home sales in South Florida. And they often come with cash in hand, which is good news for our local economy. The reasons for this influx are many. A strong euro lures buyers from across the Atlantic. Investors from Israel and Spain, where real estate prices have soared, find our prices attractive. Political stability appeals to those from Venezuela. And Brazilians are drawn by a desire to diversify their portfolios. Topping it off, it's now cheaper to buy an apartment in Miami than in some major Latin American cities, such as Buenos Aires and Mexico City, says Walter Defortuna, chairman of Fortune International Realty, adding that this is the first time he has seen this development in his 30-year career. All of this might offer a ray of hope for developers who overbuilt during the boom years and banks that made shaky mortgage loans. So can foreign investors help get us out of the recent real estate mess? Without hesitation, Shuffield replies: ``Absolutely.'' That, however, remains to be seen. |
