Foreign investors are buying up distressed condos at Epic and Wind in Miami

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Even though the housing market is still stabilizing in Miami, there is definitely a bright spot on the horizon. Speculators who created this housing bubble are few to be seen and investors are coming up to the plate. Investors look to buy a rock bottom prices and either rehab and resell or hold these properties long term to build a nice investment portfolio of real estate.
Take for example Downtown Miami. A group of foreign investors from Venezuela recently purchased 40 plus units at the Wind by Neo complex at bulk pricing for about $160-$170 a square foot. Furthermore, a group from Italy just bought 18 units the the Epic high-rise condo built by Italian Land developer and owner of CMC construction Hugo Colombo. Epic is the jewel building in downtown located at where the Miami River meets Biscayne Bay. We see more and more foreigners buying our real estate in Miami than ever before. The strong Euro is still a huge advantage for the foreign buyer, even though it was not as strong as 6 months ago, I fell there is added pressure to buy before prices start going up. Brazil has also enjoyed a strong overall economy and is starting to purchase distressed condos in the Downtown Miami area also.

Living in Miami for over 40 years I would have never thought to see prices in most cases at below replacement value not factoring land costs. I had a friend who bought in 1990 a 3/2 fixer upper in the Shenandoah area of Miami for $95K. A client of mine bought 9 months ago a bigger home in same condition in 2009 for $115K in a foreclosure. What, no inflation in 19 years? Things are out of whack here and make no sense in most cases; however investors are making sense of the current market conditions and are jumping in!

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