FEBRUARY 2012 |
www.opp.org.uk WORDS | Sean Lightbown
BUSINESS
AGENT PROFILE | 43
atin American buyers are continuing to make a big impression on Miami’s real estate market. Brazilians especially. The Miami Association of Realtors published statistics in November showing Brazilians as the second- biggest group of foreign real estate buyers in the city, with a 12% share of the total market. Only Venezuelans (15%) chalked up a larger share in the data…and according to reports cited in the New York Times, Brazilians are expected to leapfrog Venezuelans next year to become Miami’s most active foreign buyers. Some reports even suggest that Brazilian ownership in some luxury towers has already hit 70%. And it’s at times
Miami’s Brazilian beat L
like this that agencies like Fortuna International Realty make a killing. The company opened a satellite office in Sao Paulo last year and is seeing tremendous activity. But why are they coming to Miami? “I think the fi rst reason is the market opportunity, the fastest economic growth in two decades last year and accelerating infl ation made Sao Paulo, Rio de Janeiro and Brasilia more expensive than any U.S. city,” according to Maximiliano Dupuis, director of the international division at Fortuna International.
Cristiano Piquet, founder of agency
Piquet Realty, agrees, saying that Brazilians are playing a proactive part in making Miami a hotbed. “It
Agent Profi le Cristiano Piquet, founder of Piquet Realty
Why sell Miami to Brazilians? Miami is an easy sell. It has everything you have ever dreamt of; from nearly perfect weather year round, to the best restaurants, night clubs and shops in the world. How long has Piquet Realty been doing this? We have been open for business for fi ve years. I have been in the real estate business for nearly 10 years. What has the market growth been like year-on-year? Is it a growing market? It has absolutely been a growing market, we have doubled our sales from the past year. What types of property are selling well at the moment? (condos, apart- ments villas etc)? Luxury condos are defi nitely on top of list. What is the typical commission rate? Its case by case. What is the general economic situation like in both Brazil and Miami? It has never been better in Brazil and the Brazilians are coming to Miami, keep- ing the real estate market up. What media do you use to get sales leads? We have done everything; from cocktail parties to magazine ads. Are you a member of a trade association? We are part of the Brazilian Chamber and Greater Miami Chamber of Commerce Will the market go up or down over the next year? The tendency is to go up because the real estate market has hit a very low point a few years ago. We are starting to see the trend rise once again.
has never been better in Brazil and the Brazilians are coming to Miami, keeping the real estate market up,” he says.
However, Brazilians aren’t here to purely safeguard their assets. They are here to play. “Many Latin Americans invest in Florida as a haven from social and economic uncertainty; Brazilians come to enjoy themselves and, perhaps, make a profi t,” adds Dupuis. Piquet, agrees that the fact that Brazilians have this attitude means that “Miami is an easy sell. It has everything you have ever dreamt of; from nearly perfect weather all year round, to the best restaurants, night clubs and shops in the world.”
“In the most of cases, more than just buying one apartment, they are also getting their friends and families to buy. When one buys in a project, the rest follow. They want to be around friends and people they know.”
What are they looking for? “In addition to the beach proximity, Brazilians want condos near the shopping malls of Aventura and Bal Harbour, where they buy watches, designer clothing and perfumes at prices that are a relative bargain,” argues Dupuis. “They also feel more free to flaunt their wealth in Florida because it has a lower crime rate than most Brazilian cities.” In a country as large and diverse as
Brazil, where are the buyers coming from? “Buyers come from Brazil’s wealthy states, like Minas Gerais and Rio Grande do Sul, as well as the major cities of Rio and São Paulo,” says Dupuis.
For Piquet, “Sunny Isles, Adventura, Miami Beach, Brickell and Biscayne are our top locations.” Essentially the demand is for “Central locations, near the best shopping malls, restaurants and beaches,” he says. Being well connected transport-wise is a major factor for Dupuis. “[It] is important to note the access is easy with many non-
What types of properties are selling best? The best opportunities are in the new condo buildings and the best- sellers are in prime locations (Sunny Isle, Bal Arbour and South Beach). Investors also opt for the Brickell Avenue fi nancial district. Properties here are rented to executives and bankers, an investment option with high upside potential and a guaran- teed income. What are the typical commission rates? Importantly, the buyer never pays commission on residential transac- tions. The developer pays a broker’s commission of 5 / 6% in new build- ings , and re sales same commission 5/6 % but generally divided into buyer and seller broker. What is driving the Brazilian surge into Miami? Surging real estate prices in Brazil and the currency’s 45% gain against the U.S. dollar since 2008 are send- ing Brazilians to South Florida in search of bargain vacation homes and property investments
Agent Profi le
Maximiliano Dupuis, international division director, Fortuna Realty
South American property investors are surging into Florida’s real estate market, with newly affl uent Brazilians near the front of the queue. OPP talks to agents selling the Sunshine State to investors from this rising economy.
stop fl ights (of about nine hours) offered to Miami from airports throughout the country. Direct fl ights between Brazil and Miami International Airport American Airlines fl ies from Miami to Rio, Sao Paolo, Recife, Brasilia and Belo Horizonte.”
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