ROUND TABLE Miami
Brazil are doing well, the wealthy have money and they want to invest it in places with prestige: places where they can show off their home, their Ferrari and their money in a way that would often be too dangerous at home. When things are going badly – for example, when a country toys with communism and starts nationalising assets – the people with money want to get it out and invest it somewhere safe. They also want the opportunity to settle if things get really bad at home. Miami off ers both.” That analysis certainly seems
to fi t the fi gures. It also applies to buyers in many other parts of the world. Irina Rostova sees it in the former Soviet states. “We see buyers from Russia, Ukraine, Uzbekistan, etc., buying on this basis. They are not really expecting to move here but it helps to know they can. Until that time comes, they just come for a couple of months’ vacation each year. That is, until their wife and kids decide they prefer Miami to Moscow and put on the pressure to move here. Then they set up a business in Florida.” John Ainsworth added that, even then, they usually chose to spend only part of the year in the US. “They worry about the impact of US taxes – often unnecessarily. They often choose to play it safe, staying in the US for no more than 130 days per year.”
How many of these people are there? According to Juan Alvarez, there are thousands, hundreds of thousands, even millions. “There are lots of really rich people in the world and many of them see Miami as the best destination in the world”. Why? “Because,” says Marcell, “they can come here and speak Spanish. Feel Latin American – and not feel second-class citizens.” Miami is often referred to, only half jokingly, as the capital of Central and South America. So it looks and feels. There are as many Spanish TV channels as English and many of Miami’s leading schools are predominantly Hispanic. It is also quick and easy to get here. Why are they so keen on Miami as opposed to, say, Rio? Jose
26
Home country of buyers by number of transactions Venezuela 15%
Canada 10% Brazil 12%
Argentina 11%
Colombia 8% France 5% Mexico 5% Italy
4% Spain 4%
Ecuador 3% Dominican Republic 3%
UK 3% Chile 2%
Germany 2% Honduras
Russia 2% China 1%
Costa Rica 1% India 1%
Other 1%
Portugal 1% Nicaragua 1%
Malaysia 0% Japan 0%
Canero Jr has a simple – and compelling – explanation. “Safety and the US legal system. They know that the infrastructure is good, the administrative system works, their money is safe and the legal system
Everyone in Latin America knows somebody here
is going to protect them.” Marcell added another reason: “Everyone in Latin America knows somebody who lives here – legally or illegally. This brings in more and more of their friends. Parts of Miami – for example, nearby
Hialeah – off er an almost entirely Hispanic environment for blue collar workers coming here. They can do everything in Spanish and earn good money. This isn’t new. It’s been happening for over 30 years. This level of support encourages the wealthy – and they invest a lot of money here.”
HOW MUCH MONEY? For Hercules, the buyers range from people buying apartments at $500,000 to more substantial properties at $2, 3 or 4 million. Irina added that a penthouse apartment in the exclusive beachside area known as Sunny Isles had, reportedly, just been sold to a Russian buyer for $55million – the highest price ever paid for a local penthouse property. “People
2%
www.opp-connect.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80