In the past 7 days, we have worked with 2 Venezuelan cash buyers.
1) The first has made a cash offer on a 4-plex we have listed in Little Havana ($415,000). The deal looks very promising. We are currently negotiating.
2) The second was a secretary who called from Caracas for her boss who saw our listing at Santa Maria Luxury Condo on Brickell Avenue ($945,999). We scheduled an appointment to show this buyer our Santa Maria unit at 1643 Brickell Avenue, #806 during his upcoming 3-day visit to Miami (October 13-16).
My point is that Venezuela is still a significant source of buyers as it has been for over 7 years. The other top countries for buyers for South Florida in 2011 are: Brazil, Argentina and Mexico. Buyers in these countries continue to see Miami real estate as a safe haven sheltering from the tumultuous markets in their homelands and around the world.
In fact, the worse the news is in the stock markets, the better the Miami real estate market seems to fare (Miami has experienced a 35% reduction in supply on the MLS over the past 6 months). There is now only a 7-month supply of inventory (all price points for condo, single family and townhome). 6 months supply of inventory represents a balanced market (neither a sellers’ market nor a buyer’s market).
Call Jason Smith if you would like assitance to SELL your House or Condo in Coconut Grove, Coral Gables, Miami Beach or Pinecrest.