Foreign investors are swarming Miami, buying up property and paying with cash.
Individual investors from Argentina, Canada, Columbia, France, Israel, Italy, Norway, and Venezuela are investing in what they see as a fire sale of U.S. property.
“I have never seen such a high concentration of foreign nationals acquiring real estate,” says Peter Zalewski, who has been in real estate for 15 years and founded Condo Vultures, a consulting and brokerage firm. “Eighty percent of the sales in downtown Miami are foreign-based. This is unprecedented.”
Practitioners say they are also seeing similar sales in Seattle, Washington, D.C., New York, Las Vegas, Los Angeles, and San Francisco.
To meet demand, real estate brokers are hiring sales associates who can speak multiple languages and are investing in overseas marketing tools.
Source: Associated Press, Michelle Conlin (10/04/2010)