International Investors Support Miamis Residential Real Estate Market

Pending sales showed  another positive months growth in October.

The chart above indicates the following:

2.8% Increase in pending sales vs September 2010

8.2% Positive growth from October 2009
9.8% Additional pending sales when comparing current vs same quarter 1 year ago

Foreign investment was fueled by buyers  from two foreign countries, namely Brazil and Venezuela. The Venezuelans interest has been brought about by the unstable government led by President Hugo Chavez. A strong economy in Brazil is encouraging these South Americans to invest. According to Edgardo DeFortuna,the quality of units built in Miami is far superior to homes available in Rio de Janeiro and Sao Paolo.

Realtors and brokers alike are heading south to Latin America to promote the wide variety of properties for sale. Real estate expos in both countries are bringing many buyers to Miami, the gateway to Latin and South America.