Many people from Brazil are becoming investors in Miami Properties.
CNBC.com put out an article titled “As wealthy Brazilians snap up Miami real estate, few benefit.” Being a local Miami investor myself, I have seen the transformation that has taken place in Brickell, South Beach Miami, Shenandoah, Wynwood, Little Haiti, Little Havana, Allapattah, Downtown Miami, and Overtown.
Why Are Brazilians Investing in Miami?
What I have experienced so far as a local person is that prices of everything in those areas mentioned have gone up. I used to be able to go to South Beach and spend $20 (sometimes nothing at all) and have the time of my life. I can’t go out now to close the ocean without shelling out premium prices for a nice dinner with my girlfriend.
Commercial rental prices in those areas have gone up forcing renting businesses to pass along the price hike to us. This is especially true because Miami has become more of a touristy place, even in the inside “real” Miami across the bridge.
My experience has been that most investors in Miami are not Brazilians but are local folk looking to keep more rental properties and looking for flips. There’s not too many people that can professionally be an investor in Miami because the market is tough and highly competitive.
How do wealthy Brazilians help local Miami residents?
I can imagine they are paying top dollar in taxes for those condos they are snatching up.But where do those taxes go? I read an article Miami was in a surplus for 2015. Unfortunately, not very much money went to the school system. Instead it went to the police to buy all the boys in blue new Dodge Chargers.
Miami residents are struggling with their rent payments as the rental market is red hot. Also, employment has increased and people are getting paid way less than just a year ago. Miami is truly the magic city as it pulls tricks on your eyes. On one side you have all the glamour of the beach and tall buildings while on the other side of the bridge you have some of the poorest populations in a city in all of the United States. Its fucked up, I know.