Apartments In Rio De Janeiro

Brazilians Buy Miami Condos at a Discount

June 21 (Bloomberg) -- Surging real estate prices in Brazil and the real's 45 percent gain against the U.S. dollar since 2008 are sending Brazilians to South Florida in search of bargain vacation homes and property investments. That’s helping bolster Miami’s condo market, with total sales increasing 92 percent in the first four months of 2011 from a year earlier, according to data from the Florida Association of Realtors. Gigi Stone reports on Bloomberg Television's "In the Loop." (Source: Bloomberg)

Frederico Azevedo went to Florida looking for a second home. He left with three, paying $300,000 and $500,000 for condos in two Miami towers, and $1 million for a unit at the Trump International resort in nearby Sunny Isles.

“I bought one to use as a vacation home and the other two as investments,” Azevedo, 39, president of Construtora Altana Ltda, a housing-development company, said in a telephone interview from his office in Sao Paulo . “It’s actually very cheap in Miami compared to here.”

Surging real estate prices in Brazil and the currency’s 45 percent gain against the U.S. dollar since 2008 are sending Brazilians to South Florida in search of bargain vacation homes and property investments. That’s helping bolster Miami’s condo market, with total sales increasing 79 percent in the first five months of 2011 from a year earlier, according to data from the Florida Association of Realtors released today.

In the Miami area, Brazilians bought 9 percent of homes and apartments sold to international buyers in the 12 months through March 2010, behind only Canadians and Venezuelans, according to the Miami Association of Realtors . Since then, “anecdotal evidence certainly points to a significant increase,” said Lynda Fernandez, a spokeswoman for the group. In May, international clients bought about 60 percent of existing houses and condos and 90 percent of newly built homes, the association reported today.

As many as half of the downtown Miami condos that have been sold to foreigners for more than $500,000 since January were purchased by Brazilians, said Craig Studnicky, president of International Sales Group LLC , an Aventura, Florida, property- marketing firm. Buyers from Brazil also accounted for about half of sales of more than $1 million in Miami Beach .

Demand from Brazilians is “growing geometrically,” he said. “Next year, it’s clearly going to be the dominating force.

Real-estate Penthouse Apartments In Rio De Janeiro, Copacabana And ...

You have went to see Rio de Janeiro, enjoyed your vacation, likely to return regularly and that means you are at this point contemplating acquiring real-estate for both an investment and a vacation home. Your approach can’t be any better simply because Rio’s real-estate has been on fire and more than likely will proceed through 2016.

For somebody not necessarily familiar to the region, the language or the culture, it is extremely advisable that you use a real estate property agent. It won’t cost you anything due to the fact the seller pays the broker fee on the purchase. In Brazil, real-estate brokers are part of a professional organization and must be able to supply an identity card that contains their CRECI license number. On top of that, it’s recommended that you also work with a real estate lawyer to confirm the legal owner of the apartment and that there are zero outstanding liens.

To no surprise, acquiring a penthouse apartment in Rio de Janeiro’s most well-off suburbs such as Leblon, Ipanema and Copacabana can be extremely pricey. Over the past five years, their valuations have significantly climbed. Typically, flats in these zones go for R$6,000 to R$10,000 (R$=Reais) per square meter (M2). The higher of the rates belonging to flats close to the beaches. A 90 M2 unit which is around 1,000 sq ft can average R$720,000.

When you’ve got 100% of the cash, there are deals to be discovered. From auctions on foreclosed properties to apartments that are locked up because they are in the process of being willed (inventario), you may discuss lower prices of as much as 25 to 30%. However these circumstances are few and they are inclined to have more red tape. Though if you can find them, you can certainly find a fantastic penthouse bargain in Copacabana or Ipanema.

If you need a loan, Brazil can be a somewhat easy location to be eligible. First you will require a CPF number. This would be the equivalent to a social security number in the United States. You may get this at the local Brazilian consulate or at the post office in Brazil. Next, you ought to have a standard down payment of 20%. The more you put down, the better since the interest rate in Brazil is 12%. The final aspect is a Brazilian checking account along with proof of cash flow. The lender will commonly need to look at six months of deposits equaling your stated cash flow. With all these ingredients in position, you are ready to buy your dream vacation residence in Rio de Janeiro.

Rio de Janeiro

Rio de Janeiro handbook, the travel guide

Rio de Janeiro

The Rough Guide to Rio de Janeiro

Lonely Planet Rio de Janeiro