International Council of the MIAMI Association of REALTORS

     

                

International Articles and Advertisements

The MIAMI Association of REALTORS® features a half-page article each week in The Miami Herald –International Edition, promoting MIAMI Members and the South Florida real estate market to affluent consumers in Latin America and Europe.

  • Growing South American Population Reshaping Miami

    by | Aug 10, 2016

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    Miami-based Brazilians willa pull on their yellow No. 10 Neymar jerseys. Local Argentines will sport blue-and-white striped jerseys. Local Colombians will wear yellow, Peruvians red and Venezuelans burgundy. These ethnic groups and more will come together this month at Miami sports bars to watch the 2016 Summer Olympics on TV, and one central theme will be on display: Miami's incredible diversity.

    A city once defined by Cubans is now home to a growing South American population that is affluent, well-educated and business oriented.

    South Americans' impact on Miami can be seen in the city's changing skyline, booming real estate market, international banks, growing downtown, construction cranes, cultural institutions and more. South Americans have helped Miami become a world-class global city. South Americans have helped diversify Miami's economy, encourage more international visitors and homebuyers, add international businesses and grow its import-export trade.

    Miami, often nicknamed the Capital of Latin America, overtook Los Angeles and now has the highest share of business owners who were foreign-born in the United States. Immigrants comprise 39 percent of Miami's population and 45 percent of the city's business owners.

    Miami's Growing South American Population
    Cubans still comprise Miami's largest ethnic group, representing 34.3 percent of the Miami-Dade County population. But South Americans are rapidly rising. Colombians are Miami's second-largest Hispanic group, comprising 4.6 percent of Miami's population.

    The Colombian population in Miami grew 63.7 percent from 2000 to 2010. The Venezuelan Miami population jumped 117 percent during the same time period. Argentina (114.5 percent increase) and Ecuador (87.8 percent) also jumped from 2000 to 2010 (see U.S. Census Bureau statistics below).

    Hispanic or Latino Origin, Selected Countries - Percent Change 2000-2010 - Miami-Dade County


    The Impact in Miami Real Estate
    A wide range of international consumers play a major role in Miami real estate sales.

    Foreign real estate buyers accounted for 36 percent or $6.1 billion of total sales volume, according to the 2015 Profile of International Home Buyers in Miami Association of Realtors Business Areas, conducted by the 42,000-member MIAMI Association of REALTORS® (MIAMI) and the National Association of Realtors (NAR).

    The top-four countries investing in South Florida come from South America.

    Top Countries Investing In South Florida

    1. Venezuela
    2. Brazil
    3. Argentina
    4. Colombia
    5. Canada
    6. Mexico
    7. France and Italy

    Colombia continues to lead all foreign countries searching for South Florida real estate, according to the MIAMI Association of REALTORS® (MIAMI). The South American nation finished as the top international country using MIAMI's search portal, http://www.miamirealtors.com, in May 2016. Colombia has now led the rankings for six consecutive months.

    The Impact in Miami Neighborhoods
    The growing South American population in South Florida can be seen, felt and heard in various neighborhoods. Let's consider two: Doral in Miami-Dade County and Weston in Broward County.

    Since the election of Hugo Chavez in Venezuela in 1999, Venezuelans have migrated to these two aforementioned cities. Doral, which is one of America's fastest growing cities, is often nicknamed Doralzuela. Doral is 80 percent Hispanic. In 2012, Doral residents elected Venezuelan Luigi Boria as mayor.

    Weston in Broward County also has a major Venezuelan population and is often nicknamed Westonzuela. You can easily find arepas and Spanish-language periodicals like "El Venezolano" at gas stations. Weston, one of Broward's newest cities, has become a suburban home for many exiles seeking the American dream. Venezuelans migrated to Weston to be part of the growing Venezuelan countrymen as they recover from their lives being threatened under President Hugo Chavez's leftist populist rule.

    The Impact in Miami Banks
    Brickell in downtown Miami is another area being impacted by South Americans. International banks have flourished in this area, which is often nicknamed the "Wall Street of the South." As a larger diversification of countries have migrated to Miami, more international banks have followed the Latinos to Miami.

    More than 53 banks from North America, Europe and Latin America do business in Brickell. The proliferation of international and domestic banks in this financial district south of downtown has not only created hundreds of local jobs, but it has fueled unprecedented residential and commercial development.

    South Florida's multiculturalism is a key factor in Brickell's development into a banking powerhouse. About 51.3 percent of Miami residents are foreign born, which is more than double the national average. Miami's reach extends beyond South America as students in Miami-Dade public schools speak more than 56 different languages and come from 160 countries. The ability to speak multiple languages is key in global banking. Foreign investors feel confident moving their capital to Brickell banks.

    The Melting Pot of Miami
    As Miami's brand continues to grow and more international consumers purchase homes here and start businesses here, South Florida is starting to see new groups invest locally.

    China, the world's most populous country, is one of the fastest growing segments of South Florida foreign buyers. The Asian country's interest should only increase due to Miami's world-famous lifestyle, top-tier colleges and universities, expansive designer-brand shopping, diversified economy, sunny weather, clean air, walkable districts, and secure investments.

    Miami has a reputation for welcoming all ethnicities. Its remarkable diversity is Miami's greatest strength. Being around people who are different from us makes us more creative, more diligent and harder-working.

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  • Miami is More than the Beach

    by | Aug 03, 2016

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    Miami Beach gets the international acclaim and deservingly so, but there's so much more to Miami than the beach. From the colorful murals in Wynwood to the international banks in Brickell to the stunning Mediterranean homes in Coral Gables, Miami offers a diverse array of neighborhoods. Each of Miami's 34 municipalities is experiencing growth and major commercial development.

    Let's take a look at 10 Miami neighborhoods:

    Downtown/Brickell
    Downtown Miami is America's fourth-fastest growing neighborhood, according to Realtor.com. The population here has doubled in the last 15 years to 80,000 residents. Two of the nation's largest mixed-use projects--- Miami Worldcenter and Brickell City Centre --- are being built here.

    Millennials love the new nightlife options, restaurants, shopping, ability to walk to work and free Metromover rail system. A new commuter train will start carrying commuters from downtown Miami to West Palm Beach in 2017, with service from Miami to Orlando following. Downtown is also near Brickell, which boasts more than 53 banks and is nicknamed "Wall Street South."

    Wynwood
    Arts and culture can reinvigorate neighborhoods and increase property values, and there's no better local example than Wynwood. The area, known for its colorful murals, has transformed from a quiet warehouse district to one of America's most coveted tracts of real estate.

    The Wynwood Arts District contains over 70 galleries, museums and collections. Today, Wynwood is an international capital of nightlife, dining and fashion. Huge apartment complexes are being planned here as residents clamor for more urban living.

    Miami Shores
    This suburban community is home to Barry University, a private Catholic university founded in 1940. Miami Shores has a gay-friendly reputation and was named as one of the nation's best places for LGBT people to retire, according to the Huffington Post.

    Located between Little Haiti and North Miami, Miami Shores is a short drive from Downtown Miami.

    Miami Lakes
    The Town of Miami Lakes, located in northwest Miami, is one of the youngest cities in the county. The town has winding streets, lush landscaping, general parks and more.

    The largest mall in the United States--- American Dream Miami--- plans to be built near Miami Lakes. American Dream Miami's plans call for a 2,000-room hotel, a 16-story indoor ski slope, a 20-slide water park and more.

    Hialeah
    Hialeah is the sixth-largest city in the state, serving more than 224,000 residents in about 20 square miles. "The City of Progress" was incorporated in 1925 and is home to the Hialeah Park Racing & Casino (built in 1925). The park is undergoing a multi-staged full restoration, which will showcase an entertainment complex with a hotel, restaurants, casinos, stores and a theater.

    Hialeah is home to a number of Cuban exiles. The city has a Hispanic population of more than 94 percent. Puerto Ricans, Mexicans and other Hispanic groups are moving into this diverse neighborhood.

    Doral
    This western Miami-Dade County suburb was the third-fastest growing city in the nation by percentage in 2014, according to the U.S. Census. Doral had a population of 54,116 on July 1, 2014, up 7 percent over the previous year.

    Latinos, particularly those from Venezuela, have flocked to Doral, which is 80 percent Hispanic. Doral was the only city in the Top 15 on the east coast. Its growth is likely to continue as major mixed-use projects such as Downtown Doral and Doral CityPlace aim to attract more residents.

    Coral Gables
    "City Beautiful" is one of the nation's first fully-planned communities. Centrally located in Miami-Dade, Coral Gables is home to the historic Biltmore Hotel and various top restaurants, bars and retail locations. Miracle Mile, which is undergoing a $21 million renovation and street widening project, is a popular eating and shopping destination.

    Because of its planning and location, home values in Coral Gables have skyrocketed. Many of the homes here are built in Mediterranean revival themes. Major developers are building in Coral Gables such as the Mediterranean Village, which will encompass almost seven acres a few blocks south of Miracle Mile. The $500 million project will include a high-end hotel with 184 rooms, 314,000 square-feet of office space, restaurants, retail, a gym and a cinema.

    Coconut Grove
    Coconut Grove is a popular bayside boating village near Coral Gables. Once the top retail destination in all of Miami, Coconut Grove is making a comeback. CocoWalk, the area's top retail location, was recently purchased by Federal Realty, a publicly traded company based in Maryland.

    Federal Realty also purchased The Shops at Sunset Place, a popular mall in South Miami. Federal Realty has plans to improve both malls, which are set in walkable, pedestrian friendly locales. Sunset Place is located three miles away from 100,000 people with an average household income of $120,000.

    Pinecrest
    Pinecrest's zip code (33156) has consistently ranked among the most expensive in the United States. The suburban village in south Miami-Dade County is known for its luxury real estate and top schools. Many celebrities and athletes own homes here.

    The local high public school, Miami Palmetto, ranks among the best in the county. Large trees shade streets as families ride bicycles. The village is home to Pinecrest Gardens, a 20-acre botanical garden.

    Homestead
    Located in south Miami-Dade, Homestead is between Biscayne National Park to the east and Everglades National Park to the west.

    Home sales have increased in this community, which is also a major agricultural area. Foodies love Homestead as its home to Robert Is Here, Schnebly Redland's Winery & Brewery and Knaus Berry Farm.

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