The 4 things agents must know about Greater Miami’s foreign buyers
By: JAMES MCCLISTER
Source: Miami Agent
Foreign buyers play a significant role in Greater Miami’s real estate market. Last year, they accounted for $6.2 billion in closed purchases, nearly 40 percent of total sales volume, according to the Miami Association of Realtors’ latest international buyer profile. But if agents want to capitalize on their presence, they’ll first have to understand them.
Some real estate agents have a tendency to lump their market’s international buyers into a single demographic. And in smaller or less internationally appealing markets, that strategy may work. But that’s a mistake in Miami. The market is one of the most diverse in the country, which means “international” cannot be used as a catch-all term.
So what do Miami’s foreign buyers look like?
1. They’re cash buyers
The top five foreign demographics buying in Miami are Venezuelans, Argentinians, Brazilians, Canadians, and Argentinians. Each overwhelmingly preferred paying for properties with cash.
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Miami construction caps off 2016 with strong growth
by: PETER THOMAS RICCI
Source: Miami Agent
The Miami new construction market concluded 2016 in strong fashion, according to research from Dodge Data & Analytics.
In December, Miami saw more than $618 million in total residential construction spending, which is a 7 percent decline from Nov. 2015. However, year-to-date construction spending, which tracked the metro area's activity for all of 2016, was $7.129 billion, a 7 percent jump.
See our chart below for more details on 2016's new construction activity:
Coconut Grove Arts Festival
What began in 1963 as an intimate “clothes line” art show featuring a handful of artists and a few thousand onlookers as part of a promotion for the Coconut Grove Playhouse’s production of Irma la Douce has transformed itself into South Florida’s most successful arts festival. Today, the event attracts an estimated 120,000 people to the winding streets of Coconut Grove during President’s Day weekend.
Produced by the Coconut Grove Arts and Historical Association, Inc., a non-profit community organization under the direction of a board of directors and full-time staff, the Coconut Grove Arts Festival® showcases the works of 360 internationally recognized artists who are selected from nearly 1,300 applicants. Jurors evaluate the artist’s work and displays to select participants in such categories as mixed media, painting, photography, digital art, printmaking & drawing, watercolor, claywork, glass, fiber, jewelry & metalwork, sculpture and wood.