What is the rush? Investing in Miami from abroad

From the latest presidential election in Colombia, Chile changing presidency in March of 2022, and the devaluation of currencies in the region, one might think how this affects Latin American investing from abroad in South Florida. 

I want to borrow some ideas from the article ““Get your money out now”: Miami brokers target Colombian buyers after leftist’s election” by Katherine Kallergis published at https://therealdeal.com/miami/2022/07/01/get-your-money-out-now-miami-brokers-target-colombian-buyers-after-leftists-election/  and further discuss how I see the topic at hand.

I have a lot of conversations with my clients, from which a grand majority are Latin American. They are always evaluating when it is a good time to buy and invest their money in South Florida. Nonetheless, a lot of them are aware that regardless of the situation, investing in the U.S. will most of the time be less risky. The question becomes about the project at hand, why do I want a property in Miami?

As mentioned in the article, it is important to point out which kind of properties this demographic is most attracted to. Condos priced in between a million to two million dollars are ideal to live, rent out, and visit for vacation enjoying the Miami lifestyle. I see this a lot with my clients, looking for condos all the way from South Pointe to Palm Beach. 

However, the most important takeaway should be the following: even with all the odds stacked against anyone from abroad looking to buy in South Florida right now (inflation, rising mortgage rates, potential unstable political situations back home, and currencies in Latin America reaching historical devaluation), is the incentive to make a move worth it?

In my opinion, every case is different. The truth of the matter stands that the US dollar is worth more than any other currency in the western hemisphere right now. Despite having the odds getting stacked against us or feeling like now is the time to act, first we are going to need options.  

The active inventory for Single family homes has seen a mere increase of 0.2% in the past year, and for condos it has seen a decrease of 43.8% according to the South Florida Market Stats. Since there is a relatively bigger incentive for Colombians, and the rest of their neighbors to look for ways to put their money in a more stable economy. Miami should stay hopeful and expect the market to receive a push from incoming investors to buy in South Florida. “If you seek, you shall find” – hopefully this saying manifests in all of our lives in the search for the perfect property. 

Sources: 

https://www.miamirealtors.com/news/south-florida-market-stats/may-2022/ 

https://therealdeal.com/miami/2022/07/01/get-your-money-out-now-miami-brokers-target-colombian-buyers-after-leftists-election/