Miami homage
Brazil, an important source of the cash that has fueled South Florida’s real estate recovery, could soon play a different role – the cooler, CNBC reported.
With stocks and fortunes crashing in Brazil as mass demonstrations hobble the country, South Florida’s middle-market homes and condos, ranging from $200,000 to $2 million, could be the hardest hit, CNBC editor Robert Frank said.
“In Miami, 12 percent of sales come from Brazilians. At some of the higher-end condo towers, it’s two to three times that number,” Frank said.
At the same time, South Florida could draw more of Brazil’s ultra-wealthy looking to put more money into U.S. real estate, a globally perceived safe haven, the network reported.
Brazil’s stock market index has declined about 23 percent this year. This month, Standard & Poor’s cut its outlook on Brazil’s credit rating to negative, citing slowing growth and weakening finances. Inflation is becoming a growing concern, further battering the Brazilian real. [CNBC] –Emily Schmall