South Florida’s home prices increased 8.1 percent in November from a year earlier, according to a national report released Tuesday.
The Standard & Poor’s/Case-Shiller index analyzes prices in Palm Beach, Broward and Miami-Dade counties, as well as 19 other metro areas nationwide.
The tri-county region has seen consistent price gains over the past three years and continues to fare better than most of the country. Portland, Ore., led the nation with an 11.1 percent annual increase, followed by San Francisco (11 percent) and Denver (10.9).
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Facing a teetering economy at home, wealthy Brazilians have been pouring money into what they increasingly see as the safest place to invest: South Florida real estate.
So are Argentinians, Colombians, Mexicans, Venezuelans, French and Turks — almost anyone with money to shelter, a direct flight to Miami and a shaky economy to flee.
Their cash has helped drive the latest twist in Miami’s ever-evolving transformation — from a 19th century rail stop to a tourist-and-retiree hub to a haven for Cuban refugees to now a harbor for global investors. No American skyline has undergone a more drastic face-lift from foreign cash in the past decade: Luxury condo towers and swanky retailers crowd a downtown once marred by empty lots.