Amid a strengthening dollar and shaky economies across the world, Downtown Miami has stood its ground.
A report released Thursday by the Miami Downtown Development Authority that tracked the period between January 2015 and January 2016 outlined a shift in transactions across the downtown condominium market, suggesting that the days of risky financing are over.
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.
Young professionals are better off buying a home than renting one, but it’s not nearly the deal it was three years ago.
Buying is 44 percent cheaper than renting in Broward County, according to Trulia.com, a real estate website. That’s tied with Syracuse, N.Y., for the nation’s third-highest difference, after Houston (46 percent) and Baton Rouge, La. (45).
In 2012, with home prices rebounding from the bottom, buying beat renting in Broward by 56 percent.
South Florida’s housing market continues to inch higher on a national index released by mortgage company Freddie Mac.
The tri-county region of Palm Beach, Broward and Miami-Dade counties scored 83.7 in July on Freddie’s Multi-Indicator Market Index, up 14 percent from a year ago.
The index measures housing markets across the country by tracking home loan applications, affordability, mortgage loan delinquencies and employment. A composite score of at least 80 is considered favorable or stable. A perfect score is 100.