Anita Cachaldora, Vice President and Managing Broker of EWM Realtors' Coral Gables office shares her thoughts on the Miami-Dade Real Estate Market and how the International Buyer is helping to fuel the market.
"Much is being written about Miami-Dade’s growing appeal as an international destination. This is reflected in the volume of international visitors purchasing second and third homes in the County. Most of the area’s major residential real estate companies boast that one-quarter to one-third of their sales are to international buyers. This is not only immensely positive, but a key reason as to why our real estate market is recovering faster than most throughout the country. We are, in essence, being buoyed by Miami-Dade’s global appeal.
South Florida’s economic development arm, the Beacon Council, reports that there are more than 1,000 multinational corporations with a presence in Miami-Dade. These include Apple, Oracle, IBM, and, of course, homegrown Burger King and Ryder System, Inc. And while our proximity to Latin America and the Caribbean continues to be a major draw for businesses there, even that has expanded. European, Japanese and Korean companies now operate out of Miami-Dade and, according to County statistics, our top trade partners not only include Brazil and Colombia but Switzerland and China.
The world is recognizing that our location is a strategic asset, proven by the more than 80 international consulates and trade-related offices that call Miami-Dade home. Adding to the area’s appeal, Miami International Airport is one of the nation’s leading airports and the Port of Miami is the number one container port in Florida, currently undergoing a massive expansion to accommodate an expanded Panama Canal.
This is truly remarkable for a city that is barely 100 years old. Think about locations we would consider as “international”…some of the world’s greatest cities: New York, London, Sao Paulo and Paris. These cities are centuries old…some more than 1,000 years old. For Miami-Dade to have reached the type of notoriety that it has on the global stage is unprecedented.
As someone asked me recently, “How does this impact our local real estate market? How does this impact my house?” Well, it impacts it dramatically! The pool of buyers is exponentially expanded. While this is anecdotal, we believe that, when compared to cities of similar sizes and scope across the nation, Miami-Dade literally has thousands more potential buyers in the marketplace at any one time.
The Greater Miami Convention and Visitors Bureau reported 12.6 million overnight travelers to Miami-Dade during 2010. The vast majority were, of course, true-tourists to the area, coming to enjoy the beaches, arts and culture, restaurants, etc. But let’s say that less than 1% of that total had any interest in owning a second home in Miami-Dade. That’s another 126,000 potential buyers in the marketplace.
While “young” and still evolving as a destination, the future could not be any brighter for our community."
For further information contact Anita on firstname.lastname@example.org