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Are Brazilian real estate buyers back in Miami?
Brazil is to the Miami real estate market as LeBron James was to the Miami Heat: a supernova phenomenon that lifted us to the greatest heights, but left difficult questions and painful longing in its absence. And as the former MVP teased a dramatic comeback to the Magic City on his Instagram in July, Brazil appears doing the same.
In 2010, Brazilians rescued Miami from the biggest housing bubble this country has seen. They arrived on our shores and purchased troves of stagnant and deeply discounted real estate all the way from Doral to Miami’s beaches, at all price levels. It was like a tidal wave of cash that quickly soaked up a huge surplus of inventory, which some experts predicted would take a decade to completely sell out.