Tuesday, February 25, 2014

Russian real estate investment grows in Miami

Cranes rise again condo towers in Sunny Isles strip between Collins Avenue and the beach, in an area of ​​ten streets in some small supermarkets offer beers, jams and meats from countries of the former Soviet Union. The only drink in the window of one of the liquor stores is vodka and real estate signs in Russian look .

Many apartments under construction in this area, known as " Little Moscow " , also have Russian speaking buyers .

The number of Russian-speaking investors interested in buying real estate in Miami as enclaves of Sunny Isles has increased in the last year . Many high-income entrepreneurs , encouraged by the rising price incipente properties in Miami Dade , investing in condos in beach areas and pay all or most of the cash price .

Between September 2012 and September 2013 , Russians accounted for 3 percent of all foreign property buyers , according to a report by the Association of Realtors Miami. Thus, Russians left behind a group of British investors , German or Chilean , Peruvian to meet or even exceed , by a difference that could not be statistically significantly Spaniards and Dominicans.

The Russians now occupy 10th place among international buyers in South Florida.

The Association has no data on customers in other countries of the former Soviet Union.

Lynda Fernandez , senior vice president of the Association , said Russian buyers stood in sixth place among foreign consumers seeking properties in Miami on the website of the association , according to a report in August 2013, when even were among the top 10 in 2012.

Tatiana Samarina , a real estate agent who decided to stay in Miami when vacation came 10 years ago, says he has noticed an increase in Russian-speaking clients in the last year.

"There are many now ," says Samarina , sitting in cafe in one of the malls in Sunny Isles .

On the table leaves a local newspaper in Russian.

PRICES ARE GOING UP

The agent explains that Sunny Isles has improved greatly in the past 10 years , there are more direct flights from Moscow to arrive full and now that housing prices start to rise , Russian investors are seeing here that the properties can be a good investment.

Irina Kim Sang , estate agent , says he has also noticed this increase.

" In 2013 there has been a very significant advance . Prices have increased , "said Kim Sang . "We have tourism, regular sales . The interest of Russian buyers has increased a lot. If prices rise , the more likely that buyers follow the tide and consider something like value . "

Kim Sang says that even so, the properties in Miami are comparatively cheaper than in Moscow.

Or in New York and California, explains Agnes Gray, agent Prestige Properties Team , who also adds that they are a less risky investment than buying an apartment in the Spanish Mediterranean coast or Cyprus , where many Russians invested before European crisis.

ALSO NEW YORK

"The Russian community in New York is definitely investing and buying vacation homes in Florida ," Gray said, adding that also the luxury - from playing tennis to buy a Bentley or a Ferrari or have the services of a five star resort said as the Saint Regis or Acqualina - it's cheaper in Miami than in Moscow.

Different real estate professionals consulted explained that Russian investors usually look for an apartment in a condominium , overlooking the sea, preferably in Sunny Isles , where a Russian community living for years and you can find listings of babysitters in Russian Russian, or in Bal Harbour, but also in Fisher Island, Aventura, Hallandale , Hollywood , Miami Beach, or Downtown , depending on the budget.

Usually houses with two or three bedrooms and $ 300,000 to several million dollars , which they use both for investment and second or third residence in a warm place near the ocean for the winter months or just as an investment , in which case, usually rent .

" Looking for a second home for the winter, so they can come here, but that is also an investment," Gray said. " There are a lot of Russian investors who are buying off-plan and getting a good profit when they sell the property."

Respondents stated that professional buyers are men who have been successful with their businesses are buying their second or third residence and generally make a decision with your family.

CHILDREN

Some think of sending their children to college in the United States.

"Kids can study in New York and have a second home here so that when parents come , they can spend the summer or winter in Florida ," said Kim Sang .

Buyers often live in Russia, in New York or Canada. Sometimes buying at a distance and at other times, come on vacation and a chance to see several properties and decide.

Most customers come from Russia Samarina are Russian or New York. But once I had a Russian client who called him from France.

" He knew all about pricing on all buildings," said Samarina .

" Once thought of as the typical Russian-speaking buyer was a celebrity ," said Kim Sang . " Now it's people who have some extra money to buy here in Miami ."

Some investors pay all cash, but others try to finance half the price with the bank and pay the rest in cash .

" They usually give a deposit of 10 percent of the price and another 30 percent in cash to close the deal," said Kim Sang who said buyers often request funding for 50 or 60 percent of the price in local banks.

In the cafe of Sunny Isles , Samarina says she has lived in many places in Miami, Sunny Isles but it is the place that she and many others prefer . " Some want to be here. They do not speak English, so sit here and feel at casa.Yo I feel like if I lived in Moscow, but with the ocean, " said Samarina . " And with the Cuban coffee with milk."

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