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Latin Americans develop Miami commercial real estate

Miami is a city known for its multicultural influences. It is common to encounter a Latin American vibe in all walks of Miami life, from its new and hip restaurants to its art galleries, music, and fashion. Now, the newest Latino influence is found in the purchase and development of commercial real estate. Wealthy individuals and companies headquartered south of the border have been snapping up properties in the Miami area at unprecedented rates for redevelopment and sale.

Once a commercial building has been developed, individual Latino buyers are anxious to purchase units, often with a large percentage of cash up front, which is the custom in countries such as Argentina. Latino companies are also supporting the developers; for instance, HBO Latin America has its new offices located in a Coral Gables luxury office building developed by a Mexican company.

Latin American developers, who have long enjoyed visiting Miami, have found that the purchase of Miami commercial real estate is a bargain in comparison to prices in their home countries. Moreover, money spent in the United States is considered to be a reliable investment without the risks of political and financial upheaval.

While traditionalists may be alarmed at the influx of Latin American developers and owners in Miami, others appreciate the energy and cash associated with the large number of projects. Most commentators would agree that development is preferable to the depressed real estate situation a few years back. Whenever a developer or property owner has the opportunity to purchase or sell commercial real estate, it is best to speak with an attorney who can assist with contract negotiations, title review and real estate closings.

Source: Reuters, "Miami real estate revival a boon for Latin American developers," Kevin Gray, March 10, 2013

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