Are Latin American home buyers back? A downtown Miami tower sold out thanks to them
Latin American buyers are back in full force — many flocked to a downtown Miami high-rise during the pandemic. Their return may mean more competition for local residents in a hot real estate market.
Buyers from Argentina, Chile, Colombia and Mexico acquired 75% of the units at the condominium Legacy Hotel & Residences, one of the projects in the 27-acre Miami Worldcenter development, said Peggy Olin, CEO of OneWorld Properties.
The 50-story complex at 942 NE First Ave. has 310 furnished residences, ranging from a 400-square-foot studio for $300,000 to a 900-square-foot, two-bedroom, two-bathroom unit for $1.1 million.
Buyers from the Northeast and West Coast acquired the rest of the units. All residences are under contract with a 20% deposit since March.
The Latin American buyers are investors, Olin said, scooping up condo units for weekend and seasonal stays, as well as some rentals.
“The local buyer is living full time in Miami,” Olin said. “Legacy is not a full-time building. Most people that have bought in Legacy is because it’s a weekend spot. It’s not for a younger couple that wants to rent it out. It’s more for a diversification for their assets than their full-time residence.”
Construction is anticipated to start in the summer and conclude in 2024.
Latin American investors are searching for homes below $1 million, Olin said. “All of the units under a million dollars that’s a sweet spot for Latin America. Buildings that have units under a million is good for the diversification rule.”
Prior to the pandemic, many local people competed and lost to Latin American buyers and tax refugees that relocated to South Florida from elsewhere in the country.
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In addition to the condo units, Legacy Hotel & Residences is injecting about 250 hotel rooms and a medical center into the downtown Miami community. It is one of a handful of projects in the works for the neighborhood.
New developments are at every corner downtown, including a $27 million makeover of Flagler Street, the high-rise E11EVEN Hotel & Residences Miami, citizenM hotel and Julia & Henry’s Eatery and Drinks with a speakeasy, food hall and offices.
This story was originally published May 20, 2021 at 9:00 AM.
