Finding Upside in Real Estate’s Downturn

By Ben Steverman - 2011-09-27T18:19:45Z

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Capitalizing on a Weak Dollar

In Miami, the bust of the local real estate market is drawing foreign investors, says Vicky Garcia-Toledo, partner at law firm Bilzin Sumberg, who represents many foreign buyers. Brazilians can buy a vacation condo for a quarter of the price they'd pay for the same-size unit in central São Paulo, she says. Integra Solutions, a fund backed by Brazilian investors, recently paid $12 million for a lot in downtown Miami where it plans to build apartments, and Argentine investors are building a 98-unit condo development in a Miami neighborhood, with many units sold to Argentines. According to the Florida Association of Realtors, Miami condo sales rose 75 percent in the first half of 2011 versus a year earlier.

Photograph by Getty Images
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