March 7th, 2014 11:46 AM by Karyn Smith
U.S. residential real estate sales to foreigners during that period, the highest level nationwide. “It feels like 2003 in South Florida,” says Peter Zalewski, owner of Condo Vultures, a brokerage and consulting firm based in Miami, looking back to the early days of the state’s housing boom.
Buyers from overseas have spent $50 billion-plus on more than 250,000 properties in Florida since 2009, the Realtors’ data show. Daniel Arguelles, 33, a stockbroker in Bogota, has bought three houses in the Miami area over the same period. “You have cheap prices, a cheap dollar, and low interest rates. And that’s a scenario that you haven’t seen in about 50 years,” he says. Arguelles, like many international buyers, is renting out his properties. Others are using them as vacation homes.