Foreign investors drive SF condo sales
May 12, 2010 12:00PM
International buyers are scooping up discounted units in buildings like Epic in downtown MiamiA surge in international buyers is driving South Florida condo sales. Buyers from Italy, Germany, Spain, Greece and even China are looking for discounted vacation properties and second homes in Florida. Nicola Schon, an Italian restaurateur, said he bought a $1.8 million condo at Epic in downtown Miami. After persuading many of his friends to do the same, he joked that the building is now "half-Italian." Schon paid 25 percent less for the total price of the condo than he would have a couple of years ago. Veronica Cervera, president of Miami-based Cervera Real Estate, said she had seen a large increase in international buyers. [Miami Herald]
http://therealdeal.com/miami/articles/29025/elert
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