Market Stat Monday: Brickell Sales Statistics By Country Of Buyer’s Origin
July 3, 2017 by Lucas Lechuga
Since this is such a patriotic week and it is no secret that our friends from abroad play a big role in the Brickell real estate market, I thought it would be interesting to see which countries are producing the most buyers of condos. The Miami MLS has a new-ish feature that reports the country of origin for the buyers after they close on a listed condo. We still have to rely upon the word of developers in order to report buyer origins of new condos, but resales can now be statistically found.
Out of the 414 total sales that have happened in Brickell since the beginning of the year, about half of the agents have reported the country of origin of their buyers. This represents just under $100 million of Brickell inventory sold out of the $198 million that was sold in total.
Here are our findings:
If you look at the total sales volume of all of the sale transactions in the neighborhood during 2017 so far, you can see that the United States is responsible for the overwhelming majority, followed by Brazil, Venezuela, Colombia, and Argentina.
Despite reports of their sales activity in the area, China and Mexico did not spend nearly as much as other countries, and Russia was not even on the list.
The number of transactions was skewed even farther in the United States' favor, with Venezuela, Argentina, Colombia and Brazil following behind.
For those who prefer a chart rather than a graph, here are the actual figures for each country.
Are you surprised by the findings?
A bit of a surprise. I thought USA purchasers would be about 50%, with mainly Brazil, Venezuela and Colombia making up the balance. I did not believe the Chinese were a player in Miami.
The MLS doesn´t include the preconstruction closing, this is the reason why USA purchasers are the majority. In the Preconstruction buildings the USA purchasers are about 20%
Preconstruction is a lagging indicator. For the most part, those buyers went to contract 2-3 years ago. Much has changed since then.
I am a bit surprised that Turkey is not in the List.