Herald: Locals Are Being Priced Out Of Miami Real Estate Market By Foreign Buyers

Foreigners are are pricing locals out of the real estate market, the Miami Herald wrote in a new report.

The paper is publishing a series of articles that highlights the pros and cons of what they call “a relentless development boom that seemed to barely pause for an economic crash of epochal proportions,” (referring to the late 2000s recession).

The Herald cited a local buyer who said that in 2011 they were outbid by foreigners several times before finally finding a home in 2012. Many of those foreign buyers pay cash and can close faster.

Just 872 single-family homes are now listed for under $300,000 in Miami-Dade, the Herald wrote, citing data from Zillow. The county’s total population is 2.76 million.

Buyers from high tax states that have been relocating to Miami for lower taxes are also cited as driving up prices.

A separate Herald article also reported that renters in Miami spend more of their income to live here than any other U.S. city.

 

49
Leave a Reply

  Comment Notifications  
newest oldest most voted
Notify of
Anonymous

Miami needs more jobs and job variety and an increased minimum wage

Anonymous

And a better education system and infrastructure too

Anonymous

Miami real estate is the hub of Latin American criminal based money laundering. It’s too bad so much of this illegal money has enriched local Miami elites and beyond. Enriched them so much that even US and international law enforcement does not want to take the lid off of it.

Anonymous

That sounds cool to say, but producing no evidence to prove what you’re saying doesn’t mean you know what you’re talking about or make you sound smart.

Anonymous

yea. i think you should leave!!! the italian, chinese, rusian mafia will be happy to have you back up north.

Anonymous

Dum dums and high school kids posting here should go to the detailed reports at Center for Security and International Studies website detailing the multi billion $$$ Venezuelan-Bolivarian Global Money Laundering empire with identifying Miami real estate multiple times as the place and vehicle by which these funds are laundered.

Anonymous

So these “Venezuelan-Bolivarian Global Money Launderers” are the ones out bidding all these local buyers for homes in the $150,000 to $300,000 dollar range?

Well I guess when we hear accusations about those foreign buyers of these $1,000,000 and up condos for the purpose of laundering their ill gotten money is just a lie then because what they’re really buying up is the cheaper stuff.

Anonymous

It’s called multiple investments. They buy cheaper units to rent them out and make profit for their more expensive luxury units that stay vacant.

Anonymous

That’s a load of bs. Miami has matured since the cocaine cowboy days, but some of you haters especially those at that tired rag Miami Herald, will not let it rest. Maybe you should present some proof of your accusations. Are we to assume that everyone with money from Latin America is involved in money laundering and other illegal activities? What’s your take on all the Europeans, Chinese/Asians, Russians that have moved to Miami? Or better yet the Jews, Italians, Muslims and Irish in NYC.

Anonymous

Can you read or are you purposefully acting like someone who’s kind of challenged intellectually?

Anonymous

Yea because Bernie Madoff, Alan Stanford and all these white collar criminals are Latin. They did million times worst than anyone EVER. And i just named 2.

Si vete pa la pinga racist come mierda!

Anonymous

Herald: Immigration is great, we need more immigrants.

Also Herald: immigrants are causing an affordable housing problem.

Anonymous

I believe the implication is foreign buyers who do not live here not immigrants (who are unlikely to have enough cash to outbid locals).

Anonymous

Water is wet…

Anonymous

Hey Trump, how’s the weather in England?

Anonymous

Investing in a reliable mass transportation, so south Florida families won’t have to waste a 3rd of their income in car related expenses, will also make Miami’s real state more affordable and competitive.

Anonymous

Never happen. It’s way too simple a solution for this Banana Republic.

Anonymous

And they just keep adding on express lanes

suomynona

Wow, it’s basically back at pre-crash prices?

Anonymous

Less zoning restrictions and no minimum parking requirements could solve Miami’s housing problem. The fact that new developments have to pay a fee for reduced parking is ridiculous and to many areas are zone to be industrial or commercial areas.

Anonymous

Parking minimums are only imposed on commercial projects. If you’re residential or mixed-use and the majority of the project is residential, you don’t have to have any parking. In fact, for the aforementioned projects, you can get bonus density if you eliminate parking. In the City of Miami proper, I really don’t think zoning restrictions are the problem since it’s form-based. Maybe in other Euclidean municipalities they’re not allowing for certain land uses and densities, but not really a problem in Miami.

Anonymous

There is a parking exception for bldgs under 10k sf and within 500 feet of transit. The problem is that every developer in Miami is too big for a project that size. Meanwhile they land bank to create assemblages and price out the few developers who would actually be interested in doing a small size project without parking

Anonymous

We knew that!

Anonymous

This is what you all wanted…..enjoy !

Anonymous

Good, “locals” who live off gibs will self-deport.

Anonymous

So, once you get past the fluffy hoopla of unaffordability and high prices stories, the real deal is that prices are still nearly 10% lower than they were a DOZEN FREAKING YEARS AGO.

Attention Miami real estate investors and residents: hurry up and buy now so that you don’t end up paying nearly 10% less 12 years from now.

Anonymous

Like the mosquito at Haulover Nudist Beach said, “Where do I begin.”
These “surveys” always have an agenda. They skew data to present an disingenuous picture of what is really happening.
The agenda? Get the politicians to fund “non-profits” and set up programs to “solve” the problem. The non-profits will be led by retired bankers, University professors who will make $120,000+ per year.
They will have clever and compassionate names, like “Homes for All” or Housing the Underserved, etc.

Anonymous

Leave it up to the Miami Herald to find the dark lining in golden clouds. For any business owners posting here, think about this. Would it be a problem if wealthy customers came into your establishment and started paying more for your offerings? [Oops. I should have said, SENSIBLE business owners] Young people, go read the “Richest Man in Babylon”. Save 10% of your paycheck…EVERY paycheck. No one ever “prices you out” when you own real estate, or gentrifies you when you own real estate. Use your head, buy it, and don’t use your home as a piggy bank to take out money for your business. For every “foreign buyer” jacking up the price, there is a SELLER RECEIVING that same price. The Herald tries to focus on the losers, not the winners. Actually, if you read that carefully, the coupled pictured in the Herald article were “the exception to the rule”. REALLY?? If the buffoons at the Herald are trying to make a point that this is a rampant problem, would it be so hard to find different Poster children??? Either the author of this hard hitting series of reports is so lazy that they couldn’t make a second… Read more »

Anonymous

So basically we got all these New Yawkers here thanks to Trump. DAM!

Anonymous

Dude, Miami was called “New York City’s sixth burrow” back in the 1980’s.. and why do you think that?

Anonymous

Dude. Go back to NY

Anonymous

Dude, I was born in Miami over 55 years ago… what about you?

Anonymous

you’re 55 and still say dude? HAHAHA

Anonymous

Oh, sorry, I meant “Ma’am, I was born in Miami over 55 years ago.. what about you?”

Anonymous

All you pricks talking crap about Latin America forgot to mention the biggest crooks that make Pablo escobar look like a Girl Scout.

MADOFF. STANDORD. TRUMP.

and If you want drugs to stop coming to this country stop being the biggest consumers in the world.

Anonymous

Trump said his wall will keep hispanics from bringing illegal drugs into the U.S.A

Anonymous

It’s funny how all these anti immigrant gringos ended up in the most latin city in the country. jaja. it’s funny LEAVE or go to FLL.

Anonymous

You say anti-immigrant but call us gringos, many of whom have lived here for generations. Okay, boy.

Anonymous

Damn, you Latin people begged the so-called “Gringos” for acceptance into this city and now you’re telling them to “LEAVE or go to FLL?”

I guess you should know that hispanics like you are pushing more an more people into Trump’s camp.

Anonymous

Didn’t you know? They’re all repugnants.

Anonymous

These cowardly Latin illegal immigrants are completely racist against American citizens yet believe America should welcome them with open arms and ESL public schools at the expense of our current students. Jeeze, go back to Venezuela and fight for your country. Have some freaking self respect.

Anonymous

typical entitled latino attitude

Anonymous

Typical hillbillies

Anonymous

WELCOME TO AMERICA. You don’t like it ?…then go the fuck back to Cuba, Elian!

Anonymous

“the most latin city in the country?”

I guess you don’t know anything about San Antonio or just feel Mexicans don’t count?

Anonymous

He’s probably confusing Latin for homogeneous and Miami for Hialeah.
https://wallethub.com/edu/cities-with-the-most-and-least-ethno-racial-and-linguistic-diversity/10264/

Anonymous

San Antonio is culturally completely different to Miami. Miami is populated by mostly illegals (some have adjusted their status) from Venezuela, Colombia, Brazil, Argentina, Honduras, El Salvador, Haiti, and the Bahamas. These illegal immigrants in Miami (some are legalized) hate America and Americans. The Mexicans in San Antonio love America, they speak English and are very patriotic. See the difference? Travel a little bit or graduate the eighth grade.

Anonymous

Gee you’re smart.. you just educated all of us as to why Mexicans are not Latin. With statements like “These illegal immigrants in Miami (some are legalized),” really demonstrates your flawless logic.

Anonymous

You trash from Venezuela are way wore racist than any American. The sad part is you’re from a historically failed state and you, unlike Americans have no balls to defend your country.