NYT: Miami ‘Turbocharged By Surge Of Well-Educated, Well-Off South Americans’

An article in the New York Times this week highlights how an influx of South Americans in recent years have magnified Miami’s allure for businesses around the world as a crossroads of the Spanish-speaking world, while transforming downtown.

Marcelo Claure, founder of Brightstar, is quoted in the article saying that Miami is ‘now the indisputable capital of Latin America’. The huge and growing middle class in Latin America ‘look at Miami as the aspirational place to be.’

While Cubans still dominate Miami, the growing presence of South Americans is ‘striking’, according to the author.  An explosion of lavish new condominium towers is attributed to ‘the South American infatuation with urban living.’

 

 

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Anonymous
7 years ago

The amount of money that the rich Colombians, Brazilians, Argentineans bring over here is astounding. These guys are loaded.

Anonymous
7 years ago

Latin Americans are very rich. Without their investments in Miami, we wouldn’t be the city we are.

Anonymous
7 years ago

Hopefully in the near future, Miami would get the World Cup Match and the Summer Olympics Games.

Kristian Toimil
7 years ago

It’s really the only reason why I support building Dave Beckham a soccer stadium; it’s addition would do nicely to serve Miami’s future Olympic bid.

Kristian Toimil
7 years ago

A few things to consider is that as the Spanish language becomes more necessary to conduct business in Miami, that we are not attracting well-educated non-Spanish speakers to our city. Plenty of qualified people from Atlanta to Seattle won’t give Miami a second-look because they won’t be able to speak the language.

Also, when South America has an economic downturn, I can only imagine South Americans unloading their condos in Miami, causing real estate prices to once again plummet and sucking the equity out of many homes.

Lastly, since so much of the capital is foreign, there seems to be a lack of consideration for non-luxury investment. More and more luxury condos; how about affordable options? Also, you’d think Miami would be at the forefront of the “Global Warming Debate”, but since Miami’s real estate market is driven by “second-home” purchases, no one seems to care that Miami faces an apocalyptic future in the next few decades.

There is too much artificiality in Miami’s housing market. The booms and busts adversely affect those that want to make Miami their permanent home.

XVS
7 years ago

There are tons of cheap homes in South FL. You are not entitled to oceanfront penthouse at Kendall price.

Kristian Toimil
7 years ago

No one is entitled to anything in this country, but it’s sad that hard-working middle class families are increasingly priced-out of an ever-growing list of neighborhoods like Brickell, Coral Gables, Pinecrest, etc.

XVS
7 years ago

Well, yeah, any improving neighborhood will always price out people who could only afford it when it was a dump. Why is it sad, again?

Kristian Toimil
7 years ago

Because a large percentage of the neighborhood is made up of people who do not actually plan to live there full-time

Kesley
7 years ago

So what? Downtown was a slum a decade ago. The only “people” that lived there were the homeless… Thanks to this foreign investment, we have a world-class beautiful downtown and skyline. Downtown is the next South Beach. No one is complaining how its “not fair” that the average person can’t afford to live in a luxury beach-front condo. Downtown is becoming the next Manhattan, which is for rich people, while the “average” people live in the outskirts. Which is exactly how it is right now.
I do have a goal to live in downtown some day in the future if I ever get a high-paying dream job. It keeps me motivated. But I can live without it. Also one thing people are not mentioning is that part-time living = less traffic and “hustle and bustle.”

JohnS
6 years ago

If non-Spanish speakers want to live in Miami, they have to deal with the language issue. It is becoming part of the qualification to live there. To live and work in a lot of places, one needs to have qualifications and experiences. Miami should not lower its job requirements to English-only if they desire candidates with multiple languages. It all depends on how badly you want it.