Miami Real Estate Revival a Boon for Latin American Developers Kevin Gray - Reuters
go to original March 11, 2013

Argentine developer Jose Luis Melo watched as Miami's real estate market reeled from the U.S. housing crash and thousands of the city's condominiums sat unsold - and decided it was time to build.

It was late 2010 and Melo, who runs the Melo Group real estate company with his two sons, bought a $1.4 million parcel of land near downtown Miami.

Months later, the Melos lifted the first construction crane in the city's post-housing bubble era, betting they could find buyers for condos in a new 17-story tower.

"People told us 'You guys are crazy. The market is awash in units and you are going to build?'" he said, adding that he preferred to sell his own new building. The building's 98 condominiums sold out in just five months.

The condos were snapped up by cash-rich Latin Americans who have flocked to Miami real estate, helping to spur an unexpected rebound in a market that only three years ago stood as a poster child of America's housing bust. The buying highlights the role investors have played in some major U.S. cities showing strong signs of a revival after the crash.

Read the whole story at Reuters

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