Haven or Heaven for Latin Americans
North Bay Village is South Florida’s oasis for investors
Miami, FL, September 22, 2006 – Miami's real estate market is still proving to be a hotbed of activity that has seen strong levels of investment over the last six years. Despite reports of a real estate market slow down, the buyers market created has once again made this a great time to invest in South Florida.
Key statistics from the National Association of Realtors (NAR) show that 27.7% of all homes purchased in 2005 were for investment purposes, of which 12.2% were vacation homes. So, truly, second homes remain an investment of choice. Real Estate investment will continue to be a strong asset in the buyers’ long term investment portfolio.
Initially used solely as a vacation home, the second home market has grown and continues to evolve. While many second home buyers in Florida purchase for their exclusive use, others buy to generate rental income.
Buyers of Florida real estate hail from more than 100 countries throughout the world. Of this diverse international investing community, Latin Americans represent one third of all buyers. “Florida is one of the major gateways for immigration to the United States,” said Alex Jimenez-Ness, President and CEO of Domus One Development Group – a Spanish real estate developer who is leading the reconstruction of the highly desirable area of North Bay Village – “International buyers, especially people from Latin America, recognize the lifestyle and financial benefits of owning property in Florida”.
While 65% of U.S. buyers said they considered their vacation home a good investment, for Florida buyers the figure was 85%. “Reviewing that study with a focus on the South Florida market, it is apparent that second home buyers are investing revitalizing neighborhoods like North Bay Village, an area that gained reputation of a winter paradise - a popular hot spot for restaurants and nightclubs that were frequented by celebrities such as Frank Sinatra and Judy Garland,' noted Jimenez-Ness.
Jimenez-Ness said that individual investors with a visionary perspective are particularly interested in North Bay Village where the project Eloquence on the Bay reflects the vibe of Miami Beach and its dynamic dwellers. “The recent stabilization in prices presents a unique buying opportunity.”
Centrally located between the cities of Miami and Miami Beach surrounded by the dazzling waters of Biscayne Bay, North Bay Village is a three-island community formed by North Bay Island, Harbor Island, and Treasure Island. The island gems are linked by the John F. Kennedy Causeway; which gives the islands easy access to Miami International Airport, an are minutes from the famous Miami beaches, the vibrant excitement of South Florida’s night life, the world renowned Bal Harbor Shops and to downtown Miami’s business and cultural centers.
“Eloquence provides unique architecture, a wide variety of floor plans including flow-through designs, sumptuous water views and the finest finishes combine to create truly extraordinary residences and penthouses that radiate the essence of Miami,” Jimenez-Ness stated. “The amenities at Eloquence include all the appointments of a five star hotel taken to the next level of luxury. With a Mediterranean inspired pool deck and outdoor meditation area in combination with a full service marina Eloquence embodies the definition or paradise”.
About Domus One
Domus One is an international development firm, which together with its principals, has an impressive and well diversified portfolio of exceptional projects, mainly in Europe and Latin America. From high-end residential homes in Spain to recreational resorts in Venezuela, Domus One brings its unparalleled passion for building quality and value to the United States real estate market.
For more information about Domus One and its recent project Eloquence on the Bay, please check
www.eloquencecondo.com