26 September 2011
The Miami Association of Realtors has signed an agreement with the Costa Rica Global Association of Realtors to share property listings via Proxio, a social media-style website geared toward realtors.
“Costa Rica is a strong market for Miami and South Florida, and we look forward to a very successful relationship with CRGAR that will greatly benefit our respective members and regional real estate activity,” said Teresa King Kinney, COO for the Miami Association of Realtors.
Foreign buyers have played an important part in acquiring much of the residential real estate built between 2005 and 2007, a large portion of it condominiums in downtown Miami and the surrounding areas. Buyers from Latin America, Canada, Western Europe and other regions purchased more than $3.8 billion in residential real estate in the Miami, Fort Lauderdale and Miami Beach market in 2010, according to a report from the National Association of Realtors cited by Bal Harbour-based CondoVultures LLC. Canada and Mexico accounted for 41 percent of all international purchases in Florida in 2010 while those from Latin America made up 36 percent.
Buyers from around the world during the past three years swarmed particularly South Florida’s real estate market thanks to reduced prices and a sagging U.S. dollar. The majority of Latin American buyers came from Brazil, according to the national association's report, and made up eight percent of all foreign buyers in Florida in 2010.
However, “Costa Rica is not currently a major investor in South Florida,” said Peter Zalewski, principal at Condo Vultures LLC, “hence the new
agreement to try to foster the relationship and grow business.
The Miami Realtor Association’s International Council has agreements with more than 65 foreign real estate organizations to connect the local market to the world - including the Russian Guild of Realtors in Moscow, Secovi-SP in São Paulo, Brazil; and FNAIM in Paris.