Rich Foreigners Buy U.S. Homes: Unreal Estate
MIAMI (TheStreet) -- The nation's real estate market is starting to show a pulse again, and international buyers have been partly responsible for its improving health.
Price reductions in the U.S. have made its real estate offerings more attractive to foreign buyers who see an entry point into purchases they have long coveted. On a routine basis, tour groups from China are visiting New York, Boston and San Francisco to scope out potential buys. Investors from Spain and Italy have emerged among their European peers. Latin American countries are taking advantage of bottomed-out prices in Miami.
Rodrigo Nino, president of the global real estate firm Prodigy International, is among those betting on the trend to continue and grow. He recently launched Prodigy Network to purchase residential condominiums for international investors. The company will initially buy approximately $100 million worth of new condominiums on behalf of investors located in Latin America, Europe and Asia.
|A Russian billionaire bought a mansion in Miami from NBA star Shaquille O'Neal earlier this year.|
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