By Michelle Balani and Mary Murphy
Rock Center
Dressed in an expensive pinstriped suit and sporting the latest Louis Vuitton sunglasses, Miami real estate broker Cristiano Piquet is ready to make a sale. He has a client in his shiny new white Rolls-Royce, and they’re on their way to see $9 million apartment at the W Hotel on South Beach.
Piquet’s client, 32-year-old Antonio Luciano, who comes from a wealthy family in Brazil’s sugar cane and commodities business, had already purchased two properties from Piquet over the phone. Now he is in search of a larger home with a better view. Like most rich Brazilians, Luciano is ready to pay cash for that perfect place.
Waves of wealthy Brazilians such as Luciano are landing on South Florida’s shores and spending millions of dollars on vacation condominiums, clothes, furniture, cars and art, all of which are much less expensive here than in their homeland.
They started arriving in the past few years when South Florida was one of the epicenters of the real estate crisis, with vacant buildings and foreclosures all around. At the same time, Brazil's economy was starting to surge, and as costs in Brazil soared, the United States and its depressed real estate prices made it the land of opportunity.
“The prices here are really cheap now,” said Luciano. “If you look for the same type of unit to spend a vacation in Brazil, in a place like Rio, it's double the price. If you go to Rio de Janeiro, you have problems everywhere. You have all the violence. Here, no problems, no violence. You can do whatever you want. You do a nice investment and spend your vacation at the same time.”
“The dollar exchange rate now is very good for the Brazilians,” added Piquet, “so now is the time to buy. And on top of that, the prices of the properties, they went down big time, about 50 percent. It's a big discount.”
Catering to fellow countrymen
Benefitting richly from these spending sprees is Piquet. A Brazilian himself, he launched his own brand seven years ago when he opened a real estate firm catering to his fellow countrymen.
The former race car driver, who moved from Brazil to Miami in 2000, got into the business to guide his fellow countrymen through the process of purchasing properties in the United States, and to make a nice profit from the burgeoning market.
“I was trying to help the Brazilians because I knew how it was to come to United States, trying to do something. There’s nobody that speaks the language (Brazilians speak Portuguese as opposed to the local English and Spanish), nobody that could give us good service. So I said, ‘You know what? I'll do this myself,’” Piquet said.
Now offering a range of concierge services from decorating to luxury yacht rentals, Piquet has become a one-stop shop for his Brazilian clientele.
In addition to the affordable real estate and the climate, Piquet said, his clients love the shopping in Miami, and shopping centers such as Bal Harbour Shops in Sunny Isles have been benefitting from Brazilians’ business.
“Brazilians will not buy anything that is not the best or close to the best,” he said. “They love shopping, and they love the beach. They love the Gucci, Prada, Louis Vuitton, Dolce & Gabbana and Trump. … A brand name, they love it.”
Presidential discussions
The economic impact would be even greater, say local economists, if Brazilians, like Europeans, could come and go using only passports rather than wading through the red tape of applying for tourist visas. In recognition of this obstacle, President Obama recently discussed the subject with Brazil’s President Dilma Rousseff during her first official visit to the White House.
Despite this impediment, Brazilians spent an estimated $1.6 billion vacationing in Florida in 2011, an increase of nearly 60 percent from the previous year. Brazil also happens to be the state’s top trading partner -- in 2010, Florida's trade with the country topped $14.4 billion.
All of this was welcomed news for Frank Nero, who heads the Beacon Council, Miami-Dade County’s economic development agency.
“Brazil is our China,” said Nero. “That's where the economic opportunity here is. … Much as China is to perhaps other areas in the United States, because of our culture and our language, our greatest opportunity is to the south of us. And Brazil right now is the area that I think has the greatest opportunity and potential for us. …Wise folks will be learning their Portuguese.”
For now, the Brazilian wave continues to grow. And Brazilians are not just taking Miami, but New York City too -- buying up multimillion dollar apartments at some of New York’s best addresses. Getting in on the action is Piquet, who is opening an office in downtown Manhattan.
As for Luciano, he’s still shopping. The $9 million apartment wasn't quite right and he’s now looking for something with a little more room. He was last seen on Miami’s Star Island, touring a house that’s on the market for $17 million.
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If Brazilians buy then rent out the real estate, the rental dollars will go out of the country. Another blow to our already anemic economy. It is so bad here that Americans that have relatives in South America have already decided when they retire to take that money back to their roots because it will go much further than here. This entire economic quagmire has me worried sick about my childrens future in American.
And you think Romneconomics will be better....I see a for sale sign on America to the highest bidder.
LOL!
5 Rich Brazilians buy distressed properties and its a story?
Really? Really?
This country has the attention span of a drunk gnat.
The "sky is falling" mentality is so rampant now a days...do you guys realize that the US buys up more real estate around the world than the next 4 countries COMBINED? You think "Le Brazile Times" is talking about how we are gobbling up their land and property to expand our businesses, drill for oil, and make more trillions?
The US is by far the largest economy in the world. Brazil has 5 rich families who make their money on sugar cane or on the other "sugar cane". Other than that, call me when Brazil becomes a sorta, kinda super power.
Until then, I will be taking my sexy ass to Rio next year and making sure that I stay within the 1 square mile radius that is the resort. One foot outside of that will get you shot and raped.
Just don't show up in Rio Wearing a Uruguay National Football Team shirt and you will be fine..... And Call it Futball for heavens sake!
Me. I will watch the fixtures on TV... I doubt we can make it there this time, despite having Jurgen Klinnsmann as the Gaffer.....
:)
in a few years time the only jobs normal americans citizens will get are working for the wealthy foreigners.wonder what they will rename this once proud country??
How do you blame Obama for situations that have been going on forever years ansd years,...are you really that dumb, or that hateful.
I guess I don't understand the article in quoting... "The dollar exchange rate now is very good for the Brazilians"
I just looked it up and it something like $1 will get you $2.06 (Reals). I think that it is good for US to travel to Brazil with that rate.
What am I missing?
Hey, friend! Why don't you go to Turkey instead! When I was last there, in 2000, one US dollar was worth 450,000 lira. You'll feel like a real millionaire leaving a 100,000 lira tip after a restaurant meal.
The entire planet is going to be a third world. Corporations will have way more power than any government. There will always be rich families. If your lucky enough to get a job at a corporation you should be okay. The government has no money because good paying jobs were outsourced so no tax revenue. Thanks wall street. Don't blame unions, blame wall street. Unless you like working for minimum wage with no benefits. Obama yes 2012.
@ Moogley....you are CORRECt, re-run breath! LOL : )
If you read the entire article, you could learn that the Brazilians are spending close to 2 billion a year in South Florida. If you add the real estate to that amount you will find that it can help south Florida which was one of the hardest hit areas in the country by the downfall of the economy. If you take the Brazilians out of th equation, bye bye Disney World and the Orlando Area.
Good. Let the American economy re-adjust to correct itself. Whether than to depend on someone from some other Country to come and bail us out. Sound familiar??? Greece come to mind!!
Why is it this country (and the States) allow non-resident aliens to buy up our country? You can't go to Brazil and buy up property.
Its bad when I can't even buy a home and yet we sell everything to anybody from other countries which brings in the violence and we as US Citizens have to pay for the courts and jail time just to keep them here befor we send them back which they come back again. When the S***t happens I'll be an citizen that was wants America and be on my own.
Wealthy Brazilians buying here? Why would we want that? Brazil has hundreds of people living "Below" the poverty level to such depths that they literally rummage through dumpsters to find food daily. Entire families do that there. Why would we want the "wealthy" from Brazil here knowing that they come from a Country where they allow this to happen??? They obviously have an issue with caring for their fellow human being! Stay in Brazil and fix your own Country. Seems like we are getting the trash here now. In the future, America will be a playground for the wealthy and the rest of us will be moved out. Once they are amassed here, it will be easier for us to wipe them out all at once!!!! Fantastic.
That is nothing new we have a lot of people living in poverty and rummage through dumpsters for food and clothing here too. So I guess they will feel at home.
Any one else want to buy a piece of America, seems as our own government doesn't want it or even care that it is being sold off . Pretty soon we will be owned by foreigners. Gee wonder if that would be all bad?? Damn right it would be bad.
If this is true, it's okay with me. We need more people with money, while the Obama administration is busy letting in Somalis and Arabs with multiple families to apply for welfare and looking the other way when Mexicans come in (at least most of them are hardworking, though Mexico treats Guatemalans who cross the southern border of Mexico like clay pigeons).
And speaking of treatment of the poor: they're enslaved in Somalia and many Arab countries, especially the non-Muslim "maids" who are sex slaves, their passports confiscated.
The feudal system and extreme poverty of masses of people at home bring him to Miami. He should be right at home with his Billionaire buddies and they're lifestyle of bloodsucking. Mosquito's aren't the only bloodsuckers or poisonous creature in Florida, they're just the Florida State Flying Creature along with the Palmetto Bug (LARGE COCHROACH)
You can't blame successful people in Brazil from snatching up deals in Florida. That's just good business sense. We would do the same (as we are), buying up properties in other places.
There are a lot of economic issues in the US that started a long time ago and many are to blame including the bankers who knew customers couldn't pay.
So, it's a free world and if the people from Brazil can stimulate the economy in Florida more power to them! Our government can't seem to do that.
This is good for our economy like all investments are but these buyers are speculators not ivestors. They could get burned like the Japanese did 20 years ago. Also this is capital that should be in Latin America creating jobs.
Hahahahahha, no crime, no violence, no drugs in South Beach or Miami? Hahahahahah, yeah, right. Somebody find me something else to sell this guy.....
Disturbing.
people need to really educate themselves,instead of listening to Fox/MSNBC talking heads..the economy tanked because of decisions made by BOTH sides of the isle..
although nobody wants to hear this,it wasn't just Wall Street types that let greed get the best of them,but a lot of average Americans took on way too much debt.those people have only themselves to blame.but of course it's easier to just blame Wall Street and the goverment for our bad choices,isn't it?
you know what is so good about the economy of Brazil, their president has a 4 th grade education, he now has more schooling but when he was running it was 4th grade, and we have a president that went to the best colleges and we have an idiot running our country.
I never travel south of West Palm Beach anymore. It looks like a foreign country, too much trash. nobody speaks english and it is the armpit of South Florida [Lauderdale/Miami]. It does not look like the place it was in the 70s, pretty much destroyed by immigrants. Sad.
Native Americans are saying the same about you.
you americans only are good in kiling peaple for money barowed from China and have problem with Cuba you can take over in 15 min ! you are patetic nations....you sold you country to comunist China !
Dont be a fool go back to school.
Based on this post alone I conclude the same: Go back to school, you know nothing and sound like an idiot too.
Yes, anybody can go to Brazil and buy up property !
Anybody...........
And there goes Florida. Brazil is the kidnapping and child prostitution capital of the world. Now Florida will have to deal with two new disgusting crimes that the Brazilians will bring with them. Do yourself a favor Floridians and move to a new state right now.
Never figured to live to see the day 3rd world countries would be buying out American property because it is so cheap. Fast forward 20 years from now.