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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Nonsense - Brazilians are not buying up Florida anymore than the Japanese are buying Hawaii (the last big foreign buying frenzy). Three are a few Brazilian rich that can afford these mega apartments, but not in general. Brazilian economy may be improving but it's a long way from healthy and there are significant poor populations there. Besides - whether it's Cuban or Brazilian - we lost Miami a long time ago. You can't go down there and speak English.
Jokes on them. It will all be underwater in about 50 years anyway...
Sad about the Keys, though.
Well isn't that a kick in the teeth !
America is the land of opportunity for foreigners
but not the American People..
we are third world citizens now
If Americans spent less time complaining perhaps you wouldn't say this. You guys lived in a pot of gold for years... and did not give its appropriate value now you blame other nations for your ills.
Better someone is buying some unused property than nobody at all.
Now the Americans know what it is like to have the shoe on the other foot! For years Americans and Canadians have bought up real estate in Mexico, Barbados, the Dominican etc,,,when times were good...now it is role reversal......alot of bitterness out there. I see no harm......if you don;t like it, then does that mean it was/ is wrong when Americans did it? Money is money.....
I AGREE WITH YOU 100%!!!!!! I love the US but I hate these types of negative comments I am seeing here. Americans should complain less and work more - when I lived in the US for many years I noticed that foreigners ALWAYS were much harder workers than Americans. Part of the down fall is also due to this type of behavior. When I lived in the Silicon Valley I saw companies succeeding for a few years only to bankrupt rather quickly - and most of these companies had employees (Americans) who gave s*t if they were doing a good job or not. Americans spend way too much time complaining instead of working/doing.
Maybe Casey Anthony will be a nanny for one of them. She needs a job and she has references. A whole nation of them.
No, no, we will bring the lady who killed her husband and cut his head off while he was taking his final breath and leave her free for you Americans to hire her instead!
Wonderful now on top of our own selfish 1% we get the Brazilian 1% just what America needs.
Now the Brazilians can launder all that drug money into legal properties. America , what a country!!!!! We can just replicate the Brazilian economy where only a few are rich and everyone else (about 99%) is dirt poor. We are well on our way to prosperity, I see the lights ahead in the tunnel. No you fool it is a train that is about to run you over.
This is a good thing, that someone is buying in Florida, although the price for the home is not the average deal this is good, the economy is booming and tourist are spending money in Florida. For all the sore comments, give thank to God that this is happening or the crisis would be even worse
I see the teabaggers are out in force. Take this jackass for example RobertPlattBell
Never visited Brazil, dont speak anything but bad English, yet he is an expert on Brazil. Is there an economic inbalance in Brazil, yes in many ways. However to write that there are only three rich people is as assinine as it gets.
And that is not including the very wealthy football players that play for just about every team in Europe.
This is all making me want to vomit.
I'm Brazilian and I'm never going to spend money in the US ever again. I'm going to spend my money in Brazil, instead of the US, because I honestly don't want to help the economy of people who have such unfounded hatred and jealousy.
Plus, I'd never buy a place in the US or Miami. Nothing can beat Rio, and I think you are all jealous about that.
I'm going to spread the word about this unfounded hatred, and hopefully when the South Florida economy turns to s*it, you'll come running back for help. Not gonna happen.
Don't blame an entire country for the ignorant comments of a few people. There are 300 million people living in the USA and most of them are not ignorant, hateful people. Would it be fair for me to judge all of Brazil based upon the actions of gang members in the slums of Rio? Of course not. Nor is it fair for you to judge all of the US based upon what you read here.
Wow. So they are blatantly showing drug dealers buying up South Florida. I do not by that all their money comes from sugar cane. Really, you would have to be a dumbass American to believe this. So, we do not allow Americans to purchase anything without a credit check, but rich Brazilians with cash can wire money from anywhere in the world to buy stuff. Not sure but, I believe the buildings are owned by Donald trump. So it seems to me Donald Trump is laundering drug money for Brazilians. I think the federal government should get involve. This story needs to be investigated by the FBI, IRS, ICE, and or CIA. I cannot believe this network would show distaste full reporting to
its views. Really, Americans have it bad but, to blatantly show drug money being laundered by Donald Trump is outrageous. There is not enough sugar in the world that can give you the abundant money like cocaine.
Wow. So they are blatantly showing drug dealers buying up South Florida. I do not by that all their money comes from sugar cane. Really, you would have to be a dumbass American to believe this. So we do not allow Americans to purchase anything without a credit check, but rich Brazilians with cash can wire money from anywhere in the world to buy stuff. Not sure but, I believe the buildings are owned by Donald trump. So it seems to me Donald Trump is laundering drug money for Brazilians. I think the federal government should get involve. This story needs to be investigated by the FBI, IRS, ICE, and or CIA. I cannot believe this network would show distaste full reporting to
its views. Really, Americans have it bad but, to blatantly show drug money
being laundered by Donald Trump is outrageous. There is not enough sugar in the
world that can give you the abundant money like cocaine.
I think you live in la la land my friend. Also, sorry to say, but go and read more. Brazil has an enormous sugar plantation for years years years.......
Not all the millionaries down here are drug dealers - and by the way, the drugs exist because Americans LOVE TO GET DOPPED!
"If you go to Rio de Janeiro, you have problems everywhere. You have all the violence. Here, no problems, no violence."
O.o Step away from the Kool-Aid...
You people have no idea about how many millions of dollars the US has invested in Brazil.
I live here, married to a beautiful Brazilian Dentist (who can't work in her profession in the US), and have met Americans that have invested their money on vacation homes here on some Brazilian beaches.
As a whole, we Americans don't have a clue about what goes on outside our own country unless we are at war with them. Sad but true.
Yall are getting bent out of shape over a crap article for a country that feeds Europe and is full of its own problems that are not about the minority of this article.
By the way, the beaches here are not full of the beached whales we have in the States.
I would like to welcome Brazilians to Florida. I help people buy homes in the Tampa area and there are some beauuutiful places to live here. I myself feel lucky to live here and there is plenty of land. Come and join me.
TO ALL IGNORANT AMERICANS HERE: Americans have been buying properties AT A STEAL for years in South American countries as well as all over the world. So, what's the problem with the fact that the tables have turned and nations who have been explored by Americans NOW HAVE MORE PURCHASING POWER than you Americans? When I lived in the USA for a long long time (legally and paying a lot to get an education there), I noticed that most Americans were nagging at everything ALL THE TIME including complaining about their employers (when should spend their time working to feel more useful, honest and all since they were being paid). Instead, MOST foreigners worked quietly, for much less and they felt happy for having a job while Americans missed days work, complained about anything/everything ALL THE TIME!
It is time for Americans to read more about other countries and thus make comments more intelligently rather than speaking w/out knowing much about other countries and other people.
STOP THE HATE for other nationalities which I noticed was typical in the US! The US is a nation that most people all over the world admire but it is also a country/people that are most hated - WHY? Because of attitudes such as the ones I've read here!
As a Brazilian-American, this makes me sad. The only thing worse than the 1% in the US is the .01% in Brazil. On the other hand, let them join the Cuban oligarchs and fasci(terror)ists. Let's just speed up that all-clensing hurricane.
Between corruption in private industry and government much of our country will be sold off to foreign investors within ten years at the rate it's going.
how many of there are Brazilians? I really want to know that...