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Argentines have been to direct their money out of their country and into real estate in Miami and New York.
In the past few months, Argentines have quietly passed Brazilians to become the most active group from Latin America buying Miami real estate, according to Millie Sanchez, executive vice president of development marketing for Douglas Elliman Florida.
Economic and political uncertainty around the globe are benefitting real estate in the United States, especially in Miami and New York, the two “safe haven” American cities foreign investors usually look to first.
in Argentina, a weakening peso and 25 percent inflation, economists say, have spurred many affluent Argentines to move their money into American real estate by expensive and sometimes illegal means.
Argentines are buying foreign properties not only to park their savings but also to make extra income through rentals. “Argentines don’t want any more Argentine risk
In the past year Ms. Velazquez said she has sold $35 million worth of Manhattan real estate to Venezuelans, including nine apartments at the Aldyn (60 Riverside Boulevard), three of which were $7 million penthouses of about 3,096 square feet each.
Can we just parse this statement. There has been only one PH sold at the Aldyn for $7m and that was to someone with a russian sounding name whose address is in Moscow. There were 2 PH's sold this past year: one for $6.3m and the other for $6.5m. So do you think we should believe any of her other numbers. Maybe not 9 apts? No wonder there are so many apts sold at the aldyn sold above ask price.
No wonder prices are high in NY. The brokers and bilking the foreigners who are leaving their countries with money (in large part) made on natural resources and commodities -- the patrimony of their homeland. Is there one person on this board who can honestly say that 400 Fifth avenue is not wildly overpriced? Is there even one local buyer in that building?
And btw, the building mentioned in the article in Miami is a complete dog of a building in a bad area. A proud fleecing of the foreigners moment in capitalist history.
Criminals robbing criminals ... what is the world coming to?
Don't Cry For Me Argentina!
Not much has changed in 70 years.
Pure crap article: on the one hand it says that Argentinians have to smuggle money out of the country in airbags, and in the next that they are buying up Miami real estate like never before.
If they can't get money out of Argentina, what are they buying US property with? Chits?
stevejhx, middle-class and up Argentines have a long history of off-shoring most of their money. And with good cause.
They also have one foot outside their borders to flee the country when the smell of coup becomes too strong.
But yes, the borker babble was odious in this article.
Good detective work, apt23!
AH, that would have been true before the corralito, and Mrs. Kirchener has made the currency controls even more odious. I deal with people who try to sell products in Argentina: you can't even import anything into Argentina without agreeing to export a like amount anymore, so importers wind up buying import credits from companies that wouldn't export anything, anyway. It's all to make sure that Argentina continues to have currency reserves.
There is a black market, of course, just as there is in Venezuela. But renaming the currency to "Strong Bolivars" in Venezuela didn't do anything to fix the economic pickle they've gotten themselves into, either.
Price is King.
Opera Towers sounds like scam. By selling and then leasing back, this sounds more like financing than a sale. And with a lease your basically ensuring that the building has a large percentage of renters which is bad for real estate values or an ability to finance future sales. This either is a gimmick to help foreigners with limited credit finance a loan or a likely default once the lease-back ends. Most developers want to sell and not have an ongoing relationship with the buyer. What ever this represents it's not good.
And the prices are way inflated, and the apartments are super-small. $600k for 1100 square feet in that part of Miami is twice the going psf.
If anything, RS is onto something: getting foreign buyers to take bare title of an apartment with no money down, and then leasing the apartment out at a profit - mostly for the developer, but maybe a smidge of $$$ income for an Argentine.
Who simply can't get money out of Argentina. I've been doing a lot of work on that recently (all day yesterday, to be exact): they can't get their money out.
> I've been doing a lot of work on that recently (all day yesterday, to be exact): they can't get their money out.????
They don't need to get their money out to buy US real estate ... it's offshore, in dollars. They do need to get a foothold in another country before even the assets that they have in Argentina get impinged upon in the next round.
A major root of the problem, according to my Porteña source, is that professionals there don't report more than a smidgen of their income, run a shadow cash economy in dollars (including pay-to-play doctor's appointments, for example) and hide their money and other assets offshore. Greek-style.
What - because I worked all day yesterday in some way diminishes all the other work I've done?
Don't think so - pardon if I wasn't clear about it, I work on many lawsuits by Argentines trying to get their money out, and international arbitration cases related to some recent and past nationalizations.
Here's some news:
I do admit, though, on rereading what I wrote, that it does sound funny.
Argentines know inflation.
They know how to live with runaway inflation.
I think they are moving here so they can show off their skill set (in just a few years)
Stop crying falco
Argentines are notorious hotties with causal sense of morality.
The more the merrier, love when they show off this skill set.
Just one of those stupid Evita jokes.