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October 5, 2010

Foreign buyers snapping up U.S. condos at fire-sale prices

  • Condo Vultures founder Peter Zalewski said, “Eighty percent of the sales in downtown Miami are foreign-based.”
    • By MICHELLE CONLIN
    AP Real Estate Writer

    The Viceroy, a swanky condominium complex in downtown Miami, gives the impression that the United States is in another real estate boom. The sales office is strangely exuberant. Buyers gush about the glam condos — designed by hipster tastemaker Kelly Wearstler — and their hotel-like amenities: poolside libations, daily housekeeping and room service food stirred up by a celebrity chef.

    Since January, 262 of the Viceroy's 372 units have sold. But there's a twist: Almost 90 percent of the buyers are foreigners. And they all paid cash.


     
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