MIAMI REAL ESTATE boom 2013 Hugo Chávez death/ Venezuelans flee to MIAMI (Weston: 2015, condos)

[Boer]

Heard a theory that wealthy Venezulans flocked to Miami in droves driving up property prices incredibly fast especially in the redlands because of the death of Hugo Chávez in 2013.

Looking for some numbers to support this theory.

Wikipedia:
In 2014, Venezuela entered an economic recession having its GDP growth decline to -3.0%.[67] Venezuela was placed at the top of the misery index for the second year in a row.[68] The Economist said Venezuela was "[p]robably the world’s worst-managed economy".[69] Citibank believed that "the economy has little prospect of improvement" and that the state of the Venezuelan economy was a "disaster".[70] The Doing Business 2014 report by the International Finance Corporation and the World Bank ranked Venezuela one score lower than the previous year, then 181 out of 185.[71] The Heritage Foundation ranked Venezuela 175th out of 178 countries in economic freedom for 2014, classifying it as a "repressed" economy according to the principles the foundation advocates.[72][73] According to Foreign Policy, Venezuela was ranked last in the world on its Base Yield Index due to low returns that investors receive when investing in Venezuela.[74] In a 2014 report titled Scariest Places on the Business Frontiers by Zurich Financial Services and reported by Bloomberg, Venezuela was ranked as the riskiest emerging market in the world.[75] Many companies such as Toyota, Ford Motor Co., General Motors Company, Air Canada, Air Europa, American Airlines, Copa Airlines, TAME, TAP Airlines and United Airlines slowed or stopped operation due to the lack of hard currency in the country,[76][77][78][79][80] with Venezuela owing such foreign companies billions of dollars.[81] Venezuela also dismantled CADIVI, a government body in charge of currency exchange. CADIVI was known for holding money from the private sector and was suspected to be corrupt.[82]

Venezuela again topped the misery index according to the World Bank in 2015.[83][84] The IMF predicted in October 2015 an inflation rate of 159% for the year 2015—the highest rate in Venezuelan history and the highest rate in the world—and that the economy would contract by 10%.[24][85] According to leaked documents from the Central Bank of Venezuela, the country ended 2015 with an inflation rate of 270% and a shortage rate of goods over 70%.[86][87]

[Boer]

The town of Weston is considered a good example

[Marc Middleton]

Ha, a theory? No, its definitely a fact. Everyone in 2013 who was in real estate knew about this and experienced the boom.

I think inventory of Midtown 2/4 sold 20% of available condos the next day (those buildings were highly marketed to Venezuela).

[CHESTER MANIFOLD]

Venezuelans also bought Salamanca, one of the poshests neighbourhoods in Madrid, prices starting 1.5M

[itinérant]

Where do the wealthy Venezuelans in South Florida predominate? I was talking to a Venezuelan woman in Whole Foods (downtown) one night and she remarked that she had seen a lot of "caras venezolanas (Venezuelan faces)" in Miami.

[Boer]

I think it's clear that Miami is the epicenter of all Latin migration to the United States for a very good reason.

I just thought it was amazing how Hugo Chavezs death affected the market.

What was it that they were so concerned about in the change of government that made them flee to Miami in such numbers??

[Marc Middleton]

Originally Posted by Boer

What was it that they were so concerned about in the change of government that made them flee to Miami in such numbers??

They probably predicted exactly what would happen..more instability, extreme inflation, starvation, etc. Basically what's happening right now

[Boer]

Originally Posted by Marc Middleton

They probably predicted exactly what would happen..more instability, extreme inflation, starvation, etc. Basically what's happening right now

Clearly they did,

did these people have money before Chavez or did they get rich under Chavez?

[Marc Middleton]

Originally Posted by Boer

Clearly they did,

did these people have money before Chavez or did they get rich under Chavez?

They got rich after the housing crisis or during the crisis and then parlayed that $ into real estate. Miami was the natural fit given the proximity & culture.

Wasn't aware of the Spain sales, but it does make sense. People go to where its easy.

[Hammocks Bum]

Originally Posted by Marc Middleton

They got rich after the housing crisis or during the crisis and then parlayed that $ into real estate. Miami was the natural fit given the proximity & culture.

Wasn't aware of the Spain sales, but it does make sense. People go to where its easy.

People with $$$$ Power buy wherever the beautifull people conglomerate..Money atracts money....the natural magnet