Latin American buyers are officially back in full force in Miami. In fact, a new Downtown Miami Tower sold out because of them. During the pandemic, many Latin American buyers invested in real estate in the area. Right now, more of them are returning. This means a lot of new competition for local residents, as the real estate market is very hot right now. Latin American buyers accounted to 75% of sold units at Legacy Hotel & Residences. Buyers from Argentina, Colombia, Mexico and Chile saw the potential of this incredible Downtown Miami tower and helped sell out the available units.
Legacy Hotel & Residences is part of the Miami Worldcenter development. The 50-story tower features 310 furnished residences. Units range from a 400 square foot studio to a 900 square foot two-bedroom. Prices start in the $300ks. In addition to Latin American buyers, buyers from the North East and West Coast accounted for the sales of the remaining units. Many of the buyers are investors.
A lot of Latin American investors are looking for homes below $1 million. Because Legacy offers options below that budget, it was a good go for the diversification rule. In addition, the project allows for short term rentals, which allows investors to generate income.
In addition to the residences, Legacy will also feature about 250 hotel rooms. Furthermore, it will have a medical center. As part of Miami Worldcenter, this new Downtown Miami tower is just one of the many projects in the pipeline for the neighborhood. In fact, another project coming to the area includes E11even Hotel and Residences.