"Latin Americans are more visible now in the Florida market," says Aida Turbow, a director with Arvida Corp., a Boca Raton-based homebuilder. "Today there is an easy flow between Latin America and Florida, and Latins have more disposable income."
Miami-Dade County remains the center of activity with 3.2 million Latin American and Caribbean visitors in 1997, a 3% increase over 1996, according to the Greater Miami Convention & Visitors Bureau (CVB). But the number of Latin visitors to Broward County grew 36% last year, to 336,000, according to the Fort Lauderdale CVB. Latin America is now Broward's fourth largest visitor market after Florida, New York and Canada. Latin tourists make up a large share of the 25 million annual visitors to Sawgrass Mills in western Broward, where the average expenditure for an international tourist arriving by car is $360, compared with $125 for a domestic tourist.
In southwest Florida on the Gulf Coast, South Americans are buying $200,000-plus single-family homes in luxury country club communities, says Turbow. "They like the prices and values in places like Naples and Bonita Springs." For wealthy Latins, owning property in the U.S. is a status symbol. "Many publications in Brazil and the rest of South America feature Florida real estate very prominently," she says.
In the Tampa Bay area, "the Latin market tends to fall into two groups: vacation condos or executive homes that also serve as a vacation home," says Gerry Chavez with Prudential Florida Realty in St. Petersburg.
Orlando is another center of Latin tourism and investment. "Brazilian buyers are finding Orlando very attractive, and we're seeing a lot of Puerto Rican retirees moving to Orlando," says Ramon Carrion, a Clearwater attorney who assists many Latin clients in real estate and immigration matters. He says Latin buyers seek value, security and stability. "Our real estate is relatively cheap. In Brazil, for example, it would cost twice as much to buy an apartment condo like you'd find in Orlando," says Carrion, who adds, "Our markets are much more stable than other countries'."
Latins also purchase central Florida real estate for the same reason millions visit the Orlando area: warm weather, recreation and convenient international air transportation. Some get their first taste of Orlando by attending an international business convention, according to Nancy Hahn Bono, tourism director, Orlando/Orange County CVB. "They find out about Orlando on business, then come back bringing their families," she says.
A Coconut Grove mortgage broker with many Latin clients sees his central Florida activity increasing. "About 50% of our loan production is coming from the Orlando market," says Jeff Flick, president, Flick Mortgage Investors. Brazilians made up the biggest market in 1997, followed by Colombians, he says. "The austerity program in Brazil, will make no difference to these buyers - in fact, it gives them greater reason to invest here."
Ferdinand Montes, vice president, sales, for Orlando-based timeshare developer Central Florida Investments, says his company made $100 million in sales last year from the Latin sector, which makes up 20% of the company's Orlando market.
Since Florida is already the prime beneficiary of Latin American trade, tourism and investment in the U.S., the expanding Latin presence in upstate areas is a natural occurrence. As more upstate firms recognize the potential and begin promoting their communities, products and services, the state will be able to tap an even greater share of this affluent, expanding market.
"The move north is going to continue," says Eduardo E. Alegre, senior managing officer, CB Richard Ellis in Miami. "Latin Americans feel very comfortable moving beyond Miami."