As Wealthy Brazilians Snap Up Miami Real Estate, Few Benefit

[...] with its glamorous locale and easy access, Miami real estate offers an asset that's appreciating at a time when other investments have shrunk or turned frighteningly volatile. "All of the insecurity around the rest of the world only reminds people how important it is to have assets in the United States," said Alicia Cervera Lamadrid, a developer who is leading sales efforts for the planned 57-story Elysee, with condo units starting at $1.65 million and personal wine storage available for residents. The influx has been sudden enough that the federal government has announced plans to monitor home purchases exceeding $3 million in Miami and New York City. Authorities have grown concerned that money launderers may be using anonymous holding companies to stash money in high-end real estate. Experts warn that as the seas rise further, flooding may become permanent, turning streets into canals, endangering access to drinking water and eroding the man-made beaches that have long drawn people to Miami. "There is a disconnect — there's a real estate bubble, and then there's where we see sea level rise going," said Henry Briceno, who studies the effects of rising sea levels through the Southeast Environmental Research Center at Florida International University. Yet to many wealthy international buyers, the opportunities appear to outweigh those risks. Because so many of her clients now own Miami property, Sao Paulo-based interior designer Brunete Fraccaroli recently bought a condo at One Paraiso, a 53-story tower with a beach club slated to be finished next year.

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