Strong Dollar Doesn't Faze Colombian Developer
The strength of the Miami real estate market far outweighs the strength of the dollar in the eyes of Latin American and other international investors, Ability by Acierto VP of operations Robert Morales tells us.
"The Miami real estate market is stronger than ever," Robert says. "It's long been a hub for many international companies from a logistics point of view, and the fact the dollar is stronger today is a sign of growth and strength in our economy." Recently Ability by Acierto, which is headed by Colombian developer Juan Carlos Gonzalez, made its first foray into the South Florida condo market by unveiling plans for Bijou Bay Harbor, a 41-residence project in the growing Bay Harbor Islands (including five penthouses).
"Miami will always be the first choice for Latin American buyers no matter where the dollar is," Robert says, because it still offers strong opportunities. Ability by Acierto acquired the Bay Harbor Islands parcel in February for $8.5M, and plans a seven-story building to attract young professionals and buyers from Latin America, the Caribbean and Europe. Juan Carlos' Colombian firm, Acierto Inmobiliario, is that country's second-largest developer, and has built 10M SF of commercial and residential projects.