Latin American real estate buyers have returned to the Miami market - many of them to a tower of condos in downtown Miami during the pandemic. His return may mean more competition for locals in a hot real estate market.

Buyers from Argentina, Chile, Colombia and Mexico acquired 75% of the units in the Legacy Hotel & Residences condominium tower, one of the projects in the 27-acre Miami Worldcenter development, said Peggy Olin, CEO of OneWorld Properties.

The 50-story complex at 942 NE First Ave. features 310 furnished residences, ranging from a 400-square-foot studio for $ 300,000 to a 900-square-foot, two-bedroom, two-bath unit for $ 1.1 million.

Buyers on the Northeast and West Coast of the United States bought the rest of the units. All residences are under contract with a 20% deposit from March.

Latin American buyers are investors, Olin said, who use the units for weekend and seasonal stays, as well as some rentals.

"The local buyer is living full time in Miami," said Olin. “Legacy is not a building to live in all the time. Most people who have shopped at Legacy is because it is a weekend spot. It is not for a younger couple who want to rent it. It is more for a diversification of their assets than for their full-time residence ”.

Construction is expected to begin in the summer and conclude in 2024.

Latin American investors are looking for houses under $ 1 million, Olin said. “All units under $ 1 million are at the ideal level for Latin America. Buildings that have units under a million are good for the diversification rule. " Before the pandemic, many locals competed and lost to Latin American buyers and tax refugees moving to South Florida from other parts of the country.

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In addition to the condo units, Legacy Hotel & Residences plans about 250 hotel rooms and a community medical center in downtown Miami.

It is one of the few projects in the works for the neighborhood. New developments are on every corner of downtown, including a $ 27 million makeover of Flagler Street, the E11EVEN Hotel & Residences Miami skyscraper, citizenM hotel, and Julia & Henry's Eatery and Drinks with a speakeasy , food hall and Offices.