Wealthy buyers driving Miami market

Affluent buyers, especially those from Latin America, are driving Miami's residential market, with sales up to a level of activity few expected. Home sales in the Miami metro area rose 16 percent from 2010 in the first half of the year, according to research firm DataQuick. Gil Dezer's Trump Towers project has just 12 percent of the condos in the two-tower complex remaining. "The Brazilians walk in, they don't even negotiate," Dezer said. "It's a no-brainer for them." Dezer said he planned on announcing two new projects by the end of this year. According to Peter Zalewski, founder of Condo Vultures, the foreclosure freeze initiated after allegations arose of a robo-signing scandal was a welcome reprieve for the market. "People should thank the foreclosure mills," he said. [NYT]