The residential Miami real estate market continues to be driven by International buyers, particularly from Latin American countries like Brazil.

According to data from the Miami Association of Realtors, in October, pending home sales for single-family homes and Miami condominiums, increased 23.6 percent compared to October 2009. Last month there were 10,264 pending home sales, up from 8,304 in October 2009. Many of these residential Miami real estate sales were driven by foreign buyers, mainly from Brazil.

"The Brazilian market is the top foreign market from which we are seeing interest in Miami," said the president of prominent real estate agency in Miami. Their interest is driven in part by the fact that luxury Miami real estate properties and high end Miami Beach condominiums are priced significantly lower than comparable spaces in cities like Rio de Janeiro and Sao Paolo. The proximity to Latin America and South Florida's excellent weather are other significant reasons Brazilians are drawn to Miami.

Miami realtors are now traveling south to attract these buyers and making a trip to Brazil to market Miami real estate.  These Realtors are attending real estate fairs and forming bonds with companies there to help sell units.

These real estate fairs and expos offer Miami realtors a chance to meet informally with local brokers. Some cities in Brazil, especially where American Airlines has a direct flight from Miami, have seen big increases in interest.

Another prominent Miami realtor said they are drawn to Miami Beach because there's so much water, it's also a metropolitan city and it reminds them most of Brazil. He also stated that they've been looking at Capri South Beach condos and they've bought in Apogee Miami Beach condos.

Hence, the number of Miami condo sales jumped as well in October. According to the association's data, sales were up 34 percent year-over-year to 5,878 units from 4,385.

Contributed by MLR Realty