Russian invasion of U.S. home market

Russian invasion of U.S. home market

…”In Russia, it’s a status thing now,” said Jorge Uribe, a real-estate agent with One Sotheby’s International Realty in Coral Gables, Fla. “If you’re wealthy and you say you have a place in Miami, it’s like saying back in the old days, ‘I own a place in Ibiza or Monaco.’ It’s a cocktail conversation thing.”

International investors are buying some of the priciest homes in America as the broader housing market slumps and a weak dollar makes U.S. property more of a bargain…

Read Story…