ULI Southeast Florida/Caribbean News

Miami condo market will find its equilibrium: ULI panel

Miami’s preconstruction condo market is still forging ahead, despite signs of canceled projects, lowered deposit requirements and foreign buyers downsizing purchases, a group of top developers said Tuesday.

“This is a marathon, not a 100-meter dash. This is a long-term market,” said Carlos Rosso, president of Related Group’s condominium division, during a panel titled “Industry giants discuss the condo market” at the Urban Land Institute’s Miami Condo Market Symposium at the Four Seasons Hotel in Miami.

Kevin Maloney, founder and principal of Property Markets Group, said he expects that many proposed projects will not be built as planned. He said he interviewed a contractor who said he had nine jobs. “I was convinced eight were not getting built,” Maloney said. Months later, the contractor had only three jobs. “Construction prices will start to go… Read More

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