VIDEO: Jorge Perez on the Miami market slowdown
Developer says building is outpacing demand
December 10, 2015 09:50AM
Related Group CEO Jorge Perez hosted a Bloomberg Go reporter in his art-filled Coconut Grove home, where he talked about whether Miami is facing another housing bubble.
“I think we’re building a lot,” Perez said. “Perhaps we’re getting a little bit ahead of the demand.”
Related, often considered South Florida’s most prolific development company, has built nearly 1,100 units so far during the most recent real estate cycle.
On top of that, more than 100 condo projects are currently under construction in the region, which could bring an additional 11,000 units to the market when they’re completed, according to figures from Condo Vultures, a consultancy and publishing company.
Perez said the market is already seeing a slowdown, but it’s not necessarily a negative thing — for him. He said South Florida’s contracting market is forcing some people out of the game, which means less competition. [Bloomberg] — Sean Stewart-Muniz
Source: The Real Deal