The Real Deal New York

The spring South Florida Market Report is live!

An up-close look at the many shifts taking place in SoFla’s resi and commercial RE markets

April 05, 2016 01:00PM
By Damian Ghigliotty

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Change is everywhere in South Florida, from the suburbs of Palm Beach County to the main avenues and street corners of Miami and Miami Beach.

Billionaire real estate mogul Jeff Greene, who made a big splash shorting the housing market before it collapsed, told The Real Deal about his plans to go long on West Palm Beach with several new projects there.

Meanwhile, multifamily developers are having a field day as the tri-county region draws more millennials and other folks looking to rent, and condo owners in older buildings located in prime neighborhood are getting major payoffs for their homes.

Miami-Dade County’s top residential agents are on a tear, while brokers and developers who heavily rely on investors from Latin America and Europe may have to adjust their strategies to adapt to changing tides in foreign investment.

On the finance front, both big-time commercial and condo construction lenders as well as local single-family mortgage providers are seeing shifts in the demand for traditional bank loans and how debt deals are done.

Ryan Shear of Property Markets Group told TRD about the many challenges and rewards that come with South Florida’s real estate cycles, and other developers, including Ugo Colombo and Carlos Melo, gave us their takes on the slowdown in the condo market.

Even remote getaways — from the secluded Vero Beach, about two hours north of Miami by car, to the far reaches of the Florida Keys — have been experiencing new phases, and not everyone is happy about it.

Check out the full South Florida spring issue here.

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