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Related exec says strong real estate market will surprise many in 2013: VIDEO

Jorge Perez says the market is back — at least in Miami

December 27, 2012 02:00PM

While Related Group’s CEO Jeff Blau and its Chairman and Founder Steven Ross handle massive New York projects like Hudson Yards, the developer will also continue to focus on South Florida, as the condo and second home market recovers, the Related’s Group of Florida’s Founder and CEO Jorge Perez told Reuters Impact Players. Despite losing, during the downturn, more than a billion dollars on luxury Miami condo projects like the Icon Brickell — 100 percent sold today — the company head says the market is back.

“Everyone used to say that there are three important things in real estate: location, location, location. Now I say timing, timing, timing,” Perez said. “Meaning that as a developer, I need to have a crystal ball, so I can try to invest based on what I see in the market.”

Perez went on to predict that 2013 will prove to be an even stronger year of recovery. “My gut tells me that 2013, to the surprise of many, is going to be a much better year than people are expecting. I think that we are going to have, particularly in the real estate market, a much better year.”

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