The Real Deal Miami

Speculative buyers back off of SoFla condo market

December 31, 2013 03:00PM

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marcus-millichap

Jonathan Gerszberg and Ryan Shaw

South Florida speculators appear to be cooling their jets while the condominium boom heats up. Marcus & Millichap senior associate Jonathan Gerszberg said speculative buyers are acting more cautious, so as to determine if the market is oversaturated.

“When somebody announces 1,300 or 1,500 new units in a market, it actually has a cooling effect on everybody else,” Gerszberg told the Daily Business Review. “If you’re the guy that’s coming a little later, they might want to hold back a bit.”

Gerszberg and colleague Ryan Shaw brokered the sale of a $7.6 million lot on Biscayne Boulevard in Miami, asking $205 per square foot. Although there was a lot of interest, developers were more hesitant than usual, Gerszberg said. [Daily Business Review]Mark Maurer

  • CARLOS

    FINALLYYYYY IT HAS BEEN SAID. THE SAME DEVELOPERS THAT HAD A BIG PLAY IN THE CONDO BOOM SEEM TO NOT HAVE LEARNED THEIR LESSON OR JUST DO NOT CARE. THE RELATED GROUP ALONE IS BASICALLY COMPETING WITH THEM SELFS.

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