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South Florida

Crash killed $3 billion in value at Related projects

A South Florida condominium project
A South Florida condominium project

Looking back at the precipitous fall in condominium values in South Florida during the real estate crunch is not unlike pausing to peer at a car crash on the interstate: morbid and not particularly useful. But Related Group CEO Jorge Perez last Friday provided hard numbers for the first time for what the developer lost in real estate value in the 2008 debacle, the Miami Herald reported.

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Only approximately 3 percent of Miami condo buyers “arrived at the table,” at certain Related projects, said Perez at Friday’s University of Miami Real Estate Impact conference, according to the Herald.

Perez also estimated that the real estate crash killed about $3 billion in real estate value at Related developments. [Miami Herald] –Guelda Voien

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