Miami condo king Jorge Perez is attempting to rise from the ashes after losing $1 billion of his net worth in the downturn. He has purchased a dozen development sites in the past year, snatched up distressed real estate and has new projects in the works, according to the Wall Street Journal.
“What goes up must come down,” said Perez, chairman and CEO of the Related Group, “but the opposite is also true.”
A group of developers, led by Related Group, was expected to close a deal to buy the note on Omni International Mall in downtown Miami and, despite the group having 5,000 unsold condominium units already in Miami, Perez aims to break ground on two more projects this year in the hopes of capitalizing on recent interest from Latin American and European investors.
Related will also finance new projects by requiring buyers to pay 70 percent of the costs of construction before closing, instead of a 20 percent down payment.