Related’s condo chief Carlos Rosso says last construction cycle still dwarfs current boom

Miami /
May.May 21, 2013 01:00 PM

Although tens of thousands of condominiums and rental properties are in the pipeline, the Miami area is still experiencing inventory shortgages, Carlos Rosso, the head of condo development at the Related Group, said on WLRN’s Sunshine Economy.

“At Related, we’ve diversified ourselves. Right now we’re doing 2,500 condos, another 3,000 rental units and close to 4,000 affordable housing units. It’s [the market] has come back with force and really surprised us but we don’t think there is enough and brokers will tell you there’s no inventory to sell,” Rosso said on the radio program.

Despite the ubiquitous presence of cranes across South Florida, the present boom is smaller than during the last cycle, Rosso said.

“On the condominium side, what we’re seeing right now is that during this last crash a lot of what we call “dentist developers,” people who were never really developers, have disappeared from the marketplace, so the market has become, I would say, more grown up,” Rosso said.

“Buyers who are putting down large sums of cash are real buyers. We try to discourage the flippers and the only way we found of doing that was asking big deposits, so we’ve seen a lot less development than in the previous cycle,” he said. [WLRN]Emily Schmall


Related Articles

arrow_forward_ios
2201 Collins Avenue (Google Maps)
Zaha Hadid’s former W South Beach condo sells — again
Zaha Hadid’s former W South Beach condo sells — again
From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
Development bonanza: Four Miami projects nab approval
Development bonanza: Four Miami projects nab approval
Shoma Group's Masoud and Stephanie Shojaee; renderings of new North Bay Village (Shoma Group, Getty)
Shoma launches sales of planned North Bay Village condos
Shoma launches sales of planned North Bay Village condos
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
From left: Jorge and Jon Paul Perez, Larry Krueger, Isaac Toledano and Teddy Sagi with 6 Fisher Island Drive (Getty, Google Maps, Wanxiang America, YizhakToledano.org)
Related Group, partners close on $123M Fisher Island site acquisition
Related Group, partners close on $123M Fisher Island site acquisition
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
El-Ad National Properties Noam Ziv with Alina condominium
El-Ad nabs $100M construction loan for Alina condos in Boca
El-Ad nabs $100M construction loan for Alina condos in Boca
Two Roads' Reid Boren and Taylor Collins with rendering of the Edition Residences Edgewater (Two Roads Development)
Two Roads launches sales of Edition-branded Edgewater condos
Two Roads launches sales of Edition-branded Edgewater condos
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...