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

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

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

Jorge Perez and the development site

Related buys dev site in downtown Fort Lauderdale

Jorge Perez and New River Yacht Club III

Related Group nabs $48M loan for downtown Fort Lauderdale apartments

From left: Jorge Perez, Alex Karakhanian, Scott Sherman and Ben Mandell, with The Dorsey rendering

The Dorsey project in Wynwood wins design approval

Related Group building at 315 Biscayne Boulevard and Jorge Pérez (Credit: Google Maps)

Related Group lists downtown Miami HQ

Nick Perez and the site at 1116 North Ocean Boulevard (Credit: Google Maps)

Related to launch Pompano condo sales in Q1 2020

CAPTION: Rendering of Residences by Armani/Casa, Jorge Pérez and Gil Dezer

Gil Dezer, Related complete Residences by Armani/Casa

Gustavo Miculitzki, Jon Paul Perez, and Jay Roberts with a rendering of the project

Related, Block Capital sign deal with short-term rental operator