Speculative buyers back off of SoFla condo market

Jonathan Gerszberg and Ryan Shaw
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.

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“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