Jeffrey Soffer: Miami real estate prices won’t suffer in the wake of Hurricane Irma

Turnberry Associates CEO says damage could've been much worse
September 14, 2017 12:45PM

Hurricane Irma may have toppled a few cranes in Miami and Fort Lauderdale  — but overall, the storm won’t have any long-term impacts on real estate prices in South Florida, says billionaire developer Jeffrey Soffer.

The Turnberry Associates CEO appeared on CNBC’s Power Lunch, as Floridians continue to assess damage caused by the storm. Despite widespread flooding and power outages, Soffer said the aftermath could’ve been much worse.

“It’s just a way of life,” Soffer said in the interview. “It doesn’t happen that often, and the reality is that Florida’s very well prepared.”

Miami’s real estate players also say the area was largely spared from catastrophe, though Property Markets Group’s 300 Biscayne Avenue and Related Group’s GranParaiso did suffer significant damage caused by falling cranes.

As for real estate prices, Soffer contends that people still want to live in Florida, despite the looming threat of hurricanes. [CNBC]Kerry Barger