WATCH: South Florida’s top developers size up Miami’s post-boom market

Finding condo buyers and financing has become more difficult, panelists say

TRD MIAMI /
Nov.November 01, 2017 04:30 PM

Edgardo Defortuna, David Martin and Art Falcone joined The Real Deal’s Hiten Samtani for a discussion on Miami’s post-boom market at TRD’s fourth annual showcase and forum last week. The panel touched on the challenges of a slow market, land banking, financing and more.

Falcone, co-founder and managing principal of Encore Capital Management, said the key to developing a major mixed-use project like Miami Worldcenter is to not use debt to finance land acquisitions.

“I’m in my 14th year – before we make our first dollar we will be in our 16th year,” he said.

The slowdown has sent developers to other international markets to find buyers, like Turkey, Europe and China. Latin Americans still consider Miami a safe haven for investment, but “the perception today is the urgency is not that much anymore,” Defortuna said.

To watch the panel in full, check out the video above. – Katherine Kallergis

Produced by Jhila Farzaneh.


Related Articles

arrow_forward_ios
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
David Martin and Miami Beach Marina (Credit: Google Maps)

David Martin proposing mixed-use tower at Miami Beach Marina

David Martin proposing mixed-use tower at Miami Beach Marina
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Only 20% of Related Group’s commercial tenants paid rent in April

Only 20% of Related Group’s commercial tenants paid rent in April

Only 20% of Related Group’s commercial tenants paid rent in April
Rendering of Doral Square and David Martin

Terra boosts loan for Doral Square retail project by $19M

Terra boosts loan for Doral Square retail project by $19M
Ira Saferstein and Marc Roberts, with a rendering of Miami Worldcenter

E11even owner Marc Roberts returns to Miami Worldcenter with $27M purchase

E11even owner Marc Roberts returns to Miami Worldcenter with $27M purchase
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
arrow_forward_ios

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

Loading...