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

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

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
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
David Martin, Central Shopping Plaza, and a rendering of the apartment complex
Terra proposes 1,384-unit apartment complex near Magic City Casino
Terra proposes 1,384-unit apartment complex near Magic City Casino
Terra CEO David Martin and 16000 Pines Boulevard, Pembroke Pines
Terra, Lennar’s Pembroke Pines townhome project advances
Terra, Lennar’s Pembroke Pines townhome project advances
David Martin and a rendering of the project
Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower
Voters reject Terra’s proposal to redevelop Miami Beach Marina with condo tower
From left: Jorge Pérez, Stuart Miller, Craig Robins, Louise Sunshine, and Russell Galbut,(Credit: Patrick McMullan via Getty Images)
Here are the South Florida real estate players who donated to candidates in 2020
Here are the South Florida real estate players who donated to candidates in 2020
Edgardo Defortuna and the site (Courtesy of Fortune)
Fortune International Group buys waterfront Pompano Beach site for $28M
Fortune International Group buys waterfront Pompano Beach site for $28M
arrow_forward_ios

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

Loading...