WATCH: South Florida’s top developers size up Miami’s post-boom market
Finding condo buyers and financing has become more difficult, panelists say
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.