The Real Deal South Florida’s summer issue is now live!

Inside: Lennar after Stuart Miller, South Florida's top condo developers + more

TRD MIAMI /
Jun.June 21, 2018 11:30 AM

As the country’s largest homebuilder, Lennar is part of a very exclusive club. Like Apple and Amazon, which can impact entire industries with a single strategic move, Lennar’s behavior reverberates across the entire homebuilding landscape. So when the Miami-based firm announced in April that longtime CEO Stuart Miller was stepping down after more than 20 years as its steward, we got to wondering where the firm will head next. Reporter Keith Larsen’s profile reveals that newly crowned CEO Rick Beckwitt has his hands full, bringing freshly acquired CalAtlantic Homes into the fold while moving Lennar’s focus back to homebuilding after various diversification plays over the years. That renewed mission comes at a tricky time, as developers everywhere face rising construction costs.

As Lennar forges ahead, so too do the daring firms that make up our top condo developers ranking. Although major players such as Related and Swire are waiting out the end of this cycle, those filing permits for new projects insist that their condos won’t contribute to today’s overabundance of stock, since they’re either more affordably priced or scheduled to be delivered at the start of the next cycle.

One of the most interesting data sets in the issue is our look at how many unsold condos were left at projects that started closing sales last year. At the outset, we thought the analysis would paint a sad picture of the state of things, but as it turns out, most projects surveyed were at least 50 percent sold. See for yourself here.

Many of the developers wouldn’t have gotten to where they are this cycle without Bank of the Ozarks, which has funded roughly 27 percent of the condo construction loans that have gone to major Miami projects over the past five years. They’re gutsy, they’re always game, but are they destined to crash and burn?

Another highlight in the issue is our look at how resi brokerages are marketing to the out-of-towners who are desperate to escape the brutality of the new SALT deduction cap in high-tax states. They’re coming in droves, folks! Smart brokerages are leveraging their relationships with far-flung firms to win those clients.

And another not-to-miss read? Managing editor Ina Cordle’s delightfully candid interview with 13th Floor Investment’s Arnaud Karsenti, who, adorably, met his wife in fourth grade.

Enjoy the issue!


Related Articles

arrow_forward_ios
“The day of reckoning is coming” warns Miami condo market expert Peter Zalewski

“The day of reckoning is coming” warns Miami condo market expert Peter Zalewski

“The day of reckoning is coming” warns Miami condo market expert Peter Zalewski
Rendering of Villa Valencia and Rishi Kapoor

Coral Gables condo developer offers zero-interest down-payment loans

Coral Gables condo developer offers zero-interest down-payment loans
1515 West 22nd Street, Julian Johnston, Esther Percal (Credit: Google Maps)

Stuart Miller’s son buys home on Sunset Islands

Stuart Miller’s son buys home on Sunset Islands
Stuart Miller, Wynwood Green

Lennar scores $45M construction loan for Wynwood apartment project

Lennar scores $45M construction loan for Wynwood apartment project
Quadro at Design District and Rainmundo Onetto

Alta Developers launches sales of Quadro at Design District

Alta Developers launches sales of Quadro at Design District
Jonathan Sobel and his units at the Surf Club (Credit: Realtor and Redfin)

Ex-Goldman Sachs partner picks up Surf Club condos at a discount

Ex-Goldman Sachs partner picks up Surf Club condos at a discount
Elliot Eisenberg and his Aventura condo

Telling move: Housing expert relocating to South Florida for tax savings

Telling move: Housing expert relocating to South Florida for tax savings
A rendering of Via Ventura and Stuart Miller (Credit: Lennar)

Lennar sells off part of its Via Ventura community

Lennar sells off part of its Via Ventura community
arrow_forward_ios

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

Loading...