The cyclical nature of Miami’s condo market has many developers shifting toward rentals – but not Michael Shvo.
The New York developer, who is making a big push in Miami Beach, said that as long as you have the right site and project, the overall market’s performance is irrelevant.
“It doesn’t really matter what the market is. You build something special in the right location, you’re not competing with something in Brickell or in Wynwood,” Shvo said at The Real Deal’s Sixth Annual Miami Showcase & Forum last week. “I don’t lose sleep at night over oversupply or undersupply.”
Shvo was joined by Laurent Morali of the Kushner Companies, Florida East Coast Realty’s Jerome Hollo, and developer Lissette Calderon on the panel, “The next wave of South Florida development,” moderated by TRD Editor-in-Chief Stuart Elliott.