Jorge Perez Tells Miami Condo Buyers: Have Patience

Related Group’s Jorge Perez has some advice for buyers in his most recent condo project: don’t sell yet.

At Related’s Icon Bay, there are now 94 units listed for sale out of 300 units in the project, with one unit having closed at a price that was 7% less than the seller paid last year.

Only a couple of units have sold for less than the owner paid, and it was probably due to personal financial circumstances, according to Perez.

Perez told Bloomberg that selling in a “decorator-ready” building shortly after it opens is the wrong move. The building is essentially still under construction and elevators are overused, as owners must install flooring and other finishes.

“When this happens, pricing is affected, particularly in a market that is not booming,” Perez wrote in an e-mail to Bloomberg. “Miami’s market has slowed down (but is definitely still active) and sellers need to have the necessary patience to let the project mature and the market to rebound as it has always done in the past.”