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.”

 

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Anonymous
5 years ago

George Perez to buyers:
” have patience. Don’t sell yet. Wait until I’m done with Nader and then I will deal with you all. It won’t be long.

Anonymous
5 years ago

Sounds like he doesn’t want his past customers competing against him for his new ones…

marc
5 years ago

What he says is common sense. If you don’t have the resources to be in the speculating business to begin with serves you right.

FH
5 years ago

That is the case in almost every new condo development in Miami-dade. I predict we will start seeing many more resales closing below what owner originally paid…and that will push prices down for everyone else, at least in the short to mid term as I don’t see luxury condo prices appreciating for a few years…

Anonymous
5 years ago

Related Group needs to stop building. They are only hurting the buyers of their projects. Stop talking and stop building. Go to Cuba and build!

CP
5 years ago

Please God don’t allow the ruin of the Cuban shoreline with the same crazy overbuilding that has gone on in Miami —I have to ask God for help because we in Miami are demented-does anybody remember 2008-2011?????

Anonymous
5 years ago

great unit…rented and wait.

Danny
5 years ago

I would think the foreign buyer’s (70-80% of purchasers) currency has decreased which would lead to them trying to get out of it and/or investors thinking the cycle would still be going when their building was being completed.