Stephen Ross: Miami Condo Market Overbuilt, But Developers Won’t Suffer

Dolphins owner Stephen Ross says that there is too much supply in Miami’s condo market.

Speaking on CNBC’s Squawk Box this morning (9/28), Ross said that there is overbuilding of condos in the area. He said that developers wouldn’t be hurt however, since buyers had placed 50 percent deposits on under-construction units that they wouldn’t walk away from.

Zika is also having a big impact on Miami’s hotel market, he said.

In Miami, Ross is a partner in the Paraiso Bay project where nearly 1,500 condo units are under construction, among others.

Ross said that the market in New York was flat, with high end suffering from overbuilding, while the low to mid end was still seeing strong demand.

When asked about the presidential election, Ross said that his vote wouldn’t matter since he was a resident of New York, which is certain to be a Hillary Clinton stronghold.