From the shooting yourself in the foot department: Jorge Perez, who has brought some of Miami's most visionary recent properties to the market through his firm Related Group, has started a $1 billion vulture fund to snap up the excess inventory created during our prolific real estate boom. Perez is a major supporter of the east side renaissance, and responsible for Lofts 1, 2, and 3 downtown, 50 Biscayne, and Icon Brickell (being completed now), so I'm curious why he would associate himself with a company whose sole reason for being is the real estate apocalypse. I guess you can never underestimate a person's desire to make a quick buck.
In other real estate implosion news:
- Some high rises are still trying to get approval, including the enormous Empire World Towers. I believe it was rejected at the last commission meeting, but it's still interesting to see people trying to get stuff built despite the downturn. On the other hand, empty plots are worth a lot more with plans and zoning approval in place.
- Pedro Martin of Terra Group says his Quantum on the Bay project is suffering from only a 4% walk away rate during closings. This is great news: as people begin to fill up the neighborhood with noncrackheads and cute girls walking little dogs (like me), all the buildings in the neighborhood improve as a result.
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The question is why would investor hire a developer with a vested interest in reducing inventory in his markets with investing your money in buying up the same inventory. How can he possibly claim to be objective. I would rather hire a scrappy Realtor who at least knows a good deal from a bad deal.
light a candle and make the city pay for it! Your can pray for him in any religion it's about coverting prayers into dollars.....
Your taxes will not go down untill uncle Perez sells his units.!!!!!!