Industry watchers know the South Florida condo market goes the way of the region's biggest and savviest player, the Related Group.
Within the last 30 days, the Related Group has confirmed the creation of an opportunity fund (rumored to be about $1 billion) to purchase distressed condo units in bulk and cancelled plans for a new condo tower in downtown Miami.
Now, today the South Florida Business Journal is reporting that multifamily broker Jay Massirman, a principal of Miami-based Massirman Group, has been approached by a headhunter to possibly represent the Related Group's fund.
Massirman is a veteran broker who spearheaded CB Richard Ellis' South Florida multifamily group to $7 billion in sales from 2003 until his departure in late 2006.
Don't be surprised if the bulk sales begin to be negotiated in the first quarter of the year, and are eventually announced sometime around the summer. Industry watchers know the South Florida condo market goes the way of the Related Group.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to sign up for Peter’s weekly Market Intelligence Report.
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