MIAMI-Some real estate executives convened for Tuesday's Urban Land Institute symposium on the Miami condo market warned that the current hot market brings back memories of the last boom that went bust.
“If we learned anything, we learned we didn't learn much,” said Russell Galbut, managing partner of Crescent Heights, a Miami-based high-rise development firm “What I see in the Miami market is a lot of people coming together at the same time to build. It think it could possibly bring about the same things that we had in the past, which is an overdevelopment of projects.”
Galbut and other real estate analysts addressed more than 200 attendees of the Urban Land Institute's “Miami Condo Market Symposium: Embracing Boom and Bust Cycles” held at the Four Seasons Hotel. Panelists at the event addressed whether the rise in condo property values and sales are perhaps a precursor to another bust.
“Miami, up until a couple of years ago, was essentially the poster child for distressed real estate in the U.S.,” said Jonathan Miller, president of Miller Samuel. “Miami has successfully rebranded itself as a luxury housing market and in a very short period of time.” See story in the Miami Herald.
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