Time Waits For No PropertyComments Off on Time Waits For No Property

Time Waits For No Property

On Nov. 15, I published an article in the Florida Real Estate Journal about what developers and lenders need to do to solve the deterioration of the condo market in downtown Miami. It´s so easy to pontificate and pump out words that make everything seem like a QUICK FIX, but quick is far from reality. Personally, I have great fear about the future of downtown Miami because, so far, we are losing the battle to bad advice, leading to the fire sale of our beautiful city.

Yesterday evening, a friend and I stood on the terrace of the pool deck of Brickell Icon, and watched in amazement at the sunset view. Miami is truly a magical city. We were soon joined by a group of hotel guests and their reaction to the scene brought them such emotion, that they started talking to me like we were old friends. Even through their Eastern European accents, they were clearly taken aback by the vista.
Thirty minutes later, I saw the same group in Club Fifty, the trendy watering hole on the fiftieth floor of the Viceroy Hotel, one of the amenities for residents of the Icon. This time the group was having a cocktail at the outside bar and clicking pictures in every direction. They were like kids at a birthday party, reveling in the afterglow of the Miami skyline.

What they didn´t know was that this wonderful property is in distress and under siege by “bottom fishers” from the world over, looking to pick The Icon apart at bargain basement prices.

I thought to myself, if they only knew how much trouble our spectacular city is in, and how sad the current scenario is for developers and lenders who put so much love into the buildings they created, and that so much value is being squandered by inexperienced lenders looking for that QUICK FIX.
True, Miami has a problem that can be resolved in time, but inexperienced REO/WORKOUT are destroying the values for everyone.

My bet is on Jorge Perez, Icon´s developer and an icon in his own right. I trust Perez and his lenders will hold the line on prices and not turn the Icon into another “fire sale” property.
I pray that others will follow Perez´s lead, so we can save Miami from the needless waste and carnage. All we need is time.