The Related Group is one of South Florida’s largest and most active condominium developers. So when the Fried On Business show needed a South Florida condo market update, we looked no further than Carlos Rosso, president of condominium development for the company.
With a focus on Miami-Dade and Broward counties, Related Group last year sold some 2,500 condos to buyers of 92 different nationalities, Rosso said on a recent show.
And this year is no exception. Projects are delivering – like Millicento and Iconbay in the Brickell Area – and units are closing.
Latin American buyers, mostly, are purchasing units both as second homes and as rental real estate.
“People are closing, and I think people are recognizing the value that Miami represents,” Rosso said.
“People really prefer to put their money into condos than into the bank. The returns that they get are probably 4 to 5 times what they get in the bank.”
Buyers, Rosso said, are especially seeing the value in the Brickell area as Brickell City Centre takes shape. All of the shopping and entertainment that used to require a trip by automobile will now be at residents’ doorsteps, he said.
Related Group, like many other developers, is taking advantage of the trend toward re-urbanization. Rosso said he’s seeing that phenomenon even in places like the Edgewater area.
Rosso said water views in the Brickell area command a premium, while in Edgewater – in communities like Related’s Paraiso Bayviews – you can live for about half the price.
“At Related, we are always trying to pass on that value to the buyers,” he said.
The same premise – creating value for buyers – applies to Broward County, Rosso said.
“Fort Lauderdale has the same beach, the same sand, the same ocean as South Beach or even Sunny Isles, and we found the best site in Fort Lauderdale – five acres on the ocean. It’s a site that in South Beach today would be impossible to find,” he said.
There, Related is building the 171-unit Auberge Beach Residences & Spa. Part of the luxury, Rosso said, is the low density. The first tower is 80 percent sold, and construction will start soon.
Rosso said buyers in Related’s projects run the gamut. With the U.S. dollar strengthening, there’s been a bit of a slowdown among Latin American buyers, but they’re still the No. 1 buyer group. And Related has seen incredible growth among U.S. buyers, he said.
“For people in Chicago and New York, it’s not difficult to imagine how a new urban Miami is going to look when you have cinemas, restaurants, shopping centers, and more office development all being planned for Brickell and Downtown,” he said.
What what about Coconut Grove, I asked, where Related Group and Terra Group are building the new Park Grove project?
Rosso said Coconut Grove is one of Miami-Dade’s most luxurious neighborhoods. Many buyers there are empty-nesters who would prefer a high-end condo to a large, luxury home.
The joint venture is being built at half the allowable density and will feature world-class architecture, high-end artwork, and access to plenty of green space, he said.
In Palm Beach County, Rosso said, Related Group is focusing mostly on rentals but is also involved in a large North Palm Beach rezoning that will result in a new condo project.
We covered a lot more ground, so to speak, so click here to listen to the full interview with Carlos Rosso, president of condominium development for The Related Group.
You can reach Rosso at relatedgroup.com or 305-460-9900.
