Heavy Hitters Speak at the 2016 Urban Land Institute Miami Condo Symposium

 
Miami Luxury Homes kicked off Art Basel weekend by attending the Urban Land Institute’s 2016 Miami Condo and Community Development Symposium last Wednesday at the newly-opened EAST, Miami Hotel in the one-and-only Brickell City Centre.

Presented by Douglas Elliman, Coastal Construction and Bilzin Sumberg, the highly-powered symposium began with a breakfast and a meet and greet before opening remarks began and were followed by an overview of the condo market by Spencer Levy, Americas Head of Research, CBRE. Following the market overview, we had the pleasure of listening to the “Chairman Chat” which included Vladislav Doronin, Chairman & CEO of OKO Group who is currently developing the uber-luxe Missoni Baia in Edgewater and Howard Lorber, President & CEO of Vector Group AND Chairman of Douglas Elliman.

Jane Wooldridge, Vladislav Doronin & Howard Lorber

During the Chairman Chat, Mr. Lorber made some extremely great points that slightly snubbed the naysayers when he was asked about today’s real estate market and where the cycle is currently.

“It’s like when you buy a stock for $10 and it goes to $100 then it goes down to $80…some would say you lost $20.”

Great point…but shouldn’t you be happy that you actually gained $70 instead of looking at the negative? Further, Mr. Lorber said “It is the depressing economists that could kill this business for us. Why does anyone listen to economists, it’s only a degree, I heard that you can even get one online.” Obviously, he was jokingly taking a jab at economists but the crowd must have agreed since everyone burst out with laughter! But, all jokes aside, yes, the market is correcting itself and it isn’t the same as it was a year ago, but that doesn’t mean the sky is falling.

Following the Chairman Chat, the symposium was filled with powerful heavy hitters from the South Florida real estate industry including panelists Ugo Colombo, Founder of CMC Group; David Martin, President & Founder of Terra Group; Moishe Mana, President of The Mana Group; Jorge Perez, Founder, Chairman & CEO of Related Group; Reid Boren, Managing Partner of Two Roads Development; Silvia Coltrane, CEO of Transacta Developers LLC; Neil Fairman, President & Founder of The Plaza Group; Inigo Ardid, Co-President of Key International; Ziel Feldman, Chairman & Founder of HFZ Capital Group; and Eliot Spitzer of Spitzer Enterprises.

Panelists did recognize that the luxury market is slowing down, but Jorge Perez reiterated that the international demand for Miami condos is still in full effect, it’s just now there is more inventory to pick from.

Suzanne Amaducci-Adams, Reid Boren, Silvia Coltrane, Ugo Colombo, David Martin & Neil Fairman

Anthony Graziano, Inigo Ardid, Jorge Perez, Ziel Feldman, Eliot Spitzer & Moishe Mana

Photo Credit: worldredeye