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‘There’s Still A Lot of Money Around’: CRE Pros On The State of The Market In Miami
Following weeks of nonstop news coverage about hurricanes, real estate professionals were understandably concerned that investors might shift their sights away from Florida and its severe weather events. But the experts who spoke about capital markets and foreign investment during Bisnow’s Miami State of the Market event Tuesday agreed: the impact was almost nil.
Walker & Dunlop Managing Director Kevin O’Grady said he is in the midst of several hundred millions of dollars in deals, with foreign investors flying for tours, and “there hasn’t been a peep about the weather.” “There may be a short-term hangover, especially in the residential market,” O’Grady said, but the hurricane was otherwise mostly a temporary nuisance. “Living at the water has a price, but it’s certainly worth paying it,” Fortune International Group CEO Edgardo Defortuna said. “I’d rather have a hurricane than an earthquake.”