Is Related Group Moving Too Fast?
By Jennifer LeClaire
MIAMI—Not content to develop in Miami’s urban core, The Related Group is venturing further north once again. After selling out Apogee Beach in Hollywood, Related is gearing up to sell out BeachWalk luxury condominiums in neighboring Hallandale Beach.
Related went all out for the sales center launch event on Thursday night, showing off a three-story structure featuring a model residence and rooftop entertaining area. Guests got a first hand taste of BeachWalk living with hors d’oeuvres, cocktails, and a surprise musical performance on the rooftop.
Related CEO Jorge Perez and Carlos Rosso, president of Related’s Condominium Development Division, were on hand. The tone was clear: they expect to sell out BeachWalk just as they have other recent projects, like Apogee Beach and MyBrickell.
Related is also actively developing Millecento, IconBay, and One Ocean. So the question becomes: Is Related doing too much too fast? Is there a danger that the venerable condo developer could get too far ahead of the curve? Or is Related just beating the competition to the marketing demand?
“The Related Group is moving at the pace that the market is dictating,” Christian Kawas, principal at SobeLuxuryHomes.com, tells GlobeSt.com. “Pre-construction sales are proving a success with both foreign and domestic buyers alike. Unlike the last cycle, this time around those buyers are not heavily leveraged; in fact, most transactions are cash transactions, if not with they are putting down at least 50%, thereby reducing the risk for developers.”
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