more thoughts since I found this one pretty interesting. I think the characterization of Americans not wanting to wait for product is a little unfair. Interest rates are higher now so folks have a lot of options when deciding what to do with their cash. It feels like most new construction buildings are aggressively optimistic about construction timelines, often to the point that it feels like they are lying (you guys alluded to as much in this discussion). Also I don't know if it's unique to Miami, but most all new construction projects there ask for significant cash deposits well before units are delivered exacerbating this issue. I've bought two new construction condos in Chicago (one upper-mid range, one luxury) and they each only asked for 10% deposits before completion compared to 40-60% it seems for most Miami units (albeit not all at once, but still well before the units are delivered). I know you guys didn't want to name names, but the Waldorf Astoria project seems to me like one that if it is finished in 202X rather than 203X it'd be a surprise. Beautiful concept, but I'm fairly skeptical. Chicago still has a giant hole in the ground where the Spire was supposed to be. Miami obviously has far, far more interest now than Chicago ever as but still, it doesn't take that much of a shift for such an ambitious project to not make sense anymore I imagine. Five park is still the most interesting project to me and seems like it will actually be completed relatively soon. it doesn't seem like the remaining units are getting snapped up though--maybe it's just because it's mostly the smaller ones, re the conversation here. I also heard they are planning a second building near the first one (I haven't seen any info on that though), so maybe people are waiting to see whats going on there. I have some friends that have a second home near five park and it seems like it'd be a cool second home spot. cheers as always guys.
When I first started looking here in Miami in Summer of 2021. My realtor would call the day or night before to see a SFH and by morning it was gone. We ended up with a condo in Edgewater. We’re happy with what we bought.
