The Related Group's Carlos Rosso looks to the Miami skyline and beyond for the next development book.
Carlos Rosso on the roof at Brickell Heights. The president of Related’s Condominium Development Division is seeing a solid real estate market for 2017.
Since joining The Related Group 15 years ago, Carlos Rosso has been responsible for a broad cross-section of the company’s operations. As president of the firm’s Condominium Development Division, he’s developed more than 16,000 condo units in his career and helped Related grow into South Florida’s multifamily powerhouse, while now leading the firm’s expansion into Mexico—and all over the globe. But in a tumultuous world economy and unstable future, how do Miami and its international ties continue to prosper? Rosso gives Ocean Drive the scoop.
How is the condo market in South Florida right now? The condo market is very healthy. We started closings at SLS Brickell, and we closed more than 60 percent of the building in less than 60 days, so that’s very positive.
Have things picked up since the election? Yes. People were waiting to see what would happen with the election, but the rebound in the stock market is a good sign for the real estate market. As all the financial guys in New York start making serious money, they’ll come back to Florida to buy more properties.
Are the international buyers back? The international buyers are seeing the strengthening of the dollar, so they’re thinking more and more of putting their savings into dollar-denominated goods, and real estate in Miami is one of them. New Yorkers, particularly in the financial sector, are making more money and are coming to South Florida to buy condos. Prices are very cheap here compared to New York.
A master suite in Edgewater’s Gran Paraiso tower.
Are you seeing any trends in the market? I think it’s been confirmed that the idea of mixing hotels and condos is a good one. The opening of SLS Brickell, with the residences on top, has proven that. Also, people are more interested in urban locations, like Brickell.
How do you think President Trump will affect the local real estate market? We are in a wait-and-see situation. To have a developer in the White House is good for us, but at the same time, we want to see what his policies are going to be.
What does Related have in store for us this year? We are going to deliver seven projects, starting with Hyde Resort. Then we have two Brickell Heights towers, SLS Lux, Hyde Midtown, and two towers at Paraiso.
SLS Lux and Brickell Heights are among seven projects Related will deliver this year.
What about new launches in 2017? We are going to launch a new development in Wynwood, which will be 182 units. We are also doing more international projects—our second phase at SLS in Cancun, and we are looking at some projects in Argentina.
Where do you see the real estate market going in 2017? It’s still going to go at a steady pace, maybe not as fast as 2015 or 2016, but I think that’s good. We are in a very solid market.