Developer on Brickell Ignores Housing Crisis
I just read an article about builder Renzo Renzi who is trying to add 150 units to the Beacon at Brickell Village. They mentioned our beloved Plaza:
“Plans to enhance come as Brickell’s condo e supply is to soar from 5,348 units to 12,299 by the end of 2008. Two projects —The Related Group’s 633-unit 500 Brickell and 1,000-unit The Plaza on Brickell — will add about half the new units”
Are these guys seeing something we don’t…could be encouraging…if you are a blind optimist.
Posted: September 13th, 2007 under Uncategorized.
Comments: 1
Comments
Comment from eli
Time: October 11, 2007, 4:27 pm
Since I’m the uberpessimist.. I’d guess that it does not cost much for them to build more units since they’re already committed to this project. So, if the avg price of a condo is expected to fall and you’re already on the hook to build a development, you can plop on more units and hope that you sell enough to make up for the price drops.
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