Strategy Adjustment - Gerard Yetming
28
STRATEGY ADJUSTMENT CONDO CONVERSIONS?
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Strategy Adjustment - Gerard Yetming
Transcript of Strategy Adjustment - Gerard Yetming
STRATEGY ADJUSTMENTCONDO CONVERSIONS?
SOUTH FLORIDA INSTITUTIONAL APARTMENT INVENTORY
SOUTH FLORIDA INSTITUTIONAL APARTMENT INVENTORY
35,000 UNITS LOST TO CONVERSION FROM 2004 -
2012
SOUTH FLORIDA CONDO DELIVERIES
SOUTH FLORIDA APARTMENT AND CONDO STARTS
•38,636 APARTMENTS 2012-2017
•37,500 CONDO IN TOTAL PIPELINE
SOUTH FLORIDA NET IN-MIGRATION
383,000OVER THE NEXT 5 YEARS
PENINSULA70 UnitsSold 2013
TERRAZAS324 UnitsSold 2013
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THE DEMAND FOR CONDOS IN GENERAL HAS NOT CHANGED SINCE LAST YEAR
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THE INFLUX OF FOREIGN CAPITAL TO THE HOUSING MARKET WILL GROW OVER THE NEXT 12 MONTHS
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MOST CONDO BUYERS IN TODAY’S MARKET ARE INVESTORS
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MORE LOCALS WILL START BUYING CONDOS OVER THE NEXT 12 MONTHS
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MORE CONDOS WILL BE DELIVERED IN THIS CYCLE THAN THE LAST (2003-2010)
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CONDO BUYERS THAT ARE INVESTORS ARE CAP RATE DRIVEN
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FINANCING WILL BECOME MORE AVAILABLE TO END BUYERS OF CONDOS IN 2015
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FINANCING FOR ACQUISITION OF RENTAL COMMUNITIES FOR CONDO CONVERSION WILL BECOME MORE AVAILABLE IN 2015
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ALL-CASH BUYERS WILL INVEST IN CONVERTED UNITS
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FOREIGN BUYERS WILL INVEST IN CONVERTED UNITS
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TODAY’S NEW APARTMENT FINISHES MAKE THEM EASILY CONVERTIBLE
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YOU WILL SEE AN URBAN CONDO CONVERSION IN THE NEXT 12 MONTHS
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YOU WILL SEE A SUBURBAN CONDO CONVERSION IN THE NEXT 12 MONTHS
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SUBURBAN CONDOS THAT WERE CONVERTED IN THE LAST CYCLE WILL SEE INCREASING DEMAND AND PRICES
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THERE WILL BE AN INCREASE OF NEW CONDO CONSTRUCTION IN SUBURBAN MARKETS
