In this video: Despite the condominium market slowdown, Miami developer Shahab Karmely is confident that his project and the Miami River are poised for big growth.In an interview following a panel, Karmely and TRD South Florida’s Managing Editor Ina Cordle discussed his One River Point and the river in general at TRD‘s Third Annual Broward Real Estate Showcase & Forum in April. Presales at One River Point are soon to pass the 18, 20 percent market. Buyers there are mostly from South America, but they also come from Georgia, New York and Canada. “We have headwinds – not us, just everybody else,” he said. “On the other hand, we are financially very secure. We have no financing.”
The Real Deal previously reported that Karmely’s silent partner is Daniel Loeb, a billionaire investor who runs one of the most prominent activist hedge funds, Third Point LLC. Karmely’s KAR Properties has spent more than $112 million on acquisitions along the Miami River, in Wynwood and in Hallandale Beach since 2013, and more on pre-develoment costs.
Karmely was part of a panel discussion on the economics of new development amid a new administration and continuing global market fluctuation. To watch the panel in full, click here.