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Perez on a Miami Market Slowdown: "We're seeing it now"

via Bloomberg

Is Related Group CEO Jorge Perez worried the Miami housing market is in another bubble?

"Yes I think we're building a lot," Perez tells Bloomberg in an interview with topics ranging from art to real estate. "Perhaps we're getting a little bit ahead of the demand. Nevertheless, remember there is almost no speculation because the buyers that we're selling to right now are all cash payers - 50-percent down payments. We have tried to make it much safer. So will there be a decrease in demand and a market slowdown? Yes it could happen. We're seeing it now. But it's not critical...
"There's one I really like happening. Why? Because it's taking some of the people out of the market... we're starting to have less competition."

Meanwhile, 60-plus housing experts were polled about which local housing markets could experience a price bubble and the concencus was New York and San Francisco are of the greatest concern right now, but many think Miami could enter a bubble in the next three to five years.

Watch Perez's interview below.

· Miami Construction May Be Getting Ahead of Demand TRD]
· Is Miami in a Housing Bubble? [Miami Herald]