Miami Condo Developer: I Don’t Believe In Cycles

Quote of the day goes to developer Dan Kodsi talking about Miami condo inventory marketed to investors (as opposed to people living in the homes):

“I really don’t believe in cycles, but I do think we are going to see some dips.”

This is almost as rich as Steve Buscemi in Reservoir Dogs saying he doesn’t believe in tipping.

In fairness, the full quote is as follows, and adds market rationale:

“I really don’t believe in cycles, but I do think we are going to see some dips,” he added. “You will not see a mass sellout because these are not people who can’t make their mortgage payments. You will likely see these investor buyers taking their units off the market and renting them out.”

Still, any market participant saying they don’t believe in cycles must be called out.

Head over to BI and The Real Deal to read more about the Miami market.

–Miami’s Housing Market Could Be In For A Tough 2017 (BusinessInsider)

–Experts Forecast Miami Market In 2017 (TheRealDeal)