...In South Florida, Consultatio’s Oceana Key Biscayne ranked as the highest grossing preconstruction project this cycle. It generated nearly $580 million in recorded transactions, selling 148 units out of a total of 154 units as of Jan. 31...
What is your biggest high-rise project in terms of dollar value?
Oceana Bal Harbour.
About 70 percent of the building is now under contract, he said. When completed, the project’s sell-out will be $1.3 billion, more than twice the total sell-out of Oceana Key Biscayne. Combined, the two buildings’ sell-out will approach $2 billion.
“I don’t do too many projects,” he said. “They are all big-scale projects.”
What is your next project in South Florida?
Costantini is looking for land. “We’re looking for properties to acquire for the next phase of the real estate market,” he said, noting that the real estate downturn has begun. “Prices have reached a peak and are now going down.”
He said it is much more difficult for a developer to wait than to invest. “You need much more discipline because you like to be creating,” he said.
“We are not opportunistic. We are long-term developers,” he added. “But we must care about the economic situation of a project — not buy at the top, or sell at the bottom, or we can’t compete. We need the wholesale level to come down.”
http://therealdeal.com/miami/2016/04/14 ... l-harbour/