More Pain Coming for South FL Markets

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-The financial and residential real estate crisis will continue to affect South Florida commercial properties, according to speakers at today’s RealShare South Florida conference at the Hyatt Regency Downtown. Panels assembled at the event spoke to almost 300 attendees about the state of the tri-county market, getting deals done, the financial crisis, the benefits of going green and the outlook for the commercial market.

According to the speakers, the downturn in the South Florida market has not seen its darkest day in terms of residential prices dropping and effects on office, industrial and retail. Keynote speaker Mark Vitner, managing director and senior economist with Wachovia Corp., identified the roots of the financial crisis as complacency with asset quality and risk, plus a lack of accountability throughout the lending system.