Since the 1970s, luxury condominium developments have rocketed to stratospheric heights, only to be followed by busts that leave buildings with what are referred to as “see-though” apartments. Well, Miami is yet again heading toward a glut of see-throughs. Between 2004 and 2008, 21,000 units were delivered in Miami, with thousands of them sitting empty for years. Foreign buyers bailed out the last crop of condos, but this time around a strong US dollar, weakening local currencies, dropping oil prices and global economic turbulence has evaporated the buying muscle of foreign buyers. For this reason developers are halting projects to hopefully avoid a bloodbath. Alas, this situation is also worrying other markets such as New York, Southern California and San Francisco, where luxury condos have flooded the markets at galactic prices. Put on your seatbelts and pack your bathing suit because there will be some bargains out there over the next couple of years in sunny Miami. |

JOB LISTINGS

JLL Finance Director The Finance Director will manage, control and direct the accounting and financial functions for a client account. Duties include: preparation, management, consolidation and delivery of the annual plan and quarterly reforecast; and supervising revenue recognition process. (Sponsored Job) CIM GROUP Senior Associate, Leasing Position will be responsible for assisting the VP, Leasing in day-to-day activities related to the execution of the marketing and leasing strategy for commercial real estate properties. (Sponsored Job) MADISON MARQUETTE Property Manager – Retail Manager at the Asbury Park Boardwalk will support the General Manager, with direct responsibility for preparing monthly and quarterly reports, collecting aged receivables, coordinating on-site vendors and basic property operations. AVISON YOUNG Property Manager Commercial Property Manager will assist the Asset Services team to maintain a Class A building in New York. Position will be in charge of the day-to-day implementation of those policies, procedures, and programs that will assure a well-managed, well maintained building. LAKESHORE MANAGEMENT Staff Accountant Staff accountants will be responsible for managing the work necessary to maintain accounting records for the firm, produce monthly financial reports, and provide informative financial analysis. NEWMARK GRUBB KNIGHT FRANK Senior Director – Global Lease Administration Position will be responsible for all operations of the Lease Administration Business Unit; activities for portfolio; and oversight and supervision of lease administrators and lease administration managers. FORE PROPERTY COMPANY Development Director Director will participate in all aspects of development including site selection, due diligence exploration, financial analysis, budgeting, contract negotiation, development consultant management, site acquisition, investment package creation, coordination of the permitting process, execution of the construction documents, and general contractor management. DDR Assistant General Manager Responsibilities include assisting the General Manager with the management of daily operations of a specialty center and its common area maintenance (CAM). Position provides overall management support to the property and its tenants, and assists in the development and execution of marketing plans and budgets for the center. Since the 1970s, luxury condominium developments have rocketed to stratospheric heights, only to be followed by busts that leave buildings with what are referred to as “see-though” apartments. Well, Miami is yet again heading toward a glut of see-throughs. Between 2004 and 2008, 21,000 units were delivered in Miami, with thousands of them sitting empty for years. Foreign buyers bailed out the last crop of condos, but this time around a strong US dollar, weakening local currencies, dropping oil prices and global economic turbulence has evaporated the buying muscle of foreign buyers. For this reason developers are halting projects to hopefully avoid a bloodbath. Alas, this situation is also worrying other markets such as New York, Southern California and San Francisco, where luxury condos have flooded the markets at galactic prices. Put on your seatbelts and pack your bathing suit because there will be some bargains out there over the next couple of years in sunny Miami. |

JOB LISTINGS

JLL Finance Director The Finance Director will manage, control and direct the accounting and financial functions for a client account. Duties include: preparation, management, consolidation and delivery of the annual plan and quarterly reforecast; and supervising revenue recognition process. (Sponsored Job) CIM GROUP Senior Associate, Leasing Position will be responsible for assisting the VP, Leasing in day-to-day activities related to the execution of the marketing and leasing strategy for commercial real estate properties. (Sponsored Job) MADISON MARQUETTE Property Manager – Retail Manager at the Asbury Park Boardwalk will support the General Manager, with direct responsibility for preparing monthly and quarterly reports, collecting aged receivables, coordinating on-site vendors and basic property operations. AVISON YOUNG Property Manager NEW YORK Commercial Property Manager will assist the Asset Services team to maintain a Class A building in New York. Position will be in charge of the day-to-day implementation of those policies, procedures, and programs that will assure a well-managed, well maintained building. LAKESHORE MANAGEMENT Staff Accountant Staff accountants will be responsible for managing the work necessary to maintain accounting records for the firm, produce monthly financial reports, and provide informative financial analysis. NEWMARK GRUBB KNIGHT FRANK Senior Director – Global Lease Administration Position will be responsible for all operations of the Lease Administration Business Unit; activities for portfolio; and oversight and supervision of lease administrators and lease administration managers. FORE PROPERTY COMPANY Development Director Director will participate in all aspects of development including site selection, due diligence exploration, financial analysis, budgeting, contract negotiation, development consultant management, site acquisition, investment package creation, coordination of the permitting process, execution of the construction documents, and general contractor management. DDR Assistant General Manager Responsibilities include assisting the General Manager with the management of daily operations of a specialty center and its common area maintenance (CAM). Position provides overall management support to the property and its tenants, and assists in the development and execution of marketing plans and budgets for the center.