“In Cancun, these units are $350 per square foot,” said Carlos Rosso, head of Related’s condo division. “In the U.S., for properties on the sand, the price would be 10 times that much, plus you have a golf course, marina and private beach, and all the amenities of a hotel.”
South Florida’s condo market has had a rough year thanks to a grueling election season and a strong dollar. Developers including Related have delayed, suspended or canceled new projects in the absence of foreign buyers. Sales for existing condos in Miami-Dade County fell 30 percent year-over-year in October.
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