The developer of Miami's massive Midtown project says selling the project before it is built does not indicate a change in Miami's hot housing market. Some Real Estate analysts disagree.
"Midtown Miami, the massive mixed-use residential development planned for the former Buena Vista rail yard north of downtown Miami, is up for sale.
The asking price: $375 million.
Developer Joe Cayre said Monday he is selling up to 80 percent of the project for tax reasons but hopes to remain in control of it. Real estate broker Edie Laquer, who is selling the property, said they always planned to sell after construction started.
But market watchers immediately questioned whether this is another example of a residential developer trying to limit risk at a time when the housing market has cooled. While real estate sectors such as office, hotel and retail remain strong, residential developers ranging from home builder Lennar Homes to condominium builder Leviev Boymelgreen have recently shed property they don't plan to build on in the near term."
Read the full story: Miami condo project up for sale
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