'My expectations were way too high, I admit.' As Miami's ultra-luxury market cools, even Miami's so-called 'condo king' is having trouble selling his apartment.
Jorge Pérez, the billionaire real-estate developer widely referred to as Miami’s “condo king,” is having a bit of trouble selling his own: He is relisting his Miami condo for $10.95 million, or 45% off what he first sought three years ago.
Mr. Pérez, CEO of the Related Group, said he first listed the property at One Ocean for $20 million in 2016, when the rise of the Miami market looked unstoppable. He received an offer of $15 million, which he rejected.
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