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On that note, the Galbut family's current holdings are difficult to pin down, being owned through a web of companies, including Crescent Heights, 5222 Development, and Andrew Properties. Galbut is a bit coy on just how much of Collins Park his family owns -- "a fair amount," he quips with a suggestively raised eyebrow.
He also dismisses Kulchur's suggestion of a bursting real-estate bubble, noting the price per square foot for Miami residential property as compared to projects he's developed in Los Angeles, San Francisco, and New York City. "There may be an oversupply here," Galbut explains, "but it's all undervalued. On a national basis, values in South Florida are still cheap." Pointing to capital flowing in from Latin America and Europe, he adds, "On a global basis, the value here is even cheaper." And, he stresses, all of his real-estate forecasting derives from a business philosophy that is essentially conservative. "We're not Jorge Perez [of the Related Group]. We've never built anything from the ground up," he says of his family's South Florida developments, all condo conversions of existing structures from 1993's Decoplage on Lincoln Road to the Mirador. "The profits may be substantially less, but so is the risk."
It's all a bit much, especially since Kulchur is still trying to wrap his head around just what's inside an organic Gummy Bear.
Sounds like you've got the future of Collins Park pretty well mapped out. What's next? Which is the next hot neighborhood?
Menin jumps in before Galbut can speak: "Oh no!" he jokes. "You have to pay him for that one!"
Next week: Collins Park residents contemplate the condo life.