Now that the commercial real estate market has witnessed the selection of Donald Trump, our next president, we can now look forward to reconnecting with the real world again. “Commercial deals also have not been immune to the political uncertainty,” according to The Real Deal. In an article which highlights that Colliers International South Florida broker Mika Mattingly has seen longer due diligence periods for commercial deals, but not a slowdown because of it. “Investors are jittery,” she had told TRD, and also added to her statement that the commercial market is due for a correction regardless. “People like to have timeframes as a reference.”
At a recent legal summit, called Key Transformational Moments in Latin America: A Region in Flux, Akerman LLP partners Luis A. Perez and Pedro A. Freyre had said to The Real Deal that President Donald Trump’s developer’s anti-trade, anti-immigration policies would severely damage Miami’s development as a gateway to Latin America. Perez and Freyre were featured speakers at the annual ALM-Akerman U.S. Latin America Legal Summit, which had taken place this year at the Four Seasons Hotel Miami at 1435 Brickell Avenue.
“A victory by Trump would mean more restrictions and more scrutiny of money coming in,” Perez said to The Real Deal. “If he prevails, Latin Americans would see it as the U.S. rejecting investments and immigration originating from Latin America. That would have a profound impact in Miami.” Freyre reiterated Perez’s comments. “Trump’s proposed policies send the message that the U.S. is not interested in building bridges to Latin America.”
Panelists at the event also said that foreign investors, who have already been on the decline due to weakened foreign currencies, could also be deterred by Trump’s anti-trade, anti-immigration policies. “A victory by Trump would mean more restrictions and more scrutiny of money coming in,” Akerman partner Luis A. Perez also said. “If he prevails, Latin Americans would see it as the U.S. rejecting investments and immigration originating from Latin America. That would have a profound impact in Miami.”
Perez had also said that Miami’s real estate market has really not been impacted by more government scrutiny – such as the Treasury Department’s new rules requiring title companies to reveal the identities of all cash buyers of luxury condos in Miami and Manhattan. “Money that is transparent and can be traced to a legitimate source is not much of a problem,” Perez noted. “I think investment continues to come into Miami. Just look at the level of construction that is still going on.”