Miami Condo Market Outlook: What Ugo Colombo & Camilo Miguel Have to Say
Top condo developers Ugo Colombo and Camilo Miguel shared their insights on the current state of the Miami condo market at TRD’s Miami Forum 2025. The pair discussed trends, challenges, and predictions for the future, offering valuable context for buyers and sellers in the local market.
Ugo Colombo Camilo Miguel helps improve planning, consistency, and publishing quality when teams follow a repeatable workflow.
Top condo developers Ugo Colombo and Camilo Miguel Jr. say another wave of New Yorkers is headed to South Florida following Zohran Mamdani’s mayoral election win. But the influx will fall short of that during the pandemic, which propelled South Florida’s market to new heights.
“It’s certainly top of mind for New Yorkers to move to South Florida,” Miguel, founder and CEO of Coconut Grove-based Mast Capital, said at The Real Deal Miami Real Estate Forum 2025 on Thursday.
At Miami Beach’s 17-story, 82-unit Perigon condo tower, which Mast is co-developing with Barry Sternlicht’s Starwood Capital Group, 10 buyer “leads” came in after Tuesday’s election, more than the three to five that were more common pre-election, Miguel said. Also post-election, Colombo said he spoke with two New Yorkers who expressed their plan to move south.
“I don’t think it’s going to be anything near what Covid brought to Miami,” Colombo, founder of Miami-based CMC Group, said at the forum. “There will be an influx. I don’t know how much it’s going to swing the market.”
The pair spoke during the panel “Pushing the Envelope: Where Top Developers Are Placing Their Biggest Bets” on Thursday hosted by TRD’s Residential Bureau Chief Katherine Kallergis. Both developers said they plan to heighten marketing of Miami condo projects to New York buyers.
But despite the potential boost of additional demand from New York, South Florida’s condo development market continues to deal with some headwinds.
“The market has softened in certain sectors. There’s been a lot of product that’s been presented to the market,” Colombo said, adding that traditionally condo supply has outpaced demand in Miami. “There are … projects that have been presented that maybe couldn’t get financing. It wasn’t just the best.”
Over the past year, South Florida has experienced some reprieve on interest rates due to two benchmark rate drops this year, and insurance, thanks to a calmer hurricane season, and a drop in loan spreads, Miguel said. Construction costs, which had been elevated for years, calmed, but this drop was then undone by Trump’s tariffs.
“The luxury market continues to remain strong,” Miguel said. “We are seeing some commodity product that’s maybe not moving at the pace the market would like to see. We cannot ignore some headwinds.”
Lenders also became more conservative due to hefty condo construction and supply in South Florida. Some financiers, especially banks, also stepped back amid higher interest rates. The developers said that’s mostly affected financing for mid-market projects, but not top-tier towers.
Colombo, whose CMC is starting construction on the 70-unit Four Seasons Private Residences in Coconut Grove on Thursday, said he had no problem financing the project.
“We had many, many choices,” he said. “I am also looking at another project I haven’t announced. It’s a bigger, higher, taller building and there I see some resistance from lenders, on the middle market.”
Colombo and Miguel both have embraced South Florida branded condo development craze.
Aside from the Four Seasons, Colombo also is developing the 65-unit Vita at Grove Isle on roughly 6 acres on the 20-acre Grove Isle in Miami’s Coconut Grove. Vita is its own standalone brand.
CMC is partnering with Nadim Ashi’s Fort Partners for the Four Seasons. Fort has exclusivity for the brand in South Florida.
Aside from the Perigon, Mast is developing the 80-story, 397-unit luxury Cipriani Residences in Miami’s Brickell. The Perigon is over 80 percent pre-sold, and Cipriani over 70 percent, Miguel said.
Miguel said condo branding is one way “to try to reduce friction and create revenue” in the current development climate, along with location and design. For Colombo, differentiating his projects means not pinching pennies on finishes.
“Don’t look at making the last penny. Look at making the customer happy because that eventually is going to pay off at the end,” Colombo said.
During the question and answer section of the panel, one South Florida transplant from New York, who said he moved south about four years ago, countered the developers’ notion that Mamdani’s win won’t be as beneficial to Miami’s market as the pandemic.
“You guys need to build more buildings,” the man said, adding that a huge population influx is coming.
Colombo, who during the panel pointed out the scarcity of developable sites on the ocean and in Brickell, said costs remain an issue for starting more projects.
“We need to find a way to do it cheaper,” he said.
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!important;}.has-luminous-vivid-orange-to-vivid-red-gradient-background{background: var(–wp–preset–gradient–luminous-vivid-orange-to-vivid-red) !important;}.has-very-light-gray-to-cyan-bluish-gray-gradient-background{background: var(–wp–preset–gradient–very-light-gray-to-cyan-bluish-gray) !important;}.has-cool-to-warm-spectrum-gradient-background{background: var(–wp–preset–gradient–cool-to-warm-spectrum) !important;}.has-blush-light-purple-gradient-background{background: var(–wp–preset–gradient–blush-light-purple) !important;}.has-blush-bordeaux-gradient-background{background: var(–wp–preset–gradient–blush-bordeaux) !important;}.has-luminous-dusk-gradient-background{background: var(–wp–preset–gradient–luminous-dusk) !important;}.has-pale-ocean-gradient-background{background: var(–wp–preset–gradient–pale-ocean) !important;}.has-electric-grass-gradient-background{background: var(–wp–preset–gradient–electric-grass) !important;}.has-midnight-gradient-background{background: var(–wp–preset–gradient–midnight) !important;}.has-small-font-size{font-size: var(–wp–preset–font-size–small) !important;}.has-medium-font-size{font-size: var(–wp–preset–font-size–medium) !important;}.has-large-font-size{font-size: var(–wp–preset–font-size–large) !important;}.has-x-large-font-size{font-size: var(–wp–preset–font-size–x-large) !important;}”,”type”:”list”,”__typename”:”StyleItem”}],”post”:{“id”:”cG9zdDo5OTkxMTE=”,”databaseId”:999111,”title”:”“Top of mind for New Yorkers”: Developers Ugo Colombo, Camilo Miguel talk Mamdani’s win, Miami’s condo market “,”status”:”publish”,”slug”:”ugo-colombo-camilo-miguel-speak-at-trds-miami-forum-2025″,”uri”:”/miami/2025/11/06/ugo-colombo-camilo-miguel-speak-at-trds-miami-forum-2025/”,”link”:”https://therealdeal.com/miami/2025/11/06/ugo-colombo-camilo-miguel-speak-at-trds-miami-forum-2025/”,”dateGmt”:”2025-11-06T20:30:00″,”contentTypeName”:”post”,”contentFiltered”:”u003cpu003eTop condo developers Ugo Colombo and Camilo Miguel Jr. say another wave of New Yorkers is headed to South Florida following Zohran Mamdani’s mayoral election win. But the influx will fall short of that during the pandemic, which propelled South Florida’s market to new heights.u0026nbsp;u003c/pu003enu003cpu003e“It’s certainly top of mind for New Yorkers to move to South Florida,” Miguel, founder and CEO of Coconut Grove-based Mast Capital, said at u003cemu003eThe Real Deal u003c/emu003eMiami Real Estate Forum 2025 on Thursday.u0026nbsp;u003c/pu003enu003cpu003eAt Miami Beach’s 17-story, 82-unit Perigon condo tower, which Mast is co-developing with Barry Sternlicht’s Starwood Capital Group, 10 buyer “leads” came in after Tuesday’s election, more than the three to five that were more common pre-election, Miguel said. Also post-election, Colombo said he spoke with two New Yorkers who expressed their plan to move south.u0026nbsp;u003c/pu003enu003cpu003e“I don’t think it’s going to be anything near what Covid brought to Miami,” Colombo, founder of Miami-based u003ca href=”/miami/2024/08/06/onda-residences-condo-project-completed-in-bay-harbor-islands/”u003eCMC Groupu003c/au003e, said at the forum. “There will be an influx. I don’t know how much it’s going to swing the market.”u0026nbsp;u003c/pu003enu003cpu003eThe pair spoke during the panel “Pushing the Envelope: Where Top Developers Are Placing Their Biggest Bets” on Thursday hosted by u003cemu003eTRDu003c/emu003e’s Residential Bureau Chief Katherine Kallergis. Both developers said they plan to heighten marketing of Miami condo projects to New York buyers.u0026nbsp;u003c/pu003enu003csection id=”trd-gallery-block_827fd58857cdf06ce4c8fe33cd670bc1″ class=”trd-gallery”u003eu003cdiv class=”trd-gallery-slides”u003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”1500″ height=”1000″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111801-7195_ALIVE_1.jpg” alt=”” class=”wp-image-999135″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111801-7195_ALIVE_1.jpg 1500w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111801-7195_ALIVE_1-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111801-7195_ALIVE_1-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111801-7195_ALIVE_1-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111801-7195_ALIVE_1-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111801-7195_ALIVE_1-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111801-7195_ALIVE_1-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111801-7195_ALIVE_1-50×33.jpg 50w” sizes=”auto, (max-width: 1500px) 100vw, 1500px” /u003eu003cfigcaption class=”wp-element-caption”u003eCMC Group founder Ugo Colombo, Mast Capital founder Camilo Miguel Jr. and The Real Dealu0026#8217;s South Florida bureau chief Katherine Kallergis (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”1500″ height=”1000″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112038-7219_ALIVE_1.jpg” alt=”” class=”wp-image-999138″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112038-7219_ALIVE_1.jpg 1500w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112038-7219_ALIVE_1-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112038-7219_ALIVE_1-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112038-7219_ALIVE_1-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112038-7219_ALIVE_1-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112038-7219_ALIVE_1-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112038-7219_ALIVE_1-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112038-7219_ALIVE_1-50×33.jpg 50w” sizes=”auto, (max-width: 1500px) 100vw, 1500px” /u003eu003cfigcaption class=”wp-element-caption”u003eMast Capital founder Camilo Miguel Jr. (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”1500″ height=”1000″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112359-7252_ALIVE_1.jpg” alt=”” class=”wp-image-999142″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112359-7252_ALIVE_1.jpg 1500w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112359-7252_ALIVE_1-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112359-7252_ALIVE_1-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112359-7252_ALIVE_1-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112359-7252_ALIVE_1-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112359-7252_ALIVE_1-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112359-7252_ALIVE_1-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112359-7252_ALIVE_1-50×33.jpg 50w” sizes=”auto, (max-width: 1500px) 100vw, 1500px” /u003eu003cfigcaption class=”wp-element-caption”u003eCMC Group founder Ugo Colombo (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”1500″ height=”1000″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111640-7170_ALIVE_1.jpg” alt=”” class=”wp-image-999132″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111640-7170_ALIVE_1.jpg 1500w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111640-7170_ALIVE_1-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111640-7170_ALIVE_1-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111640-7170_ALIVE_1-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111640-7170_ALIVE_1-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111640-7170_ALIVE_1-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111640-7170_ALIVE_1-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111640-7170_ALIVE_1-50×33.jpg 50w” sizes=”auto, (max-width: 1500px) 100vw, 1500px” /u003eu003cfigcaption class=”wp-element-caption”u003eCMC Group founder Ugo Colombo, Mast Capital founder Camilo Miguel Jr. and The Real Dealu0026#8217;s South Florida bureau chief Katherine Kallergis (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”1500″ height=”1000″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111928-7201_ALIVE_1.jpg” alt=”” class=”wp-image-999136″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111928-7201_ALIVE_1.jpg 1500w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111928-7201_ALIVE_1-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111928-7201_ALIVE_1-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111928-7201_ALIVE_1-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111928-7201_ALIVE_1-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111928-7201_ALIVE_1-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111928-7201_ALIVE_1-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111928-7201_ALIVE_1-50×33.jpg 50w” sizes=”auto, (max-width: 1500px) 100vw, 1500px” /u003eu003cfigcaption class=”wp-element-caption”u003eThe Real Dealu0026#8217;s South Florida bureau chief Katherine Kallergis (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”1500″ height=”1000″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112107-7222_ALIVE_1.jpg” alt=”” class=”wp-image-999139″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112107-7222_ALIVE_1.jpg 1500w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112107-7222_ALIVE_1-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112107-7222_ALIVE_1-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112107-7222_ALIVE_1-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112107-7222_ALIVE_1-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112107-7222_ALIVE_1-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112107-7222_ALIVE_1-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112107-7222_ALIVE_1-50×33.jpg 50w” sizes=”auto, (max-width: 1500px) 100vw, 1500px” /u003eu003cfigcaption class=”wp-element-caption”u003eCMC Group founder Ugo Colombo (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”1500″ height=”1000″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112140-7237_ALIVE_1.jpg” alt=”” class=”wp-image-999140″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112140-7237_ALIVE_1.jpg 1500w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112140-7237_ALIVE_1-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112140-7237_ALIVE_1-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112140-7237_ALIVE_1-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112140-7237_ALIVE_1-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112140-7237_ALIVE_1-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112140-7237_ALIVE_1-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112140-7237_ALIVE_1-50×33.jpg 50w” sizes=”auto, (max-width: 1500px) 100vw, 1500px” /u003eu003cfigcaption class=”wp-element-caption”u003eMast Capital founder Camilo Miguel Jr. (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”1500″ height=”1000″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112531-7272_ALIVE_1.jpg” alt=”” class=”wp-image-999144″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112531-7272_ALIVE_1.jpg 1500w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112531-7272_ALIVE_1-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112531-7272_ALIVE_1-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112531-7272_ALIVE_1-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112531-7272_ALIVE_1-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112531-7272_ALIVE_1-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112531-7272_ALIVE_1-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112531-7272_ALIVE_1-50×33.jpg 50w” sizes=”auto, (max-width: 1500px) 100vw, 1500px” /u003eu003cfigcaption class=”wp-element-caption”u003eCMC Group founder Ugo Colombo, Mast Capital founder Camilo Miguel Jr. and The Real Dealu0026#8217;s South Florida bureau chief Katherine Kallergis (Photos by Alive Coverage)u003c/figcaptionu003eu003c/figureu003eu003c/divu003eu003c/sectionu003eu003cpu003eBut despite the potential boost of additional demand from New York, South Florida’s condo development market continues to deal with some headwinds.u0026nbsp;u003c/pu003enu003cpu003e“The market has softened in certain sectors. There’s been a lot of product that’s been presented to the market,” Colombo said, adding that traditionally condo supply has outpaced demand in Miami. “There are … projects that have been presented that maybe couldn’t get financing. It wasn’t just the best.”u0026nbsp;u003c/pu003enu003cpu003eOver the past year, South Florida has experienced some reprieve on interest rates due to two benchmark rate drops this year, and insurance, thanks to a calmer hurricane season, and a drop in loan spreads, Miguel said. Construction costs, which had been elevated for years, calmed, but this drop was then undone by Trump’s tariffs.u0026nbsp;u003c/pu003enu003cpu003e“The luxury market continues to remain strong,” Miguel said. “We are seeing some commodity product that’s maybe not moving at the pace the market would like to see. We cannot ignore some headwinds.”u0026nbsp;u003c/pu003enu003cpu003eLenders also became more conservative due to hefty condo construction and supply in South Florida. Some financiers, especially banks, also stepped back amid higher interest rates. The developers said that’s mostly affected financing for mid-market projects, but not top-tier towers.u0026nbsp;u003c/pu003enu003cpu003eColombo, whose CMC is starting construction on the 70-unit Four Seasons Private Residences in Coconut Grove on Thursday, said he had no problem financing the project.u0026nbsp;u003c/pu003enu003cpu003e“We had many, many choices,” he said. “I am also looking at another project I havenu0026#8217;t announced. It’s a bigger, higher, taller building and there I see some resistance from lenders, on the middle market.”u0026nbsp;u003c/pu003enu003cpu003eColombo and Miguel both have embraced South Florida branded condo development craze.u0026nbsp;u003c/pu003enu003cpu003eAside from the Four Seasons, Colombo also is developing the 65-unit u003ca href=”/miami/2024/01/04/ugo-colombo-gets-grove-isle-construction-loan-from-bank-ozk/”u003eVita at Grove Isleu003c/au003e on roughly 6 acres on the 20-acre Grove Isle in Miami’s Coconut Grove. Vita is its own standalone brand.u0026nbsp;u003c/pu003enu003cpu003eCMC is partnering with Nadim Ashi’s Fort Partners for the u003ca href=”/miami/2024/03/28/fort-partners-ugo-colombo-selling-four-seasons-coconut-grove/?utm_source=chatgpt.com”u003eFour Seasonsu003c/au003e. Fort has exclusivity for the brand in South Florida.u0026nbsp;u003c/pu003enu003cpu003eAside from the u003ca href=”/miami/2022/03/17/mast-capital-starwood-launch-sales-of-planned-oceanfront-condo-project-in-miami-beach/”u003ePerigonu003c/au003e, Mast is developing the 80-story, 397-unit luxury u003ca href=”/miami/2024/02/06/mast-capital-scores-600m-loan-for-cipriani-residences-miami/”u003eCipriani Residencesu003c/au003e in Miami’s Brickell. The Perigon is over 80 percent pre-sold, and Cipriani over 70 percent, Miguel said.u0026nbsp;u003c/pu003enu003cpu003eMiguel said condo branding is one way “to try to reduce friction and create revenue” in the current development climate, along with location and design. For Colombo, differentiating his projects means not pinching pennies on finishes.u0026nbsp;u003c/pu003enu003cpu003e“Don’t look at making the last penny. Look at making the customer happy because that eventually is going to pay off at the end,” Colombo said.u0026nbsp;u003c/pu003enu003cpu003eDuring the question and answer section of the panel, one South Florida transplant from New York, who said he moved south about four years ago, countered the developers’ notion that u003ca href=”/miami/2025/06/27/heres-what-mamdani-win-will-mean-for-florida-real-estate/”u003eMamdani’s winu003c/au003e won’t be as beneficial to Miami’s market as the pandemic.u0026nbsp;u003c/pu003enu003cpu003e“You guys need to build more buildings,” the man said, adding that a huge population influx is coming.u0026nbsp;u003c/pu003enu003cpu003eColombo, who during the panel pointed out the scarcity of developable sites on the ocean and in Brickell, said costs remain an issue for starting more projects.u0026nbsp;u003c/pu003enu003cpu003e“We need to find a way to do it cheaper,” he said.u0026nbsp;u003c/pu003enu003csection class=”ReadMoreSection_root”u003entu003ch4 class=”ReadMoreSection_title”u003eRead moreu003c/h4u003enttttttttu003ca class=”BlogrollPost” href=”/miami/2025/03/26/ugo-colombo-buys-waterfront-home-in-miamis-bay-point/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”142″ src=”https://static.therealdeal.com/wp-content/uploads/2025/03/Ugo-Colombo-Buys-Waterfront-Home-in-Miamis-Bay-Point-ft-200×142.jpg” class=”FeaturedImage_image wp-post-image” alt=”Ugo Colombo Buys Waterfront Home in Miami’s Bay Point” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttResidentialttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eDeveloper Ugo Colombou0026#039;s wife buys waterfront home in Miami’s Bay Pointu003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttttu003ca class=”BlogrollPost” href=”/miami/2025/01/03/judge-rules-against-mast-capital-in-miami-beach-condo-buyout/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”150″ height=”106″ src=”https://static.therealdeal.com/wp-content/uploads/2025/01/MIA-Condo-sellers-notch-win-in-lawsuit-against-Mast-Capital-over-botched-buyout-FEATUREIMG_v2-150×106.jpg” class=”FeaturedImage_image wp-post-image” alt=”” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttResidentialttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eCondo sellers notch win in lawsuit against Mast Capital over botched buyoutu003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttu003c/sectionu003ennttu003c/pu003en”,”noAds”:false,”alternativeHeadline”:{“subheadline”:”Developers also addressed South Florida insurance and construction costs, project branding, permitting processes and infrastructure”,”__typename”:”AlternativeHeadline”},”updatedPost”:{“updated”:false,”date”:”2025-11-06T20:30:00+00:00″,”__typename”:”UpdatedPost”},”aiSummary”:{“summary”:”u003cpu003eu003c!– wp:list –u003eu003c/pu003ernu003cul class=”wp-block-list”u003eu003c!– wp:list-item –u003ernu003cliu003eDevelopers Ugo Colombo and Camilo Miguel Jr. anticipate a new wave of New Yorkers moving to South Florida following Zohran Mamdani’s mayoral election win, though they don’t expect it to match the scale of the pandemic-era influx.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eSouth Florida’s condo market faces challenges, including market softening in non-luxury sectors and conservative lending, but the luxury market remains strong, with top-tier projects securing financing easily.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eDevelopers are focusing on branded projects and high-quality finishes to “reduce friction and create revenue,” while simultaneously noting that high construction costs are a primary issue for starting new projects.u003c/liu003ernu003c!– /wp:list-item –u003eu003c/ulu003ernu003cpu003eu003c!– /wp:list –u003eu003c/pu003e”,”reviewed”:true,”disabled”:false,”autoGenerate”:false,”__typename”:”AISummary”},”audioArticleSettings”:{“audioUrl”:null,”__typename”:”AudioArticleSettings”},”mainArt”:{“mediaType”:”image”,”image”:{“node”:{“sourceUrl”:”/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111608-7160_ALIVE-1400×933.jpg”,”srcSet”:”/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111608-7160_ALIVE-1400×933.jpg 1400w, /wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111608-7160_ALIVE-300×200.jpg 300w, /wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111608-7160_ALIVE-700×467.jpg 700w, /wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111608-7160_ALIVE-200×133.jpg 200w, /wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111608-7160_ALIVE-768×512.jpg 768w, /wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111608-7160_ALIVE-1024×683.jpg 1024w, /wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_111608-7160_ALIVE-50×33.jpg 50w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eCMC Group founder Ugo Colombo, Mast Capital founder Camilo Miguel Jr. and The Real Dealu0026#8217;s South Floru0026#8230;u003c/pu003en”,”altText”:””,”__typename”:”MediaItem”},”__typename”:”AcfMediaItemConnectionEdge”},”video”:null,”caption”:”CMC Group founder Ugo Colombo, Mast Capital founder Camilo Miguel Jr. and The Real Deal’s South Florida bureau chief Katherine Kallergis (Photos by Alive Coverage)”,”__typename”:”MainArt”},”featuredImage”:{“node”:{“sourceUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1-1400×933.jpg”,”srcSet”:”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1-50×33.jpg 50w, https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:null,”altText”:””,”mediaDetails”:{“sizes”:[{“width”:”1400″,”height”:”933″,”__typename”:”MediaSize”}],”__typename”:”MediaDetails”},”__typename”:”MediaItem”},”__typename”:”NodeWithFeaturedImageToMediaItemConnectionEdge”},”__typename”:”Post”,”template”:{“templateValue”:”full-width-b”,”__typename”:”Template_FullWidthB”},”seo”:{“title”:”Ugo Colombo, Camilo Miguel Speak at TRD’s Miami Forum 2025″,”fullHead”:”u003c!– This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) – https://yoast.com/wordpress/plugins/seo/ –u003enu003cmeta name=”description” content=”Developers Ugo Colombo and Camilo Miguel Jr. discussed Mamdani’s win and Miami’s condo market at TRD’s Miami Real Estate Forum 2025. ” /u003enu003cmeta name=”robots” content=”index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1″ /u003enu003clink rel=”canonical” href=”https://therealdeal.com/miami/2025/11/06/ugo-colombo-camilo-miguel-speak-at-trds-miami-forum-2025/” /u003enu003cmeta property=”og:locale” content=”en_US” /u003enu003cmeta property=”og:type” content=”article” /u003enu003cmeta property=”og:title” content=”“Top of mind for New Yorkers”: Developers Ugo Colombo, Camilo Miguel talk Mamdani’s win, Miami’s condo market ” /u003enu003cmeta property=”og:description” content=”Developers Ugo Colombo and Camilo Miguel Jr. discussed Mamdani’s win and Miami’s condo market at TRD’s Miami Real Estate Forum 2025. ” /u003enu003cmeta property=”og:url” content=”https://therealdeal.com/miami/2025/11/06/ugo-colombo-camilo-miguel-speak-at-trds-miami-forum-2025/” /u003enu003cmeta property=”og:site_name” content=”The Real Deal” /u003enu003cmeta property=”article:publisher” content=”https://www.facebook.com/therealdealmedia/” /u003enu003cmeta property=”article:published_time” content=”2025-11-06T20:30:00+00:00″ /u003enu003cmeta property=”og:image” content=”https://static.therealdeal.com/wp-content/uploads/2025/11/REALDEALMIAMI2025_1106_112007-7215_ALIVE_1.jpg” /u003entu003cmeta property=”og:image:width” content=”1500″ /u003entu003cmeta property=”og:image:height” content=”1000″ /u003entu003cmeta property=”og:image:type” content=”image/jpeg” /u003enu003cmeta name=”author” content=”Lidia Dinkova” /u003enu003cmeta name=”twitter:card” content=”summary_large_image” /u003enu003cmeta name=”twitter:description” content=”Top condo developers Ugo Colombo and Camilo Miguel Jr. say another wave of New Yorkers is headed to South Florida following Zohran Mamdani’s mayoral election win. But the influx will fall short of that during the pandemic, which propelled South Florida’s market to new heights.u0026nbsp; “It’s certainly top of mind for New Yorkers to move to South Florida,” Miguel, founder and CEO of Coconut Grove-based Mast Capital, said at The Real Deal Miami Real Estate Forum 2025 on Thursday.u0026nbsp; At Miami Beach’s 17-story, 82-unit Perigon condo tower, which Mast is co-developing with Barry Sternlicht’s Starwood Capital Group, 10 buyer “leads” [u0026hellip;]” /u003enu003cmeta name=”twitter:creator” content=”@trdny” /u003enu003cmeta name=”twitter:site” content=”@trdny” /u003enu003cmeta name=”twitter:label1″ content=”Written by” /u003entu003cmeta name=”twitter:data1″ content=”Kevin Rebong” /u003entu003cmeta name=”twitter:label2″ content=”Est. reading time” /u003entu003cmeta name=”twitter:data2″ content=”6 minutes” /u003enu003cscript type=”application/ld+json” class=”yoast-schema-graph”u003e{“@context”:”https://schema.org”,”@graph”:[{“@type”:”NewsArticle”,”@id”:”https://therealdeal.com/miami/2025/11/06/ugo-colombo-camilo-miguel-speak-at-trds-miami-forum-2025/#article”,”isPartOf”:{“@id”:”https://therealdeal.com/miami/2025/11/06/ugo-colombo-camilo-miguel-speak-at-trds-miami-forum-2025/”},”author”:[{“@type”:”Person”,”@id”:”https://therealdeal.com/#/schema/person/59ad643e34e525ba44cf385eb480dc46″,”name”:”Lidia Dinkova”,”image”:{“@type”:”ImageObject”,”url”:”https://secure.gravatar.com/avatar/8f50db554f29c280c6279bd8cbf09aa15dd40cda5b5963c6a80232b86912c185?s=96u0026#038;d=mmu0026#038;r=g”},”description”:”Lidia Dinkova covers South Florida real estate for The Real Deal. 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Miami market relevance
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Despite the potential boost of additional demand from New York, South Florida’s condo development market continues to deal with some headwinds. The market has softened in certain sectors, and there’s been a lot of product presented to the market that maybe couldn’t get financing.
FAQ: Ugo Colombo Camilo Miguel
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