Judith Corcos is the managing broker of Douglas Elliman’s new Bay Harbor office.

Judith Corcos was recently named managing broker of Douglas Elliman’s new Bay Harbor office. In honor of her new position, we decided to get the managing broker’s take on Miami’s market. Here’s what she had to say: 

Miami Agent (MA): Can Miami’s condo market handle the huge amounts of supply that will be coming on the market over the next couple years (especially considering inventory is already nearing a year’s supply and sales are trending downward)? How?

Judith Corcos (JC): I firmly believe that the demand for Miami real estate is solid and will continue to be. Just looking back at the last recession (not suggesting we are heading toward another recession, just a point of reference), our inventory was projected to be almost unsuitable. Yet it was absorbed in just a few years. As our CEO says, they’re not building any more land in Miami and the demand is as strong as ever. Furthermore, as the majority of the buyers who bought pre-construction are from Latin America, and with the weak exchange rate between those countries’ currencies and the U.S. dollar, there is an ability to actually make money on the currency exchange, making the return on the real estate less crucial. This could allow for greater velocity. In the last two months I have noticed that the Brazilians are returning to Miami to invest. Finally, there is no other city in the U.S. where a waterfront property can be purchased at the price per foot available in Miami, and where the surrounding cultural environment are as exciting.

MA: Has scrutiny over luxury cash sales from the Treasury Department hurt or affected your business in any way? If so, how?

JC: This initiative was put into place to focus on money laundering issues. We have no way of tracking the impact of this federal initiative, but we don’t believe that this has affected the Miami market nor hurt Douglas Elliman’s business.

MA: Describe Miami’s real estate market six months from now. What will it look like?

JC: I am extremely positive for the future of the real estate in South Florida. We are currently experiencing a buyer’s market in which prices have had to readjust, but we have been busier than ever. Douglas Elliman’s unstoppable growth in South Florida is a testament that we are confident of tomorrow’s luxury-sales market. Overall, our sales and pricing are up; and while we see there are some inventory and days-on-market challenges, the future is still bright.