How bad was Miami's condo crisis?
Related Group CEO Jorge Perez said some buildings saw only three percent of their buyers arrive at the closing table.
Perez shared the grim recollection at the University of Miami Real Estate Impact conference Friday. For some Related towers, 97 percent of buyers walked away from pre-construction contracts.
Perez said the crash wiped out about $3 billion in value from Related projects. The company didn't see it coming.
Perez said that as the housing market went south, his aides came to meetings with forecasts of what would happen if half of a condo building's buyers reneged on their pre-construction contracts.
"People said: you're crazy," Perez recalled.