The ‘real estate’ market has a real estate problem
Romans department-store owner Hecht said the market was “very strong” this week after a dip that has forced him to sell several properties.
But he said he would be open to exploring the idea of selling his entire estate, including his family home.
“I think this has been a real tough market,” he said.
“I have had a lot of family members die, and we don’t have the money for it right now.
The real estate market has been really strong this week.
But it has also been a tough one for me to see what the next steps are.”
Hecht’s biggest asset is his sprawling, 1.5-acre property on the edge of downtown Miami.
But as he has sold his holdings, Hecht has also faced some competition from nearby luxury condos, which have risen sharply over the past few years.
Hecht told Axios the condo market is “really tough” as he tries to keep pace with the condo boom.
It’s very difficult to be able to make a profit with a condo project,” he added.
Hecht’s company, Heicht Properties, has been struggling to keep up with rising condo prices and is currently losing $300,000 a day in revenue.
Despite the rising condo market, Heechts family is not selling his home, which is worth $1.3 million, and he said the next move is to “take the family out of it.””
The family owns several properties across Miami, including the iconic Hecht family home on Florida’s East Coast. “
They will stay with us through this process, but we will take them out.”
The family owns several properties across Miami, including the iconic Hecht family home on Florida’s East Coast.
A new condo boom has pushed prices in the Miami area to record levels and Hecht is among the biggest losers in this market.
When asked if he plans to sell his family’s home, Hechts family declined to comment.