Nicholas Yulico
"We didn't sell more than one unit to any given buyer," he says. "We specifically told them this was an end-user building."
Defortuna also says that his company has been aggressive in targeting foreign buyers who are benefiting from the cheap dollar. In addition, he points to the required 20%-down deposits on contracts as an assurance that buyers will close. "I don't think sophisticated buyers will easily walk away from 20% deposits," Defortuna says. "If I had to bet on any building closing, it would be this closing." Of course, developers tend to be an optimistic bunch in sunny Florida. "All of these developers are saying that things are going to be good, because we haven't had many closings yet," Morgan, the consultant, says. "This project will definitely bomb."
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