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Inevitably, if you mention ‘real estate’ and ‘Florida’ in the same sentence, the issue of Russian money comes up. With so many wealthy Russians having either bought properties or settled in the state – Sunny Isles Beach in South Florida is known as ‘Little Moscow’ for a reason – and with President Biden now vowing to seize Russian assets in the US, including luxury apartments, Patinkin was asked whether this would have a detrimental effect on business.
“The reality is we’re not doing business with too many Russian oligarchs. Maybe the yacht market is in disarray right now, but then, happily, we’re not too involved in that, so I don’t think that’s going to have a huge impact on us,” he replied, happy to discuss the conflict and its wider ramifications.
He was decidedly upbeat about the firm’s “three major food groups” as he described them – multifamily and condo development, industrial and healthcare. “That’s where we will be positioning capital,” he said.
With multifamily housing space enjoying federal backing he was asked about the sort of properties that should be built to address the home shortage crisis in the US, knowing that there’s an overwhelmingly preference for single family over any other type of home in the country – the figures say as much. According to Statista, there are more than 208 million single-family dwelling units in the US, compared to only 37.8 million multifamily units. Not only that, but the size of single-family housing units has steadily risen since the start of the 21st century.
Read more: Florida housing market sees surge in median sales prices
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