Carlos Tosca’s Interview with BusinessInterviews.com
“We felt like our business was going to be a success sometime in 2011 when the market started to turn around and we realized that we had survived the worst of it while maintaining profitability and that things would slowly start to get easier from that point.”
BusinessInterviews.com: What did insights did you gain while working in the mortgage industry that you’ve been able to apply to Palmcorp?
Carlos: The mortgage industry has been very helpful to me in homebuilding and development. I believe the hands on work with buyers really gave me a feel for what they desire when purchasing a home. My time as an underwriter has made me very alert and informed on appraisals and property values, which has been an invaluable skill in my career. Also my experience during the economic downturn, as both a mortgage lender and a real estate developer, allowed for a unique perspective that I was able to learn from, which I believe will stay with me for as long as I am in this business.
BusinessInterviews.com: Can you expand on how real estate is not only your career but something that you hold a true passion for?
Carlos: All I have ever done is real estate. I grew up going to homes which my mother or father were selling or remodeling, working at my mother’s mortgage company or traveling to look at different types of architecture. I truly love houses, architecture, urban design and everything else that goes along with my business.
BusinessInterviews.com: What advice would you give to someone contemplating building their first home?
Carlos: Start with the budget. The budget is the key to the project. Everything else must be built around that.
BusinessInterviews.com: How has Palmcorp evolved since you first started out after the market crash in 2008? When did you know that the business was going to be a success?
Carlos: After the crash Palmcorp’s main focus was on remodeling foreclosed homes and introducing a nice, livable product, which was in high demand. In 2009 we built our first new home under the Palmcorp name. Little by little we transitioned to 100 percent new construction. As the market has continued to develop we saw an opportunity to fill a gap between older homes, or track homes, and custom homes, which come at a very high cost to the owner. We made the full transition to that business model of creating new construction semi-custom homes in 2011 and have had very good success ever since. We felt like our business was going to be a success sometime in 2011 when the market started to turn around and we realized that we had survived the worst of it while maintaining profitability and that things would slowly start to get easier from that point.
BusinessInterviews.com: Do you think that crowdfunding makes sense when it comes to investing in real estate? What are the most important aspects that potential investors should keep in mind?
Carlos: I think it would make a lot of sense. The banks have left a big gap where capital is needed and there is an opportunity for private investors to do very well. Up until this point it has been very wealthy people making that money however crowd funding lets the rest of the investment world get in on the action.
BusinessInterviews.com: Can you talk about your plans to build the first luxury condominium in the Coral Gables community and significance of the project?
Carlos: While 1091 Galiano is not the first luxury condo in Coral Gables, is it Palmcorp’s first condo building in Coral Gables. We intend to bring some different things to the market there including some semi-custom options not normally seen in the condo world, and also modern up to date finishes which has not been the norm in Coral Gables.
BusinessInterviews.com: What are your predictions for the housing market in 2015?
Carlos: I think 2015 will be a very strong year. As momentum continues to grow and doubt is taken out of the market the banks will ease up on lending requirements. All the construction in Miami is helping with unemployment and income for the middle class which will be another driving force behind the housing market in the years to come.
For the past several years, we have become a leader in the semi-custom luxury home niche in Miami-Dade County, with a particular emphasis on the following neighborhoods: Coconut Grove, Coral Gables, Galloway Glenn, Pinecrest, and South Miami.