CBS News: Miami Condo Market Struggles As Prices Fall, Resale Listings Rise
CBSNews.com interviewed condo expert Peter Zalewski of the Miami Condo Market Investing Club™ for the story exploring the South Florida condo cliff.
South Florida unit owners are increasingly upside down on their condo investments as monthly rents no longer cover rising expenses, propelled by sizable increases in maintenance fees, special assessments and insurance.
As a result, a growing number of South Florida condo owners are being faced with the prospect of either selling into a buyers market or having to subsidizing tenants to live in their units to generate cash flow.
This is the assessment of a Broward County condo investor who was featured in a news segment on Miami’s Channel 4, the CBS affiliate in South Florida.
"I'm definitely taking a hit economically to support these types of expenses," Hollywood Beach condo owner Michael Leccese told CBSNews.com.
During the more than three-minute segment, veteran anchor Eliott Rodriguez of CBS News also interviewed sellside broker Julia Ray of Raydiant Realty in Hallandale Beach and expert Peter Zalewski of the Miami Condo Investing Club™.
In the aftermath of the June 24, 2021, collapse of the Champlain Towers South in the town of Surfside on the barrier island of Miami-Dade County, everyone from residents to building inspectors, politicians to bankers understand better than ever the importance of ensuring that no Florida condo building ever collapses again.
Nearly 100 people died and a $1 billion settlement was reached with the families of the victims.
A federal investigation is currently underway but the preliminary reports suggest a flawed design coupled with a lack of upkeep by the condominium’s association contributed to the disaster.
The Florida Legislature has taken a number of steps - prompted by insurance companies threatening to withdraw coverage in the state - to ensure that nothing like this ever happens again.
Watch The CBS News Report
Since January, Florida condo associations that are adopting their budgets must now collect money from unit owners to place into reserve accounts that will be used exclusively to fix, maintain and improve the structural integrity of residential buildings that are at least three-stories tall.
It is worth noting, the Florida Legislature - which began its 2025 legislative session in March - is currently contemplating a revision to the law that would provide relief by allowing condo associations to collect only a portion of the required reserves.
People are dubbing this moment as the 2025 Florida Condo Association Financial Cliff as it is resulting in significantly higher costs for unit owners. News reports have been chronicling condo owners selling their units at deep discounts for the last year.
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If you are seeking information on condo resales in South Florida, please visit CondoVulturesRealty.com or call the office at 305.865.5859.
The views and opinions expressed in this report are for general informational purposes only. It is believed to be accurate and complete based on current market trends but cannot be guaranteed or warranted as circumstances change without notice. It should not be considered as financial, legal, tax or investment advice. This content should not be relied upon as the sole basis for making any financial decisions. Before making any investment or financial decisions, you should consult with a qualified professional to determine the suitability of any investment or strategy for your individual circumstances and goals.
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