Expert Peter Zalewski Talks Vintage Condos At American Society Of Appraisers Meeting

Peter Zalewski of the Miami Condo Market Investing Club™ was the keynote speaker at the October 2024 quarterly meeting of the ASA's South Florida Atlantic Chapter.

Miami condo expert Peter Zalewski of the Miami Condo Market Investing Club™ was the keynote speaker at the Oct. 30, 2024 Quarterly Meeting of the South Florida Atlantic Chapter 82 of the American Society Of Appraisers (ASA).

Zalewski - who is a former business journalist, Wall Street consultant, expert witness and licensed Florida real estate buyside broker - spoke for nearly 60 minutes about vintage condos and Florida’s 2025 Condo Association Financial Cliff.

After his presentation, Zalewski answered questions from the ASA members for an additional 45 minutes.

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.

Up until now, the state’s measures were being implemented slowly but that all changes in about 60 days when many of the measures take effect.

Beginning in January, condo associations in Florida will be required to start collecting 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.

People are dubbing this moment as the 2025 Florida Condo Association Financial Cliff as it is expected to result in significantly higher costs for unit owners. News reports are already chronicling condo owners selling their units at deep discounts ahead of the 2025 deadline.

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