Is Miami's Condo Market A Value Trap Right Now?

In this issue of the Miami Condo Market Intelligence Report™, we rank South Florida's 10 major condo markets based on five metrics at the end of the 2024-25 Winter Buying Season.

Volume 2025, Issue 13 (Subscribe here)

For this week’s Miami Condo Market Intelligence Report™ newsletter, we explore whether condos in the Miami area are currently a value trap for investors at the end of the 2024-25 South Florida Winter Buying Season, which stretches from November through April.

With one month to go before the hot and humid 2025 Summer Buying Season begins in May, we have compiled our latest statistics to create a series of rankings to assist you to better assess the current state of South Florida’s 10 major condo markets.

Our comprehensive rankings provide a detailed snapshot of the South Florida condo market, highlighting the opportunities and pitfalls of each area based on:

• Months of supply listed for resale;

• Average asking price per unit;

• Average asking price per square foot;

• Average Days On Market (DOM);

• And the “1% Rule” of real estate investing.

For each of the markets, we have analyzed two segments:

• Overall condos, which encompasses every unit in an area;

• And Vintage condos, which are units located in buildings that are at least 30 years old.

A Vintage condo is not an industry designation but rather a term we began coining in August 2024 to identify older units that have existed for at least 30 years.

Vintage units had fallen out of favor with buyers in the aftermath of the Surfside condo collapse in June 2021 when nearly 100 people died and a $1 billion settlement was paid out to the families of the victims.

Fast forward to today where industry watchers have said that value-minded buyers may be willing to once again consider Vintage condos if the units are located in buildings that have completed their necessary life-safety examinations as required by the revised Florida Condo Law.

For context, our research shows that Vintage condos typically are listed for resale at discounts of as much as 80 percent off of the Overall asking price in a particular market.

Our objective with this exercise is to share our latest research so that prospective investors can better assess which condo markets offer value and those that may be potential value traps.

A value trap occurs when an asset appears to be attractively priced based on future projections but ultimately fails to deliver expected returns or appreciate, leaving investors effectively trapped with an underperforming investment.

Several factors can cause an investment to go bad for condo buyers, including:

• Rising vacancies;

• Falling rents;

• Oversupply of resale listings;

• Surging maintenance fees;

• Hefty special assessments;

• And skyrocketing insurance rates.

Another way to view a value trap in real estate is to think “money pit,” which is a property that costs more than it returns for an investor.

We hope our research provides valuable insights into the South Florida condo market, and helps you to identify promising strategies and submarkets to focus on in the tricounty region all while avoiding value traps.

It is worth noting that we are sharing a portion of our research for free with subscribers to our newsletter and readers of MiamiCondo.Club.

If you want access to all of our published reports, statistical charts, monthly virtual meetings and meetup events, we would encourage you to join the Miami Condo Investing Club™.

The objective of the Club is to create a community that shares realtime, actionable information on the latest real estate trends, opportunities and service providers in South Florida.

The Club is ideally suited for Do-It-Yourself (DIY) condo buyers and real estate professionals, alike, who can rely on our latest statistics, expert opinions and access to consulting services.

Additionally, we encourage you to listen or view our podcast wherever you get podcasts. The podcast is available on Apple, Spotify and or YouTube.

As a reminder, we are always available for consulting, expert witness work and buyside brokerage services just as we have been since 2006.

If you are seeking information on condo resales in South Florida, please visit CondoVulturesRealty.com or call the office at 305.865.5859.

— Peter Zalewski, Founder of the Miami Condo Investing Club™

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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.

Copyright © 2025 Condo Vultures®, LLC. All Rights Reserved.