Miami Community News Program Explores Vintage Condos, SIRS, Overinflated Prices
The weekly 'Miami Hal Real Estate Show' with host Hal Feldman featured analyst Peter Zalewski for a discussion about the South Florida condo market at the peak of the Winter Buying Season.
As South Florida’s condo market faces a potential inflection point in 2025, many buyers, sellers and real estate professionals are wondering what’s next as monthly fees spike, resale inventory surges and mortgage rates remain stubbornly high.
Analyst Peter Zalewski of the Miami Condo Market Investing Club™ joined host Hal Feldman on the Feb. 20, 2025, episode of the weekly “Miami Hal Real Estate Show” program to share some insights and statistics on the current state of the market.
The program was broadcast live from the Miami Community News studios in South Miami.
During the 34-minute-long episode, Zalewski discussed a variety of topics, including the future of Vintage condos, the dismal number of associations that completed Structural Integrity Reserve Studies (SIRS) by the Dec. 31, 2024, deadline and the latest troubling resale trends in Miami-Dade County.
The discussion also touched on the increasing likelihood that Florida could get swamped with a foreclosure wave later this year after key state legislators ruled out any financial relief for cash-strapped condo owners.
The messaging from the state lawmakers was a blow for struggling condo owners as it came on the eve of the upcoming 2025 Florida legislative session that is scheduled to begin on March 4.
Watch Feb. 20, 2025, Episode Of “Miami Hal Real Estate Show” From The Miami Community News
In late January, the Florida Legislature also shot down financial relief for condo associations during a short-lived Special Session called by Gov. Ron DeSantis (R) that lasted minutes.
At the time, State Rep. Mike Caruso (R-Delray Beach) said that Florida is on the brink of seeing a surge in condo foreclosures beginning as soon as March.
Rep. Caruso highlighted that many elderly residents on fixed incomes are struggling with increased fees and special assessments, a situation exacerbated by laws enacted post-Surfside condo collapse.
With no immediate legislative relief, a spike in foreclosures could affect a number of the 1.2 million condo units across Florida, particularly in Miami-Dade, Broward and Palm Beach counties.
For local context, the tricounty South Florida region of Miami-Dade, Broward and Palm Beach have about 13,000 condo associations and nearly 610,000 units, according to a report.
For the last nine months, Zalewski has been chronicling falling condo sales and rising resale supply as owners tried frantically to unload their units - some even at deep discounts - ahead of 2025 when reserves became mandatory.
South Florida has nearly 12 months of supply listed for resale, placing its status firmly in a buyers market, according to a recent report.
Industry watchers consider six months of supply to be a balanced market. More months of supply indicate a buyers market while less months suggest a sellers market.
Given the cross currents, Zalewski made his second appearance on the “Miami Hal Real Estate Show” last week. Back in August 2024, Zalewski discussed his outlook and made some predictions, including that Florida was facing a 2025 Condo Association Financial Cliff.
Watch Aug. 15, 2024, Episode Of “Miami Hal Real Estate Show” From The Miami Community News
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.
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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.
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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