Miami Condo Fees, Buyer Commissions Focus Of September Monthly Meeting
The 75-minute meeting on Wednesday, Sept. 11, 2024, will feature condo expert Peter Zalewski of CondoVultures.com.
It has been less than 30 days since the last Monthly Meeting of the Miami Condo Market Investing Club™ but there have been some notable transformations in the South Florida market.
First, Miami condo buyers who are interested in using a Realtor® to assist with their searches are now facing a new reality.
Brokers are now requiring buyers to sign commission agreement in order to search the Multiple Listing Service (MLS), show listed units, submit offers and/or negotiate terms, according to a recent report.
It is part of the changes resulting from the $418 million National Association of Realtors® settlement related to “antitrust claims.”
Secondly, one of South Florida’s largest property management firms - FirstService Residential - released a “2024 High-Rise Edition” of its “Benchmark: The Guide To Residential Association Operating Costs And Budgets” report that compares and contrasts condo operating budges in Miami and 14 other major markets around North America.
Unsurprisingly, the Miami condo market has some of the highest monthly maintenance fees on a price per square foot basis in the United States and Canada, according to a recent report.
Despite FirstService Residential cautioning against using the statistics as a “benchmark” for evaluating condo projects, it is hard to imagine that owners, buyers and investors will not do that given the lack of standardized condo association information readily available.
These two topics will be explored at the fifth Monthly Meeting of the Miami Condo Market Investing Club™ scheduled to be hosted online and start at Noon (EST) on Wednesday, Sept. 11, 2024.
Club founder Peter Zalewski - who is a former business journalist, Wall Street consultant, expert witness and licensed Florida real estate buyside broker - will share insights about the commission changes for buyers and the condo association fees going forward.
The Monthly Meeting is expected to last about 75 minutes and include a 15-minute-long Questions & Answers session. It is exclusively for Club members. If you are not yet a member, you can join the Club on a monthly basis for $34.99 with this link.
A link for the private event will be posted at the bottom of this report behind the paywall at 9 am on the day of the Monthly Meeting. The link will also be emailed to subscribers the night before the Monthly Meeting.
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,
Besides real estate professionals, developers and lenders, the Club is also ideally suited for Do-It-Yourself (DIY) condo buyers who can utilize our latest statistics, expert opinions and access to consulting services.
All of the Club’s preferred vendors have also been invited to the event, including:
Veteran title expert Clarita Rosa of Miami-based Candor Title & Closing Services;
Permit and planning expert Anne-Christine Carrie of Miami 21 Zoning & Entitlements;
Construction contractor Andres Alvarez Murcia of 3A Quality Services Construction And Remodeling;
Wholesaler Jose Suarez of Global Inventory Liquidators;
It is worth noting that all of the Club’s Monthly Meetings are scheduled to be held at Noon (EST) on the second Wednesday of every month throughout the year. Here is the schedule for the remaining Monthly Meetings in 2024:
Besides access to all reports, charts and Monthly Meetings, the Club also plans to host quarterly Meetup events for members to talk shop, pitch their services and discuss the latest trends they are witnessing in the trenches of Miami’s volatile condo market.
The second Meetup event is scheduled from 5.30 pm to 8.30 pm Thursday, Sept. 5, in Miami's Shenandoah neighborhood just west of Greater Downtown Miami.
As with the Monthly Meetings, the Meetup events are exclusively for members of the Miami Condo Market Investing Club™.
We crunch a lot of statistics each week and then publish the results byway of a series of reports posted on CondoVultures.com.
If you want the reports emailed to you, just sign up for the Miami Condo Market Intelligence Report With Peter Zalewski™ newsletter at: PeterZalewski.substack.com
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.
This information is believed to be accurate and complete but cannot be guaranteed or warranted.
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