Peter Zalewski Joins Miami Herald Panel To Discuss Miami-Dade's Condo Crisis
The 90-minute discussion entitled "Priced Out Of Paradise" features Miami-Dade Mayor Daniella Levine Cava, Florida Rep. Vicki Lopez and FIU Associate Director Ned Murray.
Miami’s condo market is at a crossroads as asking price are at record highs, monthly maintenance fees are surging and insurance rates show no sign of pulling back.
It is against this backdrop that the Miami Herald is hosting a 90-minute panel discussion entitled “Priced Out Of Paradise.”
The event is scheduled from 8 AM to 10.30 AM on Wednesday, Sept. 18, 2024, at the United Way Miami headquarters at 3250 SW 3rd Ave. (Coral Way), just west of Greater Downtown Miami.
Tickets for the event sold out within days of being made available for purchase.
Tom Hudson, Senior Economics Editor of the local NPR affiliate WLRN, will moderate the discussion that features:
Miami-Dade County Mayor Daniella Levine Cava
Florida State Rep. Vicki Lopez (R- District 113)
FIU Associate Director Ned Murray
and Peter Zalewski of the Miami Condo Market Investing Club™.
The catalyst for the event is Florida’s looming 2025 Condo Association Financial Cliff.
“South Florida condo owners today face unprecedented challenges, from skyrocketing costs and special assessments to the looming requirement for reserves,” Alex Mena, executive editor of the Miami Herald and el Nuevo Herald said in a recent report. “These financial pressures are creating a perfect storm, leaving many struggling to keep up. Our goal is to provide residents with the insights and strategies they need to navigate these turbulent times and to spark a broader conversation about the future of home ownership in our community.”
This is the second of four events in which Zalewski is scheduled to speak within a 90-day period.
In his first appearance, Zalewski participated in the live broadcast of the weekly “Miami Hal Real Estate Show” program with host Hal Feldman. The show was produced from the Miami Community News studio and newsroom in South Miami.
The 42-minute episode - which was extended beyond the normal 30-minute timeslot - discussed a variety of topics, including Structural Integrity Reserve Studies (SIRS), latest revisions to the Florida Condo Law and the resale market for new, used and vintage units.
After the Miami Herald event, Zalewski is scheduled to speak to the Aventura Marketing Council Chamber of Commerce in October. In the following month of November, Zalewski has agreed to take part in a panel discussion presented by the Miami Construction Forum.
A lot has changed since June 24, 2021 when the Champlain Towers South collapsed on the barrier island in Miami-Dade County. Nearly 100 people died and a $1 billion settlement was reached with the families of the victims.
Some industry watchers have compared it to an inflection point on par with the Category 5 Hurricane Andrew that devastated South Miami-Dade County in August 1992 and led to more stringent building code requirements in South Florida.
Since the 2021 collapse, older units are said to be tougher to sell, insurance prices are spiking year-over-year and association maintenance fees and special assessments are squeezing owners to the brink.
In response to the Surfside disaster, Florida is requiring associations that govern older condo projects to study the structural integrity of all buildings on their properties and begin funding the necessary repairs by January 2025, ending the practice of deferring work and costs.
People are dubbing this moment as the 2025 Condo Association Financial Cliff as it expected to result in significantly higher costs for unit owners.
Industry watchers are at odds as to the direction of the South Florida housing market through the end of 2024 and into next year.
Bullish investors are predicting housing demand will reignite once the Federal Reserve begins to cut interest rates.
Bearish investors contend that condo prices are too high from the run up in work-from-home buyers during the pandemic years and likely to collapse in the months ahead if the economy slows and these transplants leave South Florida.
To stay abreast of the volatile South Florida condo market, we would encourage you to join the newly launched Miami Condo Market 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 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.
For South Florida condo resale information, please call 305.865.5859 or visit CondoVulturesRealty.com
This information is believed to be accurate and complete but cannot be guaranteed or warranted.
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