Watch: Expert Peter Zalewski Analyzes Miami Condo Maintenance Fees
Watch: Expert Peter Zalewski Analyzes Miami Condo Maintenance Fees
This a 60-minute video of the September 2024 Monthly Meeting of the Miami Condo Market Investing Club™.
Note to Club members: A video of Peter Zalewski’s entire presentation and supplementary charts are located at the bottom of this report behind the paywall.
August was a transformative month for the South Florida condo 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 were 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.
Watch The Meeting
This is the first 12 minutes of the September Monthly Meeting featuring Miami condo expert Peter Zalewski. To view the entire presentation, please join the Miami Condo Market Investing Club™
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.
Zalewski also discussed the findings of a seven-part series examining how Florida condo living could change in 2025.
This is a 15-minute clip from the beginning of the September 2024 Monthly Meeting. To watch the entire video, you will have to sign up for he Club by clicking clicking this link.
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 Tuesday, Oct. 29, 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. Additionally, 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 more 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.
Copyright © 2024 Condo Vultures®, LLC. All Rights Reserved.