Watch: What Is Outlook For South Florida Condos In 2024-25 Winter Buying Season?
This is an 80-minute video of the November 2024 Monthly Meeting of the Miami Condo Investing Club™ with expert Peter Zalewski.
Note to Club members: The complete video and a series of supplemental charts are located at the bottom of this report behind the paywall.
Miami condo expert Peter Zalewski provided a straightforward assessment of the 2024-25 South Florida Winter Buying Season at the November Monthly Meeting of the Miami Condo Investing Club™.
During the 80-minute presentation to Club members on Nov. 13, 2024, Zalewski - who founded the Club earlier this year - discussed why this Winter Buying Season is shaping up to be one of the most turbulent since the Great Recession.
On the eve of the 2025 Florida Condo Association Financial Cliff, South Florida enters the historically busy Winter Buying Season - which stretches from November through April - at a moment when the market is sending mixed signals.
South Florida condo transactions were down significantly during the Summer Buying Season - which extends from May through October - but prices are still holding steady and even increasing in some markets in the tricounty region of Miami-Dade, Broward and Palm Beach.
South Florida condo prices have yet to be significantly impacted despite headwinds, including high mortgage rates and a U.S. economy that voters said is struggling.
Zalewski - who is a former business journalist, Wall Street consultant, expert witness and licensed Florida real estate buyside broker - also shared insights gathered from an interview with condo association professional Jose Pazos of A-Smart Cam.
Some of the topics addressed included:
What is the outlook for condo prices in South Florida?
Why did South Florida condo sales plummet this summer?
Condo Cliff v Great Recession?
How can condo associations guard against panic selling?
Why are condo associations refusing to comply with the 2025 deadline?
A lot has changed for the South Florida condo market 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.
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 is scheduled to host monthly Meetup events during the 2024-25 South Florida Winter Buying Season 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 fourth Meetup event is scheduled from 5.30 pm to 8 pm Tuesday, Nov. 19, in 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 MiamiCondo.Club.
If you want the reports emailed to you, just sign up for the Miami Condo Market Intelligence Report With Peter Zalewski™ newsletter at: MiamiCondo.Club
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 provided for general informational purposes only, based on research, personal experience and interviews. It should not be considered legal advice, as we are not attorneys. While believed to be accurate and complete, this information is provided "as is" without warranty or guarantee of any kind.
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