Would You Invest In A Luxury, Oceanfront Condo That Is 'Sinking' In Miami?
This is a daily micropodcast about the South Florida real estate market by expert Peter Zalewski of the Miami Condo Investing Club™.
The Miami Condo Minute™ is a daily micropodcast by expert Peter Zalewski about the South Florida region of Miami-Dade, Broward and Palm Beach published on weekdays.
(GREATER DOWNTOWN MIAMI - Dec. 19, 2024) In this episode of the Miami Condo Minute™ micropodcast, host Peter Zalewski - founder of the Miami Condo Investing Club™ - provides insights on a new University of Miami study that identifies more than 30 oceanfront condo towers that are reportedly “sinking.”
A list of the barrier island condo towers identified in the University of Miami study is available at the bottom of this report.
The Miami Herald broke the story - entitled “Dozens Of Luxury Condos, Hotels In Miami Sinking At ‘Unexpected’ Rates, New Study Reveals” - in its Sunday edition on Dec. 15, 2024.
The Herald’s story is based on a 20-page study that was published in the scientific journal Earth And Space Science on Dec. 13, 2024.
The University of Miami study - which is based, in part, on satellite images - reveals the names of the luxury condo towers that are scattered throughout the Miami-Dade County barrier island municipalities of Sunny Isles Beach, Bal Harbour, Surfside and Miami Beach.
This sinking phenomenon, known as subsidence, is sure to cause significant concern among condo owners, developers and the insurance industry.
In this episode, Zalewski discusses the potential impacts on property values, safety and what actions owners might consider taking in response to the study.
The timing of the release of the study could not be worse for developers and unit owners, alike, as South Florida is in the midst of the busy 2024-25 Winter Buying Season.
Even before the release of this study, the number of South Florida condo units listed for sale has been growing while the number of transactions has been shrinking.
Additionally, condo owners and prospective buyers are scrambling to understand and prepare for the impending 2025 Florida Condo Association Financial Cliff.
It is worth noting, this episode of the Miami Condo Minute™ is part of what is planned as a series of micropodcasts and written reports delving deeper into the study.
Miami Condo Minute™ Podcast Timeline:
00:00 Introduction to Miami Condo Minute
00:22 Today's Topic: Sinking Condo Towers
00:37 Details of the Report
01:34 Implications for Condo Owners
02:45 List of Affected Buildings
04:11 Conclusion and Upcoming Series
For more information, please visit MiamiCondo.Club.
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