Miami Real Estate Investing Podcast With Peter Zalewski

Coral Gables Tumbles Under Condo Cliff As Prices, Sales Slide In Winter Buying Season

·1 hr 8 min·5 clips

A Mercedes-Benz branded condo on Brickell Avenue just got hit with an $80 million foreclosure lawsuit, contradicting industry hype.

The episode begins by noting there are 25 days left in the South Florida winter buying season, which runs November through April. Hosts Peter Zalewski and Jenny Huertas introduce their weekly market analysis based on their newsletter and proprietary 'South Florida Condo Association Financial Cliff Index.' This index tracks active listings versus pending sales to gauge market direction. They predicted sellers who couldn't sell by early February would start cutting prices, which is now occurring. The hosts discuss broader economic factors impacting the market, including rising mortgage rates (from 5.99% to 6.43%), geopolitical uncertainty with Iran, and currency exchange rates affecting foreign buyers. A major theme is the impact of legislation following the 2021 Surfside condo collapse, which mandates milestone inspections and special assessments for older buildings. These assessments, which can reach $100,000 per unit, are forcing owners to sell. The hosts share data showing South Florida condo sales increased 5% year-over-year for November-March, but the median price per square foot fell 4%. For vintage condos (30+ years old), prices fell 7%. They highlight a specific example of market trouble: an $80 million foreclosure lawsuit against a Mercedes-Benz branded condo project on Brickell Avenue. The episode then drills down into Coral Gables, where condo sales fell 23% and prices dropped 8.5% year-over-year. For vintage condos in Coral Gables, sales plummeted 32% and prices fell 9.4%. The hosts attribute this to the area being overpriced compared to alternatives. They promote their upcoming Coral Gables condo correction walking tour. Throughout, they emphasize that condos trade like commodities, and buyers are now demanding discounts. The episode concludes with Huertas advising caution on Coral Gables until prices correct further.

As heard by us

A glossy condo brand meets an $80 million foreclosure lawsuit, putting South Florida market optimism on harder ground.

Miami Condo Mondays uses South Florida condo chatter to test sell-side confidence against conditions on the ground. The sharpest point is the Mercedes-Benz-branded condo off Brickell Avenue, which the host says was hit with an $80 million foreclosure lawsuit reported by the…

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Why you'd press play

You want Coral Gables context, Brickell condo friction, and a market warning with an $80 million price tag.

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