Is Miami’s Condo Vulture Trying To Talk Down The Local Real Estate Market?

Self proclaimed condo vulture Peter Zalewski seems to be almost hoping for a fall in Miami’s real estate market.

Over the past several months, Zalewski has been telling anyone who will listen that the market has peaked, and is due for a correction of at least 15% over the next few years. That has rankled members of Miami’s real estate community, some of whom believe that he only has his own interest in mind.

Since creating his Condo Vultures brand during the last crash, Zalewski has managed to become the news media’s go-to person for quotes on real estate stories involving Miami. Despite being quoted frequently however, his core business doesn’t seem to have benefited much from Miami’s current bull market.

Last year, a bank filed a foreclosure lawsuit against Zalewski after he failed to make mortgage payments on a $265,000 Miami Beach condo that he owned. After moving into a downtown Miami rental, he told a reporter that he believed that local rents will soon stall or fall.

In the most recent example of his negative pronunciations, Zalewski interpreted the recent listing of 830 Brickell as being triggered by Ugo Colombo turning bearish on the market, which he called a ‘clear and evident sign’ that the market is at or past its peak. A source familiar with the transaction, however, said that the sale is being forced by partnership issues and that Colombo could still end up developing the property.

If Zalewski is hoping for a downturn soon to revive his Condo Vultures brand, he may be disappointed. Recently launched and completed projects continue to demonstrate the relative strength of the market with strong presales and closings, and the conditions that precipitated the last crash remain largely absent.

 

 

(photo: social media)

24 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Anonymous
5 years ago

The best article ever posted on this website. Gold.

Anonymous
5 years ago

This guy brought people to my home back in 2012 when I was trying to sell and made a low ball offer. Less than a year later I sold over $100,000 than what his clients wanted to pay. The tables have turned on these “vultures”

MrDreTheOne
5 years ago

“It is actually good news,” Zalewski said. “When a veteran developer like Ugo Colombo acknowledges that the market is changing, the rest will follow,”

Good news? Zalewski wants a downturn sooo bad, so he can afford a condo. Not going to happen, just wait until Brickell City Center opens its doors; then the market will truly skyrocket! When the Design District finishes and the mother of all developments Miami World Center and the AAF station open; then, we will eventually reach a peak, but that is years down the road. We are just getting warmed up right now. Zalewski, you are better off courting investors overseas and selling some condos.

Anonymous
5 years ago

“Zalewski, you are better off courting investors overseas and selling some condos.”

Didn’t he do exactly that when he stared CraneSpotters?

Anonymous
5 years ago

This city and this country was built with positive people. Peter, you are not one of them.

Anonymous
5 years ago

Well deserved article and not shocked his business isn’t doing well when all he tries to do is profit from people’s misfortune

Dev1
5 years ago

He didn’t call the crash last time. He won’t call it this time either. I’m not sure why the Herald keeps publishing his crap.

Really???
5 years ago

Zalewski often acts as a real estate shill so I’m not going to defend him there. He often leaves out important things like timing in his “analysis”. If you say the market is going to rebound when it’s down or that it’s going to mature and stall when its up of course at some point your going to right. It’s like a psychic telling me I’m going to die one day.

With that being said I think its obvious the market is going to stall soon. Were probably hitting the point where supply is just starting to hit demand which is why people like Marc305 are still seeing a few people miss out due to multiple offers. But there is a lot of inventory that will be hitting the market over the next 2 years.

I don’t see the market really falling this time though as these areas have really developed into desirable areas with a lot of new amenities coming. As soon as prices start to fall you’re just going to have people who are priced out start to move back in. I think developments most at risk are those away from the downtown core and more desirable areas.

So overall I see the market flattening and moving sideways for a few years while the excess inventory is absorbed. Most developers have learned the lesson and will simply put a few projects on hold for a couple of years hoping to be in position to be the first in line for the next cycle.

MiaBroker305
5 years ago

I totally agree. Most wealthy people here in Miami have purchased with cash and are investing for the long term. They are very optimistic. They would rather rent their units then sell at a loss now.

marc
5 years ago

Yessss, exactly. People constantly claiming this is a bubble and it’s about to burst can’t see the forest for the trees.

Anonymous
5 years ago

Having worked for Peter and infiltratied his inner core- I can unequivocally say he is completely full of shit.

Anonymous
5 years ago

I guess Zalewski didn’t read his own financial signs and failed to predict when he wouldn’t be able to pay the bank holding his mortgage.

Dev1
5 years ago

Lol…everyone pile on Zalewski. That picture is great his eyes are closed…best NextMiami article ever!

XVS
5 years ago

His own prognostications’ record proves that Zalewski is pretty much clueless, and should be treated as a contrarian indicator. Once he turns bullish, I’ll become worried.

Anonymous
5 years ago

This is the reason why messages get so mixed up because of people like Zalewski. I knew the story on Ugo Colombos lot had to be manipulated. For god sakes its one of Miami’s best developer in town!

Anonymous
5 years ago

Thank you Next Miami! Finally someone that is not afraid to stand up to him. He’s an oppressor of the industry, constantly manipulating data to create false or misleading stories in the media so he can get some headlines and attention.

Marc305
5 years ago

We do a lot of rentals in Brickell, Downtown, and Midtown and I can say honestly that the rental market is not slowing down, the prices are very steady if not going up slightly. On many occasions our clients will not get the apartment they want because there were multiple offers on them.

WhyNotNow
5 years ago

As someone who has lived in Miami since 1963 I can attest to the fact that prices only go up. There are never any corrections. Developers are savvy and know what is best for everyone. People like Zalewski need quit complaining and get onboard the train.

marc
5 years ago

Ouch

Anonymous
5 years ago

This guy is so totally full

Wages are low.
5 years ago

Wages for local workers are not going up. No new high wages jobs are being created. Property taxes are going up. There are a lot of condos under construction. Interest rates are at historic lows. Perhaps Peter Zalewski is right?

Marc305
5 years ago

The area that we are talking about is comprised of Brickell, Downtown, and Midtown. Although these 3 areas are in Miami, they are a city within itself. The developments there are geared to foreign nationals and locals who are well off and have the means to live there. The rest of the county has housing for the local workers. Zalewski comments are about these 3 areas and therefore he is completely wrong.

mondocondo
5 years ago

I’m not sure your facts are correct about jobs and wages in the area served by where the condos are being built (Brickell, Downtown, Edgewater, Midtown). Also important is that there is net in-migration mainly due to the area’s lousy traffic system, the creation of a wealth of shopping, cultural, educational, and entertainment amenities, easy access to the beaches, and a good base for reverse commuting to a lot of areas (the medical centers, Miami Beach, even the Gables). So, I think you have to be more focused on what truly creates the demand for where people want to locate, and in this town the commute is a large part of it.

Sam
5 years ago

Developers are starting to change plans, flip sites and ease deposit structures. There may be some truth to his prognostications.