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.