Word: zalewsky
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...last piece of the last residential construction crane in Miami is coming down this week. Don't expect to see another crane in this city for a decade, says Peter Zalewski, a real estate broker and founder of Condo Vultures, a realty intelligence service. Miami is both a metaphor and model for once torrid real estate markets that melted in the subprime debacle. Miami developers threw up some 23,000 units beginning in 2003, many of them bought by speculators who thought they could flip them for a quick profit. Some...
...Then the music stopped. "Our best guestimate - and we've talked to lenders and developers - is that you will not see a residential construction crane in the sky in downtown Miami for a generation," Zalewski told TIME. "Well, at least seven years," he said before modifying his forecast yet again. "Let's go with a decade," he finally concluded. Let's. The latest Case-Shiller Home Price Index for a 20-city composite showed that prices recorded a 1% drop in August and were down 16.6% for the past 12 months. Miami had a 1.8% monthly drop...
...default. They're waiting to see what happens with the recent rescue plan to buy back mortgages," says Fred Arnold, president of the California Association of Mortgage Brokers. In Miami, banks and distressed homeowners can't wait to throw underwater mortgages into the government's pool. Says Zalewski: "I can see the Federal Government giving them a mulligan and allowing them to sort of a do-over...
...Broward and Palm Beach, the value of property has plummeted so much that in some instances, banks are willing to take less than one-third of a property's value just to staunch the flow of money being spent on taxes and condo fees for unoccupied units. For example, Zalewski the grave dancer is looking at purchasing a 1,800-sq.-ft condo with floor-to-ceiling windows overlooking the waterfront in a place just north of Miami. That unit sold to a speculator for $940,000 in 2006. The bank is asking $389,000 but will probably settle...
...winters are nice? As baby boomers retire, as Hispanic markets expand, as leftist dictators harass wealthy South Americans, some people will always want to come to Florida. In anticipation of the next boom, developer Pérez has set up a $1 billion fund to buy distressed properties, and Zalewski of Condo Vultures has been besieged by foreign investors. "Eventually, Florida is going to grow again," he says...