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South Florida

Condo Vultures founder names winners, losers

Miami-based consultancy Condo Vultures founder Peter Zalewski is preparing to name the winners and the losers of the current condo boom.

Zalewski will give a speech June 12 before the Aventura Marking Council and separately during a roundtable event hosted by mckafka Development, the Harvard alumni planning to build the Crimson tower in Miami’s Edgewater neighborhood.

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At least 138 condo towers containing more than 18,500 units have been proposed for South Florida as of the end of May, according to Condo Vultures’ licensed brokerage, CVR Realty, and its “cranespotters” database.

“Fueled by investors primarily from overseas,” a release announcing Zalewski’s planned talk June 12 for the Aventura Marketing Council said, nearly 49,000 condo units have come online in South Florida’s largest coastal markets since 2003, with approximately 2,450 of them still unsold, not counting the more than 8,000 units investors bought in bulk with intentions to resell at a premium.

Six years after South Florida real estate began to crash, one new condo tower has been completed in the tricounty region, Condo Vultures said in the release. Twenty-two other high-rises are under construction as a new development cycle gains momentum. [condovultures.com] –Emily Schmall

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Condo MarketCondo VulturesPeter Zalewski