The Real Deal Miami

Condo collusion in Miami?

March 14, 2011 11:10AM

Prices are stabilizing in Miami, in spite of the fact that there is a
three-to-four-year supply on the market, leading some to believe
collusion is taking place. “I think the way you get prices going up is
by artificial price setting,” said Peter Zalewski, founder of Condo
Vultures. “I’m not going to use the “C” word, collusion, but there’s a
certain price mechanism that all of the owners are starting to abide by
and adhere to.” For example, prices at the Canyon Ranch complex in Miami
Beach have gone from selling at $555.24 per square foot last year to
$634.25 per square foot, even though there are 175 vacant units. [CNBC]