Zalewzky and McCabe confuse consumers?
Buyers Sue Trump as Miami’s Condo Prices Plummet? The article published in Bloomberg news on October 16. 2009, by John Gittelshon could not be further away from the truth. Quoting Peter Zalewzky unproductive opinions manipulate the information only to the best of his interest. Zalewzky should not be trusted as an independent, unbiased opinion, what else can you expect from somebody that calls himself a “vulture”? Media manipulation by presenting partial statistics just confuses consumers with doom and gloom news about the real estate market, with the purpose of making the property prices accessible to their own investors. Fortunately these “formulas” from big funds making offers for 30 cents on a Dollar did not work the way they planned. Their famous call for a real estate “Blood Bath” did not happen according to their predictions. Instead, the market is ripe for individual investors, first and second home buyers that can benefit from the price drop or “market correction” that we are experiencing, if only they could be provided with complete information. McCabe’s opinions are also outrageous, for a real estate consultant it makes me wonder who are his clients….? A few years ago McCabe said to the Miami Herald "I think our population growth is about zero right now” and "Who is going to live in these things?”. During the last couple of years, I have read quotes about “Zombies”, “At the Current 2007 sale pace it will take 30 years to sell all the apartments” and “there are over 25,000 apartments unoccupied in Miami”. When in-fact the apartments where not ready to be occupied yet! I can go all day mentioning these quotes, somebody should make a compilation of them with the original author reference, it would be hilarious! Today, the Brickell and Downtown areas that McCabe was referring to, have experienced an amazing growth in population. The MLS reports over 4,500 closed rentals in the Miami – Brickell area since Jan 2009. According to the US Census, there is an average household size of 2.61 in Miami, which means Miami has had over 11,000 new residents move into the city in the past year! You don’t have to be a market analyst to understand that we officially have a new vibrant urban area, with dozens of restaurants, shops offices and an amazing night-life. It is one thing to misquote predictions about the future market, I have to admit I was in denial about the real estate crisis until I experienced it. But, you can not close your eyes with today’s facts. Today, in the above mentioned article McCabe quotes “If you’re thinking you can come here and buy and sell condos for a profit in less than five years, you’re sadly mistaken,” and that “you better wait 10 years, before the property turns into profit or appreciates”. These quotes, in my opinion are irresponsible and cannot be further away from the truth. Thousands of new buyers, Realtors and - why not – Small Investors are profiting from this market and they will continue to do so as the real estate infrastructure continues to solidify and populate. The truth is that nobody is buying at the original pre-construction prices. Although developers had delivered the buildings, as promised, the whole real estate crisis began when people who had placed deposits into new developments did not close, technically bankrupting the developers. However, I do not blame them, I would not have closed at those prices either. Currently, the Miami market place is the best opportunity to make money, I represent clients who are buying property at 50 and 60 percent of the LOAN value. For years we have been hearing McCabe and Zalewzky misinform the consumers, but it is time that the consumers as a whole start hearing the real “market pulse” of other real estate professionals, that are active in the marketplace and provide unbiased information. That way, rather than a few individuals profiting from this marketplace, we can spread the wealth to all consumers that wanted a city like the one we have right now, and dreamed of accessible and realistic property prices. Whether you are buying a Miami residence to live, rent, or as Vacation buyers, everybody is welcome.
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