Introducing the new weekly podcast The Peter Zalewski Show that features interviews with South Florida business leaders focused on real estate, finance and the economy.
The program - hosted by Peter Zalewski of the Miami Condo Investing Club™ - is broadcast live every Wednesday at 4 pm (Miami time) at MiamiCondo.Club and on social media sites.
The objective of the show is to deliver straight talk, share institutional knowledge and provide data-driven analysis on the macro and micro economic forces shaping the tricounty South Florida region of Miami-Dade, Broward and Palm Beach.
Episode Overview
In the Oct. 29, 2025, episode of “The Peter Zalewski Show” podcast, host Peter Zalewski interviews Eric Kalis, a Senior Vice President with BoardroomPR, about what could be the most consequential South Florida Winter Buying Season in five years.
On the eve of 2025-26 Winter Buying Season, Kalis - a former real estate journalist for publications including The Real Deal and Miami Today - sits down with Zalewski to spell out how he is advising residential developers and real estate firms to navigate the volatile market conditions.
The central theme of the discussion was market uncertainty, which Kalis described as the “only thing certain about the market right now.”
The day of the recording coincided with the Federal Reserve’s pivot away from controlling inflation to focusing on bolstering the job market, resulting in another 25 basis point interest rate cut on Oct. 29, 2025, moving the federal funds rate to 4 percent.
Wall Street, however, immediately reacted negatively, sending the stock market down and raising the 30-year fixed mortgage rate to 6.27 percent following the Fed chairman’s warning against expecting further rate cuts in December.
Zalewski and Kalis emphasized that this lack of predictability is handcuffing real estate decisions across the spectrum, from large developers planning multiyear projects to individual buyers and condo associations budgeting for the next year.
Kalis noted that developers are particularly vulnerable to the current environment, citing volatile tariffs - which Morgan Stanley said increased from 4 percent to an average more than 17 percent since Liberation Day on April 2, 2025 - that can suddenly double the cost of materials and compromise the feasibility of projects already underway.
The experts agreed that the pandemic-era buying frenzy caused the market to enter a “summer of paralysis by analysis,” as investors wait for the 30-year fixed rate to fall into the “five handle” range before pulling the trigger.
Kalis, whose firm works with publicly traded clients, confirmed that developers are exercising “incredible patience” and discipline, accepting that project sellouts may be delayed into the 2026 season rather than slashing prices prematurely.
Zalewski detailed the evolution of the market’s security structure: following the Great Recession, developers shifted from the vulnerable 20 percent deposit model to a robust 50 percent tiered deposit structure, giving current projects greater financial stability.
The discussion shifted to the horizontal market, where single-family homebuilders are more sensitive to interest rate volatility and are focusing on acquiring land and developing projects west of I-95 in areas like Western Palm Beach County and Port St. Lucie in Florida’s Treasure Coast region.
Kalis confirmed that unlike the vertical market, the horizontal market has seen softer sales, though demand remains steady wherever land is available.
Zalewski questioned the long-term firepower of legacy development firms, noting that even titans like Related Group and Swire are experiencing leadership changes or actively liquidating assets, suggesting a need for increased liquidity.
The experts agreed that this period will cause a shakeout, rewarding well-capitalized, seasoned players who have “dry powder” and are waiting to acquire distressed or stalled shovel-ready sites.