New Construction Condo Deals in the Arts District, Brickell, Downtown Miami, and South Beach

December 17, 2007 by Lucas Lechuga

Miami condos

As closing dates for some of South Florida’s newest condo developments quickly approaches, the motivation from contract holders to sell is becoming increasingly apparent. I’ve been receiving a lot of phone calls and emails from contract holders, within the past couple of weeks, who are looking for me to help them find a replacement buyer.

In some cases the contract holders are willing to accept a loss on their contract price in order to retain a portion of the deposit that was made 3-4 years ago. Below you will find some of the better deals that I’ve come across:

Edgewater

  • The 1800 Club
    • Unit 2×04 – 1 bedroom/1 bath – 842 SF – $235,000
    • Unit 3×06 – 1 bedroom/1 bath – 822 SF – $240,000
    • Unit 3×03 – 2 bedroom/2 bath with direct bay view – 1,142 SF – $418,000
    • Unit 4×03 – 2 bedroom/2 bath with direct bay view – 1,142 SF – $428,000
  • Quantum on the Bay
    • Unit 15+ floor B (south tower) – 1 bedroom/1 bath – 651 SF – $198,000
    • Unit 35+ floor D (south tower) – 1 bedroom/1.5 bath – 780 SF – $212,000
    • Unit 40+ floor B (south tower) – 1 bedroom/1 bath – 651 SF – $252,350
    • Unit 40+ floor J (south tower) – 2 bedroom/2 bath – 1,239 SF – $399,000
    • Unit 40+ floor J (south tower) – 2 bedroom/2 bath – 1,239 Sf – $409,000 obo
    • Unit 10+ floor L (north tower) – 2 bedroom + den/2.5 bath – 1,460 SF -$550,000

Brickell

  • 1060 Brickell
    • LF Loft – 1 bedroom/2 bath – 972 SF – $360,000
    • 30th Floor (K floor plan) -866 SF – $290,000
    • Unit 3×07 – 2 bedroom/2 bath – 1,103 SF – $467,000
  • Axis
    • 1x04S (C1 floor plan) – 2 bedroom/2 bath – 1,076 SF – $340,000
  • Plaza on Brickell
    • Unit 2×09 (901 tower) – 1 bedroom/1 bath – 683 SF – $250,000
    • Unit 2×05 (901 tower) – 2 bedroom/2 bath – 1,185 SF – $339,000

Downtown Miami

  • Marina Blue
    • Unit 4×04 – 2 bedroom/2 bath – 1,208 SF – $470,000

South Beach

  • Continuum South Beach North Tower
    • Unit ??? – 2 bedroom/2.5 bath NW corner unit – 1,491 SF – $1.86M
    • Unit ??? – 2 bedroom/2.5 bath NW corner unit – 1,922SF – $3.35M
    • Unit ??? – 3 bedroom/3.5 bath NE corner – 3,497 SF (4 balconies) – $4.2M

If you’re a contract holder and you’re motivated to sell then feel free to email me details of your condo and the price that you are willing to accept. Most developer contracts do not allow you to market your unit outside the sales center, so I will post general information here on the blog to see if a buyer emerges.

I’ll match buyers and sellers together. The sales centers are in some cases charging higher than normal sales commissions and transfer fees which make it virtually impossible for contract holders to get their units into the hands of end-users. I’m hoping that this blog will help contract holders to get some of their money back, end-users to find a great deal and developers to have less defaulted units. The way I see it is a win-win-win situation for everyone involved.

By the way, I’ve added a link to this post on my “Deals” page and will be adding to the list above intermittently.

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58 Comments on "New Construction Condo Deals in the Arts District, Brickell, Downtown Miami, and South Beach"


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Anonymous
Adrian E
8 years 9 months ago

Interesting , wondering if you or anybody knows of units in the Loft 2. I been there a few times but I don’t really like some of the sales people there. i’ve been there separate times and i’ve heard different stories from them. I really like that area and i’m a first timer, anybody out there let me know. They were showing me the a3 model 651 sf but with a real crappy view.

Anonymous
j
8 years 9 months ago

good idea! Best of luck to all parties involved.

Anonymous
lara
8 years 9 months ago

Hi Lucas, we spoke before about my unit in Quantum. 2bd+den, 2.5bth, great layout in the north tower, 1,460 sq.ft, wraparound terrace absolute bay east view, medium floor. I am ready for simultaneous closing

Anonymous
Bill
8 years 9 months ago
The Miami Herald had an article today “Indictments due in huge loan fraud scheme”. My impression, as an outsider, is that there will be no stabilization of the So. Florida real estate market until those guilty of this fraud are prosecuted to the fullest. A strong message must be sent that the climate of fraud will no longer be tolerated. When checking sales histories, I have seen dozens of properties refinanced in the past year, thousands of dollars taken out and now in default. The law abiding people will be paying through the nose for years to come, paying the… Read more »
Anonymous
Sean
8 years 9 months ago

Lucas,

Let’s talk when you come across a 2-3 bedroom unit at 1800 Club for $225 – $250 a square foot. I’m ready with 20% down.

This might be 6-12 months from now but there’s no doubt in my mind the market will adjust to this range.

Thanks,
Sean

Anonymous
8 years 9 months ago

How much would you say is the total % price drop from the top of the market until today? How much more are you expecting prices to fall?
One of the major financial magazines estimated that Miami condos might fall 50-70% from the top. Do you agree with this estimate?

Anonymous
8 years 9 months ago

Lucas – congrats on your move to EWM! Best of Luck to you!

Anonymous
8 years 9 months ago

Thank you Ines! I appreciate that. I’m looking forward to what 2008 has in store for me at EWM.

Anonymous
guillermo
8 years 9 months ago

I like Onyx On The Bay at $180 – $190 sq.ft.?
What do you think??.

Anonymous
Rosemarie
8 years 9 months ago

Lucas,
What are your views on Everglades on the Bay?? I visited their sales center a few years ago…Now I have a unit in the Platinum that I am not too thrilled about. Currently rented and plan to leave it as an investment unit.
I’m looking for a deal (isn’t everyone?) on a 2/2. What are they going for??

Anonymous
Chip
8 years 9 months ago

Hi Lucas,

Like many have said before me, you have the most professional and truly insightful blog out there…right on par with the top sites like Curbed.com, etc. in other major markets! I love it.

My question is: have you been inside any units or even just the public areas at the Quantum? I am getting ready to close in January and after so many comments about shoddy workmanship/ cheap finishes that I’ve seen posted for some other new buildings, I’m worried about how the Quantum in going to compare.

Thanks very much…

Anonymous
Juan GM
8 years 9 months ago

Lucas, have you considered starting your own facebook network, this will definitely increase your target audience.

Anonymous
8 years 9 months ago

Juan GM – I’ve played around with Facebook a bit but I don’t understand the possibilities. How would creating my own Facebook network increase my target audience? How would people find me and my blog?

Anonymous
Fernando O
8 years 9 months ago

Adrian E- I’m currently selling a 1 bedroom on the 23rd floor in the loft 2. It’s an A4 665 square feet.

Anonymous
Bill
8 years 9 months ago

Lucas…

What were the original pre-construction prices on Continuum II? Have you seen any of these on sale around those prices?

Anonymous
8 years 9 months ago
Lucas I actually saw a facebook group for Miami Real Estate that had a link to your blog and said that your blog was great for information, I saw this because I was doing some SEO on my site and I saw an inlink from a facebook group. You should expand your facebook network, and have a link from your profile to this page. While I use it to connect with my friends that live all across the world, if you search Miami Foreclosure in facebook my group is the largest foreclosure group, its worth taking a look into since… Read more »
Anonymous
8 years 9 months ago

I wonder if this will happen in our Condo market.

“In some cases the contract holders are willing to accept a loss on their contract price in order to retain a portion of the deposit that was made 3-4 years ago.”

ok ok.. i get it( just now huh?) the deposit builders ask for when you buy a unit, and then if the first buyers decided to crash the deal if they pass the contract to another buyer then they could possibly get the deposit back. Hope they do..

Anonymous
BFG
8 years 9 months ago
Noticed this unit in Flamingo on South Beach: 1500 BAY RD Unit 364S Purchased for $380,000 pre-construction a year ago (Dec 2006). Asking $269,900 now. 29% decline in value assuming it sells for full price (which it won’t). It’s still WAY overpriced, in my opinion. I’m just posting this to illustrate how screwed anyone who bought one of those Flamingo condo conversions is. Flamingo has a great location and nice view, but the units are terrible. This unit would rent for $1500 max. Here is the monthy breakdown of cost to own (at the previous price): HOA: $365 Taxes: $462… Read more »
Anonymous
8 years 9 months ago
FLAMINGO? I would be the first to admit the developer prices were a bit over the top. But at today’s resale prices and with the help of an informed special agent, you can often find the true bargains others miss. The truth is that the complex offers so much more than just location, it’s a lifestyle that cannot be duplicated elsewhere and no I’m not going to throw you a list of amenities since I actually have to work. We are all aware that if tenants are willing to pay higher than normal rental rates to live there then it… Read more »
Anonymous
8 years 9 months ago
Wow Mr Flamingo you make a living just specializing in the Flamingo in rentals and sales yet when you search on google to rent an apartment in the flamingo south beach you are not in the top 3, could we have a less biased opinion on the Flamingo please, what would that unit really rent for? We need to take 8% Vacancy and credit loss to the maximum rental it could yield a year and then take another 10% residual that is payed to the realtor that gets you the rental, so if it rents for 1,500 in theory BFG… Read more »
Anonymous
8 years 9 months ago

By the way I didnt even find your page on the first 10 pages of google search under flamingo south beach….

Anonymous
Brian
8 years 9 months ago

Flamingo is just another apartment tower with 500+ landlords. The walls are paper thin. My friend there has conversations through the wall with neighbors. Silly minature washer/dryers in the kitchen. Parking is also another expense. Isn’t it $150 per month unreserved to park and you have to walk half a mile to the deck?

Anonymous
BFG
8 years 9 months ago
Mr. Flamingo, have you ever heard of Craigslist? I just did a quick search and saw some units in Flamingo starting at $1100 for a studio and $1450 for a 1 bedroom with water view. And those are asking prices. In this market, you’ll most likely get them for less than that. Even the official Flamingo rental website advertises: “You’ll find studio apartments for rent from $1319, one bedroom apartments for rent from $1599…” In case you didn’t know, the rental market is soft. Asking prices are negotiable and supply is going to increase even more in the coming months,… Read more »
Anonymous
Robert Dale
8 years 9 months ago

Can anyone tell me what are considered to be the five finest condo building in all of Miami.

Thanks

Anonymous
8 years 9 months ago
Alright kids, all this talk and no body has yet taken me on my offer. All these realtors advert on Craiglist the lowest prices which they don’t even have the listing or can get close to the price they say (Try it, call them, ask for a unit number and exact price). They do that just to get clients; it’s called the bait and switch. Then we have AIMCO apartments (NORTH and CENTER tower) which nickel and dime you to death so 1319 really is 1500 and is unit with a wonderful trash can and breath taking garage view …wow… Read more »
Anonymous
8 years 9 months ago

Robert Dale – My favorite buildings in Miami are as follows:

1. Santa Maria
2. Grovenor House
3. Four Seasons
4. Three Tequesta Point
5. Jade
5. Two Tequesta Point

Anonymous
Mr Waverly
8 years 9 months ago
Quantum is complete and ready to close or at least that is what I was told by the closing coordinator last week. After reviewing my sale contract (dated Oct 30, 2003) I came across an addendum that I signed about a year later. The addendum states that the property will be “substantially completed” no later than DEC 31, 2007. Referring back to the sale contract it states “substantially complete” means able to be occupied or in other words having a TCO from the city. After driving by the Quantum last week it would be opinion that it is months away… Read more »
Anonymous
CA
8 years 9 months ago

You bought fairly early, Oct 2003. Can you resell with a profit or not? I bought an unit in another building in July 2004 but I think I have lost most of my 20% deposit in the current market. I have a feeling that the current price level is a lot lower than 2004 prices in all of those pre-construction deals today..Any comments, anyone?

Anonymous
BFG
8 years 9 months ago
“If the Quantum was not actually “substantially complete” and 700+ buyers walked this could the domino that seriously damages an already weakened market.” I think the issue here is what the definition of “substantially complete” is. It seems intentionally vague to me. I’m sure lawyers on either side of this could argue whether or not the building is “substantially complete”. I haven’t heard of too many successful challenges to these contracts yet. I think you have a valid point. But, I believe the phrase “substantially complete” favors the developer at this point. Unless it defines in the contract specifically what… Read more »
Anonymous
lara
8 years 9 months ago

Since you raise up this issue in re to Quantum I am interested too. Are you going to contact an attorney? It is very important. Also those who are interested we can share expenses to review. I am sure that contracts are identical.

Anonymous
Juan GM
8 years 9 months ago

Mr Waverly, I would definitely contact an attorney on this issue; who will pay the association fees for those units where people walked away leaving their deposits? (owners or developer)

Is the developer charging any type of closing fee? Are the units designer ready?

Might be something to consider; closings & finishing will be about $20k more; so you are looking at $210k; rent in that building for a one bedroom will run around 1300 to 1600.

Anonymous
Mr Waverly
8 years 9 months ago

I would bet one bedrooms will rent for $900 to $1,100 at best, at least for a couple years.
With thousands of new units coming to the market and demand only growing as it sould the balance will be tilted to lower vacancy, lower vacany = lower rent rates.
It is going to be very intersting to see how this plays out.. Lots of losses for those who bought starting in 2004 and lots of money to be made for those who start buying in late 2008.
Bad Times and Good Times.

Anonymous
8 years 8 months ago
Mr Waverly, Are you talking about Quantum? Your estimate of one bedrooms renting for $900 to $1100 at best in my opinion is very much off. Units in the area (1 bedrooms) have rented for $1400+ recently in older buildings – Cite. Recently we rented a 1 bedroom bayview in Cite for $1600 a month. I think there are a lot of people rushing to make estimates like this without following the fundamentals. Yes there will be more inventory in the future to compete with but not all buildings are alike. Changes in the market will be gradual. Not every… Read more »
Anonymous
Mr Waverly
8 years 8 months ago
I was one of the first buyers at Quantum, signing contracts for two units on Oct 28, 2003. I bought very well as values then rose 50% . That steep rise in values then the announcement of so many other properties, adding thousands of units had me very concerned. In early 2005 I was one of the first to list my units for resale. I was then able to resell (or contract and hopefully the Buyer will close) one of those units at a 60% gain. Yes, you are right that people will buy when they want and then a… Read more »
Anonymous
8 years 8 months ago

Mr Waverly,

I agree that from the outside of Quantum on the Bay it still looks to be at least 1-2 months away from being finished. I also agree that TCO was only given because of the December 31, 2007 deadline. How much money exchanged hands to get that done? Let’s just say…ENOUGH!

Anonymous
8 years 8 months ago
I’m glad closings are moving forward. I’m excited to move into my unit. I do believe it will be one of the better developments in the long term. Many people are turned off by projects like Platinum and Midtown Miami because they are so far away from the safer areas. I think the proximity to Downtown and the new changes to the neighborhood – the retail shops filling in, big boxes moving in will help this little pocket of buildings – Paramount Bay, Quantum, Cite, 1800 Club and I guess Opera Tower. – Even though I think Opera Tower is… Read more »
Anonymous
Mr Waverly
8 years 8 months ago

I contracted lines B and D.. The B line has since been contracted for resale and the D line The units were purchased for investment but I have decided I will use the D line (32nd floor).
for my part time residence.
I did receive a notice today regarding the TCO but also that they scheduled my closing for next month. I believe they have the TCO in place but all of the units may not be ready to close.

I am going to visit the property tomorrow.

Anonymous
8 years 8 months ago

I must have just missed you today. Units up to the 41st floor are ready. 42-51 are still undergoing some work.

Anonymous
Al
8 years 8 months ago
What is the situation with the property taxes? If you close after Jan 1st you apply for homestead exemption in 2009, so your taxes will be based on the the property appraiser says the market value of your unit is on Jan 1st 2008. If the building is not finished as of Jan 1st 2007 (TCO and not CO) then the property tax bill at the end of 2008 should be minimal, am I correct? As values drop it will probably be advatagious to have property valued in Jan 1 2009. I just hope there is some type of reform… Read more »
Anonymous
Mr Waverly
8 years 8 months ago
Tax value will be based on the tax assessor’s estimated value of the unit, using the cites favorable approach. As a buyer you will only be taxed from the time of your closing. The developer is now paying taxes on the development as a whole and not for each unit. Regarding the TCO.. My Attorney (who is not representing me for anything yet) says that the TCO is given by floor and can only be obtained if that floor is habitable. I have sent an Email to the closing department requesting information on the TCO but have yet to receive… Read more »
Anonymous
TP
8 years 8 months ago
Re- Terra ADI etc. potential issues Believe if you are going to finance portion of condo purchase via a 1st mortage – then mortagee (bank/lending institution) would expect that they (you) have clear title i.e. if borrower default’s they have the property (security for the loan). Unless mortagor is using another asset other than actual unit – e.g. pledge of stock and/or another hard asset etc. Lastly developer(s) may be in a “legal” pickle if the guys with the “liens’ prevent them closing on units and paying down whatever short term “construction” financing they may have ? My advice get… Read more »
Anonymous
Al
8 years 8 months ago

Greenberg Trauring should deliver a free and clear tittle, what is the problem?

Anonymous
Al
8 years 8 months ago

I closed today. Unit is nicely finished, nice appliances, nice rug. There is no gym, no equipment yet, largest pool is full with water but not usable, looks to me 6 more months of finishing work in the common areas. The parking spots will not be available for another two months, only ballet parking for now. I don’t understand the rush to close, I guess developer need the money, but paying for amenities and not having them, you feel a little cheated. But it is in the contract, you signed it, so what is the use of arguing?

Anonymous
Mr Waverly
8 years 8 months ago
Al, glad you like your unit. Can you actually move in now? I Hopefully the building will be a success although I feel there are some shaky times ahead. It is my opinion that the Developer rushed the closings on this building because the sale contract and or addendum stated “substantial completion before DEC 31, 2007.” The developer was able to secure the TCO so I guess he met that deadline and now near 700 buyers have to close. That forced rush for the TCO shifts an unexpected burden onto the buyers. Why should full maintenance be paid if all… Read more »
Anonymous
Al
8 years 8 months ago
The building is going to be very nice, with big common areas, I was told they have around 300 workers doing the finishing work. Once you close you get the keys and can move in, although as things are at the moment, you have to put up with incoveniences. I have to furnish the unit first so I won’t be moving in for a few weeks. No way they will give you a discount on the maintenance, if you read the contract, the common areas can take up to a year to be operational, remember, you signed that contract and… Read more »
Anonymous
RA
8 years 8 months ago
Yep. I read my contract about the amenaties and it is shaddy and kinda says can take to a year in legal jargon. However, I think in court that wouldn’t hold water because you are paying for areas that cannot be used. Question is do you want to bother with a court system and legal fees to get it resolved. I would say class action lawsuit on behalf of the HOA would be the ideal way to pro-rate the fees for whatever cannot be used. ie Gym, pool, etc. That is fair. Agree with you on the HOA and taxes.… Read more »
Anonymous
RA
8 years 8 months ago

I’m with Al. Within the next 2-3 yrs if Miami doesn’t become what it’s supposed to become I am seriously considering cashing everything out quitting my job and moving to Panama. Much cheaper and you still would get a great deal on a condo.

In fact I coul dhave gotten prob 3-4 times the size of my condo and the Penhouse in Panama vs what I got here. ahh the price we pay to live in the Red White and Blue.

We shall see but I definitly have it on my radar as an option.

Anonymous
B'J
8 years 7 months ago

I think your page is helping so many people and we all thank you for it.

I have a unit at the Plaza on the 43 floor. Pre-constructions price was $350k Minus 20%.
they reduce the unit to $295k.
minus my deposit I will be financing about 235k. if I walk away from the deal per the contract I can get 16k back from my total depocit. Can you please give me your opinion. I find my self like many other not knowing what to do?

Anonymous
8 years 7 months ago

B’J,

Which floor plan do you have and in which tower are you in?

Anonymous
Al
8 years 7 months ago

105 closings to date on Quantum on the Bay, just confirmed that with the closing agent. Closings do not show up on the My Home web page of Dade County yet.

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