Miami Real Estate Review – Episode 7

June 10, 2010 by Lucas Lechuga

In this episode, we provide an update regarding the developer blowout sale at The Plaza on Brickell that started last Thursday. We also touch upon pricing at Icon Brickell and discuss news regarding Marquis. We end the show by highlighting four noteworthy foreclosures that came onto the market since last Friday.

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27 Comments on "Miami Real Estate Review – Episode 7"


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Anonymous
why bother
6 years 3 months ago

The story regarding Plaza selling out 41 units over one weekend is unbelievable! Looks like there are a lot of hungry wolves out there (with cash in hand).

Anonymous
Hugo P
6 years 3 months ago

The question is… what were the units sold for? Price per sf?

Anonymous
Gixxer 1000
6 years 3 months ago
May Home-Buying Activity Looks Worse Than Expected By James R. Hagerty and Nick Timiraos http://blogs.wsj.com/developments/2010/06/04/may-home-buying-activity-looks-worse-than-expected/ “How will housing sales fare without the benefit of big tax breaks for home buyers? The early indications are that sales are down very sharply in recent weeks, worse than most brokers and analysts expected. Of course, economists and real estate analysts expected home sales to slow after the tax credit, of as much as $8,000, expired at the end of April. But early data from real estate brokers indicate that the sales declined as much as 25% to 30 from the year-earlier levels in… Read more »
Anonymous
Seanjohn
6 years 3 months ago

That is a big story re the Plaza. Curious for more details.

Anonymous
scrivener
6 years 3 months ago

Do we have any data on the identity of these purchasers? While I am delighted to hear that these units “flew off the shelves” – – the speed at which they moved fascinates me.

scriv

Anonymous
why bother
6 years 3 months ago
Scriv, I am not that surprised. Plaza is a marquee development in Brickell. IMO, one of the best buildings in Brickell and a great location. Every self respecting Venezuelan or Colombian wants to live there! It has a great buzz about it and even with out this price drop, the developer could have sold the remaining 48 units at regular price over a period of 6 months instead of over one weekend. But maybe he needed some sudden cash infusion or something. Just goes to show that Miami’s attraction to the South Americans has not dimmed one bit. Next to… Read more »
Anonymous
why bother
6 years 3 months ago
Watsup with all these multimillion dollar deals!? Miami Beach mansion sells for $16 million By DOUGLAS HANKS dhanks@MiamiHerald.com A German businessman has paid $16 million for a Miami Beach mansion completed just weeks into the global financial crisis. The 17,200-square-foot residence at 88 La Gorce Circle comes with two docks, a staff house, a five-car garage. marble staircase and an elevator. Seller Todd Glaser, a developer, built the 10-bedroom mansion “on spec,” hoping he could find a deep-pocketed buyer once the project finished. Construction began in January 2008, and finished in November 2008, just as a credit crisis was throwing… Read more »
Anonymous
iphoneapi
6 years 3 months ago

Scrivener- What kind of buyers were they? Try foreign nationals who launder, wash, funds they would have had to pay taxes on back in their home country. This is one of the advantages of living in Miami never knowing how, and how much your neighbor has stolen. Then on top of that your high end neighbor may have equally high end narco traficante friends. This is one of the fringe benefits of buying in Miami. You think the foreclosed penthouse was owned by some good old American taxpayer? I would say not.

Anonymous
iphoneapi
6 years 3 months ago
Mark Zilbert- thanks for the info on http://www.miamism.com. I don’t know what has happened to this blog either. There used to be a lot of postings. I think Lucas is doing a good job, though perhaps this is more a reflection of less interes in condos, and more interest in single family homes? After all you have to put up with a lot of other peoples shit when you share a condo, by buying a condo. The biggest headache is having other peoples financial problems becoming your own. When your neighbors don’t pay their maintainance it becomes your problem. I… Read more »
Anonymous
Elvis
6 years 3 months ago
Plaza at Brickell is a destination? wtf! I remember looking at the penthouse units there (for rent) in early 2009 and immediately turned around and walked out. The kitchen was a refrigerator and a couple cupboards (most penthouses have room to actually cook) and the cheap carpet and fixtures was an insult to humanity. The floor plan left a lot to be desired as well. I also found the amenities to be less than desirable (seriously, they had a business center with 3 dinky computers there..more like an Internet cafe? no real place for a conference table…and what business person… Read more »
Anonymous
gables
6 years 3 months ago

elvis, i understand many of these building went up in the boom, and provided minimal interior amenities and carpet since everybody would immediately upgrade to hardwood floors and granite countertops upon purchase. discerning buyers in today’s market are thus a bit turned off since the $10k marble countertop no longer can add $50k resale value on flipping. business center is like a gym-a marketing ploy of little use to residents.

Anonymous
owneratinfinity
6 years 3 months ago
Guys, Plaza is not a marquee development in Brickell. Icon and 4 seasons and maybe Jade are more of marquee developments Again being an end user and being at gound zero and after looking at all the new condo buildings in Brickell, Downtown and Midtown, I can tell you all that Plaza at Brickell is just another one of the nice new MIDDLE OF ROAD new buildings in Miami on or near the bay. It is closer to the bay then the then middle of road buildings. Middle of the road like, my building Infiniy, Axis, 1060, 50 Biscanye, etc.… Read more »
Anonymous
owneratinfinity
6 years 3 months ago
gables, you siad –elvis, i understand many of these building went up in the boom, and provided minimanral interior amenities and carpet since everybody would immediately upgrade to hardwood floors and granite countertops upon purchase. discerning buyers in today’ s market are thus a bit turned off since the $10k marble countertop no longer can add $50K rresale value on flipping. business center is like a gym-a marketing ploy of little use to residents. —> just FYI all these condos in these middle of road or better new buildings (including Plaza) have real stone (grantie) countertops standard, but you are… Read more »
Anonymous
Iphne
6 years 3 months ago

Owneratinfinity- Do you have a guess as to how many of the buyers at infinity are trying to wash money through a real estate transaction? I was told nearly 50 percent of the latins who buy on Brickell are not pay taxes on the funds earmarked for purchases, when they should. Any thoughts as to whether the zetas are washing theirmoney through these big penthouse deals?

Anonymous
scrivener
6 years 3 months ago

Iphne:

I will “bet the farm” that there is absolutely no data available on whether or not the Miami condo market is being used for such purposes. An interesting theory though. (what does the term “zetas” mean?)

This is particularly true because …. eh …. not going to go there.

scriv

Anonymous
Angel
6 years 3 months ago

Scriv,

Zetas = Mexican Drug Cartel

Anonymous
scrivener
6 years 3 months ago

Ah yes. Of course!

Thanks for the clarification.

scriv

Anonymous
Owneratinfinity
6 years 3 months ago

Iphne .
you said – Owneratinfinity- Do you have a guess as to how many of the buyers at infinity are trying to wash money through a real estate transaction? I was told nearly 50 percent of the latins who buy on Brickell are not pay taxes on the funds earmarked for purchases, when they should. Any thoughts as to whether the zetas are washing theirmoney through these big penthouse deals?

—-> I don’t know about that, but most of the condos in my building was paid for in cash/

Anonymous
Gixxer 1000
6 years 3 months ago
computer consultant, “Costar, based in Bethesda, Maryland, made its forecast for property prices assuming a 10 percent loss based on previous disasters, such as oil spills, hurricanes and the 1979 Three Mile Island nuclear accident in Pennsylvania, Miller said. His estimate relied on recent sales data of property within 200 feet of the Gulf waterfront and spanning 600 miles from Venice, Louisiana, to Clearwater, Florida.” Seems pretty ridiculous to post an article about POSSIBLE loses that could occur up to Clearwater on a blog about Miami real estate. Even the places that say its possible for oil to reach Miami… Read more »
Anonymous
6 years 3 months ago

Someone on here was asking about oil effect on real estate values

Anonymous
Gixxer 1000
6 years 3 months ago

I’m pretty sure they were speculating about the effect on real estate values in Miami.

Anonymous
palapa48
6 years 3 months ago
Owneratinfinity You seem to like and enjoy your Infinity bldg. and you have mentioned(in the past) that the developers are not to eager to go down in their price,although not too much sales demand .Just recently a friend willing to buy there and move w.his fam.(I have mentioned this to you before) saw a unit in the floor 24 or 25,facing NE,2/2.5,aprox 1,500 sqft.,wrap around balcony.for the price of 450K or $290 per sqft. Can u give opinion re:price?,will continue up? price seems high as compare to other bldg. in the area?He has to finance ,if he buy.Will the appraisal… Read more »
Anonymous
infiniityatbrickell
6 years 3 months ago
palapa48 you said, Can u give opinion re:price?,will continue up? price seems high as compare to other bldg. in the area?He has to finance ,if he buy.Will the appraisal comes much less?? Are they closing units? my friend’s wife is concern about safety,bldg.still empty. Your opinion,again, is very much appreciated. —> tell you fiiend to look at condoreports.com and you will see that Infiniy is selling for 240 to 260 per foot —-> my condo was the best deal for me in all miami and the nation cause I paid 22o per foot for my condo on the 50 and… Read more »
Anonymous
Palapa
6 years 3 months ago

Infinityatbrickell:
Thank you for your input,but I really want to hear feedback from owneratinfinity.

Anonymous
owneratinfinity
6 years 3 months ago

Palapa ,

sorry I had to retype in my user name for this blog and I typed in Infinityatbrickell instead owneratinfinity by mistake.

The comments on post 24 is from me owneratinfinity.

Anonymous
Palapa
6 years 3 months ago

Well Taken!! Thank You

wpDiscuz

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