1800 Club – 2 Bedroom/2 Bath with Direct Bay Views – $385,000
March 25, 2009 by Lucas Lechuga
Below, you'll find a video of the view from the balcony of unit 3505 that I shot a few weekends ago. You'll also find various photos that I shot of the interior of the condo as well as the view.
Down the hall unit 350?, a 2/2 was purchased for $494,000 on 1/08. $442,000 loan from CountryWide. Showing taxes of $7,900. Not showing a homestead exemption. Loan requires owner to move in within 60 days as primary residence, unless they have an exemption Yet they have another address listed on tax records.
Tax records show unit 3505 as 934 sq. feet.
Majority of people who bought as of last year are looking at an easy $100,000 loss.
Wild Bill, Why do you care what went for how much. This is a great unit and the price for an end user or second home user is irresistible. The question is do you have the money to buy this or will you just keep talking. Some lucky person is going to get this for 385K. After this unit is gone, the only remaining units are all owner/investor units listed for $485K to $550K. And they will all hold. The way things are going, I won’t be surprised if the recovery begins in July instead of December of this year.… Read more »
The Interior of this condo seriously looks like my 900 sq foot condo in Michigan I paid $89,000 for in 2005 and is now worth $65,000 if I am lucky.
Not sure why anyone would find this to be a deal unless you think a view is worth 300,000.
That’s why don’t believe everything the tax records or MLS says. There is so much bullshit it is not funny. It is a 1222 sf under A/C and 252 sf of balcony. Christopher, No offense. I am not trying to be condescending either. Miami is not for you. If the weather, the views and a picture post card paradise like setting is not worth it for you, stay in Michigan. Why pay even $65,000 for a house, there are homes being given away for $100 to $500 in public auctions there. And it is not bad either. Some artsy fartsy… Read more »
Oh and don’t forget the USPS having 150,000 early “retirement”……..
OK, These photos absolutely do not do justice to the flat or the building. Sorry Lucas, not a stellar work.
I posted these pics last year I took of 1800, Pace Park, Views and a Direct East 2/2 flat. For the sake of those who are new to this blog, I will post them again. Also any potential buyers in this building, this is a must see slide show.
Enjoy!
http://picasaweb.google.com/biscaynebay/1800MoonriseOverTheAtlantic#
AJ, In my opinion it is highly unbelievable for a building with over 450 units that only one unlucky resident was 30 days delinquent on maintenance fees. I know foreclosures are a different story and are not being recorded or processed timely enough banks. The tax appraiser uses adjusted square footage which I did not correctly mention. “Please take notice of the following before contacting our office; the square footage on the tax records is an adjusted area calculation and will likely differ from “footprint” calculations.” Using the same adjusted value for this unit and it’s neighbors it could be… Read more »
Christopher, No offense. I am not trying to be condescending either. Miami is not for you. If the weather, the views and a picture post card paradise like setting is not worth it for you, stay in Michigan. Why pay even $65,000 for a house, there are homes being given away for $100 to $500 in public auctions there. And it is not bad either. Some artsy fartsy people with little money in pocket and big dreams are moving there and revitalizing some devastated Detroit nabes. You should join them. ___________________________________________________________ Aj, Why does everyone not from the area assume… Read more »
I believe this building was originally planned as an apartment development and this unit looks like the apartments next door at Bay Park Plaza. If view was my primary consideration I might consider this unit or one at Marina Blue. Both buildings offer small units with bad layouts and great views. What gives with the long bitter comments above?
I’ll admit the views are great. I looked at several units in 1800 and probably would have bought there had the units themselves been nicer. They’re far too small, IMO. Also, in my humble opinion, this particular unit is still far overpriced. It’s $385k, but since it’s decorator ready, you’re going to have to spend another $30-$40k just to get it ready to move into. Sure you can save some money by putting in cheap laminate and whatnot, but do you really wanna do that if you’re spending this much on a condo? Even if you spent on the low… Read more »
I was looking at this building too – but I’m not so sure its a good deal – but I definitely love the view. I bought a Condo report on 1800 Club from condoreports.com and saw that there was another unit in the same line 2305 that sold in early 2008 (must have been a pre construction contract) for $362K – same exact unit type and view just a few floors down. Granted its on the 23rd floor, but we all know what the markets done since early 2008! I also saw that the developer is holding on to 7… Read more »
I don’t know AJ personally but just based on his comments above he comes across as a truly elitist prick. Someone needs a little attitude adjustment, or at least to spend some time in poorer parts of the world so that they can lose the chip on their shoulder…
AJ has got his biased head so far up his biased butt it’s a wonder he can see the keyboard! Someone needs a serious reality check — attitude adjustment aside . . . that goes without saying. Good luck finding a good surgeon to help with that other problem. Stop drinking all that kool-aid & pull out for some air.
AJ, nice pictures. Thanks for posting.
mr a j please tell me where the paradise setting is ?? i saw it in the keys, i saw it on the w coast of fla, and maybe key bis cayne and a few other select spots in the 305 but is biscayne a paradise ? downtown miami is a paradise ??? it reminds me of nyc, but of angry puerto ricans, we have angry cubanos love mi hente/ bet aj are you from the bronx /?/ palm trees and nice weather alone dont make a paradise its like this girl that paid 400$ for a coach bag, i… Read more »
AJ, we continue to have this debate and I am starting to feel that you are getting paid by the developer or something. Are you serious??? Like DJ said, if you buy and spend $30K in getting this unit ready for occupancy, you will be all in for $415k or $340/sf. If you think that is a good price, maybe you will consider buying another unit in the building since you seem to get aroused by this building. With the developer still holding 150 units or so, how can you not believe that prices will continue to go down? And… Read more »
Off-topic, but this looks cool. First-time home buyers are already eligible for an $8,000 CREDIT, not just a deduction. Basically free money. GOP Plan Aims to Expand Home Buyer Tax Credits By Renae Merle Washington Post Staff Writer Wednesday, March 25, 2009; Page D03 House Republican leaders plan to unveil a housing package today that would increase the tax credits available for home buyers and would direct law enforcement to crack down on mortgage fraud. Under the proposal, borrowers refinancing their mortgage would be eligible for $5,000 to help cover closing costs or to reduce their principal balance. The plan… Read more »
HOUSING TURN AROUND /??? SUREEEEEEEEEEEEE!!!! U N E M P L O Y M E N T MAYBE IN SOME PARTS OF THE COUNTRY I THOUGHT THIS BLOG WAS ABOUT THE CITY OF MIAMI ?? THE AVERAGE SALARY IN MIA IS ??? THERE ARE NO MAJOR CORPORATIOS THAT ARE PLANNING TO MOVE TO MIA UNEMPLOYMENT CONTINUES TO RISE TOURISM IS DOWN WHO IS BUYING ALL THESE CONDOS IN AT BEST AVERAGE AREAS LIKE BRICK AND DOWNTOWN ??? NY ERS ??? FUH GHET ABOUT IT ??? S AMERICANS >>> MAYBE SOME/ MIAMIANS THAT MAKE 80-140 THOUSAND A YEAR ??? ARE THERE… Read more »
Are the tax credits available for non-US buyers?
AJ, the pictures are superb. I think for the end buyer who is considering living in this area it is a good deal. In Miami prices probably countinue going down a bit but in Ft.Myers in good areas like Cape Coral foreclosure prices stopped going down and actually started going up a tiny bit. Investors and end buyers are buying houses in big numbers from all over the country and abroad. It is actually a bidding war. In Miami I see 2-3 deals/ day worth investing in great areas. They are mostly condo conversions on the beach and across from… Read more »
Julian, below is an excerpt from this website: http://www.federalhousingtaxcredit.com/2009/home2.html
“I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519.”
What do you guys think of Artech and Aventura in general? Is the population young and hip?
DJ
Good luck on your purchase. Please keep us posted. It will be interesting to see how the banks are re-acting to short sales in a real time situation like yours. Can you give us a few more details without being exact about whether your offer was in one of the newer buildings or an established building and if so did you verify the delinquency ratio? Im guessing this is not an investment but as an end user. Thanks.
Artech
No it is not young and is not hip unless your talking about hip replacements.
Lucas why did you moderate my comment response to AJ?
Kramer, Yeah I don’t wanna jinx myself by give up too many details, but the building is a new one. Hell, if you’ve read my posts here over the last few months you can probably figure out which one I’m talking about….same one I’ve loved since I first saw some units there about 6 months ago. I don’t know the exact delinquency ratio, but the association is still in the hands of the developer, and probably will be for some time. Anyway, the current owner bought the place in 12/07 for $590k, and I put in an offer of $371k… Read more »
Christopher,
It went into “awaiting moderation” because there were too many links. I just approved it.
How long is a developer obligated to pay HOA on unsold units? For example, how long is Jorge Perez obligated to pay HOA on the unsold units (+/- 1,700 units) at Icon Brickell? If someone buys a unit at Icon Brickell, is there any assurance that elevators will continue running, pools will be cleaned, hallways lit, doormen/valets will be on duty, etc. for any particular length of time?
You mean the shower and tube aren’t separate??? YOU’VE GOT TO BE KIDDING ME! I can’t even remember the last time I used a tube shower combine….except on the rare hotel where they aren’t separate. But in a home for $400K, you have got to be kidding me…… Oh but they have stainless steel appliances…. LOL
Even worse….the one AJ posted, has a “jacuzzi” tub with the tub/shower combo! Wow, that thing will never be used as a jacuzzi….what a useless feature gimmick! Most of these cheapo jacuzzis are worthless.
AJ – what kind of floor is that with grout lines? My preference is to not use a white grout, but one that matches the tile color would have been a good choice in the future.
AJ babbled: “But those who bought to live laugh at talk such as yours. So why don’t you be objective and don’t let the sour grapes attitude take you over.”
Why don’t you just “live the good life” and STFU?
Your ramblings are like fingernails scratching a chalkboard.
Lara,
I heard about Cape Coral that it is actually doing very good.
Tom,
I use the Jacuzzi. It works really fantastic. Pour yourself a glass of wine, put on some nice music and relax in your tub with some bath salts. It will do you some wonders. Candle lights optional.
The next time I will hire you to do my interiors. In any case, before I move in myself, I will be redoing the entire place. I will do the seamless grout free flooring the way you like.
Person said: “I don’t know AJ personally but just based on his comments above he comes across as a truly elitist prick. Someone needs a little attitude adjustment, or at least to spend some time in poorer parts of the world so that they can lose the chip on their shoulder…”
AJ is a card-carrying Obamunist who hails from one of the world’s great sewers!
The problem with AJ is that he definitely did not grow up in the US and so his perceptions always clash with the majority of this board. This live for the moment we can change the world blah blah works for Sardinia and other European areas that have 2-hour lunches, and also worked for the Obama campaign; but in reality it doesn’t fly in the U S of A To the average male millionaire that grew up in USA Suburbia and went to college then got paid, this quote from AJ below would be as enjoyable as plucking out an… Read more »
The problem with those tiny jacuzzi tubs that are dual showers/tubs is that you have to make sure the tub is perfectly clean before using. I certainly wouldn’t want to use one in most hotels….even 5 star if the jacuzzi wasn’t separate. Do you really want to bath where people stand and shower? Moreover, the jacuzzi lines need to purged and cleaned on a monthly basis (at least) to prevent buildup of bacteria etc. They are a sales gimmick, have very weak and misplaced jets, and most people will admit they rarely if ever use one. Better to just soap… Read more »
I think people are being a little hard on AJ…..he loves 1800 and he sticks by his guns, nothing wrong with that. I don’t necessarily agree with a lot of his opinions, but it’s always nice to have those contrary views.
AJ – How can you use the Jacuzzi if you have the place rented out???
DJ You got me goin now. So with all due respect – what is the maintenance fee and why arent u worried about the delinquency rate? Im guessing over $1000. I mean $200 per sq ft and direct unobstructed water view is a steal and would assauge any concern over the maintencance fee, but id still want to know how many arent paying and an answer to Samsons question post #27 about how long the developer is obligated to pay maint. on unsold units. Because as the case with “Wind” where the bank foreclosed on over 200 units I believe… Read more »
I have a jacuzzi in my townhouse. I used it once in almost 5 years now. That one time was to make sure it works. lol I am not getting rid of it because it will hurt resale value according to my realtor.
The view from this condo is awesome.
Kramer, it’s definately not one miami….I didn’t even look at that place because I heard so many bad things about it. The maintenance fee is $580/month. The building is 60% closed at this point. Like I said, it’s still in the developer’s hands, so that will likely go up at some point, but I don’t think it will be switching to HOA anytime soon unless there’s a bulk sale. Even then, it likely won’t go up by more than $100-150/month (just my guess). From what I’ve heard too, this particular developer is in far better shape than a lot of… Read more »
RT, come on…! You have 2 bathrooms. Use one just for Jacuzzi and another one to shower. You turned out to be a real elitist. Where is it coming from? Midwest?
lara,
re: Cape Coral
I wasn’t going to post.
But these incredible deals in Cape Coral.
Just how many have YOU bought?
I guess you’ll sucker some Europeans… maybe.
(You and I know that there are entire subdivisions from the 50s that have been reclaimed to swamp, hundreds of square miles, not far from there.)
How can you live with yourself prostituting your integrity this way?
At least AJ believes his insanity.
lara – For those prices….$400-$500 s.f. in this OVERBUILT market, unbelievable that you don’t get a separate shower! Come on, you’d have to be an utter fool to buy one of these things or were just dazzled by the status of owning one of these condos with all the glitz of granite countertops! A good master bathroom should be included, but a tub/shower combo is ancient! They don’t even build those in the MB of new homes these days do they??? Only trailer trash buys a tub/shower combo!!! I guess these are just vertical trailer parks!!!!! About the same size… Read more »
Wow…..someone pissed in renter tom’s diamond crusted frosted flakes this morning.
Christopher
don’t forget to include maserati rick in your detroit synopsis. he completes the circle
AJ
i’m not sure why you love this building so much. regardless of lucas’s pics, the unit is just not that spectacular. in the end, you’re paying for a view. i guess if that’s what you really want, sure, make the purchase.
DJ – Not pissed, just being facetious…..maybe even a tad funny. But it is true, some of these sub 1,000 s.f. condos are about the size of a trailer except with the higher end appliances. You have to admit it is sad to have a combo tub-shower for those price points….. Not only that, it appears that AJ was going to put in SHOWER CURTAINS! Wow, talk about low rent.
THIRSTY?
“Broward County cuts off water to townhouse community
$8,100 owed to Broward; 60 percent of owners delinquent on fees”
— Oh, and the comments section of the article in #47 is pretty entertaining….all it is missing is an AJ to tell those that own the townhomes how lucky they are to own there and how envious everyone is of them even without water! I’m sure these things will get snapped up….by July!
DJ,
My guess is you made an offer for a unit at the Lexi since you had expressed interest in that building before. Just had two further questions. Is the best line in the building the one that is on the SE corner? And what’s the current tax on that particular unit? Good luck with your offer.