1800 Club and Neo Vertika Now FHA Approved

April 7, 2010 by Lucas Lechuga

FHA condo approval

This news came across my desk yesterday afternoon and I was quite surprised.  I verified the information on the U.S. Department of Housing and Urban Development (HUD) website.  It appears that Neo Vertika received its FHA approval on February 2, 2010 and 1800 Club received theirs on March 18, 2010.  Down payment requirements for qualified buyers on an FHA loan can be as low as 3.5 percent of the purchase price.  FHA loans typically come with additional costs but credit standards are usually less stringent than those of a conventional loan.

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73 Comments on "1800 Club and Neo Vertika Now FHA Approved"


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Anonymous
Ocean5
6 years 5 months ago

Thanks for the post Lucas!

Anonymous
slater
6 years 5 months ago

Lucas, what is the difference between fannie mae approved and FHA approved? which is better?

Anonymous
slater
6 years 5 months ago

At $24/sf Miami office rents are stronger than Seattle, Chicago, Houston and Philly! How is that possible? wasn’t Miami supposed to be a useless place to do buisness as per many on this blog?
http://online.wsj.com/article/SB126291211587420679.html?mod=yahoo_free

Anonymous
F-35
6 years 5 months ago

slater,
Miami is nothing more than world-class financial center, one of this planet’s top tourism spots, arts, education and healthcare juggernaut and playground for the rich and famous.
How could it possibly compare to Philly? (sarcasm).

Anonymous
slater
6 years 5 months ago

good news, just got a call from my friend. the owner of the 1800 club unit backed off from his demand to raise the rent. he agreed to keep the rent at last years level of $1350. So my friend is extremely happy. I guess the land lord decided that a $100 increase is not worth the hassle of losing a good tenant.

Anonymous
gables
6 years 5 months ago
Slater, the landlord also new the chances of getting a new tenant at $1600 a month was probably low, and each month without a tenant will cost him $100 a month over a year long lease. my experience over the past couple of years in Miami is the landlords will act tough, but you can call their bluff because you own all the cards. your friend could have probably gotten another $50-$100 off the next year long lease if he wanted to take some risk. but my bet is he would not get a lease renewal after that year out… Read more »
Anonymous
Enzo
6 years 5 months ago

Please vote for Miami on the list so Google can spread fiber optics all over our city :

http://www.googlefiber.com/fiber-optics/

Google is picking 10 American cities for the project. That means cheap and higher speed Internet for everyone who lives in Miami. Spread the word to everyone you know, so they can vote too. Vote now!

Anonymous
6 years 5 months ago
Anonymous
6 years 5 months ago
Anonymous
6 years 5 months ago
Anonymous
Elvis
6 years 5 months ago

I am surprised we are doing loans with 3.5% down. Without a good chunk of change invested, people will be more willing to walk away if they come across hard times or the market drops a little bit putting them underwater.

I know 20% is a large amount of money to come up with for a lot of people, but requiring 20% would go a long way towards getting more stable owners in the market.

Anonymous
gables
6 years 5 months ago

Lucas, you have two of your three links to articles discussing the same research report from a company who has an interest in real estate turmoil and uncertainty. The other link simply states SFH may have bottomed, but indicates condos have room to drop in South Florida. The story titles seem to imply something different, am i missing something?

Anonymous
Gixxer 1000
6 years 5 months ago

gables,

How does Reis have “an interest in real estate turmoil and uncertainty.” Someone says rents in Miami are raising by only 1.6% and its some kind of conspiracy.

I agree about the other article. “It’s bottoming, maybe, possibly, but we don’t know what will happen after the tax credit, but it looks good, but we don’t know, maybe later this year.”

Anonymous
gables
6 years 5 months ago

Gixxer, not saying conspiracy. But Reis business model is based on real estate. Just as Moody’s and S&P reported and rated on bonds for cash (you do understand what happend there i hope), Reis reports and rates on real estate investments. The past couple of years should indicate a serious possibility of conflict of interest. That cannot be overlooked. Just pointing it out.

Anonymous
Gixxer 1000
6 years 5 months ago
gables, You sure are one funny guy. Are you telling my you can’t tell the difference between data and the analysis of that data? Reis provides quarterly reports for inventory, vacancy rates, rental prices, etc. for commercial real estate and also provides trends and analysis of that data. Anyone can take data an manipulate it to fit what they want to say, like most people here. The 1.6% rental rate increase is the data. Now you can argue that’s bad and means the market is headed lower and I can argue that’s good and means the market is stabilizing, but… Read more »
Anonymous
gables
6 years 5 months ago
Gixxer, you place the words conspiracy in my mouth. I did not say that. But you had better learn to assess the quality of the information you use to make decisions based on where the info comes from. Not saying Reis numbers are wrong, but I would not make monetary decisions just based on their report-dont be naive. Moody’s and S&P were paid by a business interests to rate bonds for future sales. Reis is paid by business interests to rate real estate for future sales. very few firms are truly “independent” and “impartial” in todays business world. for example,… Read more »
Anonymous
Gixxer 1000
6 years 5 months ago
Yes I’m placing conspiracy in your mouth because what your suggesting is a conspiracy. They provide information for 79 markets and not all of them are up. What incentive do they have to say that rental rates went up 1.6% in Miami if they didn’t? “Reis is paid by business interests to rate real estate for future sales. very few firms are truly “independent” and “impartial” in todays business world.” Reis is not paid to RATE real estate for future sales. They compile market information and then sell their quarterly reports based on that information. They get paid regardless of… Read more »
Anonymous
slater
6 years 5 months ago
gixxer #15, very accurate. gables, again goes to show that you thinkthe whole world is notjust brickell but the whole world is just you. If your landlord gave you rent break every year, maybe because of a million reasons including that he might have liked your face. what isthat got anything to do with reis numbers. saying that your rent dropped and it did not reflect in reis data is so laughable and so delusional. If you can actually set market numbers, then you are god. dont feel so important. But otherwise, i like your bearish attitude. If one landlord… Read more »
Anonymous
F-35
6 years 5 months ago

gables,
you are quickly catching up with carlos in terms of cuteness. Twins separated at birth, maybe?
Anyway, it’s so sweet that you think that the data is inaccurate because the agregators forgot to include you in it.
BTW, how do you know that they didn’t include your alleged rent decline into their results? Checked every name?

Anonymous
jcrimes
6 years 5 months ago
slater aside from the fact that the article makes no distinction between different types of spaces, avg. asking price doesn’t tell the story. class a space defines a city from a white collar space. ask any office leasing agent down here what his take on the rental market is for class a…they certainly won’t say things are optimistic for the foreseeable future. the fact is, when GT moves to met 3, there is no similar class a tenant to replace it in its current digs. same follows for bilzin and its move out of wachovia. and stanford’s former space at… Read more »
Anonymous
rk
6 years 5 months ago

Re. Enzo #7, that googlefiber site is not legit, and not affiliated with Google. It’s some sort of scam to generate ad revenue. Please don’t bother voting there.

Anonymous
gables
6 years 5 months ago
F-35, i know my rent was not included because it was not reported to the mls board. my landlord is a realtor and just bypassed that info for a variety of reasons (commissions, etc). but i must be a special case because i am sure no other realtors own rental property in miami. slater, i actually watched the rentals in my building drop over the past three years. it was just a trend. Three years ago you could get $1800+ for a 1B, and in the past year they have been as low as $1250. gixxer, again no conspiracy. 5… Read more »
Anonymous
F-35
6 years 5 months ago

jcrimes,
no, the word “sarcasm” is applied to any dimwit who chooses to bulid his own house, when brand new condos are selling just a short distance away below the cost of construction. Then the dimwit complains that “construction is killing him”.
But maybe sarcasm is not applicable here. Incredulity is more like it.

Anonymous
jcrimes
6 years 5 months ago
f-35 you are part of the reason i moved to this city – so much easier to get ahead when folks such as yourself are still straining to find a way to remove their head from their ass. regardless, you’re welcome to sing all the praises of the condo buildings that went up over the past few years. i’ll take my house in miami beach over your crap condo even with all the headaches that a renovation brings. sorry, but trying to compare the two is beyond doltish. moreover, whenever you want to qualify your miami is a world class… Read more »
Anonymous
F-35
6 years 5 months ago
jcrimes, thanks for a bit of a comic relief. I’m glad you’ll take your delapidated shack which obviously is in a dire need of back-breaking “renovation” (read complete rebuilding) over my beautiful 40th floor condo (which I bought at give-away price), but I guess some people never allow common sense to stand in the way of their own financial immolation – and who am I to object? I hope that for you the ability to watch online porn with full sound and worship your own wilted banana tree outweighs all of the hussles of termite abatement, hands-on maintenance, sucky security,… Read more »
Anonymous
gables
6 years 5 months ago

the name calling is actually quite boring.

Anonymous
Samson
6 years 5 months ago

Come now, Gables, I think the F-35/jcrimes exchange (“crap condo” v. “wilted banana tree”) is great; it’s certainly a lot more fun reading – as I’m sure you’ll agree – than some of the super dull statistical (and less than compelling) reports about the local real estate market we’ve been served up recently.

Anonymous
Drew
6 years 5 months ago

Cue Gixxer to provide a tedious 5000-word statistical analysis of F-35/jcrimes witty insults re SFH v. Condo.

As an aside, I find it remarkable that so many people on this blog happen to live in majestic 40th+ floor penthouse units on Miami Beach/Brickell. Lucas you’ve successfully targeted this market: Internet-addicted, independently wealthy penthouse-living jackasses. Congrats.

Anonymous
6 years 5 months ago
Anonymous
Makes Me Think
6 years 5 months ago

Yeah, I’m really enjoying the exchange myself.
“financial immolation “? I have to admit looking up that one.

pardon the interruption, carry on now!

Anonymous
Makes Me Think
6 years 5 months ago

“Re. Enzo #7, that googlefiber site is not legit, and not affiliated with Google. It’s some sort of scam to generate ad revenue. Please don’t bother voting there.”

Am I the only one on this blog not surprised that Enzo would be duped by something so obvious? Definitely not the sharpest knife in the drawer! Some people should have their Internet privilege revoked.

Anonymous
Joe
6 years 5 months ago

Gixxer 1000 — Does your employer know you spend 2-3 hours per day posting on this site (and who knows how much time on other sites)?

You’ll fit right into the Miami workforce.

Anonymous
Gixxer 1000
6 years 5 months ago
Joe, Yes, my employer also knows that I’m leaving to attend grad school this fall. Honestly I wouldn’t mind being laid off and getting a severance package for the next couple of months but its cheaper to keep me around to handle odds and ends. You go through a lot of spurts when your on here a lot as well. Pot, meet kettle. Once again the focus of your discussion is on me and not my actual arguments. The funny thing is that I have a lot of downtime at work so instead of wasting it on facebook I use… Read more »
Anonymous
andi
6 years 5 months ago
People getting excited that some REITs are catching bid in the backdrop of unprecedented bond buying by FED (a criminal act of daylight robbery ) however moving toxic asset from buyer A to govt doesnot really address the main problem..The fed will be forced to sell MBS soon as subprimification of US debt would ratchet up treasury rates and as soon as that happens, you will witness the negative loop in work again..as FED is forced to get rid of toxic asset to manage govt debt (or citis/states/counties will face even bleaker picture)// once FED start dumping MBSs, and banks… Read more »
Anonymous
Joe
6 years 5 months ago

Gixxer 1000 — “Pot, kettle” my rear end. I visit this site no more than once per day and spend no more than 5 minutes per visit. You, on the other hand, seem to hit “refresh” every 30 seconds to see if anyone has had the audacity to challenge anything you’ve said.

I come here because I still intend to buy a condo in Miami if/when the time is right. I certainly don’t come here and pretend to be an all-knowing expert on a city in which I’ve spent about 15 minutes, unlike, ahem, some people around here.

Anonymous
slater
6 years 5 months ago

I saw a unit at gallery art. simply beautiful and the views are amazing even though the building is on the biscayne blvd. very nice and chic.

Anonymous
What Do You Think
6 years 5 months ago

Dear Joe,
This is not a question. It is a quote. “All good things come for those who wait!”

Anonymous
Joe
6 years 5 months ago

What Do You Think — I believe that quote is *still* 100% right when it comes to the Miami r.e. market. I have no idea if downtown has bottomed or not, but a 5-second glance at Miami Beach’s sales numbers tells me that market/area has a *long* way to go before the bottom is hit. There are buildings on the Beach that haven’t had a sale in 90 days or more, including buildings that have 25-50% of their units for sale.

(Any feedback, Renter Tom? It seemed like you were following the Beach fairly closely.)

Anonymous
gables
6 years 5 months ago
since we have some number crunchers on this board, wondered what your thoughts are on a particular scenario. Assume housing prices stay basically stagnate over the next 7 years (don’t argue this point it is just a scenario). Interest rates rise to around 6.75% for a 30 year mortgage (again just a scenario). I am a cash buyer. My scenario assumes one is not going to make money off appreciation of the property in the next 7 to 10 years. If I buy a 2B unit around 1100 sq ft, does anybody have a maximum purchase price for the unit… Read more »
Anonymous
slater
6 years 5 months ago

I am very surprised why no one talks about Gallery Art or City 24 on this blog. I saw them yesterday and both buildings and the units are simply outstanding. Even Lucas has not featured them in his Arts District lineup of buildings. Is there anything I should know?

Anonymous
Visionary
6 years 5 months ago

gables,

Your #39, what about inflation ?

Anonymous
gables
6 years 5 months ago

visionary, since i really don’t know what will be the going rate for inflation, its left out for the time being. low inflation is implied with little asset appreciation, along with a mortgage rate which is historically below average. if we do get inflation and appreciation, then the numbers from the scenario should be conservative as an investor. but my guess is when inflation does kick in (i think it will), it will probably be in a few more years, thus minimizing its impact on a 7 year investment view.

Anonymous
lara
6 years 5 months ago

Slater, I also would like to hear about art gallery and City 24. I think the prices are too high. for these buldings since they are not on the water. am I correct?

Anonymous
slater
6 years 5 months ago
lara, these are 2 blocks from water. the unit i saw in gallery art was on 14 floor (low) and north facing. but the views were incredible. I could not believe it. The bathroom finishes were top class. It looks as good or better than Everglades bathrooms and Everglades has a big name recognition. regadrding the prices, i dont know as i am not here to buy but to rent. I will give 2 thumbs up for gallery art. I love the building and also the people who are living there. It is ultra modern and very contemporary. Also I… Read more »
Anonymous
gables
6 years 5 months ago

those condos get very little press probably due to location and size? i assume they are not large nor centrally located? please enlighten us on the neighborhood.

by the way, you say you have trouble finding affordable housing? what size unit are you looking for and at what prices?

Anonymous
slater
6 years 5 months ago
gables, location is top notch. 2 blocks from water and all major stores, restaurants and conveniences on the doorstep.Size wise,they are not 500 unit monsters but they are not small either, with each having 200+ units. that is definitely not small. neighborhood is nice if not excellent. I personally love it. Just go to midtown on a weekend and it is busier than Lincoln rd at the sugarcane and mercadito. the biscayne blvd construction is annoying but it should pass in a few months and it is all for good. safe, safe and safe. in fact so many cops cars… Read more »
Anonymous
gables
6 years 5 months ago

slater, you should be able to get something of interest for $1300. Anything below that can be had, but you must be at the right place at the right time. have you made any offers? if you are looking for july 1, you may find landlords to be reluctant to hold a place empty so your offers may not be taken too seriously. but my guess is anybody advertising for $1500 will probably take $1350 for a year long lease. make sure you negotiate the rate down-its part of the culture here in Miami :)

Anonymous
slater
6 years 5 months ago

gables, thanks for the tip. july 1st is only my deadline. i can move in much before that.
yes made an offer in quantum for $1275 for a unit asking $1350 and got rejected!!

Anonymous
gables
6 years 5 months ago

slater, from the listings and past action in quantum i would imagine $1300 could be had. if one place rejects an offer, check on another. arguing over $50 a month and thus losing one month rent is really not good business practice-but again remember many of these folks are amateur landlords. good luck but i imagine you will get what you want-you are in the right ballpark with expectations.

Anonymous
Angel
6 years 5 months ago

Here is something interesting I noticed this weekend. A sign just went up at Marquis advertising developer units starting at 375k. This is for their smallest 1400 sq ft obe bedroom unit. With that bieng said prices at 900 are hovering around 400k for a 1000 sq ft one bedroom. It will be interesting to see what happens to prices at 900 since the fit and finish at Marquis appear to be of superior quality.

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