New Miami Condos – Closing Rates for September 2008

September 22, 2008 by Lucas Lechuga

It’s been a little over two months since my last condo closing rate update.  The last one was published on July 8, 2008.

New Miami Condos Closing Rates

Below, you will find the date that each condo development began closings followed by the number of closed units in each condo development:

You’ll notice with this first batch that I dropped Star Lofts from the list.  I noticed a lot of double entries which made it difficult to gauge the true number of closed condos.  Additionally, Star Lofts on the Bay hasn’t shown much progress in a very long time.  Ten Museum Park closed 11 units since the last update while 50 Biscayne’s vast improvement reflects the bulk sale that took place.  The rest of the condo developments showed very little progress.

New Miami Condos Closing Rates

Plaza on Brickell once again showed the most improvement within this group.  Its closing rate jumped about 14 points since the July update revealing a total of 660 closed condos of the overall 1,000 in the two towers.  Apogee South Beach once again inched closer to hitting the 100 percent mark, with only 2 additional condos to close before reaching it.  Quantum on the Bay moves into second place in this group and has now closed around 75 percent of its condos.

New Miami Condos Closing Rates

The big story in this group is Midtown 4.  It jumped from a 19.10 percent closing rate to an 84.92 percent closing rate.  A large bulk sale of over 250 condos seems to have taken place to a buyer with a second party name of “D M MIDTOWN MIA OWNER LLC”.  The same buyer also closed on slightly over 50 condos at Midtown 2 on the same day.  Was this simply the developer transferring units to one of its other entities or was this an outside buyer with no association to the developer?  Marina Blue jumped about 10 points, settling at around 70 percent of its condos closed.  Wind and Asia showed nice improvements this update with Wind increasing around 17 points and Asia about 18 points.

New Miami Condos Closing Rates

These last four condo developments all showed good progress since the July update.  The biggest surprise to me was Ivy which closed 125 new condos since that time.  I would have guessed that 500 Brickell and Axis would each have more closed sales than Ivy.

Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded.

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359 Comments on "New Miami Condos – Closing Rates for September 2008"


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Anonymous
Mark
8 years 2 days ago

Sold out of my long bank positions at the open. Long IPI, auy, gld, etc…still short tlt.

Anonymous
bubbleRefuge
8 years 2 days ago
Got out of the stock market friday morning. Sold the financials (XLF) and homebuilders ( ITB) As mentioned in the previous thread, its time to go long real-estate by low-balling bank foreclosures. I’m looking for a single family home in the upper east side region. Not looking for a condo. Think you really need to know what you are doing in that case. Problem with condos, as I see it ,and I’m sure this has been mentioned by astute posters in prior threads, is the HOA fees are too high and will need to be cut in order for average… Read more »
Anonymous
8 years 2 days ago

I think your numbers are off on Quantum. I see 514 units with recorded deeds in public records. That would be 73%

Anonymous
Visionary
8 years 2 days ago

Lucas,

Where did you get your data of Quantum from ? There is quite a large discrepancy to the figures from Samir.

Anonymous
Glenda
8 years 2 days ago

Get ready for 500+ comments.
People treat this blog like a message board for miami real estate.

Anonymous
Mark
8 years 2 days ago

bubblerefuge, I do agree with that last comment.

Anonymous
8 years 2 days ago

Samir,

Are you using Terra ADI as the first party name? I don’t see 513 deeds.

Anonymous
Raffi
8 years 2 days ago

Even with as bad as things are I think most buildings will be able to weather the storm and survive, the only ones I doubt are Onyx, Axis, Opera, and anything on that Crap River.

Anonymous
8 years 2 days ago

Lucas,

Terra ADI Intl Bayshore

Anonymous
8 years 2 days ago

I searched Terra ADI Intl Bayshore,
01/01/2008 – 04/01/2008 (339 deeds)
04/02/2008 – 09/22/2008 (175 deeds)

Anonymous
8 years 2 days ago

Now I’m getting 526 but found 2 duplicates. Quantum’s total closed condos should be 524. I’m going to redo all of the buildings with over 400 deeds. I noticed now that some deeds aren’t displayed if the date is too far out. I did the following search:

01/01/2008-03/31/2008 (324)
04/01/2008-09/22/2008 (202)

Anonymous
AJ
8 years 2 days ago
Raffi, You are spot on. I will just add Avenue to your list of about to fail buildings. I see that you already included ‘crap on the river’ without mentioning ‘Wind’. I am extremely disappointed with the 900 numbers. It is a classy building. A1+. Is it because 900 preconstruction prices themselves are high to begin with as it is an ultra luxury building? Is is pointing towards things to come for the super six? If 900, which is one of the best buildings out there did 31% closings in 4.5 months, What hope will the super six have? I… Read more »
Anonymous
Raffi
8 years 2 days ago

AJ, under the “crap on the river” I include everything thats there, wind, ivy, lofts, whatever….they are all absolute junk. and Avenune on Brickell is actually a quite nice building in a great location thats going to have some really nice retail underneath, I think at the moment its a bit overpriced. If prices come down it should be alot better than 500 brickell or plaza.

Anonymous
8 years 2 days ago

Didn’t 50 Biscayne complete the sale of the remaining units to a bulk buyer?

Anonymous
8 years 2 days ago

Everything should be correct now. The ones with over 400 deeds were corrected. You’ll see a big change in 50 Biscayne and Quantum on the Bay.

Anonymous
Un-Related
8 years 2 days ago
AJ said: “What hope will the super six have? I expect Marquis to turn into a hotel, unless the bailout plans really shake things up.” Re: Marquis “turning into a hotel”. Not going to happen. The developer’s “cost per room” (condo unit) is way too high to make it economical. Nobody “needs” a 60-story hotel at that location. It makes absolutely NO sense. The economics of a hotel operation have no real synergies with the operation of a condo building. Two of your “super 6”, Epic and ICON Brickell, are already mixed-use (condos and a hotel). These hotel components were… Read more »
Anonymous
8 years 2 days ago

Lucas, thanks for correcting that. That puts Related Group in a pretty good light. I wonder how ICON Brickell will do in this market? It was priced so high and there are almost 2,000 units (if not, more).

Is there an estimated date for closings? I’ve noticed a lot of progress in the last month.

Anonymous
Mark
8 years 2 days ago

higher oil prices….less money to spend on Miami CONDO INVESTMENTZZZZZ

Anonymous
CANE 1971
8 years 2 days ago

What is the closing rate for Met1. How come that building was not included? Thanks

Anonymous
8 years 2 days ago

Cane,

I couldn’t find the first party name for Met 1. If anyone knows the first party name for Met 1 I’ll be more than glad to include it.

Anonymous
8 years 2 days ago

Any of the condos that offer retail on the lower floors. Has any retail moved in? It seems like stores are closing down in general from Miami to Lauderdale.

Anonymous
Marky Mark
8 years 2 days ago

I’m suppose to close on my condo in a few months…..but with the mortgage lending market all dried up…does anyone know which banks are lending to all of these people that are trying to close on their condos? They can’t be all paying cash? Is the lending criteria alot stricter if you own the condo for an investment only?

Anonymous
8 years 2 days ago

Lucas,

I think it may be “MDM RESIDENCES LTD”

Anonymous
jcrimes
8 years 2 days ago

unrelated
spot on. leviev wants to dump the propery according to the third party accounts i’ve gotten. problem is, the property won’t work either as a rental or hotel.

Anonymous
8 years 2 days ago

AJ said “I am extremely disappointed with the 900 numbers. It is a classy building. A1+. Is it because 900 preconstruction prices themselves are high to begin with as it is an ultra luxury building? ”

I think in general preconstruction was low $400s per sq ft. for 900 Biscayne? I think this bodes ill for Icon Brickell be cause I believe they were in the $$600 per sq. foot Pre-construction range? Anybody know exactly?

Anonymous
Renter Tom
8 years 2 days ago

I am as giddy as a school girl or an AJ as the case my be, they are opening up an Epicure Market & Cafe within an easy walking distance! I don’t know what an Epicure is but I be they have sushi for under $75 a pop! LOL Sounds nice and cool……. :-)

Anonymous
gables
8 years 2 days ago
I am quite surprised by the number of closings at Latitude (81%). I have not been all that impressed with the building-especially location and view (substation anyone?). Is the building as healthy as the closings make it appear to be? Has anybody notices changes in condo prices since the events of the past week occurred? I have noticed a couple of buildings around 2005 vintage which have had several bank owned properties appear in the past week at considerable discounts to prices several months ago? Any inside info on how the banks are looking to handle their units over the… Read more »
Anonymous
Un-Related
8 years 2 days ago
Renter Tom said: “yhey are opening up an Epicure Market & Cafe within an easy walking distance! I don’t know what an Epicure is but I be they have sushi for under $75 a pop! LOL Sounds nice and cool……. ” RT, Epicure is a higher end grocery with deli take-out. Their original store is at Lincoln Rd. & Alton Road. They have some great “party” foods, especially their bakery. Bit pricier than Whole Foods but I like the selection a lot better. (It’s once a month for Epicure vs. once a week for Publix for me.) The site you… Read more »
Anonymous
8 years 2 days ago
I think if this buying season doesn’t show signs of a bottom, then people/banks will start getting aggressive on the sell side. What’s lost in this bailout news is how the whole world got a wakeup call from France to Russia to China. The US lost it’s credibility as a safehaven and I think people in every country would prefer to hold tight to their money in cash for the next couple of years. It wasn’t just our financial system that got whipsawed last week, every financial system got whipsawed. The same fear that gripped wealthy Americans with the discretionary… Read more »
Anonymous
Wild Bill
8 years 2 days ago

During the 1926 real estate boom properties in Miami would change ownership several times in one day. What a lame real estate boom this is.

Anonymous
8 years 2 days ago

All joking aside about Sunny Isles, I have a friend who has been involved in Real Estate all his life and feel that area has the most potential after things bottom out. Maybe when all that construction fills up it’ll have the critical mass and associated new retail to be a destination? Afterall, the Oceanfront is the same there as anywhere else.

In terms of Downtown Miimi, we keep talking about having the “vision” for the next 5-10 years. 5-10 years from now, maybe Sunny Isles will be reinvented.

Who wouldn’t trust these guys LOL http://www.bollyn.info/home/images/stories/Dezer_and_Trum.jpg

Anonymous
Wild Bill
8 years 2 days ago

All of South Florida will be hot again. I’m getting in before 2068 when prices will take off again.

Anonymous
DJ
8 years 2 days ago

Lucas, you know anything about the Lexi in normandy isles? I’m close to making a cash offer for a “b line” unit on a high floor. Curious about info on closing rates for this building as well as a smart estimate on actual value for price/sq. foot.

Anonymous
gustavo
8 years 2 days ago

gables,

I live in Latitude. It is a great building. I have souht view (I-95, city, & far ocean). Pluss the association management is excellent.

Anonymous
Renter Tom
8 years 2 days ago
Un-Related – Thanks. Wasn’t sure what it was going be and wasn’t familiar with the brand. But wow, I am just awestruck that little ole Sunny Isles Beach is getting one of the fancy stores like SoBe while AJ’s urban utopia is getting a Wal-Mart (maybe even a Super Wal-Mart) and another methadone clinic instead. LOL Will have to try it out once it opens which looks to be within 60 days. Sunny Isles is nice in that it is just 5-10 minutes to Adventura Mall which is nice and tons of other shopping is nearby along with a decent,… Read more »
Anonymous
Christian
8 years 2 days ago

When I was driving by Mary Brickell Village today I thought to myself, what the hell is going on w/ Skyline at MBV. This project was supposed to break ground in ’05, was it canceled? Anyone here have a contract there or know whats going on with it? I always thought it had a pretty cool design, guess that doesn’t really matter too much these days.

Anonymous
DJ
8 years 2 days ago

Let’s not get carried away…..sunny isles is boring a fawk and old folks central. If cougars are your thing than its probably ok, but come on. Downtown may not be the be-all-end-all by any means, but the whole ‘my city can beat up your city’ is silly. Different areas have different draws for different people…but you guys’ constant bashing of each other and where you chose to hang your hat is getting tired.

Anonymous
GT3
8 years 2 days ago

Christian,

Skyline at MBV is being built directly on top of the allotted Gourmet Publix retail space. The construction has been purposefully delayed, and closings were pushed back until December of 2011. Deposit holders were offered the opportunity to get their deposits fully refunded about a year and a half ago. My understanding is that Evangeline & Co. were able to renegotiate their construction contracts on more favorable terms and secure more favorable financing, as well. The elevator shafts and building generator have been installed. Real construction should begin soon.

Lucas,

Please get those Met 1 numbers.

Anonymous
dlr
8 years 2 days ago

Lucas or Samir,
Could you tell me how to look up this information?? What is the website?? And what keywords should I enter for 900 ???

Anonymous
AJ
8 years 2 days ago
Tom, Epicure is accross the Lincoln Road movie theaters. When they open in SIB, just stick with your Walmart TV dinners. You may not stomach Epicures sophisticated wine/cheese, gourmet meat and dessert section or their prices. Oh, by the way, Do you really like hanging out on the Haulover with 70 year old bald paunchy men walking around naked? I am imploring you to leave that retirement ghetto and come down to where the action is. Just ask Alex of MUL. Go to one of his downtown parties to see how exciting living here (downtown) would be. Another tip, if… Read more »
Anonymous
AJ
8 years 2 days ago
JL, That is exactly what I have been saying. With all due apologies to all the bloggers on this site who booked a flat in Icon, What in the World were you thinking??? The project looked like crap even in the shiny brochures they first provided. Looked like 3 low income projects cramped so claustrophobically close to each other with absolutely no character what so ever. Even location wise, the 4 Embarassments are better off than Icon Brickell. Why would anyone pay $600/sf in 2005 to book a flat in this eye sore? Were you expecting it to sell for… Read more »
Anonymous
AJ
8 years 2 days ago
Lucas and Samir, Thanks for the correction to Quantum numbers. I was unhappy when I saw the initial uncorrected numbers. I feel that Quantum and 18 are very related and affect each others well being. But thankfully both buildings have reached or crossed the critical 70% threshold. I guess the sluggish North Tower of Quantum is doing well now. I have a theory as to why 1800 only increased its closing from 66% to 69% in 2 months. Talk is that BCom, Inc holds the unclosed units totally free and clear of any loans, liens and Mortgage. They are very… Read more »
Anonymous
AJ
8 years 2 days ago

So with the 120 units in 50 biscayne going to a bulk buyer putting it over the curve, we can declare 50B as the first Lux sector building to achieve the complete close out. So infact a complete success!

Lucas,
One Miami is one of my favorite buildings but is in a lot of hot water as I hear. How much of the building is sold? Is it fully closed? Tks.

Anonymous
8 years 1 day ago

Nice article, gives you some context about what’s happening in the Ivy/Wind area. It seems they’re putting a bunch of condos and a lot of manicured green space behind a fence to keep the undesirables around the Miami River at bay. Idea kind of makes sense although I still wouldn’t want to live there.

http://www.philadelphia.bizjournals.com/southflorida/stories/2008/05/05/focus2.html
http://www.miamicondolifestyle.com/images/mint-siteplan.jpg

Anonymous
All eye's & ear's
8 years 1 day ago
Renter Tom………..I have been reading this blog for some time now,and can see that you are an EXPERT authority on Real Estate in your area.I think a lot like you and respect your opinion’s.Can I ask a serious question? I …like you are waiting on the sideline’s for a REAL DEAL.Of course nobody knows …even you when the bottom is going to hit.I like Sunny Isles and would like a nice 2/2 Ocean view.MY QUESTION is…what would you have to pay TODAY for a nice unit on a higher floor with direct ocean view? And do you think that in… Read more »
Anonymous
dlr
8 years 1 day ago

LUCAS or SAMIR or ANYONE ELSE…..
How do I find the records on closed sales for 900 Biscayne….I am curious as to what these went for. Is the site miamidade.gov? And what is the keyword to search for 900??? When I search by address, I get nothing. What am I doing wrong???

Anonymous
Renter Tom
8 years 1 day ago
All eye’s & ear’s – That is a tough one for several reasons. First, there are a ton of units that will be coming on the market (Trump Tower II, Trump Tower III, Jade Ocean, Jade Beach, St. Tropez (across the street) and of course buildings that are occupied that range from Tump Tower I, the two Turnberry Ocean Colonies, Sayan, (Oceanias were from mis-late 1990’s), La Perla, Aqualina, the three other Trumps buildings, etc. As such, I just can’t put a number on where pricing will end up…..so much inventory being brought to market in some very lux buildings… Read more »
Anonymous
Renter Tom
8 years 1 day ago

“Among the largest 100 metro areas, Miami- Fort Lauderdale had the highest percentage of cash-strapped homeowners with mortgages. Nearly six out of 10 homeowners with mortgages there are spending 30% or more of their income on housing. Stockton, Calif.; Riverside-San Bernardino, Calif.; Cape Coral-Fort Myers, Fla.; and Los Angeles-Long Beach round out the top five.”

– USAToday 9/23/2008

That is one stat that would indicate home prices will continue to go down and become more affordable and foreclosures will continue at a record pace…no more home ATM.

Anonymous
Vic
8 years 1 day ago

Hey guys,

Is their a quick way to to gauge the true market value of a building using the rental price?

I have been using the formula 1.25X where X is the rental price which should include the HOA, taxes etc. However, in a bear market like this, the market value can go below the above formula, does that mean the prices should rise in the near future once the economy stabilizes?

Anonymous
Visionary
8 years 1 day ago

Vic,

The best way is, you look into a crystal ball.

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