Top 5 Distressed Condo Sales Closed in February 2010

March 6, 2010 by Lucas Lechuga

Below, you will find what I believe to be the five best condo deals of the 40  distressed sales that closed in February 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

  1. Two Midtown #H1002 – 1 bedroom/1.5 bath (735 square feet) – This unit sold for $100,000, or $136 per square foot, on February 25, 2010.  Foreclosure
  2. Cite on the Bay #2404 – 1 bedroom/1 bath (706 square feet) – This unit sold for $110,000, or $156 per square foot, on February 26, 2010.  Short Sale
  3. Two Midtown #H1009 – 1 bedroom/1 bath (735 square feet) – This unit sold for $115,000, or $156 per square foot, on February 1, 2010.  Short Sale
  4. 1800 Club #1811 – 1 bedroom/1.5 bath (1,095 square feet) – This unit sold for $190,000, or $174 per square foot, on February 25, 2010.  Short Sale
  5. Marina Blue #2710 – 1 bedroom/1.5 bath (845 square feet) – This unit sold for $185,000 or $219 per square foot, on February 10, 2010.  Short Sale

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294 Comments on "Top 5 Distressed Condo Sales Closed in February 2010"


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Anonymous
The Ace
6 years 6 months ago

The average square foot price for the five Condos listed above that sold in February is $168.

Only $43 to go so I may very well be wrong on the avearge square foot price depreciating to $125 by 2011 for it could very well happen in 2010.

The Ace; fair, balanced and unafraid for over six years.

Anonymous
OhMy
6 years 6 months ago

I would advise that Bill Wong and Ace get a room… so much love is in the air. The Ace may not spread the knowledge – since he has none – but if Bill Wong is persistent, may spread something else. But then again, there are plenty of signs that the Ace and Bill Wong and Renter Tom and Wild Bill are most likely the one and the same person, only in different incarnations – each with its own degree of idiocy.

Anonymous
jcrimes
6 years 6 months ago
something funny i heard today and which is relevant to the above sales…paramount bay is lowering their prices to the low 400s (sq/ft). when i asked the sales person how they could justify that…i got the usual, “there is no building like ours in this area” nonsense. when will these dumbf$%ks (and no, i’m not talking about the sales people – they’re just the developers/lenders’ lackey) realize that price, which drives financing, is the ultimate issue? if i can buy something down the street at 1800 for sub 200 sq ft these days, i’ll sleep well at night notwithstanding the… Read more »
Anonymous
OhMy
6 years 6 months ago

Ok, so the Ace is not only Renter Tom, Wild Bill and Bill Wong, but the Tire Kicker too. Keep it up)))

Anonymous
Enzo
6 years 6 months ago

Wow, folks are losing big $ at 1800 Club with those latest comps.

Anonymous
OhMy
6 years 6 months ago

jcrimes, congrats on your purchase. Exquisite timing.

Anonymous
OhMy
6 years 6 months ago

Enzo, nobody is losing or making anything on comps. On September 3, 2009 , unit 3715 was sold in that building for $170/sq ft. Then, ONE DAY LATER , UNIT 1608 was let go for $241/sq ft.
A moron like you would say that on September 3, 2009, everybody in that building lost a lot of money, and a day later they all got rich again.
See how stupid you are ? Never mind, probably not…

Anonymous
Enzo
6 years 6 months ago

OhMy (AJ?), Nobody cares what happened back in ancient Sept 03, 2009. What’s relevant is the latest comps, which are dropping more than rapper’s pants. When any buyer tries to get a mortgage, the appraiser has to go for the latest comps…not ancient 2009. You must be losing a lot of money. Sucker…we told you so.

Anonymous
OhMy
6 years 6 months ago

Enzo, why keep on being a total moron? Do they pay you for beingan idiot? Tell me, what happens if tomorrow a unit in that building gets sold for $250/sq ft? If today folks had lost money, will they make money when that happens?

Anonymous
OhMy
6 years 6 months ago

Bill Wong (Ace), ummm…. take a hike, troll.

Anonymous
Renter Sam
6 years 6 months ago

Is this the start of more distress sales to come??? Glad I’m still helping my Landlord with his mortgage and Hoa’s.

Anonymous
Enzo
6 years 6 months ago

OhMy, “Tell me, what happens if tomorrow a unit in that building gets sold for $250/sq ft? If today folks had lost money, will they make money when that happens?”

Yes AJ, let’s hope for tomorrow or stick to ancient Sept 03, 2009. Never mind all the prices dropping today and last week. Better buy now for unrealistic fluff or you will be priced out tomorrow….hmmm, where have I heard that before?

Anonymous
Joe
6 years 6 months ago

If the current pace of distressed sales is only around 40 units per month, it seems like Miami’s market is nowhere near the bottom.

Anonymous
OhMy
6 years 6 months ago

Enzo, pretty slick way not to answer the question. Still your wiesel skills don’t change the fact that you have no clue of what you are talking about.
Are you sure nothing was sold in Club 1800 at higher price per sq ft since February 25?

Anonymous
OhMy
6 years 6 months ago

Bill Wong, you still here?…is TiredLicker sitting by your side?… and Renter Sam(Tom) si making you lunch? LOL. Your idiocy is so amusing…

Anonymous
Enzo
6 years 6 months ago
Wow 174 / sf…and the floor isn’t that low either. Scary. Regression to the mean is a beatch when you get caught on the wrong side, isn’t it? 1800’s folks should go back to their Quicken to adjust that net worth (if any) wayyyyy down. Nothing but headlines in the last few days about states and cities laying off workers. Jackson Health has just announced closing of two hospitals and up to 4,800 local layoffs eminent. When you see the supposedly “safe” jobs getting hit hard like that, you know prices have nowhere to go but down. Add higher rates… Read more »
Anonymous
OhMy
6 years 6 months ago

Joe, do you know the exact number of short sales and foreclosures in Downtown Miami area still pending, or you are just expressing your otherwise completely worthless opinion?
If you know the number, don’t hesitate to provide a link to latest data. If not, join Bill Wong and TiredLicker in the sauna…

Anonymous
OhMy
6 years 6 months ago

Enzo, the real beatch in life is when you miss real estate bottom, don’t know about it, realize what an idiot you are when it’s way too late, and then have to wait for another 15 years for the next collapse..which you’ll sit out as well…. Yeah, that sucks pretty bad.

Anonymous
Enzo
6 years 6 months ago
OhMy, I don’t know what’s going to happen in 15 years. All I know is that folks who have waited to buy an unit at 1800 are picking at the bones now. $150 / sf doesn’t seem too far-fetched if you look at current events. Wow, $174 / sf and dropping fast. Scary stuff for people who rushed to buy there too early. You got screwed! Not only that, I know a guy who paid $270k for his unit at Cité. Now it’s being sold for $110k. Poof, $160 k gone in a few years. Imagine the loss at 1800.… Read more »
Anonymous
Joe
6 years 6 months ago

OhMy, are the Realtards (R) out in full force today! Wow!

Hurry, condos are going fast! Only three units left! Bargains, bargains, bargains! This is a once-in-a-lifetime opportunity for the luxury Miami lifestyle you deserve! Hurry up and sign the contracts, you fools! Time is running out!!!

Anonymous
Bill
6 years 6 months ago

..I am very interested in living downtown…researched the prices..offered $270k for a 2 bedroom in Met 1 last week on the 23rd floor. The developer countered with $389k. they haven’t sold a unit there in 3 months. I don’t understand?

Anonymous
Renter Sam
6 years 6 months ago

This is my first time that I have written in to this blog ever (today) I find it can be very informative and at times very amusing. I am a renter and very happy today that I am a renter. I don’t know what OhMy’s problem is??? Maybe he LOST a lot of money in housing???? But he dosen’t have to be so rude with everyone that voices an opinion on here.Good luck to everybody reading this blog. Renter Sam (NOT TOM)!!!!!

Anonymous
juan
6 years 6 months ago

Bill,

Did you like the units at Met 1? When I went I thought the finishes were horrible and the doors felt like cardboard. It was a shame because I really liked the location and views.

Anonymous
Kramer
6 years 6 months ago

Bill – At Met One – what was the square footage and what was the view west? or East? wayerview or city view?

Anonymous
Kramer
6 years 6 months ago

Btw – Don’t purchase a condo on Miami Beach with an ocean view – unless you don’t mind effin noisy airplanes buzzing up and down and back and forth the beach alll effin day long with banner advertisements to buy the coooolest new Vodka or an invite to the latest new hot club in town.

Anonymous
Miami Skeptic
6 years 6 months ago

$389k for a 2/2 at met1 is a joke. that unit will stay on the market for a decade at that price.

The developer dumped a bunch of 2/2s in December for $250k or so in a bulk buy. Guess no one told the sales office…

Anonymous
owneratinfinity
6 years 6 months ago
“1800 Club #1811 – 1 bedroom/1.5 bath (1,095 square feet) – This unit sold for $190,000, or $174 per square foot, on February 25, 2010. Short Sale ” .—> below is a list for 1800 club recent sales from http://www.condreports.com for the month of feb 2010. —-> Selling at 1800 club for $174 per sf is not tpyical, since these sold in feb 2010 for alot more then $174 per sqaure foot. 02/10 – #3002 – 1 1 – 643sf $195,000 – $303 per sf 02/10 – 2606 1 1 – 629 $185,000 – $294 per sf 02/10 – 2306… Read more »
Anonymous
gables
6 years 6 months ago
Been following Met1 for a while. It’s one of the buildings I would consider buying. I really like the location, since it can give you both downtown (when more businesses arrive) and Brickell in one easy walk. And I do like the river view with cityscapes. but the prices are indeed way too high for this building. Like Bill, I value the 2B units at around $250k (just like many other new 2B in the Brickell/Downtown area) but the banks/developers still seem to value them at over $350k. If they can find the buyers, great. Just not looking to dump… Read more »
Anonymous
Kramer
6 years 6 months ago

Met One – If the bulk buyer paid on average $250. per sq ft. at Met One for a bunch of units – why would he turn around and sell them at break even? Cost to build is probably 250-300 per sq ft.
Gables – You can’t buy any decent SF in the Grove or Coral Gables for $350,000. Unless maybe its the West Grove or Little Coral Gables up near Eighth Street.

Anonymous
Joe
6 years 6 months ago

Kramer — No one said anything about the bulk buyer reselling at a break-even price.

Anonymous
gables
6 years 6 months ago

Kramer, I dont mean the mansions. But there are quite a few SFH which have sold sub $400k in the past couple of years. they are not extremely large, typically 2 bedroom with one bath (permits seem to make it difficult to expand number of bathrooms). but quite comparable to the 2B condos available today. obviously you cannot compare a 3,000 sq ft estate in the gables to an 1100 sq ft condo in brickell. but many older, smaller cottages still exist. kicker is you get the land to boot!

Anonymous
DM
6 years 6 months ago

Owner@infnity – Understand your point on normal sales $ psf but I now get Aces prediction. See the title of this article and his reference point… it’s $125 psf on “distressed – foreclosed and short sales” with a good % of them being the lessor or poorly located units in each building. As more of them hit the market then yes we will see a continued erosion with this class of sale, but it will have a continued drag on normal market.

Anonymous
computer consultant
6 years 6 months ago

Ace,
Any thoughts comments on Sunny Isles and aventura?

Anonymous
Renter Tom
6 years 6 months ago

My goodness…the full moon certainly brought out the freaks at night. Clam down people, there’s nothing to get sooo excited about.

Anonymous
Carlos
6 years 6 months ago

Lucas seems to keep posting some very weird sales as the best ones. Who sincerely wants to live in any of these dumps?

Anonymous
Joe
6 years 6 months ago

Carlos — I wouldn’t call these places “dumps,” but the fact that the so-called “top sales” are all a bunch of 1-bedroom condos does seem like an interesting topic — i.e., does it mean the Miami market is stronger than we’ve thought, or simply more stagnant than we’ve thought, or does Lucas just have an odd definition of what makes for a good deal?

Anonymous
owneratinfinity
6 years 6 months ago
DM, You said, Owner@infnity – Understand your point on normal sales $ psf but I now get Aces prediction. See the title of this article and his reference point… it’s $125 psf on “distressed – foreclosed and short sales” with a good % of them being the lessor or poorly located units in each building. As more of them hit the market then yes we will see a continued erosion with this class of sale, but it will have a continued drag on normal market. —–> Just FYI until ACE provides us with more information (like the name of building)… Read more »
Anonymous
Carlos
6 years 6 months ago
Joe dump might have been a strong word, but if you go visit these buildings you will see how run down and poorly managed they are. Not to mention the types of neighbors you get in a place like that. We have already made several points about this using MB as an example. For me regardless of cool a building may look from the outside or the great views it may offer ( eg MB ) they are not worth any money if you have to live with people who seem to have moved out of the ghetto and treat… Read more »
Anonymous
jake
6 years 6 months ago

Any opinions on Museum Park 10 as to building and price?

Anonymous
Carlos
6 years 6 months ago

Jake

As far as I know the prices in TMP keep coming down. Hoa is very high. Suitable for people who like lofts. Unless it is a unit facing east it is not worth looking at. Don’t see a point in purchasing a condo with problems, especially the ones located in hoboland. Traffic in the area has become a major issue as well.

Anonymous
OG
6 years 6 months ago

The Ace:

I am very much interested in buying a 2B apartment in Brickell Key, what is your opinion on current prices and any projections?

Many thanks in advance.

Anonymous
gables
6 years 6 months ago
the reason the 1B keep appearing in the best deals columns is probably because 1) there are alot of 1B units (square footage is nearly 1:2 compared to 2B units) and 2) if you are to take a 30% shave on your unit, that hit is less on a 1B than a 2B. The majority of 2B seem to be behind in price compared to 1B-we have noted this many times in this blog. 2B prices have not fallen as much-but i still think they will fall like the 1B. It will just take longer for banks/investors to figure out… Read more »
Anonymous
Carlos
6 years 6 months ago

Gables

I
u get me completely wrong. I am just not biased by bs. My judgement on downtown is not empyrical but based on observation and comments from friends who regret having moved into the area.
I live in a real luxurious building in sofi and not a faux one like the ones who keep trying to push an unexisting luxury with people who destroy condos they don’t own and sleep on mattresses on the floor. Just go visit these places and you will see what I mean.

Anonymous
Renter Tom
6 years 6 months ago

jcrimes said: “regardless, i recently closed on my purchase. now the construction begins. let’s be clear -the real racket is trying to get these dickhead city officials to get off their asses and give me the necessary permits.”

– Hey what did you buy, a new decorator ready condo, an older condo that needs remodeling, a SFH, what??? Best wishes!

Anonymous
6 years 6 months ago
Have been touring the Marquis and starting pricing are all in $250-260’s p/ft official opening scheduled for march 18th with only 290 units and the quality a finishes buidling definitely stands out(over 30 already sold) . Smallest unit loft 1bed/2 full bath +den 1657 sq ft living space and got financing in-house . Here you go -they were %80 presold at $600-800 per foot a few years ago… Now it is in hands of ISTAR and Africa Israel and will see how it goes…wont be surprised if they will slightly raise the prices if sales are gonna be really brisk… Read more »
Anonymous
Carlos
6 years 6 months ago

drerossin

Marquis is really nice but it appeals to a very specific type of buyer.
Location next to the highway and right next to TMP makes it not so attractive in the original pricepoint.
The building is really nice though.

Anonymous
The Ace
6 years 6 months ago
Replies to Post #’s 38,42, 44 & 46 and anyone else thinking of buying a Condo: I’m not a realtor nor do I use realtors but if you are interested in buying I suggest you contact Lucas. I will however provide to you some facts to help you make an informed decision. As to the details of acquisitions made by my associated and I, they are and will remain contractually confidential. Besides the US and Global ongoing recession resulting in massive unemployment, massive tax increases etc; here are some facts more pertinent to Miami. You be the Judge. Robert Cooper… Read more »
Anonymous
SnowBird
6 years 6 months ago

Awesome report Ace!

Anonymous
Kramer
6 years 6 months ago

drerossin – Marquis @ $250. per sq ft??? What you been smoking?

Anonymous
jcrimes
6 years 6 months ago

RT
Not a condo…other than a few select buildings, I wouldn’t touch them in this market. The HOA issues would scare the hell out of me. Bought a home.

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