28 responses so far ↓

• 1 Alex G // Nov 25, 2007 at 11:04 pm

  I agree… I don’t think Opera Tower will do to well…

• 2 Alex G // Nov 25, 2007 at 11:05 pm

  *too well

• 3 perez // Nov 26, 2007 at 12:10 am

  I was in the area alot this weekend. I don’t know much about the building, but here are some observations. The illuminated top looks pretty good, and the oval shape draws attention. With the completion of Opera Tower, and 2 other massive buildings to the north (Quantum?), and Paramount Bay a little further up, this area will definately transform. The waterfront Park in front of these buildings is a great asset, and with all these new residents in the area, the park will be very well used.

  This area is very convenient to South and Mid Beach, and of course downtown, and the metro. That part of Biscayne Blvd. will continue to improve.

  With all these new residents, stores and restaurants will increase and should profit from the growth in the area.

  It will be interesting to see their rate of closings.

• 4 guillermo // Nov 26, 2007 at 10:23 am

  what porcentage of closings the developer needs to have to pay the bank constraccion and messanine loan????.

• 5 Lucas Lechuga // Nov 26, 2007 at 8:38 pm

  Guillermo,

  I think banks typically lend on 60-65% of the construction costs.

• 6 RA // Nov 26, 2007 at 9:00 pm

  Not convinced on this building either. Looks somehwat nice but it’s interesting such a supposedly moderate to higher end building would use steel railing on the balcony vs glass. I woul expect the steel on 1800 Plaza and or Cynegi but on a tower liek this and a higher price point you would expect glass on the balconies.
  1800 Club on the other hand which is very comparable looks much better in term sof use of glass and the water features that are already outside the building.

• 7 Bill // Nov 26, 2007 at 9:06 pm

  It’s a moving target, Guillermo. Keep in mind the monthly cost of carrying the debt, plus paying the condominium fees and taxes on the unsold units. Time is money!

• 8 Bill // Nov 26, 2007 at 9:09 pm

  Lucas,
  Has the court made a ruling on the case brought by Miami attorney Michael J. Schlesinger on behalf of buyers at Midtown Miami? I believe that this was filed in July and as you’ve reported, the result could have broad ramifications. I have seen nothing reported on this. Thank you.

• 9 Lucas Lechuga // Nov 26, 2007 at 9:42 pm

  Bill,
  I haven’t heard anything yet concerning that class action lawsuit. I had lunch this afternoon with a condo litigation attorney and he hasn’t heard anything lately either.

• 10 Proletarian // Nov 26, 2007 at 11:02 pm

  Excellent site. I invested in Renzi’s Blue on Coral Way and it has been a nightmare. Do you know about it?

• 11 Dave // Nov 27, 2007 at 11:49 am

  I predict not a single condo closes on this project. Overpriced and far outstripped on the merits by other condos in the area that you have highlighted in the recent past

• 12 laura // Nov 27, 2007 at 7:00 pm

  I disagree. this building will have a lot of default units but I think it’ s a quality construction with very interesting architecture and it’s waterfront. the original buyers will do good on a long term if they can hold to their investments for the next 4-5 years

• 13 Candela // Nov 28, 2007 at 10:16 am

  Do you think any of the buildings that line the Miami River will just never be completed? And the banks will have to sell them as is to someone else to come in and finish the job?

• 14 Brian // Nov 28, 2007 at 5:35 pm

  The buyers will be just as happy and successful as those at Blue…..haha

• 15 Lucas Lechuga // Nov 28, 2007 at 7:20 pm

  Candela,

  I think the buildings on the Miami River will be completed but I think that area will have considerably high default rates.

• 16 mark // Nov 28, 2007 at 11:20 pm

  I believe Opera Tower is built by the same developer as Club at Brickell Bay. If i’m right about that, stay FAR FAR away! it’s easy to hide cheap construction for the first year. it takes time for shoddy pipes, cheap faux wood finishes, and discount HVAC equipment and other mechanicals to start falling apart.

• 17 Lucas Lechuga // Nov 29, 2007 at 7:38 pm

  Mark,
  Yep! Same developer.

• 18 Paolo // Nov 29, 2007 at 10:02 pm

  Where did you get the 60-65% figure?

• 19 Alejandro Diaz // Dec 1, 2007 at 10:44 pm

  Staqndard Development Biusdget is 20 % Hard Costs, 80% soft costs so the developers really only put up about 20% to make the building and the other 80% is financed by the bank and also offest it by increasing deposits

• 20 Alejandro Diaz // Dec 1, 2007 at 10:46 pm

  The Opera is going to be FORECLOSURE GALORE, Its buildingslike that that will keep me in business, hats off to the developer.

• 21 Nancy // Dec 25, 2007 at 2:28 pm

  I understand that the law firm of D|K Philips filed 13 lawsuits in court last week. I also understand that this may be a class action and have a good case to help get people out of thier contract. I do not know thier phone number but I know they have a website: http://www.condominium911.com. I am going to join the litigation becuase I believe you are all correact in your predictions.

• 22 Alessandro // Jan 7, 2008 at 7:25 pm

  Nancy is the class action for Opera Tower?, I have a unit there, I can close, but at this point if there is a way out, I would prefer my money back!

• 23 Nancy // Jan 10, 2008 at 11:20 am

  Alessandro,

  Call David Philips, Esq, at (305) 403-0777. From what I understand he going to get 9 or 11 people out of thier contracts. But from what I heard you must act immediately. I read about David Philips in 3 newspaper articles in the last couple of week alone. He is your best bet.

• 24 Miami Real Estate Agent is being sued for $25M for… « 4realz.net // Jan 29, 2008 at 12:39 am

  [...] By the way, the blog post in question has been edited to take away the incorrect facts, but can still be found here:  Closing to Begin at the Opera Tower Very Soon. [...]

• 25 Real Estate Video - Wellcomemat Blog » Blog Archive » How to Be an Expert With Your Mouth Taped Shut // Jan 29, 2008 at 2:19 am

  [...] blogger, Lucas Lechuga, was slapped with a $25M law suit today for steering his readers clear of a specific condo development on his blog, MiamiCondoInvestments.com. Lucas has been finding out the hard way that his honest [...]

• 26 Food for Thought » Miami Condos Real Estate | Brickell, Brickell Key and Downtown Miami Condos Blog // Jan 30, 2008 at 9:24 pm

  [...] I did not have my license hung with EWM at the time that I wrote the post. Does this mean that all corporations should now be held accountable for the blog posts that their [...]

• 27 JT // Apr 10, 2008 at 9:29 am

  What do potential renters in these new buildings need to take into consideration before signing a lease?

• 28 Baard // Apr 13, 2008 at 6:32 pm

  JT,

  I have the same question. Despite allegations of shoddy HVAC (my biggest fear), I would be interested in renting an 02 unit for a year and seeing whether I like it — and whether the price is right — for possible purchase.

Leave a Comment