Miami Condos Investments

92 responses so far ↓

• 1 JL // May 13, 2008 at 1:57 am

  It’s interesting that Money Mag gives a reasonable middle of the road estimate of a -10% plop for the nation but shows no love to Miami and Lauderdale.

  BTW, the National Association of Realtors needs to get out of the housing prediction game.

• 2 Candela // May 13, 2008 at 6:02 am

  They all look the same to me.

  Take a small lot, hire Kobi Karp to ‘design’ a building identical to the one he did down the street, add greenish glass, steel, and cheap building materials as filler, and voila, you’ve got a Miami condo building for the new millenium.

• 3 JGM // May 13, 2008 at 6:14 am

  Lucas, have you seen unit 804 in the Jade, currently listed in the MLS for 289,900; must be a short sale; seems extremely low for 895 sq ft….

• 4 la la // May 13, 2008 at 6:19 am

  Oh I thought it was Kobi krap…my mistake.

• 5 Mo // May 13, 2008 at 8:18 am

  For all the RE BULLS: CHEW ON THIS

  http://efinancedirectory.com/articles/Home_Price_Forecasts_What_Your_Home_Will_Be_Worth_Next_Year.html

  MIAMI= -25% BY MAY 2009 (#1 IN THE NATION FOR EQUITY LOSS)

• 6 moretroops // May 13, 2008 at 8:19 am

  Different buildings for different reasons.

  The “View” as a symbol of the overheated and unsustainable flipper market.

  Met as a an example of modern mixed use/urban renewal.

  Wind by NEO as an example of “ghetto luxury” (a/k/a why did they build that one?) condos.

• 7 Ed // May 13, 2008 at 8:25 am

  500 Brickell….the Halo is too cool

• 8 gables // May 13, 2008 at 8:30 am

  Lucas,

  Glad you finally highlighted this building. Atlantis has me intrigued, perhaps you could give some more details about the building and HOA. There are a few nice, large units at a good $/sf in the building, but how good are the deals in reality? HOA dues high? Large number of assessments coming due? Certainly interested in the building if it would provide good value over the next 5 years-mostly to live in not investment. Is this building a money pit? Any info would be great since it would probably be applicable to a number of other older buildings on Brickell-trying to decide between a new building or well established building.

  Thanks for keeping up such a great blog.

• 9 Ed // May 13, 2008 at 8:44 am

  heard about a year ago that each unit in Atlantis was assessed 30K…

• 10 Dave // May 13, 2008 at 9:01 am

  500 Brickell, Asia, and maybe 10 Museum Park are the only ones that are unique enough to stand out. And maybe Capital in the unlikely event it ever gets out of the ground

• 11 movin' metro // May 13, 2008 at 9:15 am

  I think Jade best represents Miami.

  Glitzy on the outside. Empty, over-levered, and utterly unsustainable on the inside.

• 12 JR56 // May 13, 2008 at 9:17 am

  500 brickell i would have to say or maybe axis, are the only two that stand out, they look like nothing else. marina blue is nice as well. but if the premier towers were still around they would have to take the cake.

• 13 Alejandro Diaz Bazan // May 13, 2008 at 9:19 am

  JGM

  last one bedroom at the Jade sold last week for $250,000 and it had white marble floors and it was on the 18th floor so @289,000 is not ridiculously low

• 14 BFG // May 13, 2008 at 9:27 am

  That building does have a kind of cheesy/cool ’80’s uniqueness to it. As if Tony Montana from Scarface had it commissioned.

  However, I think it would suck not having a balcony.

  As for the newer buildings - I agree with some of the previous posters: they all look pretty much the same. Nothing really stands out to me. Lots of nice buildings, but nothing “iconic”.

• 15 MarkyNZ // May 13, 2008 at 9:47 am

  I like the Atlantis…however I have seen inside the building and feel that the renovation they did was done fairly cheaply. However, there looks to be some great deals there….the price per square foot is definitely very cheap…location is alot better re. water views and on brickell ave (more residential than commercial)….and benefits of buying in an older building is that generally you pay less property taxes compared with a newer building (taxable value is normally well below the market value)….they usually have more elevators per units and more parking spots per unit compared to newer buildings. The Palace and the Imperial are also in the same style as the Atlantis.

  In terms of the newer buildings that stand out to me as being “different”…I like TMP, 500 Brickell, Infinity. All of the others seem to look identical….white cement with blue/green glass.

• 16 AJ // May 13, 2008 at 10:06 am

  Nothing much to crow about these buildings. Infact if you see some of the surreal buildings that came up in Bombay, you will wonder “if they can do it there, why cant we do it here?”
  May be Asia and TMP are architectural stand outs. Not Impressed by Halos or holes in the buildings. Been there and done that all over the world. Loft 2 with a train running through it is cool. Also if the 100 story Empire World Tower comes up, it should be a commanding structure too. And also the Chrysler building imitator (Capital?) when it is built, might be nice also.

• 17 Lucas Lechuga // May 13, 2008 at 10:40 am

  When I wrote this post I was thinking Capital at Brickell as well (if it ever gets built).

• 18 JGM // May 13, 2008 at 10:56 am

  Alejandro, do you know what was the unit number of the one bedroom that recently sold for $250k…

• 19 Mike K // May 13, 2008 at 11:39 am

  THE JADE!! Best example of Miami Real Estate. No other building is rife with such fraud, scams, and scandal.

  Miamian’s flocked to the JADE as a symbol of success. Investors over-leveraged themselves just to be part of the “in-crowd.” But when the party ended, the posers were exposed! They couldn’t pay their mortgage with their credit cards like they do with 3k dollar bottles of Jonny Blue in the clubs…

• 20 JR56 // May 13, 2008 at 11:50 am

  $250k for jade one bedroom? wow that is nice looking, how many sq ft would that have been?

• 21 JGM // May 13, 2008 at 12:05 pm

  JR56, probably a unit facing west, 895 AC Sq Ft

• 22 sara // May 13, 2008 at 12:35 pm

  I’d say 10 Museum Park and if that other Chad Oppenheim building - Cor - had been built.

• 23 Un-Related // May 13, 2008 at 12:50 pm

  Portofino Tower is class.

  “Beach House”, the “scrapped”, all glass, Richard Meier building.

• 24 JGM // May 13, 2008 at 1:32 pm

  Although more than two years old…

  Espiritu Santo on Brickell Avenue is second to none……

• 25 Alex (MUL) // May 13, 2008 at 2:37 pm

  You are totally right about Atlantis. It is a building that stuck in my head as a kid. I even remember once having a dream about being in the center section of it although I’m never actually been there.

  I think 50 Biscayne will be one of those memorable towers due to its location and unique crown that lights up at night.

  http://www.miamiurbanlife.com/group/50biscayne

• 26 urbanite // May 13, 2008 at 3:03 pm

  Lucas’ favorite…Opera Tower!

• 27 Raffi // May 13, 2008 at 3:07 pm

  I voted 50 Biscayne. Great location, pretty cool colors (for the most part). also if anyone ever shoots anything downtown that building will always been shown (theres nothing blocking it to the east). Iconic I dunno, but it will definetly stick out.

• 28 JGM // May 13, 2008 at 3:24 pm

  50 Biscayne ???

  Pretty basic architecture there….

• 29 Un-Related // May 13, 2008 at 3:39 pm

  JR56 said: “500 brickell i would have to say or maybe axis, are the only two that stand out, they look like nothing else.”

  Thank God for small favors. Neither of these two projects look a bit like the pretty picture books their printer had prepared.

  The AXIS was marketed as a “prism”. I didn’t know a “prism” could look like concrete with blue windows and deck glass.

  The 500 Brickell looks “useless” Those two 42 floors of concrete with a window here and there, between the towers, looks like perfect architecture for a jail.

  Don’t bash me; I bought into the pretty pictures so I have put my money where my mouth is and can say anything about those “me too” projects that I care to.

• 30 Alex (MUL) // May 13, 2008 at 4:22 pm

  JGM,

  50 Biscayne is somewhat of a simplistic design, but the colors on the columns and crown are definitely “memorable” (even if some dislike it).

  Also, at night (driving East or West) it’s the tower that stands out the most due to its wavy crown that lights up with red neon and bright lighting.

  Atlantis was not the most beautiful condo in Brickell, but it was definitely “memorable”.

• 31 JR56 // May 13, 2008 at 4:24 pm

  ha.. yeah it can resemble a jail.

  un-related: have you receieved your date and time of closing for 500? i know they began yesterday closing on the east tower of 500 brickell. isn’t it your long awaited dream coming true un-related, soon you too will enjoy life in the condo kings latest triumph, 500 brickell… live , work and play

  lol i almost started to laugh as i was typing that… (in case no one understands, that was my attempt at sarcasim)

• 32 Mo // May 13, 2008 at 4:49 pm

  -25% by May of next year! What a deal! I save 3 years of my Arby’s income by renting for 12 months! WOOO HOOO!

• 33 JL // May 13, 2008 at 4:53 pm

  Is Related going forward on Oasis on the Bay? Just when I think I knew all of their projects, another one crawls out of a crack.

• 34 JR56 // May 13, 2008 at 5:59 pm

  JL: according to their site, it is U/C so it will more then likely be completed…

  http://www.relatedgroup.com/our-properties/Oasis-On-The-Bay.aspx

• 35 RG // May 13, 2008 at 6:00 pm

  I don’t understand what Related is doing, they are the major reason for this over supply. You would think they would start canceling projects. I also hear loft 3 is still going forward, can anyone confirm? I thought for sure they that would get canned seeing they were having trouble getting people to close on loft 2.

• 36 lara // May 13, 2008 at 6:36 pm

  Not just loft 3. They started pre selling Loft 4

  Any opinions about loft 4?

• 37 RG // May 13, 2008 at 7:08 pm

  No loft 4 was canceled long ago. I figured the cancelation for loft 3 would follow but from the looks of things it seems they will actually build it. It was a good price point but when you can buy into upper scale condos with better locations for the same price who in their right mind would close on loft 3.

• 38 Lucas Lechuga // May 13, 2008 at 7:21 pm

  Yep, Loft 4 was canceled a while ago. Any of you Realtors going to the 500 Brickell broker preview this Thursday?

• 39 Un-Related // May 13, 2008 at 7:34 pm

  JL asked: “Is Related going forward on Oasis on the Bay? Just when I think I knew all of their projects, another one crawls out of a crack.”

  I am quite sure it got scrapped. They had ole house hack (Ottley) out there trying to peddle it in a fancy temporary building. Late last year I drove by there…..the building was gone, the weeds were a couple feet high, and chain link fence surrounded the area. Reminiscent of a 1960’s “swamp sale”.

  Having seen the tales of the “bums” around 900 Biscayne etc., who in their right mind ever would have thought they could sell sell and build condos at the end of 79th Street. You would need an armoured car and a Mak-10 to survive there.

• 40 Cyrus // May 13, 2008 at 7:39 pm

  ahhhh THE ATLANTIS:

  i will always remember this story:
  in the late 80’s i went and saw a 3 bedroom unit in the atlantis that was bayview. it was awesome! you opened the door and saw a panoramic (floor to ceiling glass, semi circle view) of the bay. when we went to see it, we were the 2nd people who had come to see it in 11 months. they were asking $189k. i always wished we had bought it at that time. not for an investment (i was in college then…didn’t care) but it was such a fantastic unit, especially for that time.

  ….in the center of that building (where the hole in the middle of the building is…) there is a circular round staircase. in that hole w/the staircase is a jacuzzi which allows you views of north and south of the building. it was VERY advanced for its time….really, even for today! there was a scene from MIAMI VICE where someone was killed and left for dead in that jacuzzi. a phenomenal episode and the epitome for a miami vice scene a al michael mann….at his best!

  anyhow, whenever i drive by that building, i am always reminded of all of this….thought i’d share it w/everyone….the 80’s and early 90’s TRULY were the best days of miami! the drug mess was cleaned up and south beach was JUST developing (1989). after 1994, it’s been all downhilll. anyone who lived in/visited miami, understands this. you could go to the 5 blocks on ocean drive and literally hang out w/cindy crawford, boris becker, prince, mike tyson, oliver stone or versace - now you may see trick daddy or rasheed wallace…and it was NO b.s. - lots of stories from those days….in a nutshell, it was miami’s heydays….

  all this new stuff is all b.s. - again, those who were there know exactly what i’m talking about.

  it used to be (til 1994) THE best place on earth to be….

• 41 Generalmagic // May 13, 2008 at 8:10 pm

  Lucas,

  What time is that preview for 500 Brickell?

• 42 SAY HELLO TO MY LITTLE FRIEND // May 13, 2008 at 8:23 pm

  Jade kicks ass, love those bullet holes at the entrance near valet parking area. Tony Montana says, “Say Hello To My Little Friend!”

• 43 Lucas Lechuga // May 13, 2008 at 8:46 pm

  6pm-8pm Jorge is gonna be there.

• 44 Candela // May 13, 2008 at 9:07 pm

  A lot of talk about Capital in this thread but no one mentioned that the head of the company died from a heart attack a few months ago and the lenders are circling like buzzards.

  That and Everglades on the Bay (same developer) may someday be developed and completed, but I doubt it happens this go-around.

• 45 perez // May 14, 2008 at 6:05 am

  It is being reported that condo sales are improving.

  http://www.floridarealtors.org/NewsAndEvents/n1-051308.cfm

• 46 Mo // May 14, 2008 at 6:24 am

  Wow, perez! Ford Mo Co just released a report about how driving a Ford can get me hot chicks and make my penis longer! I think it sounds very believable!

• 47 Visionary // May 14, 2008 at 6:52 am

  Mo,

  Why can’t you shut up for a while !
  Your comments only illustrate your mental state.

• 48 JR56 // May 14, 2008 at 7:51 am

  thats because MO is an idiot with too much time on his hands, he tends to believe that we are laughing with him and not at him… its not his fault, spare him

• 49 BFG // May 14, 2008 at 9:16 am

  I’m as bearish as anyone on the Miami condo market, but even I’ve been predicting an increase in the number of condo sales this year. Not that anyone should be impressed - it simply couldn’t get much worse. It had to improve at some point. As prices come down, sales volume will increase.

  However, prices can not reach bottom until the market supply reaches a normal level. If sales volume increases, and number of units on the market also increases, the market is no better off.

  Prices will continue to decline until the supply is back to normal. That will still take at least a couple of years.

  Market supply is what “sideline buyers” should focus on - not sales volume. The overall market could get worse even if sales volume picks up, if the number of condos on the market increases to offset that. And with several towers still not completed yet, I think that is a realistic possibility.

• 50 hill // May 14, 2008 at 9:31 am

  So, it’s tomorrow (Thurs) 6-8 at 500 Brickell?
  BTW, anybody know if they intend to honor the 5% default provision in the contract or will it have to be litigated?

• 51 JGM // May 14, 2008 at 9:41 am

  BFG

  Completely agree with you on this…

  Once a buyers perceived value is at equilibrium with the purchase price, we will see an increase in sales ….

  Once you take into account your tax deductions involved with purchasing home vs the cost of renting, sales will definitely increase….

• 52 Un-Related // May 14, 2008 at 10:33 am

  hill,

  Another interested party? Perhaps we should round up a few more just in case…..

  I am sooo sure they will honor their contracts without having to be threatened and litigated on “unfair business practices” and “inhtentional contract breach” and risking punitive damage claims. Just sooo sure…..

• 53 carbonblackcab // May 14, 2008 at 11:36 am

  JGM: I benefit very little from the property tax/mortgage interest deductions for taxes. I hit the dreaded AMT and i save a few thousand in taxes while paying almost 30K in interest/prop_tax. I am sure there are many people in the same situation.

  If I wasnt an owner right now, I would be renting the ocean view condos in sobe…moving every 6-12 months to enjoy a different beach front condo.

  On a related note, prices for condos are coming down, but HOA and taxes are still high. I see taxes coming down, but HOA may have to go up even more to make up for the deliquent owners who are not paying HOA.

  About foreclosures, I heard on CNBC today that there is a 2-6 month backlog on processing of foreclosures. It is possible that the bad news on foreclosures is not yet fully visible due to backlog in processing.

• 54 Ford Driver // May 14, 2008 at 11:38 am

  What’s the best source of info on the months of supply in the Miami/Miami Beach condo market? hopefully, it will show trends. Please post here if possible.

• 55 Lucas Lechuga // May 14, 2008 at 11:59 am

  http://www.miamicondoinvestments.com/2008/02/26/miami-miami-beach-condo-trends-february-2008/

  That was in February. I’ll try to post an update later today or tomorrow.

• 56 Extenze Condo Market // May 14, 2008 at 2:23 pm

  Mo,
  You should try extenze……………

• 57 Atlantis Owner // May 14, 2008 at 2:40 pm

  I know I may sound biased (actually for two reasons..owner and selling my unit), but we love living in the Atlantis. The building was neglected for many years and during the last five years, it has gone through major renovations/upgrades. If it weren’t for the fact that we are running out of room becuase of kids, we wouldn’t be thinking of saying “so say goodbye to the bad guy!”

• 58 Lucas Lechuga // May 14, 2008 at 2:41 pm

  I just finished crunching the numbers to calculate the supply figures. Months of supply has come down big. I was surprised to see that the number of available listings has actually come down slightly since February. The number of closed sales in the previous month went up a lot. I’ll try to post everything later tonight or tomorrow.

• 59 JL // May 14, 2008 at 3:15 pm

  carbonblackcab, yes it’s very apparent that foreclosures are being under-reported… maybe significantly. At this point, many banks just aren’t starting up the foreclosure process on delinquencies since they already have their hands full.

• 60 Renter Tom // May 14, 2008 at 5:44 pm

  Foreclosures are skyrocketing and could reach 1 for every 25 households before all is said and done… Ouch. The worst of the foreclosures is yet to come.

  Bankrate article today:

  Miami/Fort Lauderdale
  Miami’s party scene may be sought by celebrities, but Markstein says it’s ground zero for oversupply. The city also is one of Local Market Monitor’s most overpriced markets, and foreclosures are the eighth highest in the country. Single-family sales are improving, but forecasters are monitoring the glut in the condominium market to see how many units close this year, Porter says. Overall, the Southeast Florida housing market remains weak, and Miami will experience significant decreases in prices in the coming years.
  Median price end of 2007: $345,900
  Median price end of 2006: $366,800
  % change: - 5.7%
  Projected change through Q3 2008: - 21.6%
  Affordability rating: 8.2
  Foreclosures in 2007:
  (1 for every 37 households)
  25,296
  Foreclosures in 2006:
  (1 for every 76 households)
  12,272
  Change in foreclosures: + 106.1%

• 61 kim // May 14, 2008 at 6:25 pm

  This hallway looks so familiar! I can’t quite remember which 43 story luxury building this is…

  http://www.nytimes.com/2008/05/15/business/15condo.html

• 62 Mo // May 14, 2008 at 6:44 pm

  The real supply will come online once the banks really start to foreclose. Most of the time they just let people stay in the house. Also, people are pulling their condos off the market waiting for better prices. Once they start to get squeezed by their inability to make the payments/worsening economy and the fact that condos continue to decline, they will all be forced onto the market. There will be such a severe supply glut it will make your heads spin. Just ask yourselves, who has been right over the last 2 years? THE NAR or the market bears? Who has more to lose? The Realtors and the NAR or the market bears?

• 63 jcrimes // May 14, 2008 at 7:05 pm

  kim
  looks like the vue

• 64 Visionary // May 14, 2008 at 7:06 pm

  kim,
  It is the Club at Brickell !

• 65 JR56 // May 14, 2008 at 7:49 pm

  i went this afternoon into 500 brickell and took a full condo tour. i was there for about 2 hours and went into every single floor plan , including the penthouses, that the project has to offer. i wont be biased or an ass and just make crap up, my honest opinion is that the building came out extremely nice. each of the amenities rooms were surpased my expectations of the project. it does put the plaza on brickell to shame. it seems that they paid attention to every detail in the building and left nothing for the imagination. the hallways are “vibrant and colorful” and i can honestly say that the 42nd roof top pool and lounge room on the 42nd floor is spectacular and unlike anything i have seen before. every amenity promised was delivered and more… gym n yoga room, rock sauna, wine cellar (nice marble floors and steel cages not wood small cellar like plaza) , resistance pool, 42 roof pool and main pool, theater is identical to 900 biscayne’s, steam rooms, male and female, sports bar and cigar lounge, the lobbies were nice and the pool deck well detailed. overall i say it is an awesome addition to brickell and probably the best building in the area for the time being, as far as amenities and interiors are concerned. the broker party is tomorrow night at 500 brickell in the 11th floor. enjoy.. the building is beautiful

  ps- i am very anti related group and do not work for them. i just have to admit when your wrong you are wrong… i think many of you guys will be impressed with what see tomorrow as i was today.

• 66 Cyrus // May 14, 2008 at 8:05 pm

  LUCAS,

  yesterday morning J.Perez was on cnbc saying that related is able to take properties off the market. keeping it off the market and having the ability to hold onto properties is what will keep them around while many other builders aren’t able to do this, thereby drastically discounting and trying to get out. could this be a reason for the supply numbers coming down a bit? it would really be nice to see things stabilize around brickell because some day it could be a real nice place to live (barring traffic disasters)….as for supply - i went to roddick over federer match and took my bro afterwards to prime blue….we sat outside and looked around…seemed like most bldgs around were dark (this was around 10-ish pm)…and i was wondering when people are going to be filling these places up…hope the supply truly is coming down…and it’s not some builder strategy…

• 67 Cyrus // May 14, 2008 at 8:06 pm

  LUCAS,

  by the way, this sentence i wrote: “keeping it off the market and having the ability to hold onto properties is what will keep them around while many other builders aren’t able to do this, thereby drastically discounting and trying to get out” was J.Perez’ own words…not mine

• 68 perez // May 14, 2008 at 8:30 pm

  That NY Times article also referenced the Parkview Point in the North Beach area. A few years ago I was considering buying in that building. It had an up-North feel, real solid looking, enough land that parking was by surface lot instead of pedestal garage, about 4 blocks to the Beach, nice balcony views, and good prices on 2 bedrooms.

  As an example, see this impressive reasonably-priced PH unit with a rooftop terrace. http://www.buybeach.com/condos/7441_wayne_ave_ph-b.htm

• 69 JL // May 14, 2008 at 8:44 pm

  Cyrus, if one were cynical, one might read inbetween the lines and say Related is in a hole right now and digging itself a bigger hole. Yes, they know how to build, but can they balance their books? Almost seems like a replay of Trump in the 80’s. Not that I’m cynical, but…

  3/10/2008 Alan Schwartz, President and CEO of The Bear Stearns Companies Inc., said, “Bear Stearns’ balance sheet, liquidity and capital remain strong.”

  3/16/2008 – JPMorgan Chase & Co. (NYSE: JPM) announced it is acquiring The Bear Stearns Companies Inc. (NYSE: BSC).

• 70 Richard // May 15, 2008 at 8:39 am

  I think Paramount Bay will be an impressive building once it’s complete. It will certainly be unique with its semi-circular, stepped design. It will also be in direct view of westbound causeway traffic from the Beach. We’ll see.

• 71 Stephan // May 15, 2008 at 9:25 am

  «This hallway looks so familiar! I can’t quite remember which 43 story luxury building this is…»

  1. I didn’t know hallways could be so narrow.

  2. If it is The Club on Brickell, why do they call it a “luxury” condo?

  3. If it is The Club on Brickell, why do they call it a “glassy” tower? That thing is a concrete behemoth and there is very little glass when compared to most other Brickell buildings.

• 72 AJ // May 15, 2008 at 9:26 am

  Yes, Paramount Bay will be a spectacular project. Though a pricey one. The developer will have a strong incentive to make it a show piece especially that he has 2 undeveloped lots yet to build and will have a reputation to protect. I would still like to see the Paramount Park and Paramount Beach constructed. Specifically the Paramount Park, to complete that hole in the biscayne wall between the Everglades and Marina Blue.

• 73 JGM // May 16, 2008 at 6:21 am

  JR56

  I passed by 500 Brickell Avenue last night, and the arquitecture doesnt compare to the surrounding buildings, such as Icon or Brickell on the River…

  Anyone know what will go in the small lot adjacent to the west wall of the parking garage that has been painted with black and grey squares….

• 74 Un-Related // May 16, 2008 at 7:24 am

  JGM,

  May I suggest that the “small lot” will be used as a burial site for those using “Related Mortgage” to “close” and then find out that the ONLY APPRAISALS used in calculations are “ORIGINAL PURCHASE PRICE”, which are about 40% above current market! Then there is the “issue” of $15,000 in Closing Costs!

  I don’t care what the in-house wine cellar looks like - anybody who “closes” will be limited to drinking a $2.99 chablis for years to come….

• 75 JGM // May 16, 2008 at 8:32 am

  Un-related,

  Is there a developer closing fee still being enforced by Related; usually its about 1.75% of your purchase price?

• 76 Un-Related // May 16, 2008 at 10:06 am

  JGM,

  I can’t tell from their “estimate” but I know teh Developer Transfer Fee was .75% ($2,400) if they sold your unit and transferred the contract.

  That is on top of ^5 in RE Commissions.

  What is galling in their Financing estimate is $6300 in UNEXPLAINED SPECIAL ASSESSMENTS and their refusal to comment on how your “rate” would be affected by a “real” appraisal which obviously come up way short of the 2005 purchase price.

  With 500 Brickell (and everything else) being on the lender blacklists, Related is DESPERATELY trying to get people to buy into some nebulous financing scheme.

  The over-and-under bet for %age of closings for this “me too” building should be about 35%.

• 77 JGM // May 16, 2008 at 12:21 pm

  Un-Related

  Complete agree with you on the closing rates

  500 was one of the last buildings in the funnel to go online…

  I would rather buy across the street into Brickell on the River South Tower…

• 78 Ed // May 16, 2008 at 1:17 pm

  500 Brickell is going to be a huge hit…has been a lot of positive buzz about the building…

  The broker party last night was a huge hit…everyone has good things to say about the building

• 79 Un-Related // May 16, 2008 at 1:44 pm

  Ed,

  Sorry about the hangover from the Related Kool-Aid. WTF do you expect from a bunch of starving RE brokers.

  By the way, please stop with the nonsense. Last week I offered you my unit at a $50,000 loss and no RE commissions. Wanna buzz that?

• 80 JGM // May 16, 2008 at 2:19 pm

  Un-Related,

  How much was the preconstruction price per sq ft for Icon Brickell; I believe it was around 500 if I am not mistaken??

• 81 Un-Related // May 16, 2008 at 3:28 pm

  I have no idea but it was up there in that range.

• 82 Once again // May 16, 2008 at 10:35 pm

  I went to the 500 Brickell and although the buiding was ok it wasnt all that like some comments here said.
  The lobby was nice though and impressive and the rooptop pool was very nice but when you got to the actual units there left alot to be desired. Actually it was pretty plain. Nothing spectacular layout wise and it looked more like an affortable housing building than a mid-lux bldg. The kitchens were very nice with the fake wood but it did look cool modern. Other than that there wasn’t anything for me IMO to justify spending any more than $300k for the best line 2/2 here. I would go as far as $225- 250k for a 2/2 or $150 to $175 p/sq ft. Nothing special here folks. Nice building an circles etc and cool Brickell location but to be frank even AXIS looks like a cooler spot which is selling much cheaper.

  I do give it to related they do finsih their projects and deliver them clean unlike some other projects that there is construction going on while you move in and ammenities not finished etc.. A+ for geeting the job done and cleaning up the dirt but again it’s not worth the overhyped sales price from before IMO.

  Also on another note I didn’t see that IRIS system that I coud of sworn I saw in the advertising materials during presales that said you’ll have this touch screen monitor in your unit to call valet, etc…Guess that sci-fi tech advanced building marketing was cool but turned out to really be fiction like a sci-fi movie

• 83 Un-Related // May 17, 2008 at 7:34 am

  Once Again,

  You said: Also on another note I didn’t see that IRIS system that I coud of sworn I saw in the advertising materials during presales that said you’ll have this touch screen monitor in your unit to call valet, etc…Guess that sci-fi tech advanced building marketing was cool but turned out to really be fiction like a sci-fi movie”

  ARE YOU SURE? CAN ANYONE ELSE CONFIRM “IRIS’ NOT PROVIDED?

  This would be a huge MATERIAL CHANGE as that is what “would set this building apart”.

  If anyone knows, PLEASE HELP ME OUT as buyers were spending thousands on this “unique amenity”.

• 84 RG // May 17, 2008 at 8:49 am

  I belive it was offered for an additional cost. That is how its been in other related projects anyway. The owner has the choice of spending extra money to put it in.

• 85 JGM // May 17, 2008 at 9:48 am

  Un-Related,

  Check out the link below, based on this website, it mentioned “every” unit …

  http://www.brickellkey411.com/Brickell/500-brickell-condo.htm

• 86 Once Again // May 17, 2008 at 11:33 am

  Yep…it was even written in BOLD “EVERY”

  “Featuring I.R.I.S (information. resource .interactive. solution) interactive touch panels in EVERY residence, 500 BRICKELL is positioned, in the ever-competitive condominium market as having truly exceptional values and features that will attract today’s discerning buyers.”

  Well for those lookign for anything to get out that may be something but regadeless even with if it did have have it still doesnt change the fact that the units themselve are nothing really exciting to me. Pretty plain boring square units with useless foyers in some of the units.

  Ok… but not too consider this bldg mid lux . At the asking prices it’s not worth it this will drop…again I reiterate a buy at $150 - $175 p/sqr ft.

  Related is not immune to the drops I know eveyone says they want to keep the value of the building for those that did buy at high prices but why fight a battle that can’t be won.

  Prime example look at the Beach Club in Hallandle dropping like flies. One Miami tanking another drop. 50 Biscyane will prob be next. the units listed have been sitting for days.

  I think after the first yr when the bldg closes eveyone loses the hope and realize they cant sell the unit so time to slash prices albeit small the cuts will keep coming.
  .

• 87 Un-Related // May 17, 2008 at 12:10 pm

  RG,

  You are wrong! I still have their 18″ x 18″ fancy “picture book”. Inside cover: “Welcome to the Next Generation of Living” and three pages of the “book” devoted to I.R.I.S.

  I was told by Jesse Ottley that they were spending $1,500,000 to $2,000,000 on IRIS. It’s a permanent wired-in system like cable TV.

  ARE YOU SURE THAT I.R.I.S. ISN”T IN THE UNITS?

  I.R.I.S. was NOT OPTIONAL. They even had a model of I.R.I.S. in their Brickell sales office as late as last year.

  That and the big pictures of the Brickell side of the project, taken from a slight N.E. angle , showing the “bay meets river”! Those highway robbers literally stole a $45 per sq.ft. (for what the “book” describes as “magnificent water views”) “premium” for that view, omitting those three massive phallic symbols (ICON) that block out the sun. That adds up to 124 TIMES approximately $45,000 per unit. Do the math.

• 88 Once Again // May 17, 2008 at 2:30 pm

  As far as I can remmeber I didn’t see the IRIS. It was mor eof an afterthought after I left but I went into most of the units in the models and don’t recall seeing any special monitor that reselemd IRIS from what was shown in the marketing materials yrs ago. Maybee it’s a different shape or something but I can’t say I saw anything that would resemble a high tech screen or monitor.

• 89 MarkyNZ // May 17, 2008 at 2:47 pm

  Does anyone have any photos of inside 500 Brickell?

• 90 urbanite // May 17, 2008 at 4:38 pm

  Lucas,

  RE: 500 Brickell

  were you there at the 500 Brickell broker event? Any pics or a posting?…lot of people want to see what you have to say about this building…

• 91 JGM // May 17, 2008 at 5:54 pm

  Un-related,

  It might be some type of portable device (like in the Jade) that might be handed over at the time of closing.

• 92 Sam // Jun 6, 2008 at 9:53 am

  Lucas,
  I am glad you highlighted this landmark building. There are only 96 units in the building which makes it much more private than some other buildings that seem more like a hotel than a home. Also this building has condos with huge square feet. It is difficult to find square footage over 1500 at those prices. The building looks like there aren’t any balconies, but in fact they have huge balconies on the other side. Probably bigger than most on Brickell. As far as assessments go they have had there share. I don’t believe there will be anymore for awhile since they just went through one recently. Whereas in other buildings that haven’t had an assessment buyers may get hit with one once they move in.
  I think this building is a great investment and a great place to live. Like you said, this will always remain a landmark in miami in the years to come.

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