133 responses so far ↓

• 1 Miami2009 /Oct 3, 2008 at 3:02 pm  Vote:    

  As we drove around the city late August, I remember saying that Everglades did a nice job with the street level commercial space. It just seemed more pedestrian friendly and accessible than some of the others. Don’t recall if the CVS sign was there, but it’s is a good thing for Miami! Keep ‘em coming.

• 2 JL /Oct 3, 2008 at 3:18 pm  Vote:    

  Yes, I think it’s huge for these condos with retail space to actually have retail. Besides Everglades, what other buildings have a significant retail component.. Met1, 900 Biscayne? Or is 900 targetting office space?

• 3 JL /Oct 3, 2008 at 3:20 pm  Vote:    

  re: Everglades, a realtor that seems to have close ties with them and advertise on Craigs is targetting closing in 60 days although contractually, it’s been mentioned that they are supposed to have started delivering in September.

• 4 Mark /Oct 3, 2008 at 3:34 pm  Vote:    

  hahaha! Yup CVS opening = Miami condo market will rebound by next month! My sister is a pharmacist for CVS. They will open ANYWHERE. ANYWHERE. Let me reiterate, they make money no matter what. Demand for medicine and opiods is inelastic.

• 5 Renter Tom /Oct 3, 2008 at 3:34 pm  Vote:    

  Good thing they got a CVS, the big pharmacy chains aren’t in a growth mode now to open new stores….market is getting saturated on every corner. So glad they got one while they could! Some of the pharmacies were paying absurd prices for corner lots……but that has stopped in the last 12 months. Just renting the space is more doable which is probably the case here. Pharmacy real estate holdings are going to take a hit on the ol’ balance sheet.

• 6 Mark /Oct 3, 2008 at 3:47 pm  Vote:    

  By the way, isn’t the CVS in Miami Beach the scene of a double murder a few months ago? I wonder how many murders will be committed in this CVS…

• 7 Miami2009 /Oct 3, 2008 at 3:50 pm  Vote:    

  Mark, I was thinking more like next week…lol

• 8 Al /Oct 3, 2008 at 3:51 pm  Vote:    

  Is it me or does a 24 hour CVS pharmacy right beneath high end condos sound like not such a good idea?

• 9 Probably too Cynical /Oct 3, 2008 at 3:57 pm  Vote:    

  what did the sales brochure show as a retail tennent? a high-end fashionable restaurant? an exotic spa? perhaps a whole foods? how thrilled residents/buyers must be to instead have a discount pharmacy. did they at least leave enough square footage for a “payday loan / check cashing store” or a “Chico’s Bail Bonds”??

• 10 Richard /Oct 3, 2008 at 3:59 pm  Vote:    

  We are still in wait mode for Whole Foods and Gardiners–hope they come too.

• 11 JL /Oct 3, 2008 at 4:02 pm  Vote:    

  I think Everglades is targetting middle of the market so cheap to expensive shops can work. Across the street is BaySide. Also, I think a building won’t be considered high-end nowadays unless it’s all glass. One detail that concerns me on Everglades is their floor to ceiling glass windows. Do they use 1 piece of glass or do they have like 2/3 then a metal bar then 1/3. If it’s the latter, then that really puts a ceiling on how high end it can be marketed.

• 12 carbonblackcab /Oct 3, 2008 at 5:17 pm  Vote:    

  Mark: LOL

  Al: I agree with you. Having a CVS on the first floor of your building is not necessarily a good thing. I guess you can go in to buy bandaids or aspirin after you are mugged.

  On a serious note, this mix of commercial/residential building may work in places like sobe that have a heavy pedestrian/tourist population, but is not a good idea in downtown. Only time will tell how big of a disaster this will be.

  On an unrelated note, I was in Pittsburgh last week for business. I saw and heard of many houses selling for $1/sq ft. Most “good” houses were going for $50-100/sq ft. The economy there is doing much better than Miami. I was shocked to see those prices. The houses/condos/townhosues there are pretty good. I cant stand the cold, so i would never move there, but I was SHOCKED by the huge discrepency in proces.

• 13 Renter Tom /Oct 3, 2008 at 5:29 pm  Vote:    

  Hey carbonblackcab - $100/s.f. in the midwest is common even on brand new construction with lot. Old homes in less desirable areas easily go for $50/s.f.

• 14 JL /Oct 3, 2008 at 6:07 pm  Vote:    

  carbonblackcab, want to blow your mind. Take a look at this palace asking at around $100/ft 30-45 min from Raleigh. Typical NC honesty, they don’t include a 500 sq foot attic and a 2,00 sq ft garage in the sq. footage. ie. a normal Miami listing would put that at 13,000 sq ft. and not 10,500.

  I knew quite a few families looking at NC during the boom, never particularly understood that, but this listing explains things clearly.

  home.nc.rr.com/aperfecthome/

• 15 Hugo P /Oct 3, 2008 at 7:18 pm  Vote:    

  Al, carbonblackcab, I disagree with your comment that a 24 hour CVS pharmacy right beneath high end condos is a bad idea. A few reasons why:

  1) I hate to say it, but these are not high end condos. Forget about the asking prices, these will be mainstream condos for the people that work in the downtown area.

  2) CVS is a great operator and that store will be a great assest when these condos get filled up eventually.

  3) If Miami is to become a true “urban” city, we should be welcoming retail. All of it. Even the pharmacies, as some of these so called “high end users” are looking for this convenience too when buying a condo in downtown.

  These retailers are catalysts for transformation…

• 16 JL /Oct 3, 2008 at 7:58 pm  Vote:    

  Personally, I think a 24hour CVS would be great near or in any of these places downtown. The ideal in city living is to be able to ditch the car and be within walking distance of everything you need.

• 17 JL /Oct 3, 2008 at 8:13 pm  Vote:    

  Get all these togehter in 1 spot, and you got the makings of a winning retail anchor

  1) 24 Hour CVS
  2) 24 Hour Fed Ex-Kinkos
  3) Farmer’s market (normal items like bread and pepsi would be carried by the 24hour CVS)
  4) Dry Cleaners
  5) Quick and Sit-Down Restaurant Options

• 18 Renter Tom /Oct 3, 2008 at 8:57 pm  Vote:    

  It was my understanding there are already pharmacies on each corner in that area. Or at least those people hanging around the street corner call themselves pharmacists but I am told they make deliveries but only accept cash….

• 19 Samir Patel /Oct 3, 2008 at 9:41 pm  Vote:    

  I believe Bank of America is opening at ground floor of Everglades as well. It was in the recent retail space brochure.

  Richard-
  Whole foods is expected to open in the Met3 area by 2011. The plan of the building is being redeveloped but Whole foods structure will move forward. http://www.bizjournals.com/southflorida/stories/2008/09/15/story11.html?b=1221451200%5E1698274&brthrs=1

• 20 Renter Tom /Oct 4, 2008 at 12:41 am  Vote:    

  Wow - how exciting, a Whole Foods in 32 months…..I can hardly wait and wait and wait and wait…..ummmm, seems like plans can change in 32 months so hold onto your organically grown hats and don’t plan on it just yet!

• 21 Shelley /Oct 4, 2008 at 2:10 am  Vote:    

  I asked this in the last post, but since a new one just came out it will probably get lost in the shuffle. Can anyone give any input as to the bailout and market prices?

  ——————-

  I’m hearing rumors that due to the bailout, government will refinance owners at 80% of the current market value of homes. Could this be true? If so, that is nauseating. What a great break for all of the prudent people to stood on the side, saving up 20% for something they could actually afford. Now all of those who lived way beyond their means not only get to stay in their homes, but get their principal reduced by massive amounts?

  Please say it ain’t so.

• 22 JL /Oct 4, 2008 at 4:27 am  Vote:    

  Shelley, no, that sounds like a proposal from a journalist or Hillary Clinton, but a refi plan is not mentioned in the bailout. The government is going to be buying up upside down loans/loan instruments from banks and funds. Once they get them, I guess they could try to refi them but that’s probably way too complicated.

  Bascially, this bill does nothing to help the homeowner who is under water right now. The next bailout package might LOL.

• 23 Muir /Oct 4, 2008 at 7:28 am  Vote:    

  Shelley // Oct 4, 2008 at 2:10 am
  I asked this in the last post, but since a new one just came out it will probably get lost in the shuffle. Can anyone give any input as to the bailout and market prices?
  Bailout and market prices are unrelated.

• 24 Bill P /Oct 4, 2008 at 8:02 am  Vote:    

  JL, with all due respect, that house in North Carolina is hideous. Most people would have to spend at least $500,000 to upgrade it. From the outside, it looks like the town library.

• 25 shwin /Oct 4, 2008 at 8:21 am  Vote:    

  JL: “Get all these togehter in 1 spot, and you got the makings of a winning retail anchor

  1) 24 Hour CVS
  2) 24 Hour Fed Ex-Kinkos
  3) Farmer’s market (normal items like bread and pepsi would be carried by the 24hour CVS)
  4) Dry Cleaners
  5) Quick and Sit-Down Restaurant Options”

  You think we could add a supercuts, starbucks, and papa john’s to that list? You think all of these can fit into the retail space of 900 Biscayne? Remember, we’re going to have a Walmart near the museums - but we’ll make sure that it looks like an up-scale, classy Walmart. Personally, I’d be happy about b of a at Everglades.

  Being from Miami, it’s very interesting to see what’s going on in Downtown as this city looks to re-invent itself and find some kind of identity. Right now, I think we have a colorful mix of denial and pretentiousness with an underlying desire for cool shit to hurry up and find roots downtown. It will happen - I already see small, improvements in the live music scene down here. I do think this city is slowly growing out of it’s adolescent, porn-fiending, cocaine-binging, condo-flipping days to mature into… What? A city without any discernable plan to bring industries besides tourism, banking, cruise ships and heavy drugs into the picture. What’s our vision? Take me to your leader…

  Ultimately, this city will be great to live in when there is an urban core of civic-minded, professional, cultured intellectuals who are not transients but actually live here! People who have respect for rule of law and volunteer for stuff they care about. Did you know that Miami ranks lowest in percentage of adults who volunteer? See the article here and have a great weekend. GO CANES!

  http://www.foxnews.com/story/0,2933,391746,00.html

• 26 george /Oct 4, 2008 at 8:35 am  Vote:    

  Was hoping to see higher end retail than CVS in this location given that there is already another CVS store only about 2 streets away..

  With the CVS precedent suspect we will see a Sweet Tomatoes cafeteria restaurant welcoming you to the Everglades rather than a Ruth Chris steakhouse -not that is anything wrong with a cafeteria lol ,,,

• 27 Hugo P /Oct 4, 2008 at 9:15 am  Vote:    

  george…

  Yes, excellent idea. We need “higher end retail” for the millionares who will live there and pay north of $400psf. Also, maybe we should ask the City to not accept occupational licenses for these crappy stores and just prohibit renting the condos to people making less than $100k.

• 28 JL /Oct 4, 2008 at 9:17 am  Vote:    

  Bill P, Seriously what else have you seen that would compare to that 13,000 sq. ft on 3 acres fairly close to a major city?

• 29 JL /Oct 4, 2008 at 9:26 am  Vote:    

  ” Did you know that Miami ranks lowest in percentage of adults who volunteer?”

  This possibly can not surprise anybody that lives in Miami

  We’re also #1 in another great stat. At least we beat NY in something.

  http://www.careresource.org/stats.html
  The Miami metropolitan area has the highest AIDS rates in the nation (52.8), followed by Ft. Lauderdale metropolitan area (45.8), and New York (45.4).

• 30 Richard /Oct 4, 2008 at 9:35 am  Vote:    

  The mortgage bailout included $100 million in tax relief for Nascar race tracks—so much for end of earmarks–thanks taxpayers

• 31 Raffi /Oct 4, 2008 at 10:28 am  Vote:    

  are people here really complaining about a cvs?? are you guys kidding? whats better than being able to walk downstairs and pick up some shampoo, toothpaste, etc. I think its an excellent idea. some affordable eats would be nice too. I cant be spending $30 per person everytime i want to eat something.

• 32 Miami2009 /Oct 4, 2008 at 10:42 am  Vote:    

  I am not sure what the complaints are about. In NYC you can go to CVS on one corner and dine at Per Se on the other side of the block. What’s the big deal? That’s the nice thing about living in the city…choices and availability.

• 33 Bill P /Oct 4, 2008 at 11:06 am  Vote:    

  There is a CVS on the ground floor of my building and it is not unusual to see owners of $5,000,000+ condos shopping there. It is open till midnight and it is a great convenience to have it in the neighborhood. They also have a great security presence.

• 34 DJ /Oct 4, 2008 at 11:40 am  Vote:    

  Crazy vid about forclosures in cali: http://housingpanic.blogspot.com/2008/10/when-you-put-nothing-down-on-home-and.html

• 35 bailout /Oct 4, 2008 at 11:41 am  Vote:    

  Yeah, they better have security so that the shoppers aren’t victims of a double homicide.

• 36 bailout /Oct 4, 2008 at 11:45 am  Vote:    

  Hey, this CVS will be great for all the high end condo owners with AIDS. They can pick up their meds easily. Now that’s convenience!

• 37 bailout /Oct 4, 2008 at 11:53 am  Vote:    

  Hey DJ,

  None of those neighborhoods had a CVS. Thats why they were screwed!

• 38 bailout /Oct 4, 2008 at 12:22 pm  Vote:    

  If socal had a whole foods coming in 32 months they would not be facing this crisis.

• 39 Renter Tom /Oct 4, 2008 at 12:52 pm  Vote:    

  I just read where 45% of sales in California are REO….wow. There is so much REO inventory there that why would anyone buy a non-REO unless the price was comparable? That is, sellers will have to mark to REO sale prices. California is a bigger disaster than Florida.

  It is my understanding that for every REO there is 4-5 in the pipeline. Now that the bailout bill is law, we are going to see DUMPING of these homes on the market. Don’t be a knife catcher! I may have to revise my price decline forecast based on the probable effect of this new law which will result in bulk sales and bulk dumping. The ugly just gets uglier. Sales volume will improve somewhat but with the massive supply dump prices will continue to decline causing more distress for those that need to move.

  Cash is and will continue to be king. Got cash?

• 40 Renter Tom /Oct 4, 2008 at 12:54 pm  Vote:    

  I see the Epicure looks to be open nearby now….no improvement in home prices yet though. If ONLY we were getting a Whole Foods in 32 months prices would really take off. Maybe we can get an article in the paper that the area is planned for one in 10 years and that hope will help???

• 41 RCR /Oct 4, 2008 at 5:38 pm  Vote:    

  I think everyone should chillout. How’s the parking going at One?

• 42 Shelley /Oct 4, 2008 at 6:26 pm  Vote:    

  Wow we lost AJ and now he’s been replaced with Zilbert. Oh well, it was nice while it lasted.

• 43 gables /Oct 5, 2008 at 9:34 am  Vote:    

  I’ve noticed some recent additions to the listings are from banks with a going rate of around $200/sf. My guess is this is the new price point for banks looking to unload their properties. Assuming the properties were under mortgage for somewhere around $400/sf, looks like the banks are willing to take a 50% haircut. My guess is Comrade Paulson is also going to buy up the securities for about a 50% haircut as well (just speculation at this point) but if this were the case banks and analysts can at least put a number to asset values and losses. If this happens credit may unfreeze a bit in the future.

  Emerald in particular has several low price listings. I imagine the very high hoa costs are finally forcing people to quit carrying the properties into the foreseeable future. Does anybody know the status of Emerald? is the building being maintained well? Also, next door is Sail. Not quite as nice but perhaps cheaper units. This was a building rumored to have alot of mortgage fraud? anybody know that status of this building? hoa taking care of the property? quality of life issues?

• 44 Miami2009 /Oct 5, 2008 at 9:53 am  Vote:    

  Gables, I am interested in Emerald as well. Visited last February and building looked good. I wonder how well the association is doing?

• 45 carbonblackcab /Oct 5, 2008 at 10:14 am  Vote:    

  I had a very interesting conversation about the housing market (and the stock market) with someone who has seen booms/busts in both markets for the last 40 years. Following is his answer to my question. The answer is not an exact quote….i am paraphrasing his answer.

  When will the housing market bottom out?

  When people stop caring about real estate market. When they lose all hope that it will ever go up is when the market will hit bottom. There is way too much interest in the market right now. Bargain hunters are salivating like pavlov’s dogs … waiting for good deals. With the high level of interest we have in Miami real estate, there will be some false bottoms. The real bottom will be reached when there is total hopelessness in the market and only people who will be buying are people who need a place to live (and not necessarily looking for a hot deal).

• 46 Renter Tom /Oct 5, 2008 at 10:28 am  Vote:    

  Mark Zilbert (AJ the name caller?) - You must not like me, oh well. Keep on posting the gross posts and I guess the powers that be will continue to delete them. Shoot the messenger if you want…hard to do over the Internet. I don’t care. You’d be better served by getting out of your real estate positions then to post attacks against me. Oh well, I really don’t care about your silly posts…they’d be more humorous if you’d get off your obsession with women’s menstrual cycles though since that is just weird.

• 47 BFG /Oct 5, 2008 at 10:34 am  Vote:    

  Carbon - I’d have to disagree with his idea about when the “bottom” will happen. I mean - I don’t know that people were exactly “hopeless” during the pre-boom real estate era. People just saw owning a house as a “decent” investment (not a get-rich-quick scheme), and a place to live.

  The problem we have right now is simple: there are too many houses/condos and not enough buyers. Supply of housing is at an all-time high, and demand is at an all-time low. When supply exceeds demand, prices go down. I think we’ve already bottomed as far as sales volume. However, we haven’t put a dent in the huge multi-year inventory in this market. That will happen very slowly. The flood of foreclosures has to stop, as well.

  Unfortunately, I think this bailout plan will actually make it worse for people waiting for the bottom. It won’t stop prices from falling, but may push the bottom out several years. When Japan’s bubble popped, they tried to prop up their banking system and hide the crap on the banks balance sheets for years (just like the USA is doing right now). Real estate prices went down for 13 years.

  So - who knows how long this thing will take.

• 48 Renter Tom /Oct 5, 2008 at 11:34 am  Vote:    

  What is interesting in the whole psychology thing regarding housing is that almost no one has an incentive to talk housing prices down, hence nearly everyone talks them up resulting in unreal expectations.

  In this housing cycle, it would appear that the cost of ownership will have to match rents to get people to buy. We have a very long way to go for that. The rest of the world is retreating so there are no foreign “white knights” to prop up this market.

  Foreclosures have not peaked. It is estimated, and I pretty much agree, that most of the no doc and 2-28 loans written from 1/2006 onward will default.

• 49 CaboSanLucas /Oct 5, 2008 at 12:17 pm  Vote:    

  Cabo!

• 50 CaboSanLucas /Oct 5, 2008 at 12:18 pm  Vote:    

  Oops! Lets not forget that rent is a moving (downward) target. This is knife catching on top of knife catching. Very troublesome. CABO SAN LUCAS! LETS ALL GO TO CABOO!

• 51 gables /Oct 5, 2008 at 12:22 pm  Vote:    

  RT, there is a segment of society that has argued for price decreases. They are the responsible savers who followed the rules and were left on the outside looking in. Nobody wanted to listen to us, however!

  I agree with the comment that the housing cycle must move through a phase where cost of owning and renting are very comparable. Until this happens, there is really no incentive to get people back into the market place. Each month that goes by i see a drop in both rents and sale prices. sale prices will have to drop to the point that buying a house is not that much riskier than signing a 12 month lease. and if the economy and jobs continue to deteriorate, even a $300k 2b/2b will be way overpriced. if the economic conditions are still bad in another year, those units could easily go for $150k. if the conditions improve, prices will stagnate for a while. this is the risk component of pricing and currently is quite steep.

• 52 gables /Oct 5, 2008 at 12:24 pm  Vote:    

  I am very curious about how the banks are going to handle the foreclosure and new mortgage issuance dilemma. The passing of the latest bailout has already nudged banks to start moving more units back into the market. Foreclosures will continue to drive down prices. New buildings that have say 20% of units foreclosed will dominate the lowest comps for quite some time to come. And these foreclosed units should be used as comps since they are the units moving the market. Banks will have to take a haircut in order to price these units in a way to move them off of their books, even at a loss. The question is, who will then give credit to somebody to buy the property again? Do the banks really want to bring these properties back onto their balance sheets, even at a lower principle? I have seen countrywide offering foreclosure properties for sale but insisting the new owner finance through countrywide. i see countrywide wanting to sell the property for as much as possible, but if it is financing a property it desires to finance at a minimum price to allow for risk. any ideas on which viewpoint will dominate bank action?

• 53 Renter Tom /Oct 5, 2008 at 12:46 pm  Vote:    

  gables - The unemployment outlook is not good. Peak unemployment probably will not happen for 2-4 years. It will get to 8% unemployment pretty much that is a given, will it get to 10%? I don’t know but it is in the realm of real possibility. Home prices are tied to rents which are tied to incomes which are tied to employment (actually you can skip the “are tied to rents which” and it would still be a true statement but included it to make a point to provide a target for where current home prices are going since rents weren’t as unhinged to incomes as home prices). With unemployment increasing there will be downward pressure on real wages as employees compete for jobs…that will put a long-term cap on home prices for sure and pretty much sink any possibility of a return to “homes as investments” mentality. Just think of all the government cutbacks that will be needed in the South Florida area…even Cali is borrowing from the Fed Govt and Cali has a HUGE and DIVERSE economy (but also the worst housing bubble in history).

  The bottom line is housing (and condos) as investments will be dead and will continue to be pounded into the dirt for many years to come… It may be a harsh assessment but come back and reread it in 2012 and you will agree.

• 54 carbonblackcab /Oct 5, 2008 at 2:01 pm  Vote:    

  BFG: I wasnt suggesting that things were hopeless before the boom. I am suggesting that the current real estate market has too many people waiting on sidelines to pounce. That situation creates many false rallies as people jump in at the wrong time. My suggestion of hopelessness was to indicate that the market will reach equilibrium when people buy condos/houses to actually live in them and not view them as investments…i.e people buy when they absolutely have to i.e someone moves to miami for a job and buys a place to live in.

  Renter Tom : I agree. Prices have to come down so that rent:own ratio is 1:1. Here is the dilemma: If the Rent to Own ratio become 1:1, condos would sell for $0 when you take into account the HOA and property tax (which is based on the high valuations).

  I had been watching the sobe market for a condo very closely as I was interested in buying a condo that I coudl rent out and crash on weekends (if it was no rented). I no longer am looking. My money is better invested in money market accounts and in the future in index funds for Financials/HealthCare/Alternative-Energy/etc.

• 55 waiting /Oct 5, 2008 at 2:21 pm  Vote:    

  Does ANYBODY have any thoughts …input on 188th Street in Aventura??? It is a fairly new street close to the Aventura Mall.Please HELP I’m considering purchasing very soon.There are quite a few REALLY GOOD DEAL’S there now.The Atrium …Uptown Marina Loft’s …3030 …and Eastside.. are the 4 main buildings on the street.

• 56 LBJ /Oct 5, 2008 at 2:26 pm  Vote:    

  Waiting, I’m sure that some of the Regular writers on here would have a wealth of info. that could help you out with any decisions you might have.Renter Tom where are you. LOL all the best

• 57 Renter Tom /Oct 5, 2008 at 3:04 pm  Vote:    

  Not familiar with too much non-ocean front buildings in Adventura. Would recommend getting a condo assoc. budget and balance sheet as a prudent first step along with # of units rented, etc. Condos are like being in a lifeboat together, what one owner does affects everyone else and in this climate getting everyone to row in the same direction can be difficult…it may be every man for himself now. Good luck.

• 58 JL /Oct 5, 2008 at 5:56 pm  Vote:    

  Waiting, take time out on a Saturday/Sunday afternoon and talk to some residents and the valet/doorstaff. You’ll find out any issues real fast.

  ——–

  On a different note, one thing that makes this Miami condo situation way different than any other Boom-Bust housing cycle is that the holding costs are so high for this type of RE. You can talk about previous RE busts and try to extrapolate, but those busts didn’t involve property with Miami type HOA and taxes.

  Any bank/developer on the hook right now for a lot of unsold inventory is sitting on a time bomb. You get the feeling if one of these projects anywhere goes belly up, it’ll have a domino effect since condos in Miami are very comparable with each other.

• 59 jcrimes /Oct 5, 2008 at 6:07 pm  Vote:    

  carbon
  in the 80s, condos did go for nearly $0. the banks had to unload them and as long as you were willing to pay the taxes and HOA, it was yours. ask any old time financier/lawyer about brickell

• 60 Probably too Cynical /Oct 5, 2008 at 6:34 pm  Vote:    

  note to anyone living in Plaza on Brickell or visiting: NO NOT, I repeat, DO NOT under ANY circumstances valet park in that building. was exiting today with some complete jackass right behind me driving recklessly, squeeling their tires, and tailgating me dangerously closely. imagine my surprise when that driver later went into the drop off point to deliver someone their car.

• 61 waiting /Oct 5, 2008 at 6:35 pm  Vote:    

  Thank you SO MUCH Renter Tom & JL for your information.You are both right on…with your info.THANK YOU AGAIN.

• 62 Roger /Oct 5, 2008 at 7:00 pm  Vote:    

  With all this gloom about the economy, housing and credit crunch, it is surprising to see that half way around the world, in Dubai, they are now planning to start constructing the new World’s tallest building even before the current tallest building in the world, also in Dubai, has been finished.

  http://news.yahoo.com/s/ap/20081005/ap_on_re_mi_ea/ml_dubai_world_s_tallest_building;_ylt=Aq_q8nTl0F4_F66zpHwg0Dms0NUE

  The RE prices over there are just going through the roof inspite of Dubai being in the middle of a desert. It has definitely transformed itself from a sleepy fishing and pearl mining village to a dynamic shipping and economic hub of the middle east, but seriously any idea when and how badly will the RE over there might crash??

  Kudos to them though, they made seemingly impossible projects a reality with the Palm & World islands, indoor skiing center in the middle of desert, world’s tallest buildings etc…. Hmm, back to our dismal reality here in US

• 63 Renter Tom /Oct 5, 2008 at 7:47 pm  Vote:    

  Roger - Few places will be immune and Dubai has had a ton of speculation albeit there are quite a few ridiculously wealthy doing it who can afford a fall. Any area that got a big boost from the easy credit will at the very least of a bit of a decline, even Manhattan…

  See also:

  Manhattan real estate: Pricey but headed for a fall
  The average sales price continues to climb - it’s now $1.4 million - but the number of buyers is falling fast.

  money.cnn.com/2008/10/02/real_estate/manhattan_real_estate/index.htm?postversion=2008100304

• 64 Hugo P /Oct 5, 2008 at 8:18 pm  Vote:    

  waiting…

  I like that street a lot and love Atrium. Some units sold in the peak at north of $400psf and the developer is now selling at $300psf (no flooring)… The developer has about 30 units left (after 1 year of closing, 192 units total) and there are 30 units in MLS for sale with 10 for rent. 31% of units for sale is not good news for a new condo and HOA fees.

  I made an offer for $260psf for a 2BR unit and it wasn’t accepted. Not sure I want to counter as all of these numbers scare me a bit. The developer hasn’t paid off the construction loan after more than 1 year of closings and I gotta believe that the prices HAVE to come down.

  Not sure about the other buildings… I haven’t seen them, but I hear there are lots of units for rent in Uptwon lofts, even for weekly rentals. I also heard that Artech is about to start closings soon (sold at over $600psf) and I bet no more than 30% close.

  If you get any more info, please share.

  Thanks

• 65 Renter Tom /Oct 5, 2008 at 8:33 pm  Vote:    

  Looks like Jade Beach has started closings in Sunny Isles Beach??? Anyone know any specifics. Looks like it is an expensive building with really high HOA dues. Will be interesting to watch as Trump Towers compete for who will close the least….my bet is TT III will have the fewest closings as a %.

• 66 Renter Tom /Oct 5, 2008 at 8:34 pm  Vote:    

  Nothing like having a $19,500 tax bill on a 1,085 s.f. unit, nope that is not a typo. Jade Beach should have been called diamond beach.

• 67 Renter Tom /Oct 5, 2008 at 9:02 pm  Vote:    

  On a positive note, all of the home owners out there with $100,000 kitchens with professional grade appliances can actually start to use them since they won’t be able to afford to eat out at restaurants anymore… They must have had a lot of foresight….now we just have to decide where to put the chicken coop.

• 68 Mark (Not Zilbert) /Oct 5, 2008 at 9:34 pm  Vote:    

  hahah! Check this out: