Brickell on the River North Tower – 2 Bedroom/2 Bath Foreclosure – $159,000

67 responses so far ↓

• 1 Bmw m3 /Feb 19, 2009 at 12:30 am  Vote:    

  After all the special assessments you’ll be paying about 2k per month hoa. Is obama going to pay the hoa? Otherwise prices need to fall much lower.

• 2 Kutte Kamine /Feb 19, 2009 at 12:31 am  Vote:    

  This only shows what is coming in next few months. Good for the people waiting in the sidelines, bad for ones that are invested in the RE market.

• 3 JL /Feb 19, 2009 at 2:04 am  Vote:    

  BMW said “Is obama going to pay the hoa? Otherwise prices need to fall much lower.”

  It’s interesting how impressive and large a $75 Billion homeowner relief program sounds… but if you consider it’s meant to try and stabilize 10 million at-risk homes from foreclosure, you are talking $7,500 worth of support to each of the 10 million houses. How much of a dent would that make to the Miami condo market if Obama gave $7,500 to each current owner?

• 4 rolofer /Feb 19, 2009 at 3:03 am  Vote:    

  This is still too high for the risks (HOA etc…), This is ONLY one of the first almost normally priced units in downtown.
  There will be many many MANY more in the next few months.
  Besides, delinquent HOAs plus the sister south tower that the developer can’t sell ANY unit for almost a year, despites deep discounts. This means that the building’s value is going to drop in free fall as soon as all upcoming foreclosures hit the market.

  I think that I’d wait for a penhouse unit at this price, not a low floor like this unit (15th floor is only 4 floors in fact due to the pool which is noisy).
  My prediction is that flats like this will go for $100-$120/sqf by the end of the year.
  $159k would be the price of a penthouse.

  6 months from now a price like this will be regular and there will be much more units to choose from.

• 5 300ktoblow /Feb 19, 2009 at 4:20 am  Vote:    

  What will 300k cash get you by the end of the year? Thoughts? Anything worthwhile?

• 6 AJ /Feb 19, 2009 at 6:41 am  Vote:    

  All new buildings with a few exceptions, West of US1 (Biscayne Blvd – Brickell Avenue) will become public housing and affordable housing. And Miami really needs that. This is actually good.

• 7 AJ /Feb 19, 2009 at 6:47 am  Vote:    

  300K,
  It depends. If you are looking in SOBE or water front buildings in downtown Miami, not much different from what you can get now. But in some new buildings in greater downtown, you could probably buy up a whole floor!

• 8 The Ace /Feb 19, 2009 at 6:49 am  Vote:    

  Surely this sale proves now The Smart Money need say no more, $125.00 per square foot is on it’s way so have your offers ready.

  The Smart Money

• 9 andi /Feb 19, 2009 at 7:43 am  Vote:    

  From reuters:
  The SEC civil complaint, filed on Tuesday in federal court in Dallas, Texas, named Stanford International Bank (SIB), based in Antigua with 30,000 clients in 131 countries and $8.5 billion in assets, and the group’s Houston-based broker-dealer and investment adviser units. In all, the company claims to oversee $50 billion in assets.

  Venezuelan investments account for an estimated third of money in SIB, authorities said. [ID:nN18444225]

  This will drive a wedge thru latin quartes ( ha ha ) in sofla. This crisis will reveal the cockroaches 20 yrs in the making. One by one the roaches will come out.
  Carlos justo was one such cockroach. Could bermello/ajamil & Jorge perez be big miami property casualty? stay tuned.
  And yes, 150 is expensive! Sub 100 would soon be here.
  Other day i had a stroll along biscayne blvd. No community feeling, strange boxy highrises amidst darkness of the ambiance as if it is sadly wailing the death of many dreams portending of even more such to come.

• 10 Muir /Feb 19, 2009 at 8:22 am  Vote:    

  The Smart Money insists on $85 per square foot.
  This is an average.
  No doubt that units that have nice water views in buildings that are not in financial hot water will fetch substantially more.
  However, the Smart money has a long memory, and insists that Brickell will fare better than buildings North of Mc Arthur Causeway.

  The Smart money is a cruel mistress to those that disobey her.

• 11 Muir /Feb 19, 2009 at 8:25 am  Vote:    

  The Smart money can be a gentle and caring mistress.

• 12 Probably too Cynical /Feb 19, 2009 at 9:14 am  Vote:    

  not exactly sure how making the buildings on the west side of brickell into public housing would be a good thing. (though the people who march in circles with the whistles and ‘rat patrol’ tee-shirts would no longer need to be bused in from overtown.) would just turn brickell offices and residences into the same type of place the area around Flagler has become. businesses and people that could afford to leave would pull up stake and go elsewhere.

• 13 Joe /Feb 19, 2009 at 9:36 am  Vote:    

  Smart Money was always wrong on all stock pics and market predictions!

• 14 BMW M3 /Feb 19, 2009 at 9:58 am  Vote:    

  Joe,

  Better get this deal while it lasts. I recommend you get involved in a bidding war for this jewel! This is a once in a lifetime opportunity. If you don’t buy now, you’ll likely be priced out of the market.

• 15 el d /Feb 19, 2009 at 10:09 am  Vote:    

  Any good deals to rent a 1 bedroom for under $1400/month in the Dwntwn or Sobe area?

• 16 Renter Tom /Feb 19, 2009 at 10:16 am  Vote:    

  Suzanne says you can do this….so go for it!

• 17 Phil /Feb 19, 2009 at 11:00 am  Vote:    

  When I see $150/sqft in Miami Beach, Oceanfront, newer (2000 or later built)…then I will get interested in making cash offers.

• 18 Julian /Feb 19, 2009 at 11:17 am  Vote:    

  Phil – I’m a bear …but $150 for brand new beachfront? Besides, there’d be none left for you because I’d have bought them all at $200

• 19 Raffi /Feb 19, 2009 at 11:30 am  Vote:    

  I think this is a good deal. I mean $150 sq/ft has to be near the floor. especially since the unit is built out with marble and wood. Remember you can never catch the bottom. If your thinking long term and not flipping I think this is a pretty good deal.

• 20 Wild Bill /Feb 19, 2009 at 11:37 am  Vote:    

  Pathetic. Why won’t these buildings disclose the delinquent numbers of owners. The same thing happened to me a few weeks ago. If they don’t lien units it won’t show up on public records search. You have now way of know how bad the building is finances are.

• 21 Renter Tom /Feb 19, 2009 at 11:41 am  Vote:    

  Raffi – Some people do catch the bottom and it will be a long U or L shaped bottom, so why rush. I do agree that if you find something you really like and the price is “right” you can buy but then don’t complain, whine, ask for fed $ later.

• 22 Muir /Feb 19, 2009 at 12:38 pm  Vote:    

  I went to courthouse foreclosure sale yesterday. There was one sale that did not go back to the lender that is on the beach: 2301 COLLINS AVE 310.
  Anyone want to take a guess at what it went for?

• 23 Muir /Feb 19, 2009 at 12:40 pm  Vote:    

  Here’s the full data:
  2301 COLLINS AVE #310 MIAMI BEACH FL
  33139-1627
  Property Information:
  0007 RESIDENTIAL- CONDOMINIUM
  Beds/Baths:
  2/2
  Floors:
  0
  Living Units:
  1
  Adj Sq Footage:
  1,480
  Lot Size:
  0 SQ FT
  Year Built:
  1926
  Legal Description:
  RONEY PALACE CONDO UNIT 310 UNDIV 0.0028521 INT IN COMMON ELEMENTS OFF REC 17787-1644 COC 24987-0107 09 2006 1
  Sale Information:
  Sale O/R:
  24987-0107
  Sale Date:
  9/2006
  Sale Amount:
  $915,000
  Assessment Information:
  Year:
  2008
  2007
  Land Value:
  $0
  $0
  Building Value:
  $0
  $0
  Market Value:
  $758,360
  $824,300
  Assessed Value:
  $758,360
  $824,300

  HOA is about $1150/ month.

  —
  Anyone? Anyone?
  Take a guess. Anyone?

• 24 Renter Tom /Feb 19, 2009 at 1:26 pm  Vote:    

  It looks like the Obama administration has turned out to be a manic-schizoid mucking up everything. One the one hand tighter lending standards killing condos but on the other hand throwing unreal amounts of money around to see what sticks but doing nothing really for the hardest hit areas where people are really underwater (by more than 105%) and the real cause of the banking problems. The left hand is fighting the right hand….thanks to the inefficiency of socialism. What a waste.

  What effect will this proposed housing plan have on South Florida real estate? None really, a few people at the margin that are helped will be offset by the scammers. There simply will not be enough people at the margin that will be positively affected to have any real impact in South Florida. And the cost per person will be nonsensical. Banks weren’t playing since it didn’t make financial sense and it doesn’t make financial sense with the federal governments money either…they are both green and fungible.

  Does ANYONE think all this tax payer money will have any noticeable impact on South Florida real estate??? Anyone?

• 25 Renter Tom /Feb 19, 2009 at 1:32 pm  Vote:    

  ….Florida residents will end up having their federal tax dollars (and sooo much in future tax dollars thanks to the TRILLIONS in new federal debt) to help pay for other peoples’ mortgages in OTHER states…not helping Florida. Hence it will make Florida even worse! Thanks to the federal debt, we’ll all be paying our neighbors’ mortgages in other states for the rest of our lives…..

• 26 WindowShopper /Feb 19, 2009 at 1:41 pm  Vote:    

  Muir,

  I’ll take a guess. Not because I think I’ll be right, but because Iwant to know the answer.

  $500,ooo?

• 27 Hugo P /Feb 19, 2009 at 1:42 pm  Vote:    

  Not a big fan of Zalewski, but some data he published today sounds interesting:

  “Developers in Greater Downtown Miami sold an average of five units a day in the fourth quarter of 2008, a dramatic drop from the 18 units per day closing rate in the third quarter, according to a new report from Condo Vultures® LLC.

  Developers closed 441 units between Oct. 1 and Dec. 31, 2008, which was down -72 percent from the 1,597 closings recorded between July 1 and Sept. 30. It is important to note that a 60-unit bulk deal also closed within the fourth quarter, which drags down the total number of individual closings, according to the report.

  To date, buyers have closed on 12,607 new units out of the total of 22,737 units in the Greater Downtown Miami market, according to the report by the Bal Harbour, Fla.-based consultancy. ”

  Now… if his numbers are right, there are still 12,130 units available in the “Greater Downtown Area”. If 5 units are closing a day, it will take approximately 6.6 years to sell out the existing inventory.

  Anyone still doubt prices still have a way to go? AJ? Still interested in that bet?

• 28 Muir /Feb 19, 2009 at 2:28 pm  Vote:    

  WindowShopper /Feb 19, 2009 at 1:41 pm Vote:
  Muir,

  “I’ll take a guess. Not because I think I’ll be right, but because Iwant to know the answer.

  $500,ooo?”
  —

  Nope.

  Come on guys, I know your curious, don’t be ashamed to ask.
  It wont show up as a sale for weeks, be ahead of the crowd!
  Find out today what others will find out some time April!
  –
  Highlights:
  Last sale $915,000 in 9/2006.
  Assessed Value:
  $758,360
  $824,300
  –
  All can be verified, just click.
  Taxes:
  2008 taxes $14,914.33
  Folio number 02 32260431260
  —
  Looking for 2-3 more guesses before I post reply.
  Tom. Don’t be bashful!!
  –
  Oh, Phil!!!
  So many here. Come on, nobody here is shy and the site is called “Miami condo investments.”
  Step up______ your guess is $_______.00

• 29 lara /Feb 19, 2009 at 2:30 pm  Vote:    

  Miur,

  I am curious about your impression of the auction. Any difference comparing to other auctions earlier? People overpaid. Alot of investors?

  Lucas, I think it is a good deal except for the situation with HOA fees. If it is 15-17% then it is not a dramatic situation but if it is closer to 40% then it is a different story.

• 30 bruce /Feb 19, 2009 at 2:32 pm  Vote:    

  I’ll say 484,000 and that’s still too high!

• 31 lara /Feb 19, 2009 at 2:33 pm  Vote:    

  Muir,

  $ 450,000?

• 32 Julian /Feb 19, 2009 at 2:33 pm  Vote:    

  Muir – well the Roney is a pretty terrible building, the condo association is litigating against the Master association again, who knows what its delinquency situation is. I’d say $370k if it’s 1480 sq ft.

• 33 bruce /Feb 19, 2009 at 2:38 pm  Vote:    

  Question is the Gansvort Hotel part of the roney or is it completely separate? I’m confused.

• 34 Julian /Feb 19, 2009 at 2:44 pm  Vote:    

  It’s one physical building. South section is Roney, North section the hotel and its residences. Separate entrances but Roney tower (south) has rights over pool that the $500 a night crowd use etc etc.

  Inside, on the floors themselves, they actually flow from section to section, so you have the ‘posh’ bit and then a fire door and then the old ’schmutz’ of the Roney.

• 35 bruce /Feb 19, 2009 at 2:47 pm  Vote:    

  thanks

• 36 H20 /Feb 19, 2009 at 3:25 pm  Vote:    

  How to determine if it will be a long U or L shaped bottom…

  http://www.youtube.com/watch?v=ru_fcdcmY6g&feature=related

• 37 Un-Related /Feb 19, 2009 at 4:26 pm  Vote:    

  Looks like CO(ndos)-R-US (CORUS Bank) is on the fast-track to the dust bin of history:

  ************************************************
  “Thursday, February 19, 2009, 12:11pm EST

  Corus Bank’s regulatory agreements could spell trouble for Florida condos

  South Florida Business Journal – by Brian Bandell

  Corus Bank, one of the biggest lenders to South Florida condominium projects, has signed enforcement agreements with federal regulators that limit its ability to renew or extend troubled loans.

  That could spell trouble for the 18 condo construction and apartment loans the Chicago-based bank had in South Florida as of Sept. 30.

  About half of those $1.38 billion in mortgages were either no longer paying interest or in problem status in the third quarter.

  If those developers can’t repay their loans when they come due, the bank might no longer be able to give them more time.

  “It has the potential to halt projects that were under construction to this point,” Philip van Doorn, a senior banking analyst at The Street.com Ratings in Palm Beach Gardens, said of the enforcement action. “For some projects that were being financed with interest reserves, this could prevent projects from being completed.”

  South Florida condo projects that hold Corus Bank mortgages include:
  • Jade Ocean Condominiums in Sunny Isles Beach
  • Paramount Bay in Miami
  • The Mint at Riverfront in Miami
  • Marina Blue in Miami
  • Trump International Hotel and Tower in Fort Lauderdale
  • The Ivy in Miami
  • Edge Condominium in West Palm Beach

  In 2008, the bank repossessed the Tao condominium in Sunrise.

  On Wednesday, Corus Bank and its parent holding company signed a written agreement with the Federal Reserve Bank of Chicago and a consent order with the Office of the Comptroller of the Currency, giving it 120 days to achieve and maintain a tier 1 capital level equal to 9 percent of adjusted total assets and 12 percent of risk-weighed assets. That’s above that ratios that most banks are required to reach.

  According to the bank’s preliminary results, those ratios were 7.87 percent and 10.99 percent, respectively, on Dec. 31.

  As part of the regulatory agreements, Corus Bank must submit a plan to reach those capital ratio levels. If it should fall short, it must show regulators a proposal to sell, merge or liquidate the bank.

  Corus Bankshares (NASDAQ: CORS) has yet to release its final fourth quarter results. On Feb. 2, the bank reported a preliminary net loss of $260.7 million in the fourth quarter.

  There is little chance that Corus Bank can raise capital in the current environment, van Doorn said. The only thing that would be attractive to a buyer is the bank’s $7.6 billion in deposits and 14 branches, but its condo loans need to be written down dramatically, he said.

  Since the bank no longer is considered well capitalized by regulators, it is limited from offering high yields on deposits. One of Corus Bank’s previous strategies for raising deposits was offering among the highest returns on certificate of deposits, and promoting them via the Internet.

  The agreements also require the bank to get approval from federal regulators before paying dividends, naming executives or signing a golden parachute compensation agreement with a departing executive.

  “There can be no assurance that Corus or the bank will be able to comply fully with the provisions of the regulatory agreements, or that compliance with the regulatory agreements, particularly the limitations on interest rates offered by the bank, will not have material and adverse effects on the operations and financial condition of the company and the bank,” Corus Bank stated in a press release.

  The section of the enforcement agreements that most affects South Florida condo developments deals with Corus Bank’s “criticized assets.” A Sept. 30 report of examination by federal regulators found certain credit relationships and assets, including loans that were criticized as “doubtful,” “substandard” or “special mention.”
  Corus Bank can’t extend credit, including renewals or extensions, to these borrowers unless the bank’s board approves it and demonstrates why the extension would strengthen the bank capital position.

  An extension of credit can only be granted if the bank can fully access the borrower’s financial information and a credit analysis is completed. Corus Bank must get independent appraisals on the projects it is funding to ensure the collateral is valued properly.

  Even if a loan is extended, Corus Bank can’t capitalize accrued interest, retroactively reverse principal payments to apply to accrued interest instead, or establish an interest reserve using proceeds from the bank’s loan.

  Shares of Corus Bankshares fell 4 cents to 26 cents in morning trading. The 52-week high was $11.73 on March 26. The 52-week low was 24 cents on Feb. 6.”
  *************************************************

  Can’t short a six-cent stock? Damn.

  Lesson to learn: When you step into the elevator shaft, make sure the elevator car is there!!!

• 38 Un-Related /Feb 19, 2009 at 4:28 pm  Vote:    

  Muir,

  Since the Phoney Plaza is a 50-year old dump, aired-out, painted a new color, and sold mostly to a bunch of absentee landlords up north, I will GUESS $225 – $250 per sq. ft. and further GUESS it won’t close for a lack of financing!

• 39 Un-Related /Feb 19, 2009 at 4:30 pm  Vote:    

  Muir,

  If you can’t tell, I’m an optimist!!!

• 40 Miami2009 /Feb 19, 2009 at 4:39 pm  Vote:    

  Muir,
  I will guess at 300K.

  OK I give, what did it actually sell for???

• 41 jcrimes /Feb 19, 2009 at 4:42 pm  Vote:    

  Muir
  out with you bastard….my guess, and channeling my price is right skill….$1 DOLLAR BOB!!!

  (now watch someone else come over the top at 2 bucks and screw me over)

• 42 Muir /Feb 19, 2009 at 5:30 pm  Vote:    

  140K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

• 43 The Ace /Feb 19, 2009 at 5:32 pm  Vote:    

  Would those of proclaiming to be members of The Smart Money please produce your memberships cards.

  The Smart Money

  PS: The Smart Money vacated the Stock Market in October 2008.

• 44 Muir /Feb 19, 2009 at 5:45 pm  Vote:    

  Cash Flow:

  taxes: 14,914 a year
  HOA: 1,200 a month
  —————-
  Total: $29,314 a year / 12 = $2442 a month!!!!!
  + Special Assessments: ?
  (In 10/15/2008 the association placed a lien for none payment of dues and special assessments that began in 05/28/08.)

  –
  Rents are mid $2000
  But, I think the investment group that won the bid should be able to sell it quickly at a profit.

  Note:
  There is a listing in the building in the same floor that is 250 sq ft smaller in the MLS: m1230747 asking $350K

  —–
  Thanks ALL for PLAYING, that WAS fun.
  Truly mean that, it was good CLEAN FUN.

  Lara, more to post later, lots of info.
  thx again all.

• 45 southbeachsand /Feb 19, 2009 at 5:47 pm  Vote:    

  Yeah, the Roney is a mess. I don’t even think they have hurricane glass windows.

  I can imagine unit 310 on the third floor had almost no view, or a great view of new W parking garage.

  Remember, I lot of those Roney owners facing south just lost their direct beach view and face right into the W.

  They went from having a panoramic view of the beach to the left, the Setai far in the distance, and South Beach/downtown Miami views to the right. Now they have nothing.

• 46 Muir /Feb 19, 2009 at 6:16 pm  Vote:    

  $140K guys. No kiddin.

  lara

  “Miur,

  I am curious about your impression of the auction. Any difference comparing to other auctions earlier? People overpaid. Alot of investors?”

  9th floor was full.
  It was hot and the elevators were slower than usual. (advice: take the stairs down)
  Most everyone had the pamphlet that they buy for $700 for 6 month subscription.
  So, the guys printing that stuff are making a mint.
  In the hour and a half I was there, only TWO properties did not go back to the lender.
  Lender says how high they’ll go up to. No bidders. Bank bids $100.
  Repeat.
  Repeat again and hope the fat guy next to you doesn’t break wind.
  Plenty of money, no action.
  This market IS DEAD.

  Here’s how the bidding went on the Roney:
  When it got to 120K and then it slowed to a crawl”is there a bid? Going once, twice.” Bidder, “$125, 100″
  The winning bidder was NOT overjoyed.
  There was a nice house for $200K (I mean, nice neighborhood, I assume they knew the condition of the house because this was NOT an REDC auction, these were professionals.)
  Lara, short answer, this market is as dead as a rusted nail in a buried coffin.
  Notwithstanding the above, the investor group could make a quick 50K if they are not greedy. (Carrying costs for a couple of months plus commission/closing costs. List it at $290K. I would do it this way)
  Well see what they list it for.
  But that was the exception, a hundred + people and two sales.
  An attorney a while back mentioned banks have to bid up to the max on the owed money (judgement) at foreclosure.
  —-
  For all those too stunned to use the calculator–> $94.59 per square foot.

  p.s. Notice numbers above. This property will not cash flow. It’s a flip/flip.
  I just do not get it, boys and girls:
  I’ll repeat:
  taxes: 14,914 a year
  HOA: 1,200 a month
  —————-
  Total: $29,314 a year / 12 = $2442 a month!
  I remember going to the Seaquarium many moons ago, remember flipper?

  —

  Love Muir, member of the The Smart Money club.

• 47 Muir /Feb 19, 2009 at 6:26 pm  Vote:    

  southbeachsand,
  Yes, one can be flippant about it.
  BUT, NO ONE guessed correctly. And, neither would I, after all it sold for $915K and is assessed for $758K.
  But if we are going to flippant about it, I can say that it’s worth zero because it has a zero or negative cash flow.
  Or say, well, it’s worth the land value divided by 0.0028521

  (Because the county records say that he has an undivided interest of 0.0028521 COMMON ELEMENTS OFF REC )

• 48 la la /Feb 19, 2009 at 6:30 pm  Vote:    

  Please all of you take one hand off your d***s and type with two hands.

• 49 Muir /Feb 19, 2009 at 6:38 pm  Vote:    

  Comments?
  By the way, there was real money in that room.
  Nicest court for foreclosure is Palm Beach (a/c really cold, new building, easy parking, actually I parked for free because I rode my bike when I went)
  –
  I’ll make a comment (until now I’ve just put numbers)
  I do not have the ba*ls to buy a unit like this.
  If I could not sell it quickly and the depression worsens quickly (Yes, I said depression)
  Then, I’m basically stuck with a unit I paid cash for that is cash flow worth nada.
  Am I crazy, am I a coward? (Well, I am crazy, so forget that one)
  Let’s ask only about cowardice.
  I do not think so, once the bidding reached 125K there was hesitancy in the bidding.
  Still, if they are smart, I see a quick $50K profit.

• 50 Muir /Feb 19, 2009 at 6:45 pm  Vote:    

  la la,
  I use my two index fingers to type.
  The right index fingers hit most of the letters to the right of the “h.”
  All of my errors are due to lack of intellect (intellectually challenged or that knew politically correct word for stupid “cognitive disconnection.”) and do NOT reflect any unsavory use of hands.
  I cannot vouch for the other posters or know what they are doing with their hands (and I do not want to know. Please.)

• 51 Phil /Feb 19, 2009 at 6:54 pm  Vote:    

  Julian : <> LOL…Ok well we’ll have to keep an eye on you then and make sure you don’t get them all : ) Considering I see $400-500/ft in nice oceanfron buildings maybe $200 is more realistic..but would be nice to see $150 or $175K

  Muir: $140K ??? Well not a new or nice building but oceanfront for less than $100 : ) I can smell the deals coming later this year !

  Phil (Greedy, Patient and Ready with Checkbook)

• 52 Kramer /Feb 19, 2009 at 7:22 pm  Vote:    

  Muir

  I mentioned in one of my posts a while back to the same problem you just alluded to. The problem,as the economy continues to deteriorate, is that for those who were thinking that for sure they would purchase their ideal unit when prices came to their pre-determined number is that people freeze and are unable to pull the trigger. Fear of the unknown i guess. Anyway the residential portion of the Roney Plaza is in an ongoing war with the party hearty Gansevoort crowd over noise issues from the hotel party crowd. It seems that they cant get to sleep until 3 or 4 a.m. on a lot of nights. Has gone before code enforcement for noise violations for allmost a year now.

• 53 Kramer /Feb 19, 2009 at 7:29 pm  Vote:    

  Imagine that! $140k for over 1400 sq feet on the ocean next to the brand new W Hotel on South Beach. Such a deal, if you need only 2-3 hours of sleep each night.

• 54 drew299 /Feb 19, 2009 at 8:08 pm  Vote:    

  its gonna be ugly in miami, look at stock market ,15 percent unemployment,(real number)
  stores closing, more unemployment, more foreclosures, government with no clue’
  25 percent lower by 2010 easy

  miami is done

• 55 Hugo P /Feb 19, 2009 at 8:12 pm  Vote:    

  Muir:

  If banks are supposed to bid up to the owed amount (which of course is very high as it has months of unpaid interest, fees, attorney fees, etc.), how can you get first crack at the property after the bank wins the auction?

  Do you go to the auction and talk to the bank rep? I have found that it is very hard to talk to someone at the bank (Wamu for example) who has the info.

  I am looking at properties to buy as a home and am looking at this approach.

  Thanks

• 56 Muir /Feb 19, 2009 at 9:06 pm  Vote:    

  Hugo,
  Best deals I’ve seen are pre-foreclosures.
  Of course, as others here have pointed out, the very best deals are inside deals where the broker lists the property for a couple of hours before “miraculously” a “buyer” shows up on the pre-foreclosure.
  The REOs and pre-foreclosures as well as government stuff, such as Fannie and Freddie owned properties, all these are in the MLS.
  About the only advice I could give you is to to find out if it’s a pre-foreclosure or government owned, e.g. Fannie Mae or Freddie Mac. Example: if you know that it is a Fannie Mae property you can place a bid with a low deposit ($500+-) and see if it’s accepted, but you still deal with a Broker. I do search the HUD and Fannie sites every so often.
  Same with pre-foreclosures, you deal with a broker (that is I do, now if you have a friend that is an attorney who handles REOs for Wamu… that’s a different story)
  There is some advice that I can give that I will not feel guilty about because it will not harm you. Think of the most ridiculous offer that you can think of, then take off 20-50K from that figure. Make that your offer. Will it be accepted? No. You have only a small chance that it will. But if you do this a dozen times….
  Second advice and just as important, a good home inspector if you are buying a house.
  Last advise, no matter what you are buying, be sure you know the real numbers, find out the taxes, HOAs etc. NYT has an excellent but versus rent calculator.
  I never forgot your original question about the bank rep, the thing is that doing that was ancient History (say 1999-2000) I still remember walking off the street in the Gables and getting my hands on the REOs from a loan officer in 1998 or 1999. That was a long time ago. Seems quaint now. Today a very small bank may have somebody like that, so it’s not impossible.
  As far as “go to the auction and talk to the bank rep” no, that is just an attorney with no power to negotiate. Although that is not an absolute, in Palm Beach I did see an attorney negotiate a deal, but that is a much slower paced auction.
  Hugo, I search, I look for what I would like to buy. But I feel no rush. Try different stuff, do not waste your time with the REDC auctions (until they do a real no-reserve auction, and even these can be crooked) If you find a great approach, post it here. If everyone that reads Lucas’ blog invest 100% of their cash in local Real Estate, it would not even register as a blip in a decimal point with all the inventory here, so don’t be afraid that someone here will steal your property. Patience.

• 57 Bmw m3 /Feb 19, 2009 at 9:25 pm  Vote:    

  The worse the news, the fewer the AJ posts….

• 58 eric /Feb 19, 2009 at 10:34 pm  Vote:    

  What do you think about Sunny Isles? I have seen apartments in Oceanview/Ocean Reserve for little over $100/ft for an apartment with pretty good views.

• 59 Louix /Feb 20, 2009 at 12:41 am  Vote:    

  It is a shame that real estate values will never reach their true value. Think of all of the ways in which the federal government has been propping up the prices for so long. There is tax deductions for mortgage interest, Fannie and Freddie to buy mortgages, constant inflation, and bailout after bailout aimed to keep home prices high. If all of these perks were removed then we could find the TRUE value of real estate. Until then the only logical reason to buy property is if it becomes cash flow positive or if you want to plant some roots with your family.

• 60 Vulture /Feb 20, 2009 at 1:44 am  Vote:    

  So when does the liquidation sale at Icon brickell begin…… maybe they’ll do a buy 1 get 1 free type situation….

• 61 Fernando /Feb 20, 2009 at 10:18 am  Vote:    

  How noisy is the brickell bridge that is in fromt of brickell on the river north tower? Any comments on the building and possible assetsments?

• 62 Hugo P /Feb 20, 2009 at 1:01 pm  Vote:    

  Muir. Thanks for the info. Great stuff.

  I am not sure if the unit is a HUD or Fannie unit. All I saw is the final judgement of foreclosure in the county clerk’s website and the mention of an auction sale in April.

  I tried reaching wamu but no luck. property is not showing up on their REO website. Talked to the attorneys who handled the case and directed me to the circuit court.

  We’ll see

• 63 The Ace /Feb 20, 2009 at 6:24 pm  Vote:    

  The Smart Money has thoroughly vetted Muir and can categorically state that Muir is indeed a fully paid up card carrying member of The Smart Money.

  As always, the Smart Money apologizes when ever a Condo falls below our threshold of $125.00 per square foot as in the recent sale of a Miami Condo at $94.59 per square foot.

  The Smart Money.

• 64 Lucas Lechuga /Feb 21, 2009 at 10:39 pm  Vote:    

  I spoke with the listing agent today and he notified me that about 30 offers have already been submitted. He mentioned that the highest is about $45,000 above the asking price. Goes to show that there are a lot of people waiting on the sidelines ready to pounce on a good deal.

• 65 joe cal /Feb 26, 2009 at 10:56 am  Vote:    

  i live in roney and the gannsevoort has made and is making huge improvmnts to the building , we have cafe bustello, david barton gym , phillipes , plunge pool and also all pools r or have been renovated all new pool and beach furniure!!!! 4 the money it is the best value and south beach!!! all halls on the roney side r now being upgraded and i live on south side !!! the view is magnificent i can see downtown miami and i have a view of 3 lifeguard stands all the way down to shore club!!! the beach view is awesome !!! yes the small units an lower units r goin 4 distrss prices cause the small units have no balconies an the lower units r subject to the noise in the gym !!! however all units above 6th floor have awesome views and no noise !!! so wher e would u rather be on the beach at 400 a foot or in the city at 200 to 300 a foot !!!! an we all know that eventually the market will come back and the BEACH ESPECIALLY SOUTH BEACH IS WHERE ITS AT!!!!!

• 66 STEVEN S. /Apr 14, 2009 at 5:29 am  Vote:    

  I AM VERY INTERESTED IN BUYING FORCLOSED CONDOS IN NORTH MIAMI. PLEASE CONTACT ME ASAP TO SET UP A MEETING.

• 67 Juan Flores /May 3, 2009 at 12:39 pm  Vote:    

  call me to set up a meeting please 305-785-5923.

  I am interested on it.

  Thanks.

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