Recent Sales & Rentals Updated

August 18th, 2009 · 317 Comments

Just wanted to let everyone know that the recent sales and rentals were updated last night for each of the condo buildings in South Florida that are covered on this website. The data will now be automatically retrieved and populated on the website each day at midnight. This is an invaluable resources for buyers and sellers alike who are looking for comparable sales and rental information for any of the major condo buildings in Dade County.

As a side note, the new Condo Deals page is almost complete and should be ready to go live by early next week.

Tags: General Announcements · Miami condos

1 Renter Tom /Aug 19, 2009 at 5:02 am Vote:

I checked out a building that I know had activity in July since the last update only went through June it seems. But the building still only showed sales through June still but rentals now only go through April……previously it showed rentals in May and June too. Hence, the update might need a review! Thanks.
2 Renter Tom /Aug 19, 2009 at 5:04 am Vote:

Oh, and …. with regard to my post above….. FIRST! LOL
3 Odd & Sods /Aug 19, 2009 at 6:32 am Vote:

The New American Dream according to Obamha is Rentership and with that in mind his administration has appointed a Rental Zhar whose first priority is to fill the 28,000 empty Miami Condo’s with Section 8 Renters.

Welcome to the Hood Obamha style.
4 Sick and tired /Aug 19, 2009 at 10:17 am Vote:

Odds an sods, if you take one look at the new people filling the downtown condos, it’s already happening. After seeing the people in the lobby, one visitor asked me if any white people lived in my building….
5 condoswindler /Aug 19, 2009 at 12:45 pm Vote:

I heard Obama’s brother is a Realtor!

Talk about steering….Kill the white people….
http://video.google.com/videoplay?docid=-4402897013051860643
6 Joe /Aug 19, 2009 at 1:08 pm Vote:

Yeah, I don’t care what some of the Realtards ™ are saying. Once a condo goes rental, it never gets back to being a top-shelf property. And now downtown is going to have a glut of such buildings. Sad.
7 SwissLuxury.Com /Aug 19, 2009 at 2:29 pm Vote:

Chapter 11 filed for Everglades on the Bay…….
8 Drew /Aug 19, 2009 at 3:49 pm Vote:

Does anyone kno how much is still outstanding on the Everglades note to BofA? Or how many units have actually closed?

A bankruptcy filing by a single purpose real estate debtor is just a delay on the inevitable foreclosure…I wonder why Everglades did this. If they can’t put together a reorganization plan w/in 90 days then the automatic stay is lifted to the 1st in line creditor (BofA) and they can go ahead and foreclose just as they would have otherwise.

This is not much of a surprise considering their CEO dropped dead last year.
9 JL /Aug 19, 2009 at 5:53 pm Vote:

Link for the Everglades on the Bay story:

http://www.bizjournals.com/southflorida/stories/2009/08/17/daily42.html

Story cites Everglades as 506 units. It should be 870 units.
10 JL /Aug 19, 2009 at 5:54 pm Vote:

jcrimes,

Is Everglades the condo you were referring to earlier or is their another condo bellyflop on the horizon?
11 Wild Bill /Aug 19, 2009 at 6:30 pm Vote:

About time a downtown condo declared bankruptcy. I was starting to feel like an idiot for my predictions. Most these contractors will have a tough time collecting.
12 Odd & Sods /Aug 19, 2009 at 7:12 pm Vote:

Wild Bill,

The Ace predicted mass Condo foreclosure’s long before you did and he was ridiculed to hell on this site so don’t feel bad for being behind the eight ball. In addition to his prediction of mass foreclousures he also predicted that high end Condo’s would drop in price to $125.00 per sq ft or below. The abuse he took for this prediction from being called an idiot to an Obamha supporter was unreal but we all now now that not only was he right he was right on the money.

We all wait for the Ace and his return with words of wisdom.
13 BMW M3 /Aug 19, 2009 at 7:13 pm Vote:

I personally know a proud Everglades owner. Unemployed and broke. He’s got a few other properties in other buildings! Everglades needs more buyers like that guy! LOL
14 Richard /Aug 19, 2009 at 7:52 pm Vote:

Drudge Report says downtown almost sold out to individual buyers
15 Lara /Aug 19, 2009 at 9:33 pm Vote:

http://cbs4.com/local/miami.condos.condo.2.1133338.html

I think it will be interesting for all of you to read this article.

Also if someone has a good painter. I need to paint walls in my Quantum Loft. IT is pretty urgent. I would appreciate your referrals. But please only good ones that actually did a good job and on time.
16 AJ /Aug 19, 2009 at 10:12 pm Vote:

Lara,
Call Mark @ 617-671-4725 for Painting, plumbing and wood work etc.
Call Jeanette @ 617-943-6415 for cleaning and maid services.
Both live downtown.

Both are excellent in their jobs, honest, hard working, reasonably priced, very well insured, fluently bi-lingual and very affable. Tell them AJ sent you.
17 Lara /Aug 19, 2009 at 10:20 pm Vote:

AJ,

Thank you so much. As always I so much appreciate your help. I called Mark and left him a message.
18 BMW M3 /Aug 19, 2009 at 10:52 pm Vote:

hahaha… Im sure this supply of thousands of rental units when there are already thousands of empty rentals will have no effect on prices! LOL!
19 AJ /Aug 20, 2009 at 12:38 am Vote:

No problem. Here is their work number too just in case 305-704-8232.
20 jcrimes /Aug 20, 2009 at 1:17 am Vote:

JL
No. Much bigger, far more prestigious project.

Not sure what the endgame is for a project like this. Unless the lender is on-board with the bankruptcy filing and willing to work with the developer to get a plan confirmed, this case WILL crash. There can’t be any equity in this thing.
21 JL /Aug 20, 2009 at 3:12 am Vote:

Regarding the CBS/David Sutta article, I mentioned this in the previous thread but will repeat the question here. Why doesn’t a developer advertise their inventory when they try aggressively try to sell out a place?

I’m assuming 1060 Brickell, Brickell on the River and the Ivy never put their complete inventory on the MLS at $200 sq/ft even though they were readily selling the units at that price point. What is the logic behind that? It seems if you walked in the door they would readily give you that price so why not advertise it? You look at some of these buildings and you know there is a large inventory but there’s nothing on the MLS besides some old listings at $350-$400 sq/ft
22 JL /Aug 20, 2009 at 3:12 am Vote:

Has jcrimes been window shopping EPIC lately?
23 Joe /Aug 20, 2009 at 4:57 am Vote:

That CBS4 article is unbelievable. From the way Peter Zalewski was talking in the article, I bet he and his vulture buddies own half these units and that’s why he’s talking so positively. “You don’t even have time to get a soda while you wait”? Give me a freakin’ break.

The only units that seem to be selling are lower-end units priced at $400,000 or lower. If “investors” are buying them rather than end users, then this is just another bubble in the works. Plus, amazingly, not a word of HOA fees in the article. IMO, HOA fees are going to be the silent killer of a lot of these buildings. We’ll see.
24 JL /Aug 20, 2009 at 6:31 am Vote:

At least in the short term, looks like there will be a lot of competition in the downtown rental market.
25 computer consultant /Aug 20, 2009 at 11:10 am Vote:

From Mortgage Bankers Association:

“The worst of the trouble is still concentrated in California, Nevada, Arizona and Florida, which accounted for 44 percent of new foreclosures in the country. Nearly 12 percent of all loans in Florida were in foreclosure, the highest in the country, followed by Nevada at 9 percent.

“Clearly we have not seen the bottom in Florida,” said Jay Brinkmann, the trade group’s chief economist.”

http://finance.yahoo.com/news/Mortgage-delinquencies-hit-apf-1442009590.html?x=0&sec=topStories&pos=main&asset=&ccode=
26 Andrius Owen /Aug 20, 2009 at 1:11 pm Vote:

I would like to invite you to our National Hard Money Conference on hard money lending, Mortgage Brokers success, REO’s, mortgage pools and much more. Held in Las Vegas at the Rio Hotel, September 3rd.

Investors, Brokers, Private Lenders and Real Estate Developers from around the country will be attending this once in a lifetime event.

It’s billed as the largest hard money conference in the country.

September 3rd, Rio Hotel – Las Vegas
27 Drew /Aug 20, 2009 at 1:52 pm Vote:

“It’s billed as the largest hard money conference in the country.”

So it must be the largest group of scammers and scheisters gathered in one place. I checked out the “Pitbull Seminar” website and it looks like reps from Kennedy Funding are taking part in the Hard Money conference. Anyone with a little bit of experience in the real estate financing industry knows that Kennedy Funding is full of thieves. They are a predatory lender, plain and simple.

Hey Andrius- I assume your conference will devote an entire day to Upfront Nonrefundable Commitment Fees, right? What a joke.
28 jcrimes /Aug 20, 2009 at 5:01 pm Vote:

JL
i bug the sales center guy at epic at least once a week. something i was trying to buy on the beach fell thru…at least for now. epic is a nice alternative if the prices come down about another 15%/20% from the current levels. i have my eyes on the townhome units. right now, they’re still priced in the high six figures. no one is paying that price for that location.

as for the hard money conference, apparently the predators’ ball has taken a step down in prestige.
29 JL /Aug 21, 2009 at 2:50 am Vote:

Florida leads nation in distressed mortgages
http://www.miamiherald.com/1395/story/1195254.html

“”the percentage of Florida home loans either past due or in foreclosure hit 23 percent in the second quarter… Florida deserves special mention as the worst state in the country,” said Jay Brinkmann, the chief economist of the Mortgage Bankers Association”"
30 Drew /Aug 21, 2009 at 8:22 am Vote:

Stats like that (23% of FL homes in trouble) seem to hurt the argument from realtors that this market has bottomed out or will bottom out very soon. There will be a huge glut of foreclosed homes w/in the next few yrs that will further drive down prices. The prime loan default wave may be just as big as the subprime default wave we already saw.

By the way, is anyone else sick of all the media attention that this chump Peter Zalewski gets? I’ll take advice/opinion from McCabe, Cannon or Goodkin; but not from Zalewski, a realtor with an inherent self-interested motive.
31 JL /Aug 21, 2009 at 12:34 pm Vote:

Zalewski is funny. It really does seem that based on owning a cool domain name “Condo Vultures”, he’s been able to get a lot of media attention as an “expert”.
32 JL /Aug 21, 2009 at 12:45 pm Vote:

The latest housing data is odd when you get past the headline.

Home sales soar 7.2 percent in July
First-time buyers rushed to take advantage of tax credit
http://www.msnbc.msn.com/id/32505389/ns/business-stocks_and_economy

(1) home sales rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million in July
(2) (distressed) sales helped drag down the median sales price by 15 percent to $178,400.
(3) The inventory of unsold homes on the market rose to 4.1 million, from 3.8 million a month earlier.

—

This one month snapshot suggests sales are picking up (while prices are coming down, especially on the low-end from the $8,000 tax credit effect) BUT inventory is increasing at the same pace.

Pretty odd set of facts. The real headline should be “More people looking to buy and more people looking to sell in the lower end of the housing market in July”
33 Drew /Aug 21, 2009 at 2:07 pm Vote:

Here’s the breakdown of the 7.2% increase:

$0 – $100,000 Up 38.8%
100,000 – $250,000 Up 8.7%
$250,000 – $500,000 Down 6.2%
$500,000 – $750,000 Down 8.9%
$750,000 – $1,000,000 Down 10.6%
$1,000,000 – $2,000,000 Down 23.3%
$2,000,000 + Down 32.4%
34 JL /Aug 21, 2009 at 2:15 pm Vote:

Florida data for July 2009:

http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/08-21-2009/0005081215&EDATE=

Florida Sales Report – July 2009
Single-Family, Existing Homes

Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical
Areas July July % July July %
(MSAs) 2009 2008 Chge 2009 2008 Chge
———– —- —- —- —- —- —-

Fort Lauderdale 907 581 56 $219,000 $303,600 -28
Miami 643 392 64 $192,700 $322,700 -40
35 JL /Aug 21, 2009 at 2:16 pm Vote:

Florida Sales Report – July 2009
Existing Condominiums

Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical
Areas July July % July July %
(MSAs) 2009 2008 Chge 2009 2008 Chge
———– —- —- —- —- —- —-

Fort Lauderdale 927 559 66 $80,800 $138,300 -42
Miami 585 395 48 $137,600 $230,700 -40
36 jcrimes /Aug 21, 2009 at 3:31 pm Vote:

it’s coming closer to collapse…
37 computer consultant /Aug 21, 2009 at 3:44 pm Vote:

Lukas did you get a chance to update recent rental data?
38 Cockatoo /Aug 21, 2009 at 4:09 pm Vote:

I want to buy a Sobe or Mid-Beach Beachfront condo with direct ocean view, in a newer or reasonable modern building. Do you guys think such condos will become available at the $200/ft range in the future ? Every thing in this category seems in the $350/ft range – $600/ft these days.
39 jcrimes /Aug 21, 2009 at 4:20 pm Vote:

cockatoo
may be possible in ocean blue or the loft buildings next door.
40 Cockatoo /Aug 21, 2009 at 4:25 pm Vote:

Thanks jcrimes. I will check those out.
41 Odd & Sods /Aug 21, 2009 at 6:47 pm Vote:

Post#38

$200.00 per foot in the future?

That’s a laugh for in the present we are way under the $200.00 per foot mark. Talk about buying your way into being under water, realtors will gobble this fool up and spit him out.
42 Renter Tom /Aug 21, 2009 at 9:02 pm Vote:

JL – The housing numbers “appear” to send inconsistent signals. But once you realize the exogenous factors affecting various markets it become more comprehensible…it is the government distorting the markets (i.e., socialism run wild). The $8K first time home buyer credit is a big deal to the people in the sub-$100K home buyers market…..a very big deal indeed esp. with a deadline which creates a frenzy pulling future demand into the present. Next we have the cash for clunkers absolute waste of money…..again demand will be pulled forward then we will have a lull in car sales. Talk about creating a mini boom and bust cycle….the only thing that can keep it going is for the govt to continue its programs by creating a govt program bubble. Just like when you exhaust all the buyers with a 3 month no interest no payment purchase, next you have to expand the credit bubble with 6 months, then one year….etc. Or finance a home with no money down, then interest only, then negative amortization liar loans. These things are govt gimmicks, not real sustainable stimulus such as improving real infrastructure that will last 30 years. As the politicians all pat themselves on the back we have to realize that the deficit spending credit bill will come and we will realize that it cost us $600K per new job created and other such economic wastes. It will be sickening as the now $9T additional deficits over the next decade (and unfunded programs of $40T-$50T more) come home. Moreoever, for those that think the rich will lead us out (liquidating trophy properties too)…

Rise of the Super-Rich Hits a Sobering Wall (NY Times):

http://www.nytimes.com/2009/08/21/business/economy/21inequality.html?_r=1&sq=mcafee&st=cse&adxnnl=1&scp=3&adxnnlx=1250902817-9oVjpITkORk9iykJS1unDw
43 Cockatoo /Aug 21, 2009 at 10:40 pm Vote:

Post #41

Odd & Sods:

Thanks for your post.

“That’s a laugh for in the present we are way under the $200.00 per foot mark”

Please do point out any listings that you see (per my post) that are beachfront with direct ocean view in Sobe or Mid-Beach. I have been looking online for 1.5 years and have yet to see $200/ft or even less than $300/ft.

I am very aware that you can buy even $100/ft currently downtown or other areas…but that is not what I mentioned in my post.

Thanks again for your post.
44 Petronius /Aug 22, 2009 at 12:01 am Vote:

Cockatoo,

I doubt that you will find $200 per sqft prices in the future for properties that match your specifications. The biggest problem is that there are just not many relatively new properties along that stretch. The few newer buildings in those neighborhoods were targeted for the high-end luxury market and while their prices will compress it seems unlikely they reach $200. You would either have to look in a neighborhood where there is a glut of new supply (Sunny Isles) or settle for somewhat older buildings, of which there are plenty built in the 60s and 70s and a handful from the 80s and 90s. Distressed sales in some of those buildings should drive prices to $200 per sqft.

Recent transaction prices at Oceanblue and Vilazul (the two properties mentioned above by jcrimes) have thus far touched $240 per sqft. but I am not sure you actually get much ocean view from most of the units in these properties.
45 JL /Aug 22, 2009 at 1:15 am Vote:

The spin on housing data is really strange and unlike anything you see in free markets. In stocks, if you see a share price falling dramatically on increased trading volume, that is a very bad harbinger. In housing, we are seeing median house prices falling dramatically year over year on an increased sales volume and that is being spun as something good. (It’s good in the sense that you need a crash before a bottom and this looks like a crash.)

Focusing on Miami condos –where we just witnessed a 48% sales volume increase in July 2009 compared to July 2008 but with a decrease in median price of 40%-, would the NAR and popular media consider things even better next year in July 2010 if sales volume increases another 48% while median prices drop another 40%???

This line of thinking doesn’t compute. During the real estate “Bull Market” years you had an increasing median price with increasing sales. That is bullish for property values. Decreasing sales price with increasing sales is bearish for property values.

The recent spike in home sales data simply shows homeowners capitulating and selling down the market and not buyers chasing up the market.
46 Wild Bill /Aug 22, 2009 at 1:57 am Vote:

Government need to stop giving incentives to buy ______. Truly an awful idea to encourage people to take on huge amounts of debt.
47 Odd & Sods /Aug 22, 2009 at 7:24 am Vote:

Post #43

Cockatoo

If you been looking for 1.5 years then you’ve either been looking in the wrong places or you’ve not looked hard enough. Everyone on here who has any sense knows that High End Beach Front Ocean View Condo’s are going for $64.00 per sq ft in bulk buys.
48 Clark /Aug 22, 2009 at 12:17 pm Vote:

JCRIMES

My contract at Everglades On the Bay reads that I am entitled to a 50 % return of my escrow deposit. How do I go about claiming that escrow money? And do I need an attorney to do this? and what kind of attorney and expected fees for attorney? Thanks in advance.
49 computer consultant /Aug 22, 2009 at 2:23 pm Vote:

Cockatoo,
Like it was said above take a look at Sunny Isles.
50 Cockatoo /Aug 22, 2009 at 2:51 pm Vote:

Thanks for the suggestions. Will check out the Sunny Isles and Surfside areas.
51 AJ, /Aug 22, 2009 at 3:14 pm Vote:

I am enjoying my vacation in the west Coast.The WX is gorgeous but…I drove along the coast and looked at the beaches (again) from La Jolla, Newport Beach, Seal Beach,Malibu and I know whyI love Miami so much. There is just no comparison. Even in the mid summer, the water is freezing cold, and as always the water looks murky and the beaches look muddy. The crystal blue waters and sandy white beaches of Miami (and Florida) cannot be replicated anywhere else in America. I guess there is just no place like miami. That is why my niece from LA flew down to Miami with all her friends just to have her bachelorette party at Nikki Beach. And as long as there are people like her besotted with Miami, its future is very secure and bright. I love Miami!
52 Computer Consultant /Aug 22, 2009 at 6:16 pm Vote:

A newly created Miami corporation has purchased 10 units in the Brickell on the River South Tower condominium for $156 per square foot, a 43 percent discount off of the project’s average closed price, according to a new report.
53 Odd & Sods /Aug 22, 2009 at 7:03 pm Vote:

Post # 52

They over paid!
54 Joe /Aug 22, 2009 at 7:44 pm Vote:

This housing “rally” is the biggest over-hyped issue in the media since the media turned Obama into a god.

Look at the sales breakdowns in any market: 90% of the sales volume is among houses priced at $200,000 or lower, and probably 90% of those sales are because of Obama’s $8,000 handout to buyers.

This housing “rally” is just Cash for Clunkers, part II. As soon as the $8,000 r.e. buyer incentive ends in 2 months, I bet the sales volume in the housing market will crash again.
55 Andrea /Aug 22, 2009 at 8:16 pm Vote:

When will the Epic be open? Looking to rent there starting in Nov if possible.
56 Lucas Lechuga /Aug 22, 2009 at 8:16 pm Vote:

Joe,

I’ve only had one buyer inquire about the $8K credit since it became available. Most of the buyers in the sub-$200K price range are paying with cash. You have to keep in mind that it is extremely difficult for buyers in that price range to obtain financing unless it’s in a newer building that applied for Fannie Mae approval.

As the CBS4 report stated, 1060 Brickell, Brickell on the River South and The Ivy have all had tremendous success when prices were reduced to around $200 per square foot. Many of these were purchased by South American investors. Someone commented earlier that this will only bring about another round of foreclosures from these “investors”. (1) The vast majority of these South American buyers are paying with cash. (2) Most are not looking to “flip” for another 5-10 years. Many of you are missing what’s going on in Venezuela and Argentina. The rich are trying to quickly get their wealth out of those countries before they turn into full fledged socialistic countries. I often look at my Google website statistics and I think it is no coincidence that Venezuela and Argentina rank 3rd and 4th for the countries where my visitors reside (United States and Canada rank 1st and 2nd).
57 Joe /Aug 22, 2009 at 8:33 pm Vote:

Lucas — I was talking about the nationwide “rally” and not about Miami in particular. But either way, my point about the lower-price properties remains valid. This isn’t a housing rally until there’s substantial action across all price points, rather than 80-90% of all sales being among the lowest-priced units/properties.

As for the South American buyers, that’s a whole other issue altogether. Miami obviously has been destination #1 for Latin money launderers, so I have no doubt that as prices fall, interest from those, ahem, “investors” will rise. But again, if this was truly a housing rally, then there should be sales among the high-end units/properties, and we’re not seeing that.

Remember, in the boom, there were stories galore of sales reps flying to South America and selling large numbers of million-dollar units sight unseen. Now, there’s next to no activity in those market segments. Rich people in places like Venezuela and Argentina live in huge palaces with servants, etc. I doubt a 2-bedroom on Brickell is their idea of a getaway. More likely, these units are being bought as rentals, and that’s not good for the market, no matter what anyone says.
58 Renter Tom /Aug 22, 2009 at 8:37 pm Vote:

AJ said: “I love Miami!”

- Yes, we know……. LOL
59 Lucas Lechuga /Aug 22, 2009 at 8:54 pm Vote:

Joe,

I agree with what you say about the high-end market. I firmly believe that the lower to mid-end of the market has bottomed but the high-end market has at least another year before it reaches any sort of bottom. There’s just too big of a price gap between the mid and high-end at this time. The lower to mid-end of the market has shown that buyers are ready to step in at the $100-$250 price per square foot range. The high-end of the market is still trying to fetch $500+ per square foot. That gap needs to shrink. I think within the next 12 months we’ll likely see discounted units at Icon Brickell, Epic, Marquis and Paramount Bay that will help to narrow the gap.
60 Renter Tom /Aug 22, 2009 at 9:18 pm Vote:

Hey Lucas….can you double check that the recent sales and recent rentals are up to date. The buildings I have looked at show 2 month old info. Thanks!
61 Lucas Lechuga /Aug 22, 2009 at 9:25 pm Vote:

RT,

Yeah I noticed. I emailed my website developer again about it earlier today. There must be some sort of glitch because all of the data was there the night that I published the post above. It looks like it reverted back to displaying April as being the most recent month for closed sales and rentals. I’m hoping that we’ll have this fixed by tomorrow.
62 Renter Tom /Aug 22, 2009 at 9:31 pm Vote:

Much thanks….
63 Lucas Lechuga /Aug 22, 2009 at 9:48 pm Vote:

Thanks for letting me know. I read your comment earlier in the week which is when I originally called my website developer. He said that he was going to take a look at the data that night to see if he could find the problem. I emailed him earlier today for an update. I do appreciate it when you guys make me aware of any glitches or fixes that need to be done.
64 BMW M3 /Aug 23, 2009 at 1:08 am Vote:

Yo Lucas, what do this sales at $200/sf do to investors who purchased at inflated prices? The ones that bought in 2005, 2006, 2007? What does this do to them genius? Do they keep paying a mortgage on a property that is overpriced by 40-60%?

What does turning the Ivy, Brickell on the River, and 1060 into rental buildings do to rental prices? What will happen when 900 Biscayne, Sunny Isles condos, Surfside condos, and Bal Harbour condos go all rental. Are thousands of people going to move into Dade over the next 12 months?

Have you ever heard of supply and demand? Flooding the market with rentals makes being a renter even better! This is what I’ve been waiting for.

Jade Beach: lowest rent at opening was $3200. Then in June $2800. Now a property at $2250! I’m moving UP UP UP once a one bedroom hits $1800 Once they liquidate the stock do you think rents will go up or down? BOO YAAAA!
65 BMW M3 /Aug 23, 2009 at 1:14 am Vote:

Cali vs Florida:

I prefer Florida, but arguing Miami is better than the West coast borders on the insane. Cali is highly regarded by most. Miami is viewed as a toilet. I really don’t care though, I won’t give up 10% of my salary to pay for some turd to go to college for free.

From my own experience: the smartest people in every med school in the country fight tooth and nail for residency positions in Cali, not Florida. These are people much smarter than me and much smarter than AJ. What does AJ know that they do not? They don’t know the water temp?

AJ, crack is whack. Take your lips off the pipe. Quit smoking the rock bro.
66 Donzi /Aug 23, 2009 at 2:08 am Vote:

Guys, Higher interest rates are next, along with higher property taxes, higher electric rates and higher condo/coop fees. Oops forgot higher insurance rates, if you can still get insurance. Higher real estate prices in my lifetime, doubt it? Good luck to all.
67 AJ, /Aug 23, 2009 at 8:58 am Vote:

Donzi,

When the JFK long term parking rates went up from $10 to $15/day, people thought no one is going to park there anymore. Well wrong, it is almost impossible to find a spot there. The rates recently went up again from $15 to $20. Same thing. No one cut down. Same goes to the toll bridges in NYC charging between $6 to $12 one way. No one is blinking. Miami beach parking lots too raised daily rate from $8 to $15. Yet on some days, the lots are full by 11 am. People get used to the hikes. Insurance, HOA, Utilities et all will go up. Life goes on.
68 Odd & Sods /Aug 23, 2009 at 11:10 am Vote:

AJ,

I hope you income is going up in tandem otherwise it’s foreclousure city for laddie.
69 BMW M3 /Aug 23, 2009 at 1:46 pm Vote:

Bridge and parking fees are unavoidable. Further, do you have statistics to show that bridge utilization is up or is AJ just relying on his histrionic powers of observation? Total miles driven are down yoy.
70 AJ, /Aug 23, 2009 at 2:51 pm Vote:

Incomes are not going up. But what is happening is that people are diverting money from disposable incomes set aside for discretionary purchases towards lifes everyday necessities such as tolls to go to work and the raising utilities.
Americans have one of the highest disposable incomes in the World, like as much as 50% of their salaries in some income groups. Some 3rd World countries have a disposable income of 10% or less. Many countries fall in between. So what will happen is that our share of disposable income will become less and less. So less shopping and less indulgences more money will go towards paying bills. Oh well, Americans have to learn to live and adjust to the new reality. The rest of the World has been doing it all along.
71 AJ, /Aug 23, 2009 at 3:26 pm Vote:

Who elected this arsehole?
http://www.miamiherald.com/486/story/1198476.html
72 gables /Aug 23, 2009 at 4:16 pm Vote:

AJ,
You do realize the loss of disposable income is a serious negative for the US economy, which thrives on disposable rather than necessary purchases to grow. We will adjust, but as utilities, tolls, etc increase and incomes stagnate, serious side effects will occur. People purchasing new homes will not stop, but they will continue to pay less for new RE purchases to accommodate their new levels of disposable income. People cannot negotiate lower utilities and tolls, but they can negotiate lower rents and purchase prices.
73 gables /Aug 23, 2009 at 4:20 pm Vote:

AJ,
read the same article and had the same reaction! That is quite disgusting and symbolizes the major problems that exist in Miami. Let’s double somebody’s pay because it is less than somebody else in a similar position makes. And do it while we are in a budget crisis. Our leadership down here is an embarrassment. Miami survives in spite of its leadership! Can you say Banana Republic!
74 JL /Aug 23, 2009 at 8:13 pm Vote:

“County Manager George Burgess, for instance, is paid an annual salary of $345,515, plus $100,466 in cash and benefits… Assistant county managers like Cynthia Curry and Alina Hudak earn annual salaries of $253,768 and $258,967, respectively”

“President Obama’s Chief of Staff Rahm Emmanuel earns $172,200 a year”

——-

Sounds about right. Welcome to Miami… “what’s yours is mine, and what’s mine is mine.” just keep it on the down low.
75 JL /Aug 23, 2009 at 8:19 pm Vote:

Since we are talking about salaries, an oldie but goodie from last year:

http://www.biscaynetimes.com/index.php?option=com_content&view=article&id=301:gravy-train&catid=46:features&Itemid=162

Atlanta does more with less, and does it far less expensively than Miami.
A more revealing city-to-city comparison is Miami and Atlanta. In terms of population, Atlanta (519,000) is substantially bigger than Miami (404,000), but the two cities are very close when it comes to cost of living and wage levels. Despite the need to serve 115,000 more residents, Atlanta has just 500 more city workers than Miami — 4500 vs. 4000. Plus the City of Atlanta is responsible for running Hartsfield International Airport, which is big and busy and comparable to Miami International Airport. But down here, the county operates the airport, not the city.

Somehow Atlanta manages to get everything done with just six city employees who make $200,000 per year or more. Six. Of those, two are airport executives, meaning they have no equivalent in the City of Miami and shouldn’t be counted. So a mere four City of Atlanta employees have salaries in the $200,000 range, compared to 97 for Miami. (For more details, see accompanying charts.)
76 JL /Aug 23, 2009 at 8:23 pm Vote:

City of Miami Is Golden Goose for Some Employees
-City dishes out some of the highest salaries in the country despite being one of the poorest cities

http://www.nbcmiami.com/news/local-beat/City-of-Miami-is-Golden-Goose-for-Some-Employees.html?corder=regular&pg=1
77 900 fan /Aug 24, 2009 at 12:27 am Vote:

Lucas ban BMW M3 already. I can’t beleive you let him talk down to you on your own blog. This is getting absurd.
78 Odd & Sods /Aug 24, 2009 at 12:54 am Vote:

A question for the Ace if you are out there as you are the only blogger that not only told the truth but were right on the money each and every time.

Ace, is this a good time to buy?
79 JL /Aug 24, 2009 at 7:02 am Vote:

Surprising, yes or no?

http://www.miamiherald.com/business/story/1199774.html

“According to new data from Moody’s Economy.Com and Equifax, there’s more than $14 billion worth of credit card debt that’s delinquent or in default in the Miami-Fort Lauderdale area.

For the second quarter, 25 percent of the Miami area’s credit-card debt is troubled. In Fort Lauderdale, that percentage is just more than 22 percent. That’s what I’d call knee deep, especially compared to the national average of 13 percent.”
80 condoswindler /Aug 24, 2009 at 8:16 am Vote:

Interesting that two prominent stae officials havent paid their Tax bills and are seriously believing that they should continue with their election plans-blaming it on their lawyers yet isnt it we the people’s responsibility to pay taxes-even if they are in question still pay them…not our lawers…

Just another reality check in the state of Politics, Real Estate and all the nonesences that gives the magic city the reputation we have so lived up to and continue to live up to…
81 Lara /Aug 24, 2009 at 10:24 am Vote:

http://realtytimes.com/rtpages/20090824_condotrends.htm

Interesting article with more questions than answers
82 Drew /Aug 24, 2009 at 10:45 am Vote:

http://southflorida.bizjournals.com/southflorida/stories/2009/08/24/story2.html?b=1251086400^1966581

Fountainbleau Miami Beach in $10MM foreclosure suit filed by unpaid subcontractor.

jcrimes, is this the big news you have alluded to?
83 southbeachsand /Aug 24, 2009 at 11:05 am Vote:

I still can’t believe those guys tried to build that huge Vegas Fountainbleau so far north up the strip.
84 Mr. J L Whinston /Aug 24, 2009 at 11:23 am Vote:

ACE is long gone gone gone. NOW HE USES MANY OTHER ALIAS’S
85 Watcher /Aug 24, 2009 at 1:51 pm Vote:

Just like Home Depot, GM, Chrysler, AIG, Meryll Lynch, … these companies either bankrupted or lost billions but the CEOs are paid ridiculous salaries. OTOH, Toyota was making billions in profit (before the recession), but the CEO received only 1 million annually.
In the end, it’s the shareholders’ fault. In the case of Miami, it’s voters’ fault.
86 jcrimes /Aug 24, 2009 at 2:37 pm Vote:

Drew
…
87 Miami2009 /Aug 24, 2009 at 5:18 pm Vote:

Just saw an ad that One Bal harbour units are starting at around 200K. Any truth to this since the recent bulk sale?
88 condoswindler /Aug 24, 2009 at 6:42 pm Vote:

YES!
89 Odd & Sods /Aug 24, 2009 at 7:45 pm Vote:

Post # 84

Mr. J L Whinston, are you the Ace?
90 Odd & Sods /Aug 24, 2009 at 8:04 pm Vote:

“Too often to outsiders, high-paid executives become just names with salaries next to them,” the mayor wrote. “That’s unfair. You never truly know someone until you’ve walked a mile in their shoes.”

For $250K per year I’d walk ten miles in the Major’s shoes. No wonder Miami Condos aren’t dropping as fast as the rest of the country. The Major of Miami and his staff cronies are living in them high on the hog at the tax payers expense. This also explains why Miami does not list the true sales price on it’s tax assessment of foreclosed properties. The Mayor and his cronies don’t want the value of their tax payer funded Penthouses at the Jade & Blue to drop to precipitously!

WE THE PEOPLE: It’s time to water the tree of Liberty!
91 JR HEWITT /Aug 24, 2009 at 8:59 pm Vote:

Odd & Sods YOU ARE 100% “The ACE” for one
92 Odd & Sods /Aug 24, 2009 at 9:10 pm Vote:

Wow, I am truly flattered JR Hewitt only I wish but I’m afraid it ani’t so.
93 JL /Aug 24, 2009 at 9:15 pm Vote:

Who is “The ACE”? Never heard of the guy. Did he get foreclosed on?
94 Odd & Sods /Aug 24, 2009 at 9:16 pm Vote:

Has anyone noticedlately that there are a lot of new names popping up out of the blue claiming to be the Ace or knowing who the Ace truly is, examples of which are: JR HEWITT – Mr. J L Whinston – BMW M3 – Renter Tom & AJ the last two of which are really suspect.
95 Mr Waverly /Aug 24, 2009 at 9:24 pm Vote:

I just received notices for the expected taxes on my Boynton Beach properties.
The bills will go down between 25-29% for 2009.
There is no reason other than mismanagement that Miami taxes are not going lower.
With 1751 city employees making over $100,000 and almost 100 making over $200,000 you would expect top performance. Clearly we are not getting when we pay for here in Miami.
96 JL /Aug 24, 2009 at 9:31 pm Vote:

Interesting factoid.

When you go to the North East, income is usually well correlated with education and work ethic.

When you come down to Miami, income is usually inversely correlated.

But we got nice beaches.
97 BMW M3 /Aug 24, 2009 at 9:56 pm Vote:

Hey, tax credit likely to get 6 month extension further kicking the can down the road. This is great. Since the tax credit can be used as a down payment it will temporarily support prices but to the detriment of the rental market. CR did a story on how a lot of deadbeats are planning to use the tax credit. This extracts more and more renters from the demand side of things. The “investors” purchasing properties “to hold for 5- 10 years” LOL! adds lots O’ rentals on the supply side.

Can you peeps guess what happens next?
98 JL /Aug 24, 2009 at 10:57 pm Vote:

“tax credit likely to get 6 month extension”

I imagine most people buying for the tax credit probably bought already. Eventually, they will need to up the amount and drop the first time buyer clause to make it meaningful again.
99 Drew /Aug 25, 2009 at 8:43 am Vote:

There are a few pending bills regarding the tax credit extension. I believe one proposal ups it to $15,000 for another 6-12 mos, another proposal just extends the $8,000 for 6-12 mos, and a third makes the credit applicable to all purchases, not just first time buyers.

I think its safe to assume that some form of the credit extension will be passed as law. But it seems like realtors, their lobbyists and the gov’t wants to create a sense of urgency among the public that the credit will expire on Nov 30 and no longer be available thereby spurring alot of sales the remainder of 09. If and when the extension is passed, it won’t occur until the 11th hour (Oct or Nov this year).

Also, I believe Florida passed a law that allows the $8,000 to be used as a partial down pmt or to be used for closing costs rather than getting the credit on next yr’s tax filing…but I heard that Fla is having some problems effectuating this (not enough $$ is being released for buyers’ funds).
100 Lina /Aug 25, 2009 at 10:47 am Vote:

Hey Guys,

I am looking to purchase an apt in the Brickell area. I have seen most buildings in the area and yesterday I saw Infinity for the first time. I honestly was not expecting it to be that nice and as well kept as I found it. All units are very spacious as opposed to most other buildings in the area. Also, the ammenities were very complete. Does anyone by any chance have any other information on this building? As far as what percentage of the building has sold? If the developers are in good standing with their lenders, etc… I would greatly appreciate your help with this matter.
101 Miami2009 /Aug 25, 2009 at 10:51 am Vote:

WOW…just saw a listing at One Bal Harbour for a 1 bed/1.5 bath 1147 sf. HOA is listed at $3659/mo and taxes about 15K. Who in there right mind would pay this much??? This must be a mistake.
102 Juan /Aug 25, 2009 at 3:05 pm Vote:

Regarding the One Bal Harbour deal. Many of you keep taking about the $63 psf price. That’s not the real price. The total sales price was $14.6 million, not 2.6 million for the 41,047 sf.
103 Miami2009 /Aug 25, 2009 at 4:31 pm Vote:

At $3659/mo for HOA they can’t give those units away…
104 Cockatoo /Aug 25, 2009 at 5:03 pm Vote:

Posts #87, 88 + 100

Where does one look to see units for sale at One Bal Harbour @ $200K ???

When I look here: http://www.miamicondoinvestments.com/for-sale/Bal-Harbour/One-Bal-Harbour/

..I see nothing under $600/ft that is currently listed…and a price range of $569K – $6M.

Is there another online source I should be looking at ?

Thanks
105 condoswindler /Aug 25, 2009 at 5:03 pm Vote:

FYI no one has seen a dime in $ dollars from that FTHB-Moneys slowly trickling in yet my clients are still awaiting the perverbial run around-am I wrong anyone you all know get theirs from Charlie please please correct me!
106 southbeachsand /Aug 25, 2009 at 6:26 pm Vote:

10 Museum Park 1 bedroom down to $199k? eeek.
107 JL /Aug 25, 2009 at 6:47 pm Vote:

re: Juan #101

“Regarding the One Bal Harbour deal. Many of you keep taking about the $63 psf price. That’s not the real price”

Of course nobody is stoopid enough to believe that… but it sounds good and we are in Miami where marketing trumps truth every time.
108 Samuel Clemens /Aug 25, 2009 at 7:36 pm Vote:

TEN MUSEUM PARK

Noticed this morning driving East on 395 McArthur Causeway that Ten Museum Home Owner Association might be having cash flow problems – as they have resorted to leasing out the backside of their building facing west with a gigantic Calvin Klein underwear billboard ad. Illegal I might add. Desperados!
109 southbeachsand /Aug 25, 2009 at 8:24 pm Vote:

Proving that money doesn’t buy taste….two units at Apogee are lit up inside with black lights. lol
110 Apogee party man /Aug 25, 2009 at 9:29 pm Vote:

The Mood lighting I use to entertain my ladies is none of your business.
111 Renter Tom /Aug 25, 2009 at 11:49 pm Vote:

In case you were wondering… or not… someone asked me if I thought home prices in our area have bottomed. I know there are differing market segments that such as condos, single family, etc. and of course specific location market areas. But, in general, I am looking at a few factors (besides the obvious monthly supply numbers which are being a bit manipulated by govt actions right now so are skewing the indicator in ways that are not knowable with a high degree of certainty):

(1) New home starts….is there enough demand out there that builders can build and command a profit margin?

(2) Has unemployment peaked?

(3) Have foreclosures peaked?

(4) Disposable incomes….are incomes going down while taxes going up?

(5) Housing retailers such as Lowe’s and Home Depot….are people willing to invest in their current homes? The $50K-$100K kitchen remodels, etc.

I personally think these are important econ factors to look at as people attempt to call a “bottom”.
112 JL /Aug 26, 2009 at 1:07 am Vote:

I can see a case for 250K and under houses bottoming since their financing is quite “affordable” now due to low interest rates, easy loan approval and the 8K rebate.

However, the expensive stuff ie. 600K+ is not moving so either prices have to come down there or the financing has to ease dramatically.

For a 250K and under purchase you can get an easy approval with a 650 fico, 5-10% down and at a low interest rate.

Compare that to a 600K jumbo buyer who might be required to have a 730 FICO, 30-35% down, and 1% higher on the interest rate. In the high end, the demand data is being really skewed by the bleak financing picture. Either prices have to come down sharply or Obama needs to throw a bone to the “rich” folks and open up the JUMBO credit spigots which I am sure he and Pelosi are dying to do…
113 edwood /Aug 26, 2009 at 1:44 am Vote:

Does anyone out there have good knowledge/feedback on the Lexi…and NBV in general? I’ve seen a couple of brief comments on this blog, but nothing very substantial. Thanks in advance for any advice you can provide!
114 Odd & Sods /Aug 26, 2009 at 2:02 am Vote:

The murdering scumbag Ted Kennedy is dead and unlike his Presidential brother John this philandering reprobate will not be missed.

As George M. Patton once said “the only good commie is a dead commie” and the tree of Liberty has been watered tonight.

Long Live the Republic!
115 Mr. J L Whinston /Aug 26, 2009 at 8:42 am Vote:

Will the “REAL ACE” please stand up!!!!!!! and be a man
116 bubbleRefuge /Aug 26, 2009 at 10:49 am Vote:

bubbleRefuge, I live 360 but have seen units in the lexi which are very nice. They are generally bigger, have nicer kitchens and finishes, have tile flooring ( as opposed to carpet in 360) , and have very nice unobstructed views. There is a retail shopping center at the base of the Lexi. Both allow big dogs. If dogs annoy you, don’t move into either. 360 is bay-front and has quite a large gated area including a nice marina-front greenbelt where you can walk. Lexi doesn’t have anything like this.
117 computer consultant /Aug 26, 2009 at 11:00 am Vote:

More bulk sales

http://www.bizjournals.com/southflorida/stories/2009/08/24/daily28.html

http://www.miamiherald.com/business/story/1197584.html
118 DJ /Aug 26, 2009 at 3:43 pm Vote:

edwood,

I actually just closed on unit 1702 at the Lexi last monday and have gotten about 50% moved in already. I LOVE the building. I think I got a great deal on this unit as a short sale. It’s 1753 sq. feet, 2 bed, 2.5 bath, corner unit….very, very spacious. It also has a 625 sq. foot wraparound balcony, which is HUGE. The views are amazing. You can see water for 270 degrees with direct views of sobe, the port of miami, brickel, downtown, all of mainland miami up to aventura. It’s really is pretty spectacular. Sunsets over the bay are amazing. The previous owner put in $50,000 marble floors and some other very nice upgrades too. I’ll take some pictures and post them here once I have things set up a little more.

As for the building itself, I couldn’t be happier. Really nice overall, but not over-the-top, and no stupid amenities to jack up the maintenance fees. My maintenance is less than $600/month, and property taxes will be around $7,000 per year. Quite affordable. It also comes with two deeded parking spots and a storage unit in the garage.

NBV is also really cool IMO. It’s got a nice little community feel to it, but it’s really smack dab in the middle of Miami and Miami Beach. A short drive and your in southbeach or in the other direction, biscayne. Nice little restaurants, etc. too.

If you’re interested in the building I recomend checking it out. Just give a call and set up an appointment. I’m not sure of the exact number but the developer definately has some units left (he’s filled quite a few lately with occupants under his lease-t0-own program), or look at some of the units listed as resales….that’s how I got my unit.

Good luck, and if you have anymore questions, feel free to email me. djpoop@aol.com
119 daveG /Aug 26, 2009 at 4:07 pm Vote:

Honestly,

Whether or not you agreed with his politics, Senator Kennedy has passed away. Don’t you you think the man at least deserves to rest in peace?

I’m not saying you should agree with his politics, but how low do you have to be poke fun at a man, on the day he died no less.

This is just distasteful. If you disagree with me, then so be it, and have fun. But for the sake of compassion, I don’t see why you can’t just refrain from such comments. It didn’t contribute to this board in any way.
120 Probably too Cynical /Aug 26, 2009 at 4:11 pm Vote:

anyone know what all the police are doing now on Brickell ave? about 10-15 cruisers parked up and down the street looking for something, with several around the people-mover station just behind 500 Brickell building.
121 Renter Tom /Aug 26, 2009 at 4:35 pm Vote:

Hey DJ – Congrats and enjoy your new unit. I like the square footage which is generous for a 2/2.5 and the HOA dues and taxes seem reasonable. Best wishes!!!
122 DJ /Aug 26, 2009 at 4:41 pm Vote:

RT, thanks bud! It feels really good to finally be living here after taking a long ride on the short sale roller coaster. I look forward to taking some pics and sharing them with you guys once I get the place finished up.
123 edwood /Aug 26, 2009 at 5:15 pm Vote:

BubbleRefuge & DJ,

Thanks for all of the great feedback on Lexi and NBV. It’s much appreciated! Bubble – funny you brought up the subject of dogs, as my dog is of primary importance to me. DJ – your unit sounds fantastic! I’ll definitely give the Lexi a good look in the next few days and we’ll see how things go.
124 daveG /Aug 26, 2009 at 5:43 pm Vote:

edwood,

check out the deal at space01 that lucas found, looks like a pretty sweet place to me . . .very well priced too!

if you like north bay village its worth a look!
125 Odd & Sods /Aug 26, 2009 at 5:44 pm Vote:

Why would anyone in their right mind want to have compassion for a murdering scumbag who ought to have died in stripes, prison strips that is not pin strips. I’ll save my compassion for the teenage girl that he murdered.
126 daveG /Aug 26, 2009 at 5:54 pm Vote:

That’s just cold, but to each is own.

You have every right to express your views, I just don’t understand why you feel the need to do it here?

Nobody asked what you think.
127 Cockatoo /Aug 26, 2009 at 7:51 pm Vote:

Post #116

Hey DJ:

Congrats on your purchase. I am glad you posted about this because just last week I was looking at the Lexi (online) and I was surprised how big the units are and the prices for listings seem good compared to other units.

Do you have any info with respect to the state of affairs in the building ? That is # forclosures, assessments etc ?

Congrats again
128 Renter Tom /Aug 26, 2009 at 11:42 pm Vote:

Came across this article while looking for condo building heights….oh 2005, those were the good old days. Reach for the stars! I wonder how the developer is doing today?

————————–

“Posted on Thu, May. 05, 2005
Springhill Suites

DOWNTOWN MIAMI

Plans for world’s tallest condo tower unveiled

Miami’s new landmark? A developer is proposing to build the world’s tallest condo tower — 1,200 feet and 110 stories high — on Biscayne Boulevard.

BY MATTHEW HAGGMAN

mhaggman@herald.com

The South Florida building boom may be reaching new heights, with a developer proposing what could be the world’s tallest condominium in downtown Miami.

Leon Cohen is preparing to submit plans with the city of Miami to build a condo tower and apartment-hotel tower that would each rise 1,200 feet along Biscayne Boulevard.

If built, both 110-story skyscrapers would be the tallest in Florida, and the condo tower would rank as the tallest residential high-rise in the world, Cohen said.

The 21st Century Tower in Dubai, 883 feet tall, is currently the world’s tallest residential building, according to Germany-based Emporis, which tracks high-rise construction. Florida’s tallest high-rise is the 789-foot Four Seasons Hotel & Tower on Brickell Avenue in Miami.

But Cohen, who grew up in Paris and moved to Miami Beach in 2000, faces severe hurdles in getting approvals to build so high. The Federal Aviation Administration has limited the height of new buildings along Biscayne Boulevard so as not to interfere with planes flying into Miami International Airport.

Called Empire World Towers, Cohen’s development would rise on an L-shaped, roughly two-acre parcel at 330 Biscayne Blvd. The two towers, projected to include 1,000 condo units and 500 apartment-hotel units, would wrap around the Holiday Inn hotel at the corner of Biscayne Boulevard and Northeast Fourth Street.

MIAMI = NEW YORK

”Miami is what New York was in 1945,” Cohen said Wednesday, who shrugged off any concerns about too many new condos being built in downtown Miami. “Biscayne Boulevard will become Fifth Avenue.”

On Monday, the developer formally purchased the property from Allen Greenwald for $31.7 million, he said. Demonstrating how Miami’s prices have raced upward amid the region’s ongoing condo boom, Greenwald purchased the site in April 2004 for $16.5 million.

Edie Laquer of Laquer Corporate Realty in Miami, who called the project ”innovative,” brokered the sale.

AIR NAVIGATION

FAA public affairs manager Kathleen Bergen, who works out of the agency’s Southeast region office in Atlanta, said the heights of all buildings are considered on a case-by-case basis. FAA staffers perform a computer analysis studying the longitude and latitude of a structure to determine if a building is a hazard to air navigation. It is not uncommon, she said, to negotiate with developers over height, markings and lighting.

”Miami is a very busy place for us for airspace studies,” Bergen said. “That is much taller than what has been proposed. But we would take a look at any proposal that came in.”

Developer Pedro Martin, who plans to build high-rise condo towers nearby at 600 and 900 Biscayne Blvd., said his building heights were limited to 649 feet.

”Would they go to 1,200? I have no idea,” Martin said, who added that projects like Cohen’s, which are located closer to downtown Miami, may be allowed to rise higher.

Cohen insists he can win approvals for the two towering structures — and expressed total confidence he can build at least 900 feet high.

”I would not be talking about this if I didn’t think we could do it,” he said.

Cohen, whose company is Maclee Development, said this would be his biggest project. He completed a partially built, 52-story hotel in New York, the Flatotel Building. He’s now constructing a six-story condo hotel, the Empire Ocean Residence, at the site of the former Charles Hotel at 1475 Collins Ave. in South Beach.

The developer hired Alexandria, Va.-based Aviation Management Associates to conduct a study on the project. In the report, Aviation Management concluded Empire World Towers would create some problems for aviation but that those issues could be solved.

BUILDING CHALLENGES

Meanwhile, the building creates significant engineering challenges. Cohen, for instance, said the building will be the tallest concrete structure in the world. “This is due to the hurricane weather in South Florida.”

Still, some are skeptical.

”Why so high?” said real estate analyst Michael Cannon, who also questioned if condo buyers would want to live so high. “I hope they do a good wind test because you have some major atmospheric pressure on a building that high.””
129 edwood /Aug 26, 2009 at 11:45 pm Vote:

Dave G -

Thanks for your recommendation, too, on Space01! Interesting and worth a look…
130 Renter Tom /Aug 26, 2009 at 11:47 pm Vote:

Oh, never mind….just did a quick google search on the developer, not good. Maybe the dude was manic or something???

————-

“Developer of Empire World Towers faces New York judgment

Leon Cohen, the Miami Beach developer who proposed a 93-story skyscraper in downtown Miami, faces default judgment in New York State Supreme Court over financial fraud allegations related to a former hotel redevelopment project.

The New York lawsuit alleges Cohen defrauded a French lender in a multimillion-dollar transaction.

Supreme Court Justice Walter Tolub wrote the decision against Cohen, his father Maurice Cohen and other defendants on Aug. 13 in connection with alleged civil fraud at the Flatotel in midtown Manhattan.

According to Tolub’s ruling, the “defendants’ long-standing patterns of default, lateness and abject failure to comply with court orders amounts to willful … conduct, which not only warrants,, but necessitates … award of default judgment.”
…..

http://southflorida.bizjournals.com/southflorida/stories/2008/08/25/story5.html
131 Odd & Sods /Aug 27, 2009 at 2:38 am Vote:

To Post #124

The reason that we can and do express our views here is because of a little something called The United States Constitution and it’s First Amendment:

“Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances”.

Something that the drunken scumbag Ted Kennedy spent his entire life trying to destroy.

PS: My sincere apologies to scumbags for associating you with Kennedy.
132 DJ /Aug 27, 2009 at 9:21 am Vote:

Cockatoo (#125),

As to your question about the state of the Lexi, I can say that I did quite a bit of research before buying a place there, as that was really my main concern. If you’re renting, who cares, but obviously no one wants to buy into a sinking ship. From what I could gather, I think it is run quite well, especially in comparison to other buildings down here. I don’t have any stats on foreclosures, but in looking through the records and units for sale over the past year, I’ve never seen any foreclosure listed or sold. There are several short sales that pop up (how I got my unit), but as far as I can tell, no foreclosures yet, although I could certainly have missed something.

There have not been any assessments thus far and maintenance is very low. The HOA is still in the hands of the developer and he uses a property manager, lady named Edna, who runs everything. She’s really nice, and let me know that all units are either current on HOA dues or less than 30 days late. She told me if someone is unable to pay their dues that month, they’ll work with them and try to come to a temporary arrangement to get them current. If any units falls more than a few months behind, they will put a lien on the property. So, I was happy to hear that they do stay on top of collecting dues, and don’t shy away from taking aggressive action such as placing a lien, if anyone is seriously delinquent. Once the HOA switches over to the owners, obviously there will be some changes, but I personally plan on running for a position on the board since I want to make sure my building is run well.

One thing that concerned me for a minute is that there is currently an action pending against the developer by his note holder to try and take control of the unsold units in the building. I’ve been scanning the docket every couple of days to see if there have been any new filings, but I haven’t seen much activity. From what I’ve heard, both parties are trying to come to an agreement. Bottom line, this shouldn’t affect anything in the near future. If the action continues, I could take a year to two run it’s course. If the note holder won, they would basically step into the shoes of the developer and become the new developer. I looked into the corporation that holds the note (it was bought from regions bank by a private entity), and they’re a huge development corp based out of palm beach. So if anything happened, it would basically mean the unsold units would switch from one developer to another, and then they’d be the ones selling the unsold units. Like I said, if that happened, it would probably take at least a year, probably two, but my opinion is that both parties will work something out long before that.

Sorry for the longwinded post. Basically, my ultimate opinion is that the building is in a good position.
133 computer consultant /Aug 27, 2009 at 11:09 am Vote:

A South Florida private equity group has paid $126 per square foot for an entire 63-unit residential tower in the western portion of Miami’s trendy Brickell Avenue area.

Designed as a loft condominium tower with two-story units and a rooftop swimming pool, the project dubbed Brickell Station Villas never was able to open, clearing the way for the Aug. 19 bulk deal.

Brickell Station Lofts LLC, with Marcel Apeloig, Claudio Dolman, Brett Houston, and Robert S. Lecther, paid $10.24 million, a 42 percent discount on the original loan amount, for the white 12-story building constructed immediately west of the Mary Brickell Village outdoor retail center. A Metrorail train station and elevated tracks with a park below on the street level separate the tower from the retail center.
134 daveG /Aug 27, 2009 at 11:21 am Vote:

Odds,

I never said you are not free to express your beliefs. I know why you are allowed to say what is on your mind. I believe in the same constitution that you do, I agree that you have every rigth to do so.

I just don’t see where it came from. The death of Sen. Kennedey wasn’t discussed at all prior to your comment. Nobody asked what you think.

I guess you have nobody to talk to, so have your fun here. Nobody else is paying attention anyway, and I’m done too. No use in trying to have a conversation if you don’t read what I say. You are answering questions that were never asked.

Have fun.
135 daveG /Aug 27, 2009 at 11:24 am Vote:

Anybody here know what the construction is for down by SE 25 rd in Brickell? – its down by the Rickenbacker causeway, looks like there building new dock space at Brickell Biscayne Condo?

Also – anybody have any insight about 2451 Brickell Ave? Its the Brickell Townhouse. I saw a great condo there, and I was wondering if anybody knew anything about the place, how its run, etc. . .

It is an old building, and I have my concerns – but its well maintained, renovated, and the bay views are fabulous.

Anybody ever heard of Brickell Townhouse? Lucas?

Thanks in advance, I look forward to hearing from you.
136 gables /Aug 27, 2009 at 12:34 pm Vote:

daveG, certainly the Constitution provides us with wonderful rights. but it does not prohibit somebody from acting without class. case in point.
137 Ed /Aug 27, 2009 at 12:45 pm Vote:

DJ

Congratulations on your pourchase. Long process but apparently worth the wait.

Now that you shared the unit number, do you mind sharing the purchase price? (This information will be available at the property appraiser’s website anyway).

I am very interested in the building as well. I saw that the previous buyer bought in 11/2007 for $596,900. I am guessing you bought for around $300k?

Thanks
138 Cockatoo /Aug 27, 2009 at 12:58 pm Vote:

DJ (#130):

I am definitely going to take a look at a couple units at the Lexi.

I really appreciate you doing all that typing because that is excellent information to have. I know it is always a bit of a gamble w.r.t. what might happen in the future with a property, but it sounds like this one is in decent shape.

Listen, thanks again and enjoy your new home !
139 DJ /Aug 27, 2009 at 1:23 pm Vote:

Ed, I bought it for $371,000. I might have overpaid by a little, but remember the previous owner put $50,000 in upgrades in, so I think I got a pretty decent deal.
140 DJ /Aug 27, 2009 at 1:31 pm Vote:

BTW, to those looking into the Lexi, I just noticed that the devloper is listing a few of the leftover units on the MLS. This one in particular caught my eye: http://www.miamicondoinvestments.com/property-search/view.php?mlsid=D1356822

The 02 line is by far the best in the building, and this is the last unit left in that line. In fact, I initially put an offer on this unit months ago, before finding the short sale that I just bought. It says in the listing that the developer will also finish the unit out for you at no extra cost, so I’m assuming that means installing flooring, etc.
141 Ed /Aug 27, 2009 at 2:50 pm Vote:

DJ

Thanks for the info… Yes, you might have overpaid a tiny bit, but $211/sf seems pretty nice for that unit with the finishes you mention and such a high floor. This is over a 40% discount from Nov 2007!

Enjoy!
142 Odd & Sods /Aug 27, 2009 at 6:03 pm Vote:

No truer word ever spoken Gables as I couldn’t agree more; Kennedy lacked classed to the highest degree.
143 Odd & Sods /Aug 27, 2009 at 6:06 pm Vote:

Damn #131

At $126.00 a sq ft is only $1.00 above the Ace’s prediction.

Wow, now that’s what I call a real estate expert!

Nice one Ace.
144 Samuel Clemens /Aug 27, 2009 at 6:53 pm Vote:

What O&S misses of course, is that implicit in his right to free speech, he has at the same time now made a public fool of himself for all the world to see. We all now know to never ever take his posts seriously.
145 Odd & Sods /Aug 27, 2009 at 7:35 pm Vote:

Mark Twain,

Do not worry about that as I’ve never taken his posts serious in the first place.
146 condoswindler /Aug 27, 2009 at 8:47 pm Vote:

you all need to take a step back as I am in the game and like a poler dealer see the greed and the glory and the reality-

Here it is plain and simple….

So You want a condo in miami-
Bulk deal is negotiable based on product yet will owner listen…
Onesies twosies are not BULK so wake up-
$126 is good BUT not for you looking at the onsies twosies….wake up!!!!
Betta have cash and lots of it!
Wanna short sale deal w bank 4 months and better have cash!Q
Dont bother all us realtor professionals with an inquiry for short sale why because you aint gonna get it so dont waste my time unless you want bidding war all cash! I am there dont believe the hype

Your all welcome for my free lecture-I encourage you all to wake up up and smell the roses!!!
147 Odd & Sods /Aug 27, 2009 at 8:55 pm Vote:

Condoswindler has to be the ACE!
148 JL /Aug 27, 2009 at 10:20 pm Vote:

Who is ACE? never heard of him
149 jz90 /Aug 27, 2009 at 11:14 pm Vote:

Hello everybody,

I’ve been following this board a while, and I have a pressing issue that I’m dealing with . . . if anybody has ANY advice, it would be incredibly appreciated.

I’ve been working on a short sale with a realtor, the owner, and bank for 4 months now for a condo in Miami. Good news – we finally got approval and are set to close in less than 3 weeks!

Bad news – the previous owner is still living in the condo at full force.

The owner is really nice, but I’ve learned from experience never to trust anybody. If they still have all of their belongings in the condo when the closing day arrives, what should I do? I don’t want to blow the deal with the bank, but I sure don’t want to close on an inhabited apartment!

The owner is required to sign off on everything with a short sale, and she seems to be really cooperative so far. BUT – I don’t know what the laws are in Florida. She says she doesn’t have anywhere to move yet!

Would I have to evict the previous owner after closing? How long does this usually cost? How long does it take?

OR – could I just show up and change the locks? I don’t think this could be legal, but hey – if she signed the deed over to me, what are my options?

I’m very worried about all of this, and I would love to hear any input that you have.

Have any of you ever dealt with a situation like this?

Thank you for listening to my concerns, I look forward to hearing what you have to say.
150 Renter Tom /Aug 28, 2009 at 12:02 am Vote:

jz90 – I hope you have a lawyer to look over the closing docs then you can ask about the person that may be in possession at closing. You MUST make it a condition of closing that there be NO ONE in POSSESSION of the real estate. That should be pretty standard. But I would NOT rely no Realtards® nor title companies to look out for your best interests nor are they legal experts qualified to give legal advice. You need legal counsel, period.
151 Pink Panther /Aug 28, 2009 at 12:15 am Vote:

Odds & Sods = Ace = BMW M3 = Mark (Not Zilbert)
152 jz90 /Aug 28, 2009 at 1:11 am Vote:

thanks renter tom!
153 Drew /Aug 28, 2009 at 8:53 am Vote:

jz90
Make sure your purchase agreement doesn’t contain any provision or contingency that would allow the owner to occupy the home post-closing. Assuming it doesn’t, you should be delivered the keys at closing. But if the seller refuses to leave you have a couple of options: 1)refuse to sign the closing docs and hold the seller in default of the contract and sue for damages, 2) close the deal and then immediately call the police and charge them with trespass or some crime of unlawful possession. I don’t think you would have to go through the eviction process for this type of situation…but not too sure on that. Does the seller have an agent- threaten the agent that you will not close (agent won’t get compensated) so the agent pressures the seller to timely move out.

I would just refuse to close unless and until the unit is vacant. And sue them.

You said closing is 3 weeks away- I wouldn’t be too worried if they haven’t left yet. Keep in mind they have until the day of closing to vacate the unit. The fact the seller told you that they have nowhere to move is irrelevant. As of closing the property becomes yours and they will be there illegally.
154 DJ /Aug 28, 2009 at 9:19 am Vote:

jz90,

I was in a very similar situation. Just closed on a short sale on August 18th after waiting four months for the bank to drag their feet. The seller had a tenant living in the unit, so I made sure that he would be totally moved out by the time I closed. I didn’t want to have to deal with it once I was officially the new owner, and I sure didn’t want to have to deal with trying to evict him if he refused to leave. Anyway, I did my pre-closing walkthrough on Sunday as he was just finishing getting moved out, so I closed the next day.

Your situation is a little different because its the actual owner living there, so once you close and become the new owner, he won’t be classified as a holdover tenant, but rather a trespasser (I think). If worst came to worse you could have him removed by the sherrif but hopefully you guys will work something out so it doesn’t have to come to that. You definately do want him out though because you’ll want to do a walk through before closing so the place should be empty. Good luck.
155 Renter Tom /Aug 28, 2009 at 11:36 am Vote:

To remove someone, I would bet you would have to evict no matter who it is. Just make sure the purchase agreement includes a clause that no one is in possession of the real estate as a condition to close….that is pretty standard though. You do not want to deal with a tenant in possession situation (even if the former owner) and have to evict…time and $$$.
156 jz90 /Aug 28, 2009 at 11:43 am Vote:

thanks everybody, lots of great things to think about . . .
157 Petronius /Aug 28, 2009 at 12:58 pm Vote:

With regard to the various questions about NBV, I currently rent in the 360 condo and have been following trends in the immediate vicinity for a while.

360 continues to have increasing distress and foreclosures. There have been 10 additional lis pendens filings since the last time I checked at the beginning of the summer. Given that the latest nationwide foreclosure statistics show a cure rate for delinquencies of only 6.6%, I would guess the majority of the pending delinquency filings will reach final foreclosure in the building.

Bridgewater currently has some of the lowest asking prices, with 4 units listed at under $200k, which comes out in the $160-180 range per sqft. There are a number of pending foreclosures there as well although not much recent new filing activity.

Blue Bay Tower might be the best building for gauging the current market clearing price in NBV since it has had the most legitimate transactions this year and quite a number of bank sales. Those have also been at the level of $160-180 per sqft.

Lexi has had only 8 lis pendens filings so far, out of just over 80 closings. Plus at least one successful short sale that we know about (enjoy DJ). The lowest listing currently is for unit 1009 at $171 per sqft. About 40% of the building has been rented out by the developer. I do wonder to what extent the rental income offsets the carrying costs on those units and the remainder of the construction loan. As well as if the new group that purchased the loan from Regions Bank succeeds in forcing the original developer out, what their return on investment will be under the current arrangements.

The biggest risk for values at the Lexi may not be its own level of distress but competition from comparable units in some newly finished buildings in the area (Eloquence, Cielo, Adagio). In terms of quality of finishes and floorplan size, these have units quite comparable with the Lexi. There is not a single closing transaction in county records for these buildings yet but there are a couple of units now with lights on at night. I know the developer at Eloquence was also looking to rent out units so that might explain the evidence of occupancy.

Overall, NBV has a lot of potential for good price and quite a number of attractive properties. But the clearing process for distressed units remains very slow and there is no price transparency in many of the buildings due to a virtual standstill in transactions. I would be cautious and recommend extensive due diligence for any transaction, even those at the current clearing price of $160-180 per sqft.
158 Lara /Aug 28, 2009 at 1:12 pm Vote:

Petronius, it was an interesting obsevation on NBV. You skipped your opinion on Space01. Also sometimes ago JCrimes coutioned about buying in NBV no matter how attractive were prices. I do not know why? Do you see prices in these new buildings falling to $120/sq.ft range?
159 Petronius /Aug 28, 2009 at 1:44 pm Vote:

Lara,

Space 01 is kind of an aberration for NBV. I have nothing against loft style buildings but they seem more appropriate to denser urban environments (downtown or perhaps the Design District). I think putting up a building on the bay with no balcony access kind of misses the point. In addition, Space 01 has that strange layout with the open bathtub in the middle of the room. As far as I am concerned these are negative factors compared to other NBV buildings, but perhaps that is already reflected to some extent in relative prices, as there are a couple of listings in Space 01 with asking prices of $140 per sqft.

With regard to your question on overall pricing, it is pretty hard to say. If we go back to historical pre-bubble pricing then the newer buildings should not fall as low as $120 per sqft. based on the prices of older buildings in NBV. But we also have much more supply created both in NBV and around Miami in general that might push us below recent historical norms. There is also the uncertainty of the overall economy and how long the unemployment rate nationally or in Florida may stay elevated. I don’t have any privileged insight into these factors so I would not presume to forecast a specific price level. Personally, I am inclined to wait as even after a bottom forms, nominal price appreciation is not likely to outpace inflation for a couple of years.
160 Lina /Aug 28, 2009 at 3:01 pm Vote:

Hi Lucas,

I was wondering why there is no listings available for Infinity at Brickell on your website. I am curious to know what the sale prices are as well as rental prices. How can I find this information?

Thanks!
161 Samuel Clemens /Aug 28, 2009 at 4:29 pm Vote:

Lucas

In regards to Lina’s request could you keep us informed if she does rent an apt at Infinity as I am accustomed to at least eight hours of uninterrupted sleep each night and afraid the traffic and noise and dubious nature of her business might interfere with my ability to get a good nights sleep. Thanks in advance.
162 Odd & Sods /Aug 28, 2009 at 5:57 pm Vote:

I am extremely flattered by all those who insist that I am the Ace for while my posts are intelligent and informative one could never say that they are 100% accuratete as was the case with the Ace. I mean, that the man was uncanny with his predictions so much so he must be a direct descendantnt of Nostradamusus. Besides which I do not believe that I have ever predicted anything in my posts and if I did I would be shocked to learn that they came true!
163 Lina /Aug 28, 2009 at 6:04 pm Vote:

Samuel,

Please let me know what you are referring to in your last comment about my previous post.
164 Lara /Aug 28, 2009 at 6:46 pm Vote:

Lina, do not pay attention to Samuel, or what is more interesting Samuel Clemens. At least he did not dare to call himself Mark. May be he has such rich imagination that he thinks of himself as a talent we all admire.
165 JR HEWITT /Aug 28, 2009 at 7:09 pm Vote:

I think the PINK PANTHER has got the ‘ACE’ right on……ACE uses many many names on here to INTERUPT everyone…he’s just a LOWLIFE LOWLIFE. Goodnight ACE
166 Odd & Sods /Aug 28, 2009 at 8:05 pm Vote:

For the last time, not only am I NOT the Ace you must be referring to a different Ace than the Ace that everyone on here remembers. For far from being interuptive he was very instructive and accurately informative and because of that as I recall he took much abuse from people like yourself and BMW M3. Yet he stuck with his message without ever retaliating or even acknowledging his dissenters or abusers. With the benefit of hindsight we now know that the Ace was 100% accurate and I dare say that those that listened to his message such as myself saved not $10′000’s but $100,000’s. So call me the Ace or as we believe him to be Peter Shift if you must for I am most truly flattered.

PS: I have always had a personal sneaking suspicion that Renter Tom is the Ace?
167 Drew /Aug 28, 2009 at 8:46 pm Vote:

Sam Clemens was referring to the xxx porno link for Lina’s name.
168 Odd & Sods /Aug 28, 2009 at 9:48 pm Vote:

Samuel Clemens AKA Mark Twain has insulted a Lady whom he does not know by calling her a Lady of the evening. This my freinds is the type of low life that adores and admires the dead philandering murdering scumbag Ted Keneddy.

Lara & Lina, you may move into my building anytime.

Lucas I think you should ban this dispicable man from your site.
169 JL /Aug 28, 2009 at 11:36 pm Vote:

Who is ACE? never heard of him
170 JR HEWITT /Aug 28, 2009 at 11:43 pm Vote:

ODD & SODS…….please admit that you are “ACE” and finally cum clean with yourself And be a MAN your NOT smart enough to get away with that.(I know you) Jerry
171 Joe /Aug 29, 2009 at 3:14 am Vote:

jz90 — If I were you, I’d do the pre-sale walk-through on the day before (or day of) closing, and refuse to close if the unit is occupied. Otherwise, I’m almost positive this is an eviction scenario and not as simple as calling the police, as someone mentioned above. Good luck.

——

On another topic, this is a great site, but I can’t believe how obsessed a few people here are with the Miami market on a day-to-day basis. Like most soap operas, we could probably take a 3-month break from paying the slightest attention to the Miami r.e. market, and be none the worse for wear when Nov. rolls around.

Falling prices, ever-increasing foreclosure rate, stagnant high-end market, “luxury” condos that have turned into rental buildings … it’s not a pretty picture. Add in the 16% “real” unemployment rate, the 18% buyer’s remorse rate among the cash-for-clunkers crowd (that is, almost 20% of cash-for-clunkers buyers are worried about their ability to make their monthly payment), the lack of any new jobs being created, and I just don’t see this recovery everyone seems to think is underway.
172 JL /Aug 29, 2009 at 3:37 am Vote:

Joe, exactly… only so much micro-commentary you can make about the Miami RE market before it’s time for a break.

That’s why I’m partaking in this Ace diversion. Is Ace a boy or a girl? Did Ace ever post anything?
173 JL /Aug 29, 2009 at 5:13 am Vote:

How time flies… ran across this classic on Calculated Risk
http://www.youtube.com/watch?v=3lQtBzq7CdI&feature=player_embedded

I’m sure the video got edited.
The missing footage would have been:

0:54 If you change your doorknobs, ONE million Seven!
0:55 Bake cookies while showing the house, ONE million Eight!
0:56 Use me to list the house, 2 Million!

This is Miami Trick.
174 gustavo /Aug 29, 2009 at 11:02 am Vote:

does any one know where I can find info about mortgage rate for a rental or investment home?
175 JL /Aug 29, 2009 at 5:49 pm Vote:

gustavo, Zillow has an active mortgage forum frequented by mortgage brokers/lenders.

http://www.zillow.com/advice/US/mortgage/question-discussion-guide/
176 db /Aug 30, 2009 at 12:01 am Vote:

Great website. Was wondering if anyone has some insight into the following

about researching condos and was wondering if anyone has some good pointers into finding out how solid some of these new condos are -

here are a few ?’s

1) how can one find out how many foreclosures there are in a bldg?

2) is there a way to get the budget on the bldg prior to making an offer? i.e. make sure they have all the proper insurance –

I was looking into buying a condo and was told the bldg did not have hurricane insurance (bldg worth $20M) – - in that case if worst happened – does that mean owners would be liable for that?

3) what info can I find out to make sure that the condo complex is not in danger of being reverted back to the bankf?

thanks!
177 JL /Aug 30, 2009 at 1:49 am Vote:

Brilliant idea to take care of abandoned pools

http://housingbath.com/2009/08/amazon-bottom-feeders-in-palm-beach.html
178 AJ /Aug 30, 2009 at 4:16 am Vote:

Just got back from West Coast. I am so glad I’m back, I almost wanted to kiss the ground when I landed.
Firstly New York looked heavenly green after compared to the scorched inferno that So Cal and Nevada was.
After seeing the bankrupt state and fire ringed and ravaged LA, I will take Miami any day even with any number of disadvantages that people here talk of my Fav & Fab city.
179 southbeachsand /Aug 30, 2009 at 1:58 pm Vote:

Anyone seen Jade Beach? That is one nice building. Puts Apogee to shame. This is what Continuum 2 should have looked like, instead of the ugly thing they put there.
180 Odd & Sods /Aug 30, 2009 at 3:57 pm Vote:

JL

Ace was a prolific poster of informative and unbelievably accurate real estate information, in fact he/she was one of the few that predicted this housing catastrophe several years ago and personally saved me $100,000’s by not investing.

Whether the Ace is male or female I do not know but I do know that many, myself included suspect him to being none other than the famous investor and economist; Peter Shift.

His most famous Post was to advise every one to keep their powder dry (cash is King) and purchase nothing unless it was at $125.00 per sq ft or less and how right he was.
181 BMW M3 /Aug 30, 2009 at 7:00 pm Vote:

Hey AJ, if you love Miami so much why don’t you marry it?
182 JL /Aug 30, 2009 at 7:25 pm Vote:

When did ACE post that, you sure it was here? Never heard of him/her.
183 JR HEWITT /Aug 30, 2009 at 9:22 pm Vote:

ODD & SODS…I mean ACE…AKA BMW m3 JL and a multitude of PHONEY ALIAS’S..does nothing for this site except disrupt it.Lay off MARK
184 Tinge /Aug 31, 2009 at 5:35 am Vote:

I know one thing for sure Zalewski and his condo vultures realty/fund started buying a lot of this soapbox condo inventory through their heavily market fund early last year ( knife catcher) so I would expect him to try pumping the market as their soapbox condo inventory a and investors are losing big time..
185 Tinge /Aug 31, 2009 at 5:38 am Vote:

The key word here is “investors” her an investor could be defined in a number of ways see ( Wikipedia Investor ) and I highly doubt these are small time flippers or even small investor groups buying 20 – units at a clip. I suspect these investors are large funds who ether have a knife catching “managing director” or something with more of a hidden agenda behind the bulk buying spree’s .. If fact the more I think of it the more it all makes SO MUCH sense in his day and age of big banks and gov lies….. here is how it may go: Banks form funds ( made up TRAP tax payers funds? Hmm, not too sure on that one LOL ), start buying their own funded construction or mortgaged CDOs toxic inventory’s at their own “appraised values ( remember banks now control appraisal prices/ learn more here http://www.zillow.com/advice-thread/Banks-are-now-dictating-the-appraisal-prices/269302/ ) start the PR propaganda VALA Headlines start hitting that inventories moving and the sheeple/suckers get in line and start taking the bait..

Remember banks need to unload their toxic CDOs before the mark to market rules kicks back into effect , but no one’s buying this crap at any discount!! and why discount when they have a the market I there controls and the good old “USA sheeple/suckers to sell to??

As they say the early bird gets the worm, but what happens when the worms loaded with toxins??
186 JL /Aug 31, 2009 at 5:46 am Vote:

“Zalewski and his condo vultures realty/fund”

No way Zalewski is connected to any real money. If somebody knows otherwise, please speak up.

Also, I believe the press when they report that large funds have been largely out of the market while it’s small-time investors who are stepping in now in Brickell at $200 sq/ft
187 JL /Aug 31, 2009 at 5:49 am Vote:

Should have ended the previous post with:

who are stepping in now in Brickell at $200 sq/ft for New Construction.
188 Mateo2009 /Aug 31, 2009 at 12:36 pm Vote:

Looking for advice. We’ve been watching the SoFla RE market carefully. Although still some doubters, sounds like not a bad time to get a condo. We’re looking to have a place to escape cold winters in the NE.

We have two young boys, so want a place with great pool as we suspect alot of time will be spent there. Trying to keep costs as low as possible – $175k-$250k. Could be all cash if necessary. This basically rules out the beach, except maybe SIB.

Any advice?

Blue? 1800Club? At least you have parks to take advantage of.

Aventura seems like a great place for long weekends with a young family.
189 DJ /Aug 31, 2009 at 1:55 pm Vote:

Mateo2009, check out the Lexi in North Bay Village. I just bought a place there.
190 Lara /Aug 31, 2009 at 2:03 pm Vote:

Mateo,

You have some possibilities but it has to be your taste and preferences.

You are probably looking for 2bd. If this is correct you can be on the beach in the recent condoconversion buildings like Wave or Tides in Hollywood near Diplomat(right on the Ocean), Oceanview in SIB(across the street), Older converted buildings in Surfside or a couple of blocks from the ocean in NMB.

Look at NBV(brand new buildings). 1800 club I liked a lot(Design District) but you have to drive to the beach. So it really depends on your taste.
191 AJ /Aug 31, 2009 at 2:16 pm Vote:

Mateo,
The park, pool deck/spa complex and the gym makes 1800 club the best for both vacation or long term living. But your max budget 250K will not get you direct bayview. You will get the 2/2 pool deck/city view. Even those without the direct bayviews from their flats can come down to the 10th floor and enjoy bayviews from the pool deck veranda, gym and the party room. If direct bayview from your flat is not an issue, then go for 1800 club as it has the lowest HOA among all new condos in Miami and your wallet will thank you.
192 computer consultant /Aug 31, 2009 at 4:34 pm Vote:

Looks like Oceanview in SIB raised HOA fees on 2bd from around $500 to $700/month. Anyone know if it is temporary assesement or permanent increase?

Also, are Oceanview is different than Ocean REserve?
193 JL /Aug 31, 2009 at 4:40 pm Vote:

Mateo, how much space do you require? If a 1,000 sq/ft 2BR would work. I strongly suggest Brickell/Brickell Key close to Mary Brickell Village. There are literally a bajillion condos within that zone. No matter how much you like Aventura Mall, you won’t be visiting it more than 1x/week so there’s no need to live near particularly close to it.
194 JL /Aug 31, 2009 at 4:47 pm Vote:

Also, are you checking out the west coast of Florida at all?
195 Renter Tom /Aug 31, 2009 at 5:33 pm Vote:

Wow… “Miami Beach Condo Residents Lose Air Conditioning”

http://cbs4.com/local/condo.air.conditioning.2.1151343.html

So much for millionaires row….
196 Geo /Aug 31, 2009 at 6:43 pm Vote:

Gang, this is a snow job by a local television reporter who did a 3 minute on air segment. He did no investigation to support the claims of the realtor or anyone else for that matter. Where is the developer in the story?

Let me explain:

There isn’t a single plan in the bldg. that shows a 2,220 SF 2 bedroom. I reviewed all of the plans and they count air as livable SF and outdoor terraces. This is an old developer’s trick in Miami, We measure from the center of the drywall stud and anything that can be called out as salable SF is thrown in. The true size of these units are 1,1,00 SF at best. That’s right a 2 bedroom unit in 1,100 SF with no privacy in the master bedroom as it opens into the living room below.

The Developer is not in charge, the bank is. The developer most likely has been left onboard to direct the sales force to sell at all costs and get them out. Why is the the developer incentivized to help out the bank? Well the banks says something like this: “Maybe we will reduce the value of our deficiency judgement against you by a few bucks if you move this carcass of a project off our balance sheets like yesterday!” This way the Developer can go home at night and pretend to his wife that they aren’t wiped out and keep living in the same house for another 6 months.

The bldg. cost with land was better than $400 PSF. That cost went much higher when buyers did not come to closing and new marketing dollars were spent and more interest on the loan had to be paid. Assume they are better than $600 PSF into this project now.

They paid Brokers 50% of their commissions in advance of closing at the peak when the contracts were tendered with a 10% deposit. These early buyers, never came to closing and the Developers lost all of the advance deposits. Assume 75% of the building was sold out and the Developer paid out 3% of the “then valued” units in cash. I would roughly place this at an initial $200,000,000 million in sales contracts and $6,000,000 went out the door to realtors never again to be seen.

[I can tell you stories of realtors with less than high school educations, driving around in $200,000 luxury imports as a result of this practice that was but one component of how the bubble got so over inflated in South Florida. I knew of numerous brokers making trips to South America and holding marketing caravans in hotels coming back with signed contracts and checks based on nothing more than a rendering of a future building to be completed sometime in the next 5 years if they ever bothered to read the condo docs. In fact, I know of several realtors that never provided any condo docs and claimed that they could only be read in the sales office and that they could not be copied which is an egregious violation of the law.

Here is a tip to those looking at the validity of their condo contracts. Did your broker accept any portion of a commission payment based on your contract being tendered to the developer in advance of closing? Did the broker have any unethical incentive to misrepresent the condo as a "sound investment" or in any way misrepresent the unit and or the building in order to be paid an upfront commission or any portion thereof? Were you ever made aware of this arrangement between the broker and the developer?

Would you have a suit against your broker for "misrepresentation, offering unlawful investment advice and unethical inducement?" Were you given a "complete copy" of condo documents prior to executing any contract? Were you given any subsequent amendments to the condo documents after you received your initial copy in a timely and forthright manner? Were you aware that the "actual " square footage of your unit was less than what was represented by your broker and/or developer? Did you or any representative of yours, verify the actual square footage of the unit prior to closing?......I digress.]

The HOA expense = big ongoing problem. Now the banks says cut the price to 50% of what we have loaned on this building and get us out, the HOA fees as the majority holder of units is killing us each month. Several of the units in the bldg. of those who did close at the peak are already in foreclosure and are not paying anything towards upkeep.

Assume that a bulk buyer who has now bought several units in the bldg., lets say 10 units, has a an HOA fee to pay per unit of $350 minimum. Thats $3500 per month before he brings in a single renter.

Now, I can tell you that he is competing against thousands of units in the downtown market many with far superior views then this bldg. This particular bldg. is nestled up against the elevated track of the Miami metro rail and just below the Miami River bridge at Brickell which is a nightmare for traffic when it is raised. Also, this bldg. is in the most vulnerable of areas for hurricanes. The views are awful from this bldg.

So a $220,000 purchase price divided by 1,100 SF is really $200 PSF which is only marginally better than what units have been selling for in the last 3 months. You will note that oceanfront units on Miami Beach recently sold to a bulk investor for a 94% discount or $.06 on the dollar. these units had a luxury pool and beachfront cabanas.

Now for our bulk investor to make 10% on his money after HOA fees, RE tax, Insurance, and unit repair what does he need to charge in rent?

10 units at $220,000 = $2,200,000 x 10% = $220,000. I am going to assume that his nut for expenses is 4.07% or $8950 per annum assuming that he is all cash in the deal. That means he needs to charge $2,580 per mth per unit to make 10% assuming that he has zero vacancy, no marketing and no sales commissions to pay for a realtor bringing him a renter.

I can tell you that I can rent a penthouse overlooking the ocean for less than that in Miami right now. Also, based on a 30 year fixed mortgage at 5.25% that rent payment would be the equivalent of a $469,262 mortgage P & I payment.

Bottom line, the deal stinks and unless he can buy these units for $50,000 a piece he has no protection from renters who won’t pay after they lose their jobs, the legal and eviction costs, higher future insurance and tax costs and non-payment of HOA fees by other owners in the bldg.
197 condoswindler /Aug 31, 2009 at 6:49 pm Vote:

Mateo-1800 club is nice if you want your boys buying crack as the area is still a ways a way from family friendly-

Your needs pose an interesting reality as look into the many many opportunities mid beach and surfisde/ as great deals there-close to Aventura, pool, gyms, restaurants and Ocean-dont worry about ocean view as at night you see nothing invest better in location and strength in building-

Lexi is nice but again not for a a family…sorry DJ as where are the kids walking to as they get older?

Think a little older building-around collins/or Ocean and 80’s-90″s…
198 900 fan /Aug 31, 2009 at 7:16 pm Vote:

You are such an idiot condoswindler. Like you actually think the thousands of people living in Pace Park in the last 5 years are subject to the bullshit you and BMW M3 speak of. The fact is that Quantum is over 90% occupied and 1800 Club (AJ you can answer this one) a high percentage. Are you telling all of us here that all of these residents are crack addicts or were duped into living in these buildings all at the same time? Get your head out of your ass. And for your information Quantum is 698 units and I believe 1800 Club is 468 units and Cite on the Bay 436 units I believe. All these people must be idiots right? And before you say something BMW M3 – STFU!
199 Odd & Sods /Aug 31, 2009 at 7:24 pm Vote:

Post #194 by GEO

Now that is what I’d call an Ace like post, extremely informative and accurate.

Nice one Geo.
200 Renter Tom /Aug 31, 2009 at 7:28 pm Vote:

Geo – What are you referring to???
201 JL /Aug 31, 2009 at 8:05 pm Vote:

I second that, Geo… say what?
202 george /Aug 31, 2009 at 8:10 pm Vote:

RE #186-To mateo
Have friends who live at the established oceanfront Corinthian at 5825 collins ave MB-
Pool faces the wide beach-perfect place for a family as the building houses a wide age group and is no longer retiree heaven
Building app 40 yo and has had assessments and updates completed
Very spacious units with high clean ceilings not popcorn junk
A hands on condo association and a very reasonable HOA
The units sell at very reasonable prices: have lucas hunt some up for you
BTW-there are 2 Georges here-am NOT the same as Geo who wrote #194
203 JL /Aug 31, 2009 at 8:14 pm Vote:

http://www.haaretz.com/hasen/spages/1111529.html

Speaking of Africal Israel, what’s up with Marquis lately?
204 KRAMER /Aug 31, 2009 at 8:46 pm Vote:

Wow. President Barack Obama books a tidy $4 billion profit for us from the bank bailouts and it hasnt even been a year and the stock market is up 50% from the March lows. Not bad for a socialist – hehe. How’s them puts options Lucas that you bought a few weeks ago doing? Put options are a suckers bet unless your hedging. Time decay is a bitch.
205 Renter Tom /Aug 31, 2009 at 9:51 pm Vote:

Don’t be an idiot Kramer, just think how well we’d be doing if republicans ran things…. The lows are 89% the fault of the democrats so now that it is still bad but not “as bad” (debatable as the pain drags out for many) is hardly something to trumpet about. The huge expansion of the fed govt and fed deficit will have decades of negative consequences.
206 JL /Aug 31, 2009 at 10:28 pm Vote:

Talking about a $4 billion “profit” against the backdrop of a $9 Trillion projected deficit is very Jimmy Carter… Time to revisit those 18% mortgage rates?
207 Kramer /Aug 31, 2009 at 10:31 pm Vote:

RT still in denial. The official arbiter for recession dates it start date in Dec. 07. Bush was president then. The first $700 billion bank bailout – the AiG bailout – the first loan to GM – all under a Bush presidency. So for u to say “think how well we’d be doing if republicans ran things” ???. No thanks. Been there done that. You guys allmost collapsed the entire world economy.
208 BMW M3 /Sep 1, 2009 at 12:52 am Vote:

Hey 900 fan, why dont you go to pace park and just observe a pretty girl trying to read a book. She’ll relentlessly get hit on by hobos. It’s quite hilarious.

Why don’t you take your little puppy outside and try to walk him in front of your building once in a while. How many times will you be approached by bums?

This is luxury living? GIVE ME A BREAK!
209 BMW M3 /Sep 1, 2009 at 12:54 am Vote:

Great post Geo
210 Joe /Sep 1, 2009 at 1:00 am Vote:

Kramer — blah blah blah

The housing meltdown was caused almost entirely by extremely lax lending standards that got their start when liberals like Barney Frank accused banks of being racists if they didn’t give loans to people with no money and bad credit.

Then, when it became apparent things were going crazy, the Bush administration proposed increased lending standards and regulations, only to get shot down by liberal Barney Frank & Co.

Then, the credit market imploded, and somehow it was all Bush’s fault.

It’s shameless. Give us a freakin’ break.
211 Joe the Dope /Sep 1, 2009 at 1:42 am Vote:

Joe,

It is unfathomable how much denial youre in and just how stupid you and all republicans jackasses are. Save your twaddle for the numb-sculls that voted for bush and mccain. To say that one congressman has more control over the entire u.s. economy than the president or the majority party that controlled both houses for a decade is so mindbogglingly ignorant that I know I’ve lost several hundred brain cells just entertaining it.

Youre a hack and an idiot.
212 AJ /Sep 1, 2009 at 1:49 am Vote:

900 Fan,
Pace Park discussion is old and tired. I don’t get into it anymore.

Just to revise your numbers, The Pace Park Ring consisting of Venetia, Grand, Opera Tower, Bay Parc Plaza, 1800 Club, Quantum, Cite, Paramount Bay and Biscayne 21 have more than 5000 flats between them inhabited by a very happy and content middle to upper middle class people. If you include a few outlying buildings a block away on the Biscayne blvd like 1800 Biscayne Plaza, Park Lofts, Cite 24, Gallery art etc and the scores of expensive single family homes in that area who use the Pace Park on a daily basis just like the buildings that ring the park, the number can easily reach 10,000 units and many more thousands of individuals. And I am not even counting the people from Brickell and Midtown and other far flung areas who come to Pace to play or run their dogs.
So why do you bother with those who do not live either in Pace Park or Park West and talk utter crap about it. Just ignore.
213 SwissLuxury.Com /Sep 1, 2009 at 7:29 am Vote:

JL asked “Speaking of Africal Israel, what’s up with Marquis lately?”

Marquis closings are underway and the building is now staffed……They have $100-150 million in financing lined up for purchasers who want/need some financing. The project is gorgeous, but of course their timing was awful from the original land purchase to the finish date. Marquis ownership knows the current market and is being as flexible as possible in order to fill the building…..you are not going to buy units there at ACE-LIKE prices, but $350-450 psf might work and that is a far cry from the $800-$1,000 psf some units were marketed for back in the glory days…..You can tour the building whenever you wish as the sales office has opened on the 57th floor and the views are amazing.
214 condoswindler /Sep 1, 2009 at 7:32 am Vote:

I am not talking about Pace park you Moroor as I refer to it as the “dressed up hood so that your dog can take a crap and you dont have to clean up after” 900 fan take a walk two blocks west behind Biscayne…I dare you to walk at night go get yourself a deliscious cheeseburger at checkers and for while your in the area lets see if you get offered some lovin’ and or a rock!!-
215 AJ /Sep 1, 2009 at 8:02 am Vote:

condo swindler,
You used to post very insightful posts not so long ago. Gave some relevant info too. But how did you degenerate and morph into one of the riff raff? did someone hijack the original condo swindler’s name and started posting garbage? sad indeed.
216 DJ /Sep 1, 2009 at 9:01 am Vote:

Regarding Pace Park, it’s a pretty nice area in my opinion. I used to live there before I moved two weeks ago. The problem with Pace Park is the same all over Miami. You’ll have beautiful million dollar condos with an ugly ghetto right next door. This situation isn’t unique to the area though because you’ll see it everywhere from downtown all the way up to Aventura. Don’t get me wrong, Pace Park isn’t the urban utopia that AJ makes it out to be in some of his posts, but I really did like living there when I did.
217 Lara /Sep 1, 2009 at 9:15 am Vote:

A bit of interesting info for you

THE BIG SPENDERS ARE BACK: Luxury homes are selling again in South Florida – a promising sign of new life in the housing market. Confidence seems to be returning, as well as a rising tide of money from outside the country, positive signs for both the high-end housing market, and the real estate market in general. Demand fed by foreign money has always been a critical piece of the real estate puzzle in South Florida. When the global economy took a dive last year, real estate prices plummeted, including prices for South Florida’s toniest properties, priced at $1 million or more.

And then things got worse. As the calendar year turned, fear that the global financial system was heading off a cliff brought South Florida’s luxury home market – largely dependent on foreign wealth – to a standstill. In January, just nine homes priced over $1 million sold in Miami-Dade County and seven in Broward County. But now brokers and some analysts are sensing a collective sigh of relief among the very wealthy, as evidenced by the recent uptick in luxury home sales. In June, the last full month of available data, 25 were sold in Broward and 41 in Miami-Dade.

Real Estate Brokers say it is evident that foreign buyers are returning to South Florida as news spreads globally that many of the region’s tropical, waterfront palaces are on sale. Among the bargains: Shaquille O’Neal’s 2.45 acre estate on Star Island, which sold recently for $16 million, about $2 million less than he paid for it in 2004. Brokers and analysts say the renewed activity in high-end real estate is at least partly because of a revived interest among lenders in making very large loans, called jumbo loans. Banks see property values as very depressed and borrowers in the super luxury home market as very unlikely default candidates. Spokesmen for Ocean Bank and BBU Bank in Coral Gables acknowledged they are actively seeking the business of luxury home buyers. Luxury prices have held up significantly better in the current slump than the market as a whole, according to Coral Gables-based real estate analyst David Dabby. It is also believed that typically the ultra-luxury sector takes less of a hit in real estate downturns and is usually the first to recover.

Jill Hertzberg, a broker with Coldwell Banker, said unheard of deals on luxury properties are driving interest. Hertzberg cooed over a fully renovated home in Miami Beach with a stunning wide-water vista of Miami’s skyline that “screamed out to anyone wanting a downtown view and a beautiful home.” Originally listed for $4.1 million, the property was dropped to $3.2 million and quickly drew multiple offers. It is now under contract and a closing date has been set. “These are great properties,” Hertzberg said. “They aren’t second-rate properties. They are adjusting down to prices that are incredible, that no one has seen before and people are buying them.” — Source: The Miami Herald 8/2/09

EVERGLADES ON THE BAY DEVELOPER FILES FOR BANKRUPTCY: The builder of Everglades on the Bay has filed for bankruptcy, the first condo developer in the downtown Miami area to buckle in the housing downturn. Cabi Downtown Developer, builder of the 849-unit condominium on Biscayne Blvd. across from Bayfront Park, filed 8/18/09 in U.S. Bankruptcy Court on Flagler St. in a move that is likely to be followed by other developers as they try to shield themselves from lender foreclosures. A $256 million loan is much greater than the 75 units the developer had sold for a total of $31 million as of June 30 of this year.

Marc Kasowitz, an attorney with New York-based Kasowitz, Benson, Torres & Friedman, lead attorney in Cabi’s bankruptcy, said the company had no choice but to file because its lenders, which include Bank of America, HSBC, Comerica and Nord LB, would not allow the company to sufficiently reduce pricing. In the condo market, lenders have been allowing developers to sell units for less than the amount needed to repay their construction loan, in what is essentially the equivalent of a residential short-sale. The strategy has allowed several condo projects to drop prices and boost sales, including Ivy at 90 SW Third St., and 1060 Brickell, which recently sold out after slashing prices to about $215 per square foot.

But Jay Steinman, an attorney who leads the commercial real estate and finance department with the Miami office of Carlton Fields, said the tide is turning and lenders are less inclined to give developers an out. Rather, he said, lenders are looking to foreclose on projects and sell units in bulk at discounted rates. That way they get paid off faster. Bulk buyers – generally hedge funds, institutional investors and private equity firms – prefer buying bigger bulks of units and, in best-case scenarios, whole projects. As lenders allow developers to sell off individual units at lower and lower prices, the prospect of attracting bulk purchases is diminished, he said. – Source: The Miami Herald 8/21/09
218 Lara /Sep 1, 2009 at 9:31 am Vote:

In re to my previous post and bulk purchases. I think that lenders are wrong trying to to sell to bulk buyers. They think it is quicker. I think they are wrong from the point that preparation of such a deal takes quite a bit of time. If they allow developers to cut the prices enough all apartments will be sold to individuals in a blink.
219 Hugo P /Sep 1, 2009 at 10:22 am Vote:

Bottom? Or far from it?

This is probably one of the best pieces of data I’ve seen in a while… Like I have said many times before, the biggest problem with foreclosures is not subprime mortgages, but prime mortgages. Much bigger market and as you can see, more people are getting delinquent on their payments…

http://www.calculatedriskblog.com/2009/08/hope-now-mortgage-loss-mitigation.html

A simple analysis:

1) Banks are not processing foreclosures at the rate they should for many reasons (lack of staff to process, fear of overloading the market and depressing prices, costs of foreclosure). You have to assume that most of this delinquent loans (over 3 Million) will end up in foreclosure at some point over the next few years which will dump a lot of inventory on the market.

2) A lot of people are counting on the fact that loan modifications for these delinquent loans will solve the problem but recent stats have proven that even with these modifications, people are defaulting at alarming rates (over 50%). The biggest problem is that banks are not really reducing the balance of the mortgage, but just extending terms and giving people 2-3 year breaks on their payments. Once these go back to normal, people stop paying. Even more, people remain underwater and will walk out eventually.

3) As you can see from the graph, only 36% of started foreclosures have gotten to an actual sale, which means that there are a lot of properties in the process. Until you see this number reducing, distressed properties will continue to dominate the market.

Again… these are the facts. I understand that the market is moving a bit, but that doesn’t mean that this is not another small speculative bubble caused by money on the sidelines anxious to jump back in.
220 Renter Tom /Sep 1, 2009 at 10:37 am Vote:

Hugo P – We are starting to get some light on the shadow inventory and it doesn’t look good. Combine that with persistent high unemployment and prime foreclosures will continue to march upwards.

On another note, foreign buyers seem to be the most gullible knife catchers…plus they have incentives other than buying a home for their physical shelter use (wealth sheltering is the real reason) and you have people that overpay. In real estate, the price you pay at the time of purchase determines everything…
221 JL /Sep 1, 2009 at 4:27 pm Vote:

From Lara’s post: “Brokers and analysts say the renewed activity in high-end real estate is at least partly because of a revived interest among lenders in making very large loans, called jumbo loans. Banks see property values as very depressed and borrowers in the super luxury home market as very unlikely default candidates.”

———-

Who is readily making jumbo loans in South FL?
222 Joe /Sep 1, 2009 at 7:27 pm Vote:

The “story” in Lara’s post above looks like it was written by an r.e. agent. I have a hard time seeing Shaq’s house as a “bargain” at $16 million. And the idea that sales of luxury homes have picked up seems nonsensical when you look at the actual sales data. Going from 9 sales to 25 is hardly a big uptick over a 6-month period. The last time Lucas posted the numbers, Miami had a SEVEN-YEAR inventory of homes priced at $1 million or higher. I doubt that’s changed much in the past 3-4 weeks.
223 Joe /Sep 1, 2009 at 7:31 pm Vote:

JL said: “Who is readily making jumbo loans in South FL?”

I’m not aware of anyone aggressively funding jumbo loans in So. Fla., and what’s worse, not even jumbo loans would do much to clear the Miami r.e. market. (Most buyers would need *super-jumbo* loans before they could even dip a foot into Miami’s high-end market.)
224 JL /Sep 1, 2009 at 8:14 pm Vote:

I was under the impression that Jumbo/Super Jumbo loans are not readily available and that the inventory of 500K+ homes have been trending up versus conforming loans being easy to get and the inventory of 250K and under homes trending down.
225 900 fan /Sep 1, 2009 at 8:25 pm Vote:

BMW M3 – When are you moving out of your mother’s basement and actually visiting Miami to give a worthy opinion?

AJ – yes I wish this blog had an ignore feature

Condoswindler – Who the Fuck ever goes two blocks west of Biscayne Blvd?
226 Cockatoo /Sep 1, 2009 at 9:20 pm Vote:

900fan….C’Mon now this is great blog/site that Lucas offers us, that I and other enjoy reading daily…let’s keep it clean. No need for profanity : )
227 JR HEWITT /Sep 1, 2009 at 9:39 pm Vote:

COCKATOO…..AKA……….”ACE”
228 Cockatoo /Sep 1, 2009 at 9:45 pm Vote:

Thanks for the compliment JR…but I am just a humble blog reader. Maybe the ACE will one day return to this site..
229 AJ /Sep 1, 2009 at 10:32 pm Vote:

DJ said it perfectly. This is a poor and rich city and there is no escaping from run down nabes not far from million dollar houses and condos. Other than Miami Beach all of Miami has the same problem. It is a way of life. Just a few blocks separate ritzy and rot. Either you love it or leave it. Like 900 fan said, who really goes (or needs to go) 2 blocks west of either Pace Park or Park West? There is really no need. I used to go there just bicycling around but 99% of people do not need to go to places not required. In any case 2 blocks west of Biscayne is undergoing a major transformation. 2nd avenue is being worked on and is having similar plans as the Biscayne Blvd revamp. With Biscayne blvd businesses rents getting out of reach, slowly they are opening shop on 2nd avenue. With in a couple of years, 2nd avenue will get gentrified followed by 1st avenue there after. I guarantee it.
230 Renter Tom /Sep 1, 2009 at 11:56 pm Vote:

900 fan – Don’t you have to go west of Biscayne if there is a hurricanne evacuation or something??? I don’t really know….last year when there was a warning I just went on a trip out of state instead….since I rent I could careless if the building gets crushed….oh the carefree joys of renting.

AJ – Help me out here. What am I missing about South Beach that you find such love with. Was down there again recently and quite frankly a lot of it is a rundown armpit with poorly maintained streets (patched at best with almost no line markings, dirty curbs, heck they don’t even have to contend with snow and a freeze thaw cycle yet the roads are worse than up north), dirty homeless used drug addicts hanging out esp. on Washington, public restrooms on the beach that are DISGUSTING without running water to wash one’s hands, not exactly model city with a bunch of old fat people….Sunny Isles has better shaped people overall, buildings and apartments that look like cr***p on the outside and can’t imagine the cockroach infested interiors, clubs and restaurants that are in old firetrap buildings, the list goes on. Please, honestly, tell me what I am missing!!! It is supposed to be a “happening place”. Am I looking in the wrong area. Is it just some marketing game that has people’s mindshare of an ideal that they must visit? There are stalled residential projects all over the place and even right on Ocean Drive there is cr***p. The saddest part is the homeless used drug addicts with mental problems on the street….very sad. If I wanted to live there where is the best places to live under $1M??? Come on AJ, need some help here….. I’m being completely serious here.
231 BMW M3 /Sep 2, 2009 at 12:24 am Vote:

Renter Tom, I’m starting to see that you’re right about Sunny Isles. Looks very welcoming from what I’ve seen on my drives with mother up Collins in my Dodge Stratus.

Great thing about renting: I don’t care much for the people here most with douche-baggy facial hair (lightning bolt sideburns and soul patches + sunglasses at all times ie 900 fan). It’s sad to watch them slowly destroy the once nice building I rent in. (Pulling the stickers off the fire signs, footprints on the walls, buying beer and trying to get the valet to drink)

Sunny Isles people seem much more normal. No lightning bolt side burns and soul patches (sorry 900 Guy/AJ). Actually, they look a lot like AJ from the backstreet boys (http://www.elinatozzi.nl/uploads/aj.jpg)

I just love how AJ relentlessly talks about how awesome Pace Park neighborhood is then a few posts later with the “Who needs to go two blocks west of biscayne”. LOL. Thanks for the textbook example of cognitive dissonance broham!
232 BMW M3 /Sep 2, 2009 at 12:29 am Vote:

the peeps that live in my building:

http://www.youtube.com/watch?v=SDeWJqKx3Y0
233 JL /Sep 2, 2009 at 12:34 am Vote:

M3, you live in Lauderdale?
234 JL /Sep 2, 2009 at 12:53 am Vote:

Renter Tom,

The thing that makes South Beach are the Ho’s. South Beach is an armpit, but it’s an armpit with a lot of Ho’s. Up in Sunny Isles/Hollywood/Hallandale, it smells alot better but the talent is average.

South Beach answers that eternal question, what came first.. The money or the Ho. And the trick answer is… the Ho then the Money then more Ho’s.

Before the Ho era, South Beach was for geriatrics, but when the model Ho’s came in, then the money followed, then the real Ho’s followed the money trail. But alas, the models left and you’re stuck with just the real Ho’s. The same set of semi-pros that promoters all use at every opening and at every club’s good night.

SoBe is definitely fading, but it still has 5 more good years I’d say before you really have to start asking yourself… what’s all the fuss about?
235 900 fan /Sep 2, 2009 at 1:06 am Vote:

Renter Tom – If there is a major hurricane, we are told by media to go west of US-1.
My building is directly east of US-1. I have not evacuated from my building during the last 5 hurricanes. No portion of my building was damaged, not a single window. And there were never any special assessments passed due to any damage (which would have been a sign of damage not clearly visible). The evacuations which the media says is “mandatory” is not really. No one can force you out of your home (unless after the fact and if the property was un-inhabitable). However, if there is a “mandatory” evactuation you have to deal with the fact that there will be no first-responders to help you if there is a problem.
236 JL /Sep 2, 2009 at 1:10 am Vote:

The high end of the Miami market is rebounding like Charles Barkley after an all-you-can-eat buffet.

Fisher Island No Longer Most Expensive Zip Code, as Only Waterfront Home Slashed by $3 Million
http://blogs.miaminewtimes.com/riptide/2009/09/fisher_island_no_longer_most_e.php

“…This year, in the exclusive Fisher Island zip code 33109, the median home price fell to $2,484,958 from $3,850,000 last year. If you don’t have a calculator handy, that’s a drop of $1,365,042.”
237 Joe /Sep 2, 2009 at 2:02 am Vote:

RT — I still prefer SoBe out of all the Miami-area neighborhoods, but it’s a far cry from what it was 10-20 years ago. The funny thing is, SoBe was at its best from the social standpoint when it was at its absolute worst from a residential standpoint. Barely a decade ago, the most in-demand residences in SoBe were those old apartments above various Ocean Drive bars and restaurants. Oh, how times have changed.

To me, the decline of SoBe went into overdrive about 8 years ago when the club scene reached the over-saturation point and the clubs, desperate for cash, started catering to the hip-hop riff raff. In the late ’90s, when I first started going to SoBe on a regular basis, I didn’t want to walk down Ocean Drive unless I was wearing Boss or Armani. Then, all of a sudden, around 2004, Ocean Drive was overrun by the Allen Iverson-jersey crowd, and it’s been all downhill since. I don’t mean to sound elitist or racist, but this is the simple truth about SoBe right now. Not long ago, people talked about the exclusive clubs and seeing Niki Taylor at the News Cafe; now, all I hear about is how SoBe is Thug Central.

On the plus side, I don’t believe SoBe will ever truly die. It might get even more ghetto before the tide turns again, but like everything else, I suspect SoBe has better days ahead. The bottom line is that there’s nowhere else in the continental U.S. quite like Miami Beach, and SoBe could trend right back to its old elitist roots in a matter of months if demand pushes it that way. The trick will be to get owners into the new condo buildings, and not poser renters who pay rent $4,000 condos and then eat at McD’s twice a day. (Again, I know this sounds elitist, but Miami is, and has been for years, overrun by these poser types.)
238 Renter Tom /Sep 2, 2009 at 7:14 am Vote:

Thanks for the insight. I just can’t understand dressing nice, going to an expensive restaurant or club but living out of a sh***thole place (that’s what I consider ghetto). Being right on Ocean Drive would be one thing but just a block or two back and some of those places are utter cr***p…dirty windows, unkept yards, graffiti. Then of course there is the parking. With a significant number of new expensive high rises I would think the local government would have plenty of money via property taxes to keep the streets. sidewalks, parks in tip top shape…maybe not in Disney level cleanliness, but at least sanitary with running water and no graffiti. Maybe SoBe needs to regain its place in the fashion world to re-atract the cutting edge feel…..with regard to music, hip-hop is still pretty dominant so until the next thing comes down the road it doesn’t surprise me that it is prevalent. Maybe I need to experience SoBe more to better understand but at this point it looks like people are hanging on to the past and perhaps SoBe peaked a long time ago…and I missed it. Oh well.
239 Drew /Sep 2, 2009 at 8:57 am Vote:

Joe- While I agree with some of your points, I find your use of race-based “code words” rather amusing: “hip hop riff raff”, “Allen Iverson jersey crowd”, “Thug Central”..why don’t you just come out and say that black people have ruined South Beach for you?
240 DJ /Sep 2, 2009 at 8:59 am Vote:

I’ve never been a fan of SoBe. Not trying to knock it for anyone that lives there or is intending to live there, but I’ve just never seen the upside to it. The cons far outweigh the pros IMO. From the traffic, to the parking nightmares, to the rif raff/hip hop crowd, the lower quality buildings (for the most part), higher costs of living/RE, etc, etc.

I used to go down there all the time when I moved to Miami in 2003, but that’s when I was still in school and partying a lot more. Now I barely go, and actually dread it when my girlfriend wants to go to Lincoln Road or something like that. Such a pain in the ass.
241 Renter Tom /Sep 2, 2009 at 10:59 am Vote:

Drew — Bring back DISCO (not). LOL I know what they are saying, the thug intimidator rug dealer look is getting old. And white and hispanic people front that way too.
242 Renter Tom /Sep 2, 2009 at 11:00 am Vote:

drug dealer, not rug!
243 JL /Sep 2, 2009 at 12:02 pm Vote:

I don’t think the thug life crowd displaced the earlier SoBe crowd, rather, I’d say the earlier SoBe crowd kind of vanished and created a void that got filled in.
244 JL /Sep 2, 2009 at 12:05 pm Vote:

BTW, people talk about Miami as being overly Cuban and by extension that SoBe is overly Cuban but if you look around, you’ll see that Cubans deserted SoBe long ago… “It’s too trashy”
245 Drew /Sep 2, 2009 at 12:26 pm Vote:

For anyone that lives down here, the novelty of South Beach wears off after a few years. Its interesting to live there and/or consistently “go out” down there for a while, but after time its really quite overrated, esp for a Miami resident. Look at the people in their 30’s, 40’s and 50’s that still live in South Beach- they’re either (a) gay, (b) party people aka drug addicts, (c) alone, lonely & depressed, (d) washed up dj’s, bouncers, promoters, or cocktail waitress sluts, or (e) weirdos/sickos.

Once you develop some priorities, maturity, values, morals and responsibility (whether through a family or just by age) , you start to realize that South Beach generally sucks and the whole doorman/bottle service/exclusivity schtick is fuc*ing retarted and actually laughable. Its ok to take out of town visitors (who find it interesting) a few times a year but other than that there’s no purpose. Why the hell would I want to go to Mansion or Crobar (if its still there) with my wife? Sounds miserable.

That’s why South Beach will always be defined by the younger set-right now its hip hoppers/Urban Youth, haha.- businesses have to cater to their interests in order to be profitable…and in doing so, it becomes a hell-hole.

But I do admit that it is fun to occasionally get ridiculously intoxicated at Wet Willie’s on a Saturday afternoon.
246 Lara /Sep 2, 2009 at 1:02 pm Vote:

here is bit of statistics for August

http://www.buybeach.com/recent_sales/data/con0809.htm
247 AJ /Sep 2, 2009 at 3:33 pm Vote:

RT, Joe and Drew,
You all have accurately described SOBE.

RT,
Thats why when I move there in 19 months, I will be moving to my downtown condo and continue to rent out my SOBE condo.

Joe,
Finally you answered your own question. You once asked why would anyone buy and live downtown when they could do the same in SOBE for similar amount. Your Armani crowd is now populating all the downtown establishments. SOBE (except SOFI) is left for thugs and hos.
But as you said, things go around in cycles. The hip-hop thing might be on its way out and something else might come along. People have written off times square 10 years ago. Now it looks like a Mini Las Vegas (sans gambling). You never know.

Drew,
I read your #243 twice over. Really hits the nail on its head.
248 Richard /Sep 2, 2009 at 3:58 pm Vote:

Drew, as a mature, responsible gay man with morals, values and priorities, I take exception to the comments you posted at 12:26 this afternoon. My God, the gall and self-righteousness of some people…

Btw, please add me to the list of people who enjoy living in the Pace Park area. If people are looking for some type of upper-class, no homeless, no poor people utopia, then urban America is not for them. They need to take a drive up 95 and settle in Lauderdale-by-the-Sea or something.
249 Kramer /Sep 2, 2009 at 4:20 pm Vote:

Lara

Thanks for your post #244. Very helpful.
250 AJ /Sep 2, 2009 at 4:42 pm Vote:

Richard, I get your point. In all fairness, Drew is not trying to equate gays with the rest of the list. But it is a fact that SOBE is home to that exact list of people. But Thank God for gays in that list. Their presence is single handedly keeping the SOBE afloat. If gays leave and SOBE is just left with the rest of the Drews list: (b) party people aka drug addicts, (c) alone, lonely & depressed, (d) washed up dj’s, bouncers, promoters, or cocktail waitress sluts, or (e) weirdos/sickos. then god help that place.
But unfortunately for SOBE and fortunately for mainland Miami, there are signs showing that it is trending that way. Gays are moving to midtown, downtown, design district etc and gentrifying those areas while SOBE is being left with the rest of the Drews list.
251 Kramer /Sep 2, 2009 at 5:16 pm Vote:

Marina Blue

Is there Chinese Drywall at Marina Blue? A short time ago “Blue” on 36 street had a listing which included a disclaimer about chinese drywall. Blue’s developer is Hyperion which also built “Marina Blue” downtown. Lucas posted that Hyperion claims there is no chinese drywall in either building. Does anyone in here know what to look for as a definitive that indicate if or if not any building does have it. The reason i mention this is that i just read on Marina Blue’s page a “review” from either a tenant or owner who praised the building except for the fact according to him that the air conditioning has failed on four different occasions in the past year. He didnt mention whether it was the buildings a/c or his individual unit. I read somewhere that chinese drywall causes a/c deterioration. Any experts in here that can clear this up?
252 Kramer /Sep 2, 2009 at 5:28 pm Vote:

Lucas

Just to let you know, but it seems that your “Condo Deals” page is still not being updated accurately. For example there are listings on both Ten Museums for sale page and 50 Biscayne’s page with units for sale in the $230-240 per sq foot range. The one that stood out the most to me was the for sale page at “One Miami” where a 3 bedroom 1792 sq foot direct water high floor view was listed at $167. per sq foot or $300,000. If that doesnt merit “condo deal” i dont know what will.
253 Joe /Sep 2, 2009 at 6:01 pm Vote:

Drew #237 — If it makes you happy, I’ll say “blacks have ruined SoBe for [me],” although that wasn’t really what I meant. (There’s no shortage of white and Hispanic hip-hop riff raff and/or whites and Hispanics who believe NBA jerseys are high fashion.) But, truth be told, SoBe at its absolute worst is, without any question whatsoever, Black Beach Weekend (Memorial Day weekend), so I guess there’s some truth in your allegation.

——

JL #241 — I really believe the thug crowd did a lot to push the upscale crowd out. The problem with SoBe is that it was a victim of its own success. As I mentioned above, SoBe was at its most popular when its infrastructure and residential base was at its worst — i.e., far fewer restaurants and clubs (less supply) and far fewer residences.

As the number of bars and restaurants exploded, demand was stretched too thin, and there weren’t enough upscale customers to go around. So next thing you know, it was $10 open-bar hip-hop night at [insert club name here], and then drunken thugs would be pouring out of clubs at 2:00 AM or 3:00 AM at the same time people were coming out of Prive or crobar or Mansion after dropping $800 for an “upscale” night, and the latter group of people started to get turned off to the whole experience.

It probably didn’t help that SoBe lost its appeal to the fashion world in the late ’90s. I don’t really know what caused that — the typical “here today, gone tomorrow” attitude of the fashion world, or because SoBe no longer was a secret, and it was on to the next place for the trendsetter crowd.

——

JL #242 — Frankly, I don’t ever recall SoBe as being “too Cuban.” In fact, for a city dominated by Cubans, I’ve always thought just the opposite.

——

Drew #243 — Your characterization of the people who live in SoBe is way, way off. How has 33139 become and remained one of the most expensive, exclusive residential zip codes in America if it’s populated by your groups (b), (c), (d) and (e)? It makes no sense.

There’s no question plenty of those types *hang out* in SoBe, but the people who actually live there — especially in the main residential areas like South of Fifth — are a far different crowd. Unless they’re robbing banks on the side, “drug addicts” and “washed-up djs and bouncers” aren’t buying million-dollar condos at Apogee or Continuum or the other new high-rises, nor are they filling the upscale restaurants like Prime or S & W or China Grille.
254 Joe /Sep 2, 2009 at 6:10 pm Vote:

Lara #244 — Thanks for the sales info. Very interesting.

The thing that jumped out at me is how the high-end market still seems so stagnant — e.g., only two sales at Continuum North, and in the lower-end (non-ocean) lines, at that.

The thing that’s even more telling to me is that some of the very best units in the newer high-end buildings are increasingly being listed for rent, even by the developers.
255 Kramer /Sep 2, 2009 at 6:29 pm Vote:

JOE IN POST # 251 – “Dont really know what caused SoBe to lose its appeal to the fasion world in the late 90’s”. Just a wild guess here, but you think it might be because some nut MURDERED Giani Versace in broad daylight on Ocean Drive in front of his own home?
256 IIW @ Chinesedrywall-solutions.com /Sep 2, 2009 at 6:39 pm Vote:

Kramer-

How can I help you-I can answer all your questions as it pertains to CDW as I am very involved with the states task force on the subject-

If anyone out there has questions-they can be forwarded and I will get back with answers-If anyone is interested-

I will be mediating a symposium on CDW with a special panel of experts that I have brought together to discuss this reality as it pertains to the Market, your taxes, remediation and the Governments involvement with China and the manufacturers that are involved in this litigation-

My site is up and under construction but feel free to leave contact info and questions.

The seminar is at the Doubletree Grand Hotel Ballroom-Downtown Miami-yes all see Pace Park for yourselves…September 2nd 2009, from 5:30pm to 8pm. The cost is $25.00 and $30.00 at the door.-

Hope to see you there!!!
257 Joe /Sep 2, 2009 at 7:09 pm Vote:

Kramer — Wasn’t Versace involved with the “nut” who killed him? It’s not like it was a random act of violence targeting the fashion world.

——

CDW guy in #254 — Thanks for posting. Have you heard any reports that CDW was used in any of the new high-rises in the South of Fifth area of Miami Beach (e.g., Apogee, Continuum North, etc.)? I believe all of those all were built in the same years CDW was being imported and used. Thanks.
258 Renter Tom /Sep 2, 2009 at 7:20 pm Vote:

Andrew Cunanan was sorta a gay, lonely, drug addict in his late 20’s (not quite thirties) slut and the multiple killing thing is pretty much a sicko thing….

“(a) gay, (b) party people aka drug addicts, (c) alone, lonely & depressed, (d) washed up dj’s, bouncers, promoters, or cocktail waitress sluts, or (e) weirdos/sickos.”
259 Kramer /Sep 2, 2009 at 7:43 pm Vote:

RT

Lol. Alone – Lonely – Depressed -Washed Up – Weirdo – Sicko. And werent you a cocktail waitress at one time?
260 Joe /Sep 2, 2009 at 7:43 pm Vote:

Come on, RT, you’re not jumping on that bandwagon, are you? Versace and Cunanan were known to each other. It’s not like SoBe is inhabited with a bunch of crazed wackos who spend all day looking for their next victim. (It is, of course, filled with gold-diggers looking for their next victim, but that’s a different story.)

I’ve Googled a lot of owner names I’ve seen from the better SoFi buildings, and it’s one doctor and artist and businessman after another. (The only scumbags I’ve found are the occasional lawyers — LOL.)
261 Odd & Sods /Sep 2, 2009 at 8:09 pm Vote:

Renter Tom,

You forgot female real eastate agents in you list of washed up wacko’s most of whom are now ho’ing in S. Beach.
262 Odd & Sods /Sep 2, 2009 at 8:19 pm Vote:

Regarding Post #254

Maggots made and are still making $millions off of gullible people who try to refinance their past due mortgages. Now along comes a maggot who wants to make money off of Chinese Drywall, which if what I’ve read is correct is in every Miami Condo built since 2002. This fraudster stands to make millions!

Only in a Capitalists society can you bet on the “don’t come” greed, you’ve got to love it! LOL
263 Renter Tom /Sep 2, 2009 at 8:50 pm Vote:

I was quoting from Drew #243…. yes, Mr. Cunanan fits the bill. Although Mr. Versace and he were probably acquainted with each other they may not have ever been “together” as Cunanan made ramblings about other high profile rich people too. It was probably more of an opportunistic killing than anything else given the proximity and access to Cunanan’s old haunts. The first two killings of Mr. Trail and then Mr. Madson were related to his past sexual relationship with each of them. Mr. Miglin wasn’t involved with Cunanan although it is unclear if his son and Cunanan knew each other. Mr. Reese’s death was purely a result of being in the wrong place at the wrong time. Regardless, the murder of Versace certainly changed South Beach.
264 Drew /Sep 2, 2009 at 8:59 pm Vote:

Joes says “I’ve Googled a lot of owner names I’ve seen from the better SoFi buildings, and it’s one doctor and artist and businessman after another. ”

Joe, continue with your creepy Google Invasion of Privacy Research and you will surely find that at least 90% of the individuals you research fall into one of my five carefully conceived categories. The doctor is shallow, hollow and lonely. The artist is obviously gay, and the businessman is a cokehead.

And the reason 33139 is considered an expensive zip code (don’t know where you arrive at “exclusive”…) is due to the single family properties on North Bay Road/Alton Rd /Pinetree Dr and Sunset/Venetian Islands. My argument is based on South Beach proper- 1st ST thru 23rd ST. And it does not take into account part-time residents…only full-timers.
265 Drew /Sep 2, 2009 at 9:50 pm Vote:

Moreover, Joe, I am talking about individual traits/personalities, not income. Eccentrics, weirdos, lonely dudes or middle-aged clubbers may in fact be wealthy but that doesn’t diminish their other character flaws that led them to live on South Beach waaaaaaay too long.
266 Joe /Sep 2, 2009 at 9:57 pm Vote:

Drew — Can you try to stick to the discussion without being a douchebag?

If the people who own those units didn’t want their names known, they could have created an LLC for about $100 and that would have been that. Otherwise, there’s nothing “creepy” about doing some research about who lives in the various buildings. I’m not peeking in anyone’s windows, for God’s sake.

And regardless of what your “argument” “takes into account,” your assessment of SoBe is still pure garbage. If SoBe was so chock full of dimwits and bouncers and cokeheads, then how come the efforts by SoBe residents to reign in, if not put out of business, the various nightclubs have been so successful? Are you really telling us that an area overwhelmingly populated by drug addicts and the party crowd would spend years fighting against the very establishments that provide their (allegedly) favorite vices? Give us a break. It’s idiotic.
267 Joe /Sep 2, 2009 at 10:03 pm Vote:

Drew — Whatever. Even at the height of the real estate insanity, I highly doubt developers and bank execs were sitting around plotting to build thousands of high-end condo units in SoBe for “eccentrics, weirdos, lonely dudes or middle-aged clubbers.” That might have made for some classic real estate brochures, but it didn’t happen.
268 Miami2009 /Sep 2, 2009 at 10:26 pm Vote:

Just spent some time in Continuum North in South Beach. As far as I am concerned this is the best place to live in Miami Beach. The South Pointe park renovation is beautiful…no drug dealers, bums, ho’s, etc. Just normal people walking, jogging, roller blading, biking, and enjoying this beautiful park. Only wish I could afford a place in this area. As for the building itself, the amenities are resort like. Fit and finish of the units are good, not great, however the views are amazing. SOBE is not certainly not what is was 10 years ago but this area is exclusive and has stood the test of time. I didn’t do the club or party all night thing as I was with the kids so I won’t comment. Although I can say that that scene has sucked for quite some time now. Several years ago the club scene was exclusive and upscale, now not so much.

Have you guys been to South Pointe lately? What do you think? This is SOBE to me.
269 Drew /Sep 2, 2009 at 10:26 pm Vote:

Actually I heard that you are a Continuum window washer, so maybe you are in fact peeking in windows, hence your intimate knowledge of the SoFi real estate market and its worldy, prominent residents.

Sarcasm aside, of course there are exceptions to my assessment, esp the still remaining elderly NY jewish population that doesn’t like Opium Garden blasting music till 5am. My statements reflect a general observation based on South Beach demographics compared to other areas, particularly among those individuals who reached a certain age or developed a certain lifestyle and made a decision to live in a more “real” part of Miami, whether that is Downtown, Doral, Kendall, Hialeah, Gables, Palmetto Bay, Pinecrest, etc.

Let me put it this way: I’ve met countless “grown up” men/women who live on South Beach full-time and 90% of them are screwed up in various ways, particularly a refusal to settle down, get married, have a couple of kids and get a normal job…and not make nightlife/clubbing such an important part of their lives.
270 Joe /Sep 2, 2009 at 10:52 pm Vote:

Drew said: “Let me put it this way: I’ve met countless “grown up” men/women who live on South Beach full-time and 90% of them are screwed up in various ways, particularly a refusal to settle down, get married, have a couple of kids and get a normal job…”

Yeah, right — As if the rest of Miami is chock full of mature, well-adjusted people who work hard and don’t care about material goods or drink too much or do drugs, etc., etc. I guess that’s why Miami is such a successful, efficient, law-abiding place. Give us a break.
271 AJ /Sep 3, 2009 at 1:24 am Vote:

Drew says: “I’ve met countless “grown up” men/women who live on South Beach full-time and 90% of them are screwed up in various ways, particularly a refusal to settle down, get married, have a couple of kids and get a normal job…and not make nightlife/clubbing such an important part of their lives.”

Very scary observation. And it is true to a large extent.
Usually single people when they move into Miami their overwhelming preference to live is in SOBE. Somewhere between 2 to 4 years, most start realizing that they have not advanced an iota of their personal lifes. Between the sluts, hos and the gold diggers, they burn themselves too much and end up blaming SOBE for their misery but not the low lifes that live on this sand bar. Eventually many of them go back to Chicago or Boston or NYC etc and some move to mainland Miami, only going to SOBE when they need to go to the beach. There is a section of people (“grown up” men/women) who refuse to let go. They are in their 40s and even in their 50s and still holding on never knowing when or how to stop. Yes, I have seen quite a few of them myself. It is a sad mirror of Sunset Boulevard.

and then Joe says: “Yeah, right — As if the rest of Miami is chock full of mature, well-adjusted people who work hard and don’t care about material goods or drink too much or do drugs, etc., etc. I guess that’s why Miami is such a successful, efficient, law-abiding place. Give us a break.”

Also true. when compared to the rest of America, Miami citizens are the bottom of the barrel in terms of materialism, self aggrandizement, shallowness, selfishness etc. But one thing is for sure, the Mainland Miamians are a notch and a half better than most of those living on the sand bar across the bay.
272 Kyle /Sep 3, 2009 at 1:58 am Vote:

Drew

You know, I take great offensive to the narrow minded piffle that is going on this board.

First of all Miami Beach beach is home to MANY young successful people of all colors and creeds. Most of my 20-30 year old lawyer/doctor friends live on SOBE and enjoy living within walking/biking distance of the restaurant on Lincoln and West. My g/f and I live Sofi and while traffic is sometimes and issue, its a small price to pay for life in paradise.

2. Blaming black people and openly degrading them on this blog and even talking about your distaste for blacks makes you a grotesquely ignorant man. I for one am glad that you don’t come around to SOBE, we dont need benighted people like you in America much less on Miami Beach. Black people are Americans and you MUST respect that. You’re the reason why people around the world thinks we are so primitive in matters of society. I’m not asking you to be polite or politically correct, I’m simply telling you that you’re an idiot – and I am embarrassed for you.

3. Miami Beach is not run by Cubans, the power structure in SOBE and most of Miami revolves around the Jewish Community.

Now my rant on race in Miami and the Cuban community. I read in the posts supra, something along the lines of: black or hip hop influence on SOBE has made it too trashy for Cubans. Let me break this down for my Cuban brothers and sisters whose thinking has gotten away from them… Cuba, is a very poor country, its GDP is below that of Lebanon and Botswana. Only because you come here and enjoy the fruits of hundreds of years of American ( black and white and jew) progress doesn’t give you the right to look down your nose those people who have worked to make this country what it is. Black people are American, If American is too trashy for Cubans there are 228 countries that they can move to.
273 JL /Sep 3, 2009 at 7:30 am Vote:

2 things:

1) Cubans fled SoBe long before blacks showed up in SoBe so you shouldn’t infer that one event happening is related to the other. I find my educated Cuban friends to be a little “hoity toity” and they definitely prefer to stick to Coral Gables and areas South.

2) Also, people really really REALLY need to make a distinction here between “black” and ghetto. An educated and/or responsible black person is not ghetto or thug. I have a lot of black friends who are just as uncomfortable when a thug crew rolls into an area 20 deep… and if you don’t feel the same, you need to get your head examined.

Although I could care less for Obama in general, the one VERY good thing about his presidency and attention drawn to the First Fmaily is that it shows America and the world that “black” is NOT “thug/ghetto”.
274 Drew /Sep 3, 2009 at 7:41 am Vote:

Kyle-

1. If you had carefully read my criteria above, I don’t include 20-30 yr olds. If you’re going to live on South Beach, that’s the time to do it. I lived down there b/t the ages of 23-25 and enjoyed it…but would never ever think of moving there again.

2. I hope your comments in #2 are not directed towards me since I have said nothing to disparage the African American community. If you read closely, Joe was making the racial innuendos regarding the apocolyptic demise of South Beach nightlife.

3. Though local politics is outside the scope of this dicussion, I must disagree with you if you believe the the Jews generally control Miami gov’t, though I concede that Jews still largely run Miami Beach. But the City of Miami and Miami-Dade County are controlled by Cubans. Jews are way more influential in Miami business, professional services and medicine than in politics. However, if you examine small municipalities (Weston, Plantation, Cooper City, Boca, Aventura, etc, you will find that Jews maintain several gov’t positions).
275 Hugo P /Sep 3, 2009 at 9:26 am Vote:

DID ANYONE SAY NEW POST????

LUCAS, 273 RESPONSES!
276 Renter Tom /Sep 3, 2009 at 11:48 am Vote:

Kyle said: “I’m not asking you to be polite or politically correct, I’m simply telling you that you’re an idiot – and I am embarrassed for you.”

- Calling someone an idiot and embarrassed for you because of their relatively benign statements IS a form of nit picky political correctness. Why can’t people express their diversity of opinion? It isn’t like they are spreading hatred or violence. The fact is if you dress like a ho you will be perceived as a ho….after all you intentionally chose to dress that way. Same goes for the prison thug baggy clothes with your butt hanging out look. If you dress like a you’re a gangsta thug out dealing dope and capping people then people will perceive you as a no good bum that needs to get a job like the rest of us. There are groups of people from different cultural backgrounds down here and each has aspects that are stupid, not desirable, and fully worthy of scorn. To be culturally diverse doesn’t mean you have to accept what is bad in any particular culture. Just take a chill pill before jumping to conclusions.
277 makes me think /Sep 3, 2009 at 11:48 am Vote:

Kyle, I think most of your comments should be directed towards “Joker” Joe.
There are some morons on this board with primitive ways of thinking. They are better suited for the back woods of Mississippi than Miami. I just wish these people would quickly come to that realization, we would all be better for it.

the funny thing is I remember coming to SB in the not to distant past and the place was a complete dump the same people that are being blamed for the demise of the place were the ones who help build up the place before the $1M condo crowds and the “Jokers” on this board came along to look down their nose at them. I travel to SB a few times a year and I met a lot of people from all aover the world and never realized that 90% of them were thugs and drug dealers and hoes.

I swear, this board has become a f*ing joke.
278 makes me think /Sep 3, 2009 at 12:11 pm Vote:

RT we already know how you feel about people that Drew/Joe described. It is no wonder you would come to their defense. You don’t like it when AJ and others refers to SIB as an old retirement village full of geriatrics but it ok to characterize the entire population of SB as hoe’s, drug addicts and thugs.
279 Kramer /Sep 3, 2009 at 1:11 pm Vote:

Renter Tom

Renter Tom ^ above in a response to Kyle says “Calling someone an idiot IS a form nit picky political correctness. Why cant people express their diversity of opinion”. Then RT when I expressed my opinion in post #202, – you follow in post #203 quote – ” Dont be an idiot Kramer”. Hehe – your making this way too easy for me RT as you reveal for all to see your hypocrisy and double standards.
280 JL /Sep 3, 2009 at 1:16 pm Vote:

People seem to be misappropriating comments/posts in this thread. Time for a new thread
281 Renter Tom /Sep 3, 2009 at 2:12 pm Vote:

Oh Kramer….no one was referring to people as being racially discriminatory before and playing that card. Being an idiot isn’t a racial stereo type! LOL Lighten up. SoBe is pretty dumpy for all the money it brings in. It make me wonder (or think) that perhaps money is not going to where it needs to go within the govt there. What surprises me about SoBe is that it isn’t well kept.
282 GT3 /Sep 3, 2009 at 2:13 pm Vote:

Lucas, my computer is showing that your site has a trojan virus. Although I doubt that anyone misses the recent content, you might wanna check that out.
283 Drew /Sep 3, 2009 at 2:25 pm Vote:

I drove down to South Beach this afternoon. Now I know what Marty McFly felt like when he traveled to the retro-futuristic version of Hill Valley in Back to the Future II.

Lucas- I had the same warning notice as GT3.
284 Lucas Lechuga /Sep 3, 2009 at 2:45 pm Vote:

Thank you GT3 and Drew. I just notified my website developer about it.
285 Lara /Sep 3, 2009 at 3:14 pm Vote:

Does anyone know about Moonbay condos. Everybit of info will be highly appreciated
286 Joe /Sep 3, 2009 at 6:57 pm Vote:

Holy smokes … Some people in the last 25 comments need a remedial reading class, pronto.

For one thing, “makes me think,” I’m the one *defending* SoBe, not deriding it as full of losers and ho’s and drug addicts.

Also, “Kyle,” it was me, and not “Drew,” who talked about blacks, but I don’t recall saying anything about wanting all blacks to steer clear of SoBe. I simply noted that the decline of SoBe coincided almost exactly with the massive increase in the volume of the hip-hop crowd flocking to SoBe — blacks, whites, Hispanics, whomever.

The comments above are a perfect example of why the U.S. is such a basket case right now. If anyone says anything that’s the slightest bit non-P.C., the whole discussion goes out the window and everyone goes nuts with P.C. lectures. Give us a break.
287 AJ /Sep 3, 2009 at 7:43 pm Vote:

It makes ones blood boil. But no one seems to do anything about it. Just disgusting

http://news.yahoo.com/s/time/20090903/us_time/08599191991600

Full Story:

Florida Exodus: Rising Taxes Drive Out Residents
Time.com

By TIM PADGETT / MIAMI Tim Padgett / Miami – Thu Sep 3, 4:10 pm ET

There are many things public officials probably shouldn’t do during a severe recession, but no one seems to have told the leaders in Florida about them. One thing, for instance, would be giving a dozen top aides hefty raises while urging a rise in property taxes, as the mayor of Miami-Dade County recently did. Or jacking up already exorbitant hurricane-insurance premiums, as Florida’s government-run property insurer just did. Or sending an army of highly paid lobbyists to push for a steep hike in electricity rates, as South Florida’s public utility is doing.

And you wonder why the Sunshine State is experiencing its first net emigration of people since World War II. (See pictures: “Florida’s Paradise Lost.”)

A few years ago, journalists – citing the chasm between Miami’s high cost of living and its low level of income – began predicting that South Florida and its perpetual population-growth machine would soon face the unthinkable: a falling head count. Now it’s official. The region – Miami-Dade, Broward and Palm Beach counties – lost 27,400 residents between 2008 and 2009, while Florida as a whole lost 58,000. That’s not exactly a mass exodus for a state of 18 million; but it’s the first net outflow in 63 years for a state that considers itself the new California. “It’s difficult for the working middle class to justify living here,” Mike Jones, president of the Palm Beach County Economic Council, conceded to the South Florida Sun-Sentinel. “As much as they may love the sunshine, as you squeeze them out, they may find it in their best interests to move.”

Jones gets it, but residents are starting to question whether the rest of their leaders do. Homeowners, especially in Broward and Miami-Dade, have been falling out of their flip-flops in recent days as they open their preliminary property-tax notices to find increases of 15% or more. That’s sizable in a low-income region where the median property-tax bill is already some $3,000, and it’s doubly frustrating given that property values have slid by some 25% during Florida’s housing bust. Residents have barely digested the recent news that their hurricane-insurance premiums, which can top $5,000 a year for most South Florida homes, will rise 10% a year for the next three years (vital, officials claim, for handling claims from the next big storm). And their public utility, Florida Power & Light (FPL), is lobbying the state for a 30% rate hike (vital, FPL execs insist, for upgrading infrastructure). “It all seems out of control to people here at the time when they can least absorb it,” says Dr. Jose Valladares, president of the conservative Fair Property Tax for All in Miami-Dade. (Read about Florida’s property-tax revolt.)

Granted, most local governments often have to raise taxes when they’re staring at fiscal craters like the $427 million shortfall in Miami-Dade’s proposed $7.83 billion budget. But the less than sunny mood in Miami-Dade is made darker by the feeling among most residents that their fiscal jam is not just a result of falling revenue, but also years of profligate mismanagement. The final determination on their property taxes will be made soon by the Miami-Dade County Commission – a feckless, corruption-tainted body, many of whose members ran up hundreds of thousands of dollars in police overtime costs recently by using cops as their personal chauffeurs. (None of the commissioners face any sanctions for it.)

Residents were further outraged last week when the Miami Herald reported that Miami-Dade Mayor Carlos Alvarez, one of the few Miami politicians with a reputation for probity, had raised the salaries of his chief of staff and other top lieutenants this year as high as 15% while calling for a 5% pay cut for county workers. Alvarez spokesperson Victoria Mallette says the raises resulted from a 2007 referendum that gave Miami-Dade’s mayor, until then a relatively weak post, broad new powers that in turn thrust heavier duties on his staff. She also notes that Alvarez actually cut his office’s budget last year by almost 15% and that he helped build an $80 million reserve fund. Still, a Herald editorial called Alvarez’s raises “irresponsible.” Watchdogs like Valladares complain that Miami-Dade’s bureaucracy, like so many local governments in this decade, got too bloated during the economic boom. The County Commission, for example, has a staff of more than 200 serving only 13 commissioners – and yet it still managed to screw up tasks like its oversight of Miami-Dade’s scandal-plagued housing agency.

Many Americans find it hard to feel sorry for Valladares and all the other Floridians who pay no state income tax. Floridians are indeed guilty of an arrogant belief that living in “paradise” should be a birthright as cheap as gassing up an SUV. It was, until Florida’s relentless and miserably planned growth spawned problems that the peninsula is struggling to handle, including skyrocketing property taxes and hurricane-insurance premiums. Governor Charlie Crist has tried in recent years to rein in those twin vampires, but together they can still exceed what folks in many other states pay for state income tax, local property tax and homeowner’s insurance combined. And whereas high-cost states like New York, California and Illinois also have some of the country’s highest median incomes, Florida’s is in the bottom half.

In a state that worshipped condo-flippers as great entrepreneurs, it was all a house of cards waiting to be blown down when the housing bubble burst. Now that it has happened, those Floridians who haven’t left the state had hoped their officials might change the way they do things – or at least not attend a Kentucky Derby party hosted by the same FPL honchos lobbying them for a rate hike, as a Florida Public Service Commission director has admitted to doing a few months ago. But if Miami and Florida officials can’t get their acts together, they can probably expect even lower head counts in the years to come.
288 Joe /Sep 3, 2009 at 10:23 pm Vote:

Hey, I hate tax hikes as much as the next guy, but when there’s no state income tax, and when there’s rampant crime that no one cares about, and rampant corruption that no one cares about, and a million illegals soaking up public benefits, well, the money has to come from somewhere.
289 AJ /Sep 3, 2009 at 11:12 pm Vote:

yeah, but why the heck do they not start imposing state income tax? Along with a slight raise in sales tax, they can stop this property tax madness and reverse the population outflow.
State income tax + Raising sales tax = Zero increase in property tax or even rolling back prop taxes.
290 Odd & Sods /Sep 3, 2009 at 11:56 pm Vote:

Last night I saw a half decent blond real estate agent in a short skirt and fishnets on a steet corner in South Beach that tried to sell me an over priced Condo last year at $175.oo per sq ft. Those Condo’s today went at $64.00 per sq ft, damn I am pleased that I lisened to the Ace.
291 Renter Tom /Sep 4, 2009 at 1:59 am Vote:

AJ – It is my understanding that the Florida constitution would need to be changed in order to have a state income tax. The sales tax can be raised much more easily and counties can impose their own sales tax. But since sales taxes are a % of things purchased, the state gets more revenue each year anyway so there should never be a reason to raise that, ever. Also, once taxes are raised or a new tax imposed, it never goes away and will only drive more people out of the state. You can always voluntarily donate money to the government though…
292 Drew /Sep 4, 2009 at 8:16 am Vote:

Does anyone know the typical income tax rates in other states? Just curious.

What’s amazing is how much of a windfall the State of Florida, Miami-Dade County and the City of Miami received during the early and mid part of this decade…now, after a few “down” years, its all gone. Where did it go? (rhetorical question)

Also amazing- ridiculous salaries of Miami-Dade County staffers…since when should translators and schedulers (secretaries) make over $100k a year? What a joke. On top of that, they’re all incompetent.
293 State Income Tax /Sep 4, 2009 at 10:28 am Vote:

Hey AJ. Why not raise the income tax? Are you out of your mind? That’s the only reason I moved to Florida. If you want to see outflow then go ahead and start an income tax.
294 MCO /Sep 4, 2009 at 10:39 am Vote:

Hey Lucas,

Time for a new post? this one is over 2 wks old..
and maybe something better than recent sales and rentals???
thanks
295 Joe /Sep 4, 2009 at 5:15 pm Vote:

That statistic someone here mentioned a while back is amazing:

– Miami has 100 (or was it 200?) “public servants” who make $100,000 or more.
– Atlanta area has 500,000 more people than Miami but has exactly *four* people making $100,000 or more.

If you’re a Miami resident and that statistic doesn’t make your blood boil, then there’s no hope for Miami.
296 Odd & Sods /Sep 4, 2009 at 7:43 pm Vote:

Does anyone know what the record number of Postings to a Thread on this Blog is?
297 wannabe realtor! /Sep 5, 2009 at 12:37 pm Vote:

After searching and searching for a home and not finding what I want for so long I feel like I could be a Realtor if not for my lack of license and heavy flow of work! I gotta say that this business is everything but easy money and you have to be really smart and well informed in order to have any success, so congratulations to all of you!

I wanted to ask you guys what you thought of the Infinity Brickell Condo… I know that they offer 5% commission to brokers and I wouldnt want to be dragged there just because it pays good to the intermediary…

Whats the deal with this Condos that are FannyMae approved? Is the developer selling by itself right now? I wish I could know more about this building and / or others in a similar situation! THANKS FOR YOUR HELP!!!
298 Odd & Sods /Sep 5, 2009 at 7:36 pm Vote:

Post # 295

That’s a question for the Ace (Peter Schiff) but unfortunately he longer Blogs on here, to busy running for a Senate seat in 2010 is my guess.
299 JL /Sep 6, 2009 at 5:41 am Vote:

Who is Ace?
300 Lara /Sep 6, 2009 at 8:27 am Vote:

Lucas! New Post!? New Buildings? News?
301 JR HEWITT /Sep 6, 2009 at 9:07 am Vote:

ANYTHING!!!!!!! WHAT’S HAPPENING IN THE REALESTATE WORLD IN MIAMI?????????
302 jcrimes /Sep 6, 2009 at 12:52 pm Vote:

several weeks back i mentioned that a massive project in miami was on the verge of collapse. i believe the wsj article from friday clears up the mystery – FB miami. the only thing holding the owners from going nuclear is the upcoming booking season. depending on how it plays out, the project either files for bankruptcy or stays out and works a new deal with its lenders. don’t expect the contractors to make any deal…frankly, FB miami’s refusal to pay the contractors on the basis of potential misbillings and fraud is bullshit.

as for all the criticism of miami beach, sorry guys, but the rest of miami is no better. name a neighborhood in this town and it’s f$%ked up. the beach however, is the least f%^ked up of them all.
303 Renter Tom /Sep 6, 2009 at 3:18 pm Vote:

jcrimes – I figured it was probably FB after the FB Vegas got into sooo much trouble. If they don’t have the sales revenue for cash flow, over leveraged business go bust.

I’m still looking at some properties and may have found one with jaw dropping direct ocean, beach for miles and all of downtown views on a penthouse level high floor right on the ocean for under $400/s.f. Although waiting for 2010 is probably the most prudent as foreclosures continue to march on if you’re not overly picky. I am a bit picky though so am considering this unit. But there are tons of other units if the view thing wasn’t as important… So, if I decide to not go forward or the unit sells beforehand, oh well……. There are tons of places for $500K-$1M.
304 Samson /Sep 6, 2009 at 7:42 pm Vote:

RT:

Is the PH you’re considering in Sunny Isles? Regardless, good luck. Good things, as we know, come to those who wait and waited you have. But why not wait another year and perhaps get it for $300/sf? Prices certainly aren’t going up.
305 Renter Tom /Sep 6, 2009 at 7:59 pm Vote:

Samson….I did say it was under $400….final price is yet to be decided. $300/s.f. I don’t see for this particular unit. But you never know…. I’ve watched the activity. There is no urgency though really since the number of places to rent are incredible too and renting has been fun and carefree. More deals to come I’m sure…..
306 JL /Sep 6, 2009 at 9:55 pm Vote:

Anybody looking in the Sunny Isles are should also go a little more North to Hallandale and check out the Beach Club I, II, II

A Related Group complex built in 2007 and looks to be nicely done to a resort-like scale with 3 high-rise towers. There’s a Billion units in there with a Billion distressed sellers so you should be able ot pick up a pretty good deal with some due diligence.

Even though you are moving a little more North, I-95 tucks in up there and Hallandale Beach Blvd runs from the building to 95.

In other words, If you neded to head down to Miami/Miami Beach via I-95, it’s probably a slightly quicker trip from this condo in Hallandale than from Sunny Isles condos which are further South.

In addition, you got Gulfstream Park which is surprisingly turning out quite nice.
307 Renter Tom /Sep 6, 2009 at 10:21 pm Vote:

JL – I agree that there are deals and I had heard about the distress in Beach Club. I would urge from what I have heard from people that were there is that along with the distressed units comes distressed building troubles and the common areas got trashed. Sometimes when these things basically turn “apartment” like it is hard to turn them back to ownership centric (can take years of struggles). I don’t mean to bash Bath Club, would like to hear from people who own and live there though…
308 Odd & Sods /Sep 6, 2009 at 10:24 pm Vote:

Renter Tom,

You surprise me as I thought you were a disciple of the Ace’s teachings which is to pay not a penny more than $125.00 regardless of the views or amenities. He has proving time and time again that anyone who does not listen to his teachings has paid the price and are now so far under water even the Nautilus cannot rescue them. Yet you are considering paying the ridiculous sum of $400.00 per square foot have you lost your senses!
309 wannabe realtor! /Sep 7, 2009 at 4:19 am Vote:

I wanted to ask you guys what you thought of the Infinity Brickell Condo… I know that they offer 5% commission to brokers and I wouldnt want to be dragged there just because it pays good to the intermediary…

Whats the deal with this Condos that are FannyMae approved? Is the developer selling by itself right now? I wish I could know more about this building and / or others in a similar situation! THANKS FOR YOUR HELP!!!
310 JL /Sep 7, 2009 at 5:29 am Vote:

Who’s Ace? I thought Ace was a she not a he.
311 MarkyNZ /Sep 7, 2009 at 12:18 pm Vote:

Wannabe realtor….

Infinity at brickell is a nice building….it’s not direct waterfront…but the views from the penthouse levels are pretty amazing…and it is in a good location a block away from Mary Brickell Village. The developer is DYL group which is headed by a very wealthy businessman based in the Trinidad. He also developed the W Hotel in Fort Lauderdale. The lendor is Corus Bank which is obviously going through issues.
I hear the developer is offering discounts to buyers to close….although the discounts haven’t been as large as 1060 Brickell, Ivy, and Brickell on the River South. I think prices are around $250-$300 sq ft (vs. $380-$450 during the peak).
I did hear a rumor that the developer is not in a hurry to sell to any bulk buyers at huge discounts….because the developer has enough $$ to ride it out…..if this is true…then the building should be stable.
The fact that it is fannie mae approved just means that the developer reached a deal with fannie mae to reassure the stability of the building. It just means it is easier for buyers to get financing through normal sources….although you still probably have to put atleast 20% down.
312 computer consultant /Sep 7, 2009 at 1:47 pm Vote:

Has anyone looked at Oceanview and Porto Bellagio in sunny isles?
313 LowerFloridaTaxes.com /Sep 7, 2009 at 2:53 pm Vote:

As the inventory in these condos start to move at greatly discounted prices the property tax issue becomes more acute. Miami already has very high taxes, and the lack of sales has made the problem worse. The slower than usual sales pace means that the appreciation will also be slow.

Remember that the tax appeal period only happens once each year and this year is a doozy. Many will attempt to “go it alone” since any properties are valued up to 50% more than they are worth. Representing one’s self is not always the best decision.

The property tax appeal deadline in Miami-Dade and Broward, the 2 largest Florida counties, is Sept. 18th. Appeal this year before it it too late. We can help at http://www.lowerfloridataxes.com
314 JR HEWITT /Sep 7, 2009 at 3:08 pm Vote:

ACE…..dosen’t know who it is……..”ACE ” ….is trying to find it’self by aggravating others on THIS BLOG!!!!!
315 AJ /Sep 7, 2009 at 3:50 pm Vote:

Marky,
Thanks for the info on Infinity. Very useful.
316 wannabe realtor! /Sep 7, 2009 at 9:53 pm Vote:

Marky, THANK YOU!! Great info!!
Any other buildings you particularily like? That might be in a similar situation?
317 daveg /Sep 9, 2009 at 11:00 am Vote:

I’m looking at a condo : Brickell Townhouse (at 2451 Brickell Ave). I was wondering if anybody had any experiences or info that they could share regarding this building.

Stability? Reputuation? etc. . . .

Any and all advice would be hugely appreciated! Thanks!

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