Onyx on the Bay Note Purchased By Hyperion Onyx Partners, LLC

53 responses so far ↓

• 1 The Ace /Sep 15, 2009 at 6:29 pm  Vote:    

  Expect deals sub par $200.00 per sq ft.

• 2 Lara /Sep 15, 2009 at 6:33 pm  Vote:    

  Lucas, thank you for posting this info. I am wondering if building has 118 units and 11 on MLS does it mean that the rest of the units closed or how many units still in the hands of developer? Do you think they will arrange bulk purchases or sell units individually?

• 3 Lucas Lechuga /Sep 15, 2009 at 7:00 pm  Vote:    

  Lara,

  The last time I did a post about the closing rates in Miami, Onyx on the Bay had 44 unclosed units. I expect that the number is still close to the same. My guess is that they’ll likely sell the units individually.

• 4 Lara /Sep 15, 2009 at 7:10 pm  Vote:    

  Bisides 44 unclosed units were the rest of the units cloded individually? Were the prices pre construction bubble prices?

• 5 JR HEWITT /Sep 15, 2009 at 7:29 pm  Vote:    

  Lucas guess’s about $175 a sq. ft…..the”ACE” thinks around $200 a sq. ft.??? Does this mean the BOTTOM is near???

• 6 The Ace /Sep 15, 2009 at 7:58 pm  Vote:    

  The Ace never said “$200.00 per sq ft” I said “sub par $200,00 per sq ft” and I happen to agree with Lucas; $175.00 will proberly be the bench mark.

  Is this a good deal you ask; no it is not a good deal only $125.00 per sq ft or below is a good deal as I’ve said all along going back three years and nothing has changed.

  Are we at the bottom you ask; no we are not at the bottom we have another 25% nationally to fall and somewhere in the region of 40% to 50% to fall in Miami.

  Is this a good time to buy you ask; Yes this is a good time to buy if you’ve done your homework for deals abound for pennys on the dollar.

  Will more Banks fail you ask; Yes, many more banks will fail creating even more opportunites for the savvy investor.

  Will the Ace retract his three year ago prediction of $125.00 per sq ft for a high end Ocean View Condos you ask; Never, for I have already been involved with purchases far below the $125.00 bench mark for high end Condos with Ocean views.

• 7 Richard /Sep 15, 2009 at 8:34 pm  Vote:    

  The condo is direct waterfront for sure but is it a walk on the “wild side” down to Biscayne?

• 8 guillermo /Sep 15, 2009 at 9:42 pm  Vote:    

  Lucas,do you think that a building like ONYX ON THE BAY is worth $175 Sq.Ft.???.
  That piece of ………….is not worth more that $90Sq.Ft.

• 9 Lara /Sep 15, 2009 at 10:22 pm  Vote:    

  Ace, could you give us examples of deals that you made for high end ocean view condos below $125/sq.ft.

• 10 JR HEWITT /Sep 15, 2009 at 11:02 pm  Vote:    

  YES ACE…..I would love to hear about the DEALS you have bought recently????

• 11 Johnny Dollar /Sep 15, 2009 at 11:04 pm  Vote:    

  Why can’t I find those under$125 a foot deals like Ace buys?

• 12 Miami2009 /Sep 16, 2009 at 7:45 am  Vote:    

  I toured this building while it was still under construction. Overall the building is nice and has great views from all units. Problem is the location.

• 13 Lara /Sep 16, 2009 at 8:37 am  Vote:    

  I disagree with your evaluation of the area. We discussed it many times before. I actually like the area. May be it is not there yet but has a lot of potential.

• 14 DJ /Sep 16, 2009 at 8:58 am  Vote:    

  I looked at Onyx about 9 months ago or so. The problem I saw is that the units themselves were too small. The best line is around 1200 sq. feet from what I recall. That’s way too small for a so-called “luxury” 2/2.

  Overall, the building is pretty nice and the views are great. At the prices they were asking at the time I looked it was laughable, but I imagine they’ll get some sales once they slash prices.

• 15 elvis in miami /Sep 16, 2009 at 9:07 am  Vote:    

  Lara, potential doesn’t mean anything if you are stabbed while taking a walk in your neighborhood.

  The average $/sq ft in Florida is $99, for South Florida, it is $118:
  http://bit.ly/3nanBJ

  That doesn’t mean that a condo with a great view should be $118/sqft. Ace, do you actually own any property, or do you have a mattress full of $5 bills?

• 16 guillermo /Sep 16, 2009 at 9:49 am  Vote:    

  I agree with LARA, the area has a potential,may be in 7 or 10 years. You just have to wait!!!!!!.Again Onyx is worth 90 Sq.Ft.

• 17 Miami2009 /Sep 16, 2009 at 9:53 am  Vote:    

  Lara, what potential do you see in the area? It is 5 blocks or so from Pace Park with not much in between from what I recall.

• 18 RumorMill /Sep 16, 2009 at 10:17 am  Vote:    

  There were somewhere between 35 and 40 units remaining in the developers control. I’ve heard rumors that the deal was consummated at around $155 per foot. With that price, unit count and a tough rental market, I am sure we will see these units for sale immediately as the acquisition price provides little if no cash on cash return as a rental. I visited 1800 club recently and they claim to be churning through units after dropping prices….asking $ there above 220/ft for most units. Public records do indeed show numerous sales there recently. I think the buyer will make out fine here…maybe not a HR, but they’ll be fine at anything sub 155/ft. Any thoughts on this acquisition price Lucas?

• 19 jcrimes /Sep 16, 2009 at 10:35 am  Vote:    

  rumormill
  what you heard is wrong re: the price per sq/ft. there’s 40 units left.

• 20 RumorMill /Sep 16, 2009 at 10:37 am  Vote:    

  like I said, just a rumor…..if i’m wrong, what’s right?

• 21 JL /Sep 16, 2009 at 10:38 am  Vote:    

  Elvis,

  Ace aka Odd & Sods has a mattress full of promissory notes and porno mags.

• 22 southbeachsand /Sep 16, 2009 at 10:48 am  Vote:    

  There is no potential in this area, unless you are looking 20-30 years out.

  Great views are only nice for about the first 10 minutes, and then you start to wonder about the ghetto surrounding your new home and how unsafe it is to walk at night alone.

• 23 Hugo P /Sep 16, 2009 at 11:05 am  Vote:    

  Lara

  I have seen many of your posts where you have made it clear that you like the area and supported AJ for his love of Pace Park. I have a lot of respect for you and somewhat agree with your evalutation of the area as I think it will be good 10 years from now, but definitely not today. So why are people still making arguments that $175/sf is an OK price to pay TODAY for a property that will be in a good area 10 years from now???

  Also, even though this building is close to the “good” Pace Park area (1800, Quantum, Opera, etc), you cannot seriously say that this can even be considered the same type of product or the same location.

  To get to this building from Biscayne Blvd you have to go through a series of TERRIBLE single family homes which are probably not worth more than $100k. I don’t think anyone in their right mind would pay that price for a condo where you can’t walk out at night to walk your dog or are concerned that your wife might get mugged on her way home.

  I agree with the ACE on this one, $125/sf… maybe $150/sf but that’s it.

• 24 JL /Sep 16, 2009 at 11:28 am  Vote:    

  I don’t think any of you guys are in disagreement here. OK for $125-$150/sf

  The area is not for me, but the single family homes around the condo East of Biscayne seem fine (appear to sell for 200-400K), this snapshot is no better/worse than 95% of the single and multi family homes in South Beach.

• 25 Lara /Sep 16, 2009 at 11:40 am  Vote:    

  Hugo P,

  May be you are right and I do not know well the area. I ve been there a couple of times. I had in mind PAce Park area which I do like. I fell for water views near Onyx. The building itself seemed fine. I was there during the day and did not find anything dangerous. Even if 5 blocks between Pace PArk and Onyx do not have to much to show but this is why it is a developing area and going to change. these water views blew me away. Anyway, everything has its price. Let’s see what the prices are going to be

• 26 DJ /Sep 16, 2009 at 11:40 am  Vote:    

  It must feel pretty shitty to be one of the original buyers who paid over $400/sq. foot. Ouch!

• 27 RumorMill /Sep 16, 2009 at 11:50 am  Vote:    

  wow, my rumor made it all the way to Zalewski’s story about the deal. Guess I’m not the only one hearing this.

  JCRIMES, as you’re certain I’m wrong somehow, can you please comment (using your deep insider’s knowledge) on a acquisition price range? Also, did corus catch wind and force the sale on Friday, or was it prearranged? Also, do you see any conflicts with hyperion (through posh) managing corus’ tao project?

• 28 jcrimes /Sep 16, 2009 at 1:38 pm  Vote:    

  sorry rumormill but i can’t disclose the acquisition price. as for corus pushing the sale thru, they knew for some time the fdic was coming in; it was just a question of what friday it would go down (friday is usually the fdic’s chosen day for seizing banks). my understanding was that the parties were already close by friday and then corus said it’s now or never once they saw the suits moving around the office mid-morning. not sure about how a conflict would arise as to tao. frankly, if hyperion made an offer on the tao project it would be an act of charity.

• 29 ramon sykes /Sep 16, 2009 at 2:32 pm  Vote:    

  has anyone checked out 1800 biscanye plaza?

• 30 Kevin Gale /Sep 16, 2009 at 3:23 pm  Vote:    

  Hi,
  Below is a link to the Business Journal’s story Friday on the failure of Corus. There’s a list of loans at the end that might be of interest.
  Lot’s more on the aftermath of Corus to come.
  http://bit.ly/3bbJIx
  Kevin Gale
  Editor, South Florida Business Journal
  Twitter: @kevingale

• 31 MG Onyx /Sep 16, 2009 at 3:39 pm  Vote:    

  Hello all,

  I have been living at onyx for almost two years. The ONLY asset at Onyx is the view. There are many architectural mistakes, along with many areas of the building still not finished or damaged. Poor quality materials and craftsmanship. The list of problems with this building is very long but I will keep it short. The property management is clueless of how to handle the little money coming in, not to mention they are very rude and unprofessional.

  M.

• 32 MG marina blue /Sep 16, 2009 at 3:54 pm  Vote:    

  I can say the exact same for Marina Blue. Looks like the peeps that build this hovel took over Onyx!

• 33 MG marina blue /Sep 16, 2009 at 3:54 pm  Vote:    

  built

• 34 Johnny Dollar /Sep 16, 2009 at 6:33 pm  Vote:    

  ACE…where did you buy All your condos under $125 sq. ft.???? or ..are you just dreamin through your crack pipe. ACE aka odds & sods and many many other ALIAS’S

• 35 Odd & Sods /Sep 16, 2009 at 8:12 pm  Vote:    

  I find it comical for when I used to read this blog a couple of years ago the Ace was ridiculed to know end for stating that Miami high end Condon’s were worth no more than $125.00. Now I notice that everyone is in agreement with the Ace and all wants to know his secrets LOL.

  Ode to the Ace.

  If you can keep your head when all about you
  Are losing theirs and blaming it on you;
  If you can trust yourself when all men doubt you,
  But make allowance for their doubting too;
  If you can wait and not be tired by waiting,
  Or, being lied about, don’t deal in lies,
  Or, being hated, don’t give way to hating,
  And yet don’t look too good, nor talk too wise.

• 36 JL /Sep 16, 2009 at 8:26 pm  Vote:    

  Ace/Odd & Sods is a tard.

  “For if you do your homework you will already have found the right location and know what the price should be” — Ace the tard

  “… for when I used to read this blog a couple of years ago” — Odd & Sods the tard

  Same tard preposition usage

• 37 Johnny Dollar /Sep 16, 2009 at 8:36 pm  Vote:    

  ACE…you used to read it ….you still do under many alias’s and you still DON’T OWN A CARDBOARD BOX TO LIVE IN!!!!! YOUR A FRAUD A FAILURE A WANNA BE GET A LIFE put down the crack pipe ACE odd & sods or whatever name you like to use at the time.

• 38 JL /Sep 16, 2009 at 8:36 pm  Vote:    

  Ace/Odd & Sods,

  Stay in school; you’ve got a long way to go.

  “He who knows not, and knows not that he knows not, is a fool. Shun him.”

• 39 Condo Vulture /Sep 16, 2009 at 9:22 pm  Vote:    

  I’ve no idea what you two morons (JL & Johnny Dollar) are talking about because I’ve been reading the Ace for a number of years on this Blog and others and if theirs one thing about the Ace he never wavers, he is consistent and has been advocating $125.00 per sq ft as I long as I can remember which I’m sure many of you can vouch for including Lucas. This fool Odd & Sods is clearly a groupie of the Ace but he’s not the only groupie of the Ace that I’ve seen on here, there have been many others.

• 40 elvis in miami /Sep 16, 2009 at 9:26 pm  Vote:    

  $125/sqft is a steal even in today’s dollars. Monopoly is a game, not real life.

  I know it would be nice to buy a unit in a great building with water views, but you will be paying real money. The unit I live in was purchased for $970K and is appraised by the county for $683K. It is advertised as ~2400 sq ft (county says 2183). I guarantee you if I could buy a unit like that for $272K I would do it, then I would turn around and sell it for $600K the next day as that would be such a steal. It all depends on the unit, building, hoa, location and what financial position you are in.

  If I were to buy a unit in the Ivy (which I never would), I would bring Ace along to negotiate. That building and many others in the Brickell area are the quality of a cheap motel or run down apartment complex.

• 41 Johnny Dollar /Sep 16, 2009 at 9:39 pm  Vote:    

  I think CONDO VULTURE and ACE should get themselves a new MONOPOLY GAME and they can play all day in Pace Park watching the boats go by.They could buy all the property they DREAM about for $125- or LESS. Have fun boyz

• 42 Wild Bill /Sep 16, 2009 at 9:53 pm  Vote:    

  I had a female friend who lived on N.E. 27th near the water. She couldn’t walk to the bus stop on Biscayne without getting harassed by the locals. This building is overpriced. Only worth living in because it’s close to Taco Bell.

• 43 Computer Consultant /Sep 16, 2009 at 10:42 pm  Vote:    

  More cheap inventory to come. August foreclosure stats posted. Looks like july #s were revised about 900 up.

  http://www.miami-dadeclerk.com/dadecoc/Mortgage-Statics.asp

• 44 JL /Sep 16, 2009 at 11:06 pm  Vote:    

  Ace/Odd & Sods/Condo Vulture,

  Quit with the multiple personality game. Real Estate Bulls and Bears know you are a paper trading tard. Stay in School. A mind is a terrible thing to waste.

• 45 Johnny Dollar /Sep 16, 2009 at 11:17 pm  Vote:    

  JL ACE is probably panhandling in front of CHECKERS before heading to his cardboard box for the night.

• 46 RoxMIA /Sep 18, 2009 at 8:42 am  Vote:    

  I always read this blog but rarely comment but i have to speak up today. to MG Marina Blue: i have lived at marina blue since they opened the building (I have rented two different units since then) and totally disagree with your statement that this is a “hovel”. My apartment has a view that would make you pee your pants, the management is on top of EVERYTHING and the people that developed this building closed 100% of it and paid the bank (early!). I don’t know any other building in miami that can claim that. Everyone pays their maintenance and the place is almost fully occupied – dare I say “thriving”?? I see photographers in the lobby shooting all the time. Those are the things that matter – everything people bitch about is par for the course in a condo (the garbage chute is stuck, bla bla bla).

• 47 Riley /Sep 19, 2009 at 10:52 am  Vote:    

  Remember, banks are requiring downpayments of approx 25% on any Miami condos. I’ve been shopping for condos in the same area as the Onyx and have found $200 per square feet to be the average. Prices are expected to drop another 8%. Not until the banks loosen their loan guidelines, will Miami be able to rebound. There are not too many folks who can or will come up with 25% down payments. Too bad a few bad seeds ruined the entire housing market for the rest of us.

• 48 iphoneapi /Oct 26, 2009 at 9:42 am  Vote:    

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• 49 johnny /Nov 20, 2009 at 11:01 pm  Vote:    

  I just learned that the Onyx HOA is in bankruptcy. Does anyone know the implication of this? For current owners? Prospective buyers?

• 50 Grant /Nov 24, 2009 at 6:16 am  Vote:    

  Johnny, you’re right they did declare bankruptcy. The situation is that the existing unit owners only constitute about 40% of the sq ft of the building. The two lines that didn’t sell are on the north and south of the bldg and they are the larger units. The HOA has sufficient funds to pay for the ongoing ops of the building but not to meet their commitments re the completion of the decoration and the garden. The developer was meeting the payments until Corus went bust, but now they’re all bust. This is the problem. It means that there’s no chance of lenders being happy to provide mortgages until either Hyperion steps up and starts making payments vs the units or until the units are sold. Expect some cheap sales soon.

• 51 AJA /Dec 31, 2009 at 9:51 am  Vote:    

  I was looking forward to rent a loft in the Onyx and than maybe to buy. Now I stumbled over this page and while I am from Atlanta I have no idea about the neighborhood surrounding Onyx on the Bay. I am quite concerned now, I really dont want to be a prisoner in my own home, even I got the lease down from $1800 to $1500 for a 1083sf 2 story corner loft, it seems that regarding the location (crime) its not even worse $1000.
  I love the corner view, really awesome. But when I came to seet he unit, there was a big water leek in the hallway ceiling close to the unit. For a only 3 yrs old building it shows that there must be a view construction issues just as Neo Vertika.

  However, you guys know where I should be searching for a nice bayview unit for rent or even to buy. How much should be my offers ($ 125/sf ?). I have seen nice units in the Platinum. Would really appreciate some help from you guys.

• 52 Joe /Dec 31, 2009 at 3:12 pm  Vote:    

  AJA — You should post in the newest thread here on the site. People usually stop posting in the old threads as soon as Lucas posts a new one. It’s kind of an odd quirk of this site, but that’s the trend here. Good luck with your search.

• 53 Lara /Dec 31, 2009 at 6:49 pm  Vote:    

  Did the new owner start selling the units?

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