8,000 Square Foot Penthouse at Marquis – Part 3

31 responses so far ↓

• 1 Renter Tom /Sep 24, 2009 at 1:19 am  Vote:    

  Lame shower, one shower head….lame tub, not even jetted.

  The view is really great, but a LOT of stairs makes it kinda unlivable. It is unique.

• 2 Julian /Sep 24, 2009 at 3:50 am  Vote:    

  I think that’s harsh RT. The bath is a simple, but classic standalone unit. Jets? What is this the 1980s? The rest of the place – uninspiring. What on earth makes developers think they can spec even decorator ready penthouses to such a poor standard.

• 3 scrivener /Sep 24, 2009 at 7:28 am  Vote:    

  Renter Tom is correct. But it is consistent with much of what was and is being built in Miami; namely, buildings in which the designers are experimenting with space and shape. A prime example is the Asia development on Brickell Key.

  And the stone in the master bath? Hey, I have the 60’s on the phone – - they are angry and want their marble back.

  Scriv

• 4 jcrimes /Sep 24, 2009 at 9:28 am  Vote:    

  jesus christ guys. whoever buys this is going to rip it up and tailor it to his/her wants and desires. that includes ripping out the fixtures, walls you name it.

• 5 drew299 /Sep 24, 2009 at 9:59 am  Vote:    

  news out today 7 million homes in shadow inventory …….

  hmmmm lets see how you spin this ??

• 6 kevin /Sep 24, 2009 at 10:07 am  Vote:    

  Some of these guys should host their own website and post how trashy the new Miami condos are with cheap railings, only a toilet, no bidet, limited amount of shower heads, poorly decroated lobby, no views of anything, tacky valets, clown security, etc. With pics and details of why and then show us their top notch home and or condo and how perfect it is.

  Or better yet take out a loan, ( I’m sorry I forgot some of you are so wealthy that you would just pay cash to build it) and build a condo to your such so called high standards.

  I think some people get on this site to feel good and big about themselves.

• 7 southbeachsand /Sep 24, 2009 at 10:41 am  Vote:    

  THIS is how you do a shower/bath in a luxury condo…

  http://www.flickr.com/photos/miamibeachrealestate/3494547303/

  http://www.flickr.com/photos/miamibeachrealestate/2629499509/

• 8 Renter Tom /Sep 24, 2009 at 12:02 pm  Vote:    

  southbeachsand – That second photo reminds me of Star Trek…..beam me up Scotty. LOL

• 9 Drew /Sep 24, 2009 at 12:06 pm  Vote:    

  Kevin, keep your self-fulfilling commentary to your own website. What’s wrong with having an opinion. For $8M (or whatever), there should be scrutiny.

• 10 Renter Tom /Sep 24, 2009 at 12:09 pm  Vote:    

  jcrimes – I see your point. But why put in top vanities, marble, designer vessel sinks, designer tub, glass enclosure etc. if it is just going to be ripped out? Why not do minimal what code requires for a CO like they do with the single bulb 50¢ light fixutres? I’m sure the people who can imagine a build out for the rest of the space can imagine a build out of a bathroom. From my experience in the under $1.5M units that I have seen, the bathrooms are more than decent and buyers don’t rip them out. Why put in a designer tub like that…sooo wasteful. I know the $10M condo buyer crowd is different than the under $1.5M crowd but why not make it completely designer ready instead. Just saying….

• 11 drew299 /Sep 24, 2009 at 12:30 pm  Vote:    

  are most of the people on this site interested in purchasing this type of unit ??

  or just pon-tif-i-kay-ting ?? what the deal ?? i mean it beats a blank but

  ???

• 12 jcrimes /Sep 24, 2009 at 12:55 pm  Vote:    

  RT
  the developer is in a damned if you do damned if you don’t situation when it comes to a PH. put in the bare minimum and it distorts the notion of a luxury building. put too much in and you’re eating into profit. a few years ago, a friend bought the PH in one of the nicer, older buildings on collins. he decked the place out (a little over a $1M in work and doesn’t include furnishings). when he sold it, the purchaser gutted the whole place and started over again. at a certain income bracket (i don’t think the intro luxury market really applies – i.e., 500k to 1M), money is not an object and your ridiculously expensive decorator and architect will convince you to redo the whole thing.

• 13 scrivener /Sep 24, 2009 at 1:09 pm  Vote:    

  southbeachsand: Neat photos of the shower setup. What are they – - Kohler fixtures? Nice.

  Renter Tom: Excellent point. But I would take it a step further by pointing out that including all of this “window dressing” (marble back-splashes with usual patterns,etc.) accomplishes little more than: 1) highlight the fact that the developer has questionable style and taste; 2) inflate the developer’s cost basis in the unit by the value of these trinkets; and, 3) inflate purchaser’s basis in the property because they have to “renovate” it.

  But, was all this really necessary? What does this say about the value of the unit itself? Granted, they had to finish the unit somehow. I also concede that taste and style are subjective. But where is the value here? Could it be that the developer was not comfortable with relying on the panoramic penthouse view of Miami and the sea as well as the caliber of the development itself to generate the desired sales price? (I admit, I don’t have an answer to this question)

  I also recognize that there is a segment of the population that are not concerned by having to spend the amount of money required to purchase and decorate/renovate/gut this unit to their liking. But statistically speaking, this group of people are few in number and my experience is that they are also careful about how their money is spent. If the cost of acquiring the unit plus the cost of renovation exceeds anticipated gain from disposal of the asset or, worse yet, exceeds that required to purchase the penthouse unit down the street, such a buyer won’t close the deal.

  Scriv

• 14 JL /Sep 24, 2009 at 2:41 pm  Vote:    

  Existing Home Sales down in August

  http://www.nytimes.com/aponline/2009/09/24/business/AP-US-Home-Sales.html

• 15 JL /Sep 24, 2009 at 2:44 pm  Vote:    

  Nobody with practical needs is going to buy a 4 story condo… it’s just too much of a PAIN to navigate 4 floors. Rather, it will be an expensive toy purchase and there aren’t that many toy buyers out there right now.

  By the way, did the Icon South Beach penthouse sell or not? Latest news shows Marc Anthony/JLo did not buy it.

• 16 DJ /Sep 24, 2009 at 3:07 pm  Vote:    

  What’s the price on this thing anyway?

  I kinda don’t see the point of buying a mega condo like this when for the same money you could buy a really nice house with direct water access.

  Disclaimer – Not that I have anywhere close to the money to buy either.

• 17 JL /Sep 24, 2009 at 3:15 pm  Vote:    

  DJ that’s right. A buyer of something like this will probably have a primary residence on Star or Palm or North Bay Road and buy this as a trinket but seriously, the Biscayne corridor really needs to develop a lot more before anybody is going to part with significant coin on this penthouse.

• 18 Enzo /Sep 24, 2009 at 3:38 pm  Vote:    

  I’m sorry to say that but what an ugly PH…. The floorplan as been very badly thought… I don’t think anyone will buy that place as it is….

• 19 Sentry Safe /Sep 24, 2009 at 6:09 pm  Vote:    

  I agree. For a PH, this unit has a terrible layout and looks very much like a shoebox. I can’t tell if some of the photos in this units are bedrooms or closets. Not much natural light either.

• 20 Renter Tom /Sep 24, 2009 at 6:40 pm  Vote:    

  There are two major factors that are going to affect housing prices negatively going forward (yes, it is obvious but deserves a restating):
  (1) Shadow inventory of foreclosures and pending foreclosures.
  (2) Interest rate increases. Interest rates right now are artificially low and will go up, possibly significantly over the next five years. That means lower home prices.

• 21 Computer Consultant /Sep 24, 2009 at 10:09 pm  Vote:    

  Shadow inventory to grow

  http://finance.yahoo.com/banking-budgeting/article/107799/delayed-foreclosures-stalk-market.html

• 22 Renter Tom /Sep 24, 2009 at 10:32 pm  Vote:    

  Interesting that I keep hearing the US savings rate is way up….well the defaults on debts outpace that. No wonder savings are up, people stopped paying their mortgages over 12 months ago…and banked the cash.

  Although I was trying to get serious on possibly buying….more fantastic rental condos keep popping up. I really like the place I am renting now, but some of the recent places I saw cost 20% less for better places….at this rate I’ll be getting a penthouse for $1,000/month! LOL

• 23 Vince /Sep 25, 2009 at 12:10 am  Vote:    

  TH-3 1,410 sf. at the Yacht Club Portofino on 90 alton rd. auctioned off today at $186,500…. There are 10 TH in total and they rent for $3,500….. what do you guys think?

• 24 Best Views in Miami – Part 4 » Miami Condos For Sale and Rentals, Miami Condos Investments Blog, Bulk Sales /Sep 25, 2009 at 2:55 am  Vote:    

  [...] 1 – The Largest Penthouse in Downtown Miami Part 2 – Luxury Penthouse at Marquis Part 3 – 8,000 Square Foot Penthouse at Marquis addthis_url = [...]

• 25 Juan /Sep 25, 2009 at 5:04 pm  Vote:    

  That's an incredible deal if it's true. Where did you see that?

• 26 JL1 /Sep 25, 2009 at 5:18 pm  Vote:    

  An auction at the Courthouse? I'm pretty certain it would have gotten bid up higher. Some liens against it perhaps?

• 27 Gael /Sep 26, 2009 at 12:25 am  Vote:    

  If I live here I won't need to go to the gym. Where's the elevator?!!

• 28 vince /Sep 29, 2009 at 6:25 am  Vote:    

  at the miami dade auction

• 29 iphoneapi /Oct 28, 2009 at 1:44 am  Vote:    

  New

• 30 iphoneapi /Oct 28, 2009 at 3:31 am  Vote:    

  iPhone testing

• 31 iphoneapi /Oct 28, 2009 at 9:42 am  Vote:    

  Test

Leave a Comment