Emerald at Brickell 1 Bedroom Foreclosure – $110,900

95 responses so far ↓

• 1 Lara /Nov 5, 2009 at 12:20 am  Vote:    

  high HOA fees kill the deal for me. Views are very limited too.
  Recently there was a foreclosure in Soliaris. Also HOA fees kill the deal. In Hollywood there were some deals but high HOA fees. Price become almost irrelevant in such conditions.

• 2 JGM /Nov 5, 2009 at 12:48 am  Vote:    

  Lucas, whats causing the excessive HOA fees .. Is it poor management or simply too many foreclosures in the building …

• 3 AJ /Nov 5, 2009 at 1:53 am  Vote:    

  I just recieved word from the management of 1800 Club that they are putting finishing touches on the next year budget and it should be out in a few days. It is almost certain (90% probability) that there will be no maintenance increase for the next year too (gasp!). But I will hold off on popping the champagne until the news becomes official and I will share it all with you (you know I will be shouting it from the roof top).
  So that will make it
  I year 40.8 cents/sf
  II year 42.4 cents/sf
  III year 42.4 cents/sf (if nothing changes from now until the AGM).

  I will be popping the champagne not because it will be saving me any HOA increase but because it proves again and again that 1800 Club is not only the lowest HOA in all of Miami new buildings but also the most efficiently run with no waste and fraud. In the 2 full years since its operation, not a single penny was collected as a special assessment and none is on the radar in the very distant horizon too.
  Even the most skeptical and jaded guy on this blog should acknowledge this fact unless they are just a grumpy guss.

  So that begs the question, How come Emerald, whose amenities and facilities do not even hold a candle to 1800 Club’s dare charge 90.1 cents/sf in HOA? Is that fraud or mis-management or worse?

  As Lara rightly said “Price becomes almost irrelevant in such conditions.”
  No wonder, people are becoming smarter and they are recognising a good thing when they see one, as evident with the closing numbers of 1800 Club which is close to 85% now. It is better to slightly pay a higher price to get in to a good building than buy into a lousy building with a cheap initial price and then get stripped to your underwear in HOA fees and assessments.

• 4 AJ /Nov 5, 2009 at 2:19 am  Vote:    

  Just a couple of things I forgot to mention:
  1. The 1800 Club reached such an impressive closing numbers without the developer having to resort to any bulk sale. There are almost no investors in that building with more than 2 flats. Rumor has it that just there is just one guy that has 3 flats and I have not verified that.
  2. As JGM posed regarding the Emerald, “Lucas, whats causing the excessive HOA fees .. Is it poor management or simply too many foreclosures in the building …”
  I have to say that 1800 has no more than 1 or 2 foreclosures and out of 469 flats that is as good as having zero foreclosures. Probably that also contributed towards a healthy HOA.
  3. Maintenance delinquencies: We are blessed to have a building with a very low delinquency rate. Over 90 days are rare. Over 60 days get a warning letter from the building attorney and they usually cough up in no time. Over 30 days a are a few but a call from the administrative assistant from the management office usually does the trick. With such excellent compliance, it is a dream for any management company.

  At the same time, low/zero foreclosures and delinquencies are only one part of the story. Only in combination with a good management/administration can a building keep its HOA low.

  I don’t want some of you to go off on a tangent saying “here we go again, AJ is beating the 1800 drum ad nauseum”. That is old news. I do not care what others think of 1800 Club but I owe it to other bloggers here who are saddled with some lousy managements/boards and wondering why they are being short changed when it comes to HOA. Hopefully some of you with balls could walk into a board meeting or a management office and demand why 1800 Club is charging 42 cents/sf in the 3rd year of its operation and you guys are being sent a bill for between 55 cents and a dollar/sf.

• 5 Wild Bill /Nov 5, 2009 at 6:36 am  Vote:    

  Real Estate Price Plunge Makes U.S. Homeownership Perilous Path
  http://www.bloomberg.com/apps/news?pid=20603037&sid=a5Mu8v6dknLo

  The maintenance fees in these new buildings are already dwarfing any appreciation somebody might hope to obtain. Most people will hang on another year before they decide this new Miami condo thing is a hopeless cause.
  Buy an older crappy condo on Miami Beach that has been renovated an you will do okay.

• 6 scrivener /Nov 5, 2009 at 8:24 am  Vote:    

  I have a question. I noticed that the unit features what looks like a vented hood exhaust system over the cook top. Is it truly an exhaust – - meaning that it vents outside the unit – - or is it merely a hood that vents into the unit similar to the “exhaust” fans found in the microwave ovens?

  Wild Bill: thanks for the link!

  scriv

• 7 Drew /Nov 5, 2009 at 9:22 am  Vote:    

  Almost $9k a year in assn fees for a 826sf shitbox. How in the world can that be acceptable to a buyer?

  Unfortunately some of these buildings have zero chance of recovery. On their current path, they will fall into disrepair and delapidation.
  The condominium regime should be terminated and the building should be converted into a rental. Easier said than done…but it seems like the only alternative with some of the distressed projects.

• 8 Miami Skeptic /Nov 5, 2009 at 9:51 am  Vote:    

  These insane HOA fees will continue to be a deal breaker for buildings like this. In foreclosure infested buildings like the Emerald and others, the low % of owners paying their dues the past few years has left the associations in horrendous shape, with no way out aside from bankruptcy.

  I don’t believe that this building has any especially costly amenities, more than likely the association just couldn’t keep up with the bills from their major service providers (think utilities and insurance). I know at one point cable and internet were so far in arrears at the one of the Brickell buildings (Club maybe?) that they got cut off.

  A $744/month HOA fee is the equivalent of a $125,000 mortgage (assuming 6% fixed, 30 years). These condos don’t even become a viable buy unless the price drops another $50k-$60k. It looks like rentals are running around $1500 for a 1/1 in this building but how long can that keep up as inventory continues to come online all throughout Brickell/Downtown.

• 9 drew299 /Nov 5, 2009 at 11:13 am  Vote:    

  2 things, lucas thank you for not doing another penthouse post, 2br and one br ’s are more
  in line with my budget

  high hoa’s are a killer plus they will increase it

• 10 AZ88 /Nov 5, 2009 at 11:18 am  Vote:    

  Lucas,

  Great post. A follow up on what the condo sells for would be great info to see. Thanks.

• 11 Lucas Lechuga /Nov 5, 2009 at 12:30 pm  Vote:    

  JGM,

  A large number of foreclosures. Many were a result of mortgage fraud.

• 12 AJ /Nov 5, 2009 at 3:36 pm  Vote:    

  Wild Bill, I read the piece. Even though there is nothing new in that article, it is very relevant.
  That is why it is all the more important to buy into a solid building after doing due diligence. All the unnecessary razzle dazzle that you find in the new Miami buildings are nothing but HOA back breakers.
  The simpler you live, the better. Hopefully people will go back to the basics after this epic debacle. You don’t need atrium lobbies, you don’t need both sunrise and sunset pools, you don’t need movie theaters in buildings, you don’t need valet parking and a staff of over 50 people to manage a 500 unit building.
  At one time, we used to live in simple buildings and then celebrated once in a while, by staying in a five star hotel for special occasions or while on vacation. At some point, everyone decided that they should live in a five star hotel 24×7 and their buildings should do one better than a luxury hotel. Well you see what happened.

• 13 AJ /Nov 5, 2009 at 4:01 pm  Vote:    

  Fannie Mae to rent out homes instead foreclosing

  http://www.miamiherald.com/135/story/1317939.html

• 14 AJ /Nov 5, 2009 at 4:27 pm  Vote:    

  With Regalados victory, Marc Sarnoff will become a power center.

  ” Two-term commissioner Sarnoff is likely to benefit the most for his backing of the new mayor.
  Sarnoff, who represents the Biscayne Boulevard corridor from Coconut Grove through Brickell, downtown, and on to the Upper East Side, said Regalado already has made clear he will become commission chair.
  It’s a powerful post, with the chair choosing which items go on the city’s agenda. Sarnoff could also become the new director of the Downtown Development Authority. Though that post is chosen by commissioners, he has Regalado’s backing. The DDA is a semi-independent agency with its own budget that is responsible for drawing business and upkeeping the downtown business district.”

  I guess it is goodbye Walmart , which Sarnoff hated.
  Also Sarnoff is an active hands on man for Pace-OMNI upper East side. He was actively canvassing for the Bayview market, OMNI mall, Sonesta Mikado Hotel and other projects and responsible for many tax breaks and incentives to these projects. They will now get off the ground pretty quickly. Probably the best thing that happened to our neighborhood no matter what people might say about Tomas Regalado.

• 15 Drew /Nov 5, 2009 at 9:08 pm  Vote:    

  AJ
  You bring up an interesting point about the condo/luxury hotel comparison. I guess there is a sense of entitlement and delusions of grandiosity when one decides that they need their home and surrounding amenities to be better than or equal to a 5-star hotel.

  These condo developers were selling an image and a lifestyle, characterized by the infinity pool, theatre, party room, a lobby that looks like a nightclub, branded gym/sauna, etc. Now all those added amenities (many of which are unnecessary and excessive) are burning a hole in the assn’s budget. A prospective buyer should take a hard look at the extra, unknown costs and ask themselves if they really need all that extra crap.
  I nver understood condo “theatre rooms”….wtf am I supposed to do, sit down with a bunch of strangers and watch movies all night. And if I tried to “rent” it out and told my friends to come over to watch a movie in my condo’s public theatre, they would all tell me I’m an idiot and then tell me to f*ck off.

• 16 AJ /Nov 6, 2009 at 12:57 am  Vote:    

  “Now all those added amenities (many of which are unnecessary and excessive) are burning a hole in the assn’s budget” – Drew

  and not just the assn budget and related insurance costs, all these bells and whistles and “luxuries” make your prop to appraise for more and hence more taxes too.

  In reality, we always had luxury buildings even before the bubble times. But it was like 1 building out of 10 or something like that. There were enough rich people to afford all those extra HOA costs and taxes in that one in ten buildings. But then when 49 out of 50 new buildings in Miami are built like those luxury buildings, there are not enough well to do people to afford and maintain all those luxuries. That is why we hear so much heartache regarding the HOA and taxes as middle class people like me are moving into buildings previously an exclusive domain of rich folks and company CEOs. Luckily I am able to pay (also due to the fact that hoa and taxes are reasonable in my building) but unfortunately many more did not bargain for this. So for now, if you are just a middle class guy but want to live like a CEO or a trust fund kid by moving into these swanky buildings, you got to eat spam and pay all your salaries towards the monthly holding costs of that “Luxury” condo. There is no way out. Those HOA costs are not coming down or the taxes are going away.

• 17 JGM /Nov 6, 2009 at 1:00 am  Vote:    

  Tks Lucas ..

  If the high HOA fees are due to high foreclosure rates, if we fast forward three years from now, assume the building is at a much healthier situation, and lower HOA fees, the current $100k price might not be too bad of a deal ..

  Even today, paying $100k cash, then renting it out for 1200 to 1400 a month, the deal still works out ..

• 18 JL /Nov 6, 2009 at 3:27 am  Vote:    

  “and lower HOA fees”

  Has any building in So Fla ever appreciably lowered HOA dues?

• 19 scrivener /Nov 6, 2009 at 8:16 am  Vote:    

  “The simpler you live, the better.” – AJ

  WOW! I propose that we frame, bronze, emboss, super glue, etc this phrase somewhere prominent because it is brilliant and the underlying truism that the condo developers and that purchasers/investors (both in the housing market and the securities market) forgot during the housing bubble.

  And I appreciate and agree with the observations concerning the excess “luxuries” in the majority of the new buildings in Miami. For example, there is one building (the name is not important) I know of that incorporated biometric security devices in the elevators which required finger print identification to operate the elevator. The cost of maintaining the data base – - assuming the development is still using it – - must be something. I mean, given the transient nature of condo dwellers – - the owners are in one week and maybe they have a tenant in the next. You’d have to add and subtract new prints for each tenant or occupant, in the case that the owner let’s a relative or friend, etc. use the unit. And let’s not forget – - unless properly maintained, using simple pencil led and silly putty one can bypass such devices. (smile)

  But was installing such a device (granted, I think its really cool) necessary? After all, wouldn’t a door man have been a better, less expensive, reliable and, more importantly, classier choice?

  scriv

• 20 Miami Skeptic /Nov 6, 2009 at 10:23 am  Vote:    

  JGM

  You are correct that if the building straightens out its finances in the next 3 years, this could end up being a good investment. 2 problems I see:

  1. Tons of new inventory coming on line will erode the rental market. Drive around at night and look at how few lights are on in some of these buildings. That will be your competition for years to come.

  2. HOAs usually only extract themselves from trouble one way – special assessments. Once they work through the foreclosures and have more solvent ownership chances are they will special assess their way to solvency.

  Also note that HOA troubles usually means that ongoing maintenance is being deferred. This will mean more assessments down the line.

  The return on this unit is small relatively to the potential downside risk. One special assessment could wipe out years rental profit. And I dont see these condos appreciating much for years to come. 5 years of HOA fees at Emerald is around $44,000.

• 21 Renter Tom /Nov 6, 2009 at 10:44 am  Vote:    

  AJ – If 1800 Club is 20% LESS than other buildings, then one wonders why. Might not all be peaches and cream. Slicing off adequate reserves, under insured, deferred maintenance, etc. Few amenities are one thing, but one wonders what the reasons are… Whenever there is an outlier, it deserves scrutiny….Madoff was an outlier and that should have raised a red flag too…

• 22 Lara /Nov 6, 2009 at 11:14 am  Vote:    

  RT, you are wrong in re to 1800 Club. the building has everything that one needs: simple but elegant, all possible well designed and comfortable amenities, stunning bay views. I do not know though about reserves and insurance. I guess AJ can clarify that issue. I am a big fan of this building

• 23 Renter Tom /Nov 6, 2009 at 11:52 am  Vote:    

  Lara – I am not wrong, the 20% off I am referring to is the HOA fees that AJ posted a comparison about. Whenever there is an outlier, it deserves scrutiny. Why AJ’s building is sooo “perfect” needs to be taken with a grain of salt. I don’t dispute it is a good building, I don’t know either way, but I would wonder why their HOA fees are so much lower. Just saying, do your homework. Don’t be penny wise and pound foolish.

• 24 AJ /Nov 6, 2009 at 11:53 am  Vote:    

  RT,
  I was as skeptical as you. When a 1 or 2 BR unit in 50 Biscayne or Quantum is paying upto $850/month in HOA and we are paying $520, we sure checked if all is in order. And to our satisfaction, they are.
  1) Yes we do not have a lot of reserves, Yes we are only 80% insured (we are self insuring the difference). I have repeatedly asked others to post if their buildings have reserves and 100% coverage but not even one response was forthcoming. I assume all buildings in Miami are in the same boat but they are not telling. Even if we assume hypothetically 50B and Quantum having reserves and they are 100% insured, do you think, emulating 1800 Club would drop their HOAs dramatically? I doubt it.
  2) Amenities: The building is not lacking in the most basic amenities. It has a great gym, pool, sauna, steam, jacuzzi, party room and a decent lobby. Everything is functional and beautiful but it did away with pomp. Due to the design of the building/amenities we are able to save a ton on FPL bills. You will be surprised how many millions of $$$ buildings pay to FPL.
  3) Bare minimum staff: With a total staff of 19, the salaries and overheads are minimum. You will not believe how good the building and common areas look and is always so spick and span with just such a skeletal staff as the management runs a very tight ship.
  4) Delinquencies and foreclosures: This probably has a devine intervention to it and no one can take credit for this. Luckily foreclosures are almost non existant and HOA delinquencies are much much less than other buildings. Maybe it is due to the fact that this building is super popular with renters for a myriad of reasons and the owners are all thanking their lucky stars for that.
  5) Finally we have a very active, concerned and involved owners. A board and the developer who are allies and think alike and are very zealous in their aggressive cost cutting, cost control startegy and prevention of waste and fraud.

  So there is a perfect storm of several factors that created a condition in which we live very well within our means. The foundation has been layed and the policies will be continued no matter who is at the helm. And that means it is truly a middle class building albeit with some rich trappings and is bound to succeed both in the short as well as long term.

  And a short answer to your question, yes red flags were raised and outside professionals inspected the budgets and declared it is as kosher as it can be.

  Brings to mind an interesting anecdote. I once complimented a lady who was forty but looks like she is late 20’s “you look so good for your age”. She says to me, “this is how everyone in their 40 should look like. Just because most look haggard and beaten up by the time they turn 40 does not make it the legitimate look of someone who is 40″.

  How true! Now let me say the same thing, just because 49 other buildings charge $750-$850/month on HOA for a 2BR does not make that a normal or legit charge. A 2BR should not cost you over $600/month in HOA.

• 25 MarkyNZ /Nov 6, 2009 at 11:54 am  Vote:    

  I’m guessing the two main reasons why these HOA fees are so high are:
  1) High % of units not paying HOA fees given short sales or foreclosures.
  2) Small number of units in the building means that the total costs per unit will be higher than a much larger building with similar amenties. All about economies of scale.

• 26 southbeachsand /Nov 6, 2009 at 1:31 pm  Vote:    

  Not having a reserve is like those idiots in Miami driving a new Benz with no money in the bank account. Complete foolish.

  AJ – has your management at least hired an engineer to complete a Reserve Study for the building? Those reports are invaluable in establishing what you need for the future.

• 27 Kramer /Nov 6, 2009 at 2:23 pm  Vote:    

  Ahhhh Bliss

  The AJ/Renter Tom soap opera has returned to the MCI Fall Season Schedule. This heavyweight match-up pits (RT) an Ayn Rand devotee with a superiority complex who wears a tuxedo when visiting the pool area, smokes a pipe, listens to opera and never uses the bidet in his apartment preferring to hire help for the deed. Knowledgeable, insightful, debonair, erudite and a model citizen, yet a disdain for the common folk. In the other corner is AJ – a Bloke with a cheeky attitude, more modest in his ambitions, enjoys popular culture, is kind to animals, never orders quiche or Pate de foie gras, who dreams big and fancy’s himself as a modern man of the world. So MCI fans -Let The Games Begin as our new season unfolds, grab a bag of popcorn and your favorite beverage and enjoy.

• 28 Renter Tom /Nov 6, 2009 at 2:38 pm  Vote:    

  Kramer – I’m pretty sure I saw AJ eating some fatty goose liver just the other day on Ocean Drive….he then got on public transportation and disappeared over the bridge across the bay….he was headed toward Pace Park.

• 29 Wild Bill /Nov 6, 2009 at 3:37 pm  Vote:    

  I wouldn’t even bother critiquing a developers influenced budget. A complete waste of time.

• 30 gables /Nov 6, 2009 at 3:42 pm  Vote:    

  The emerald is a building I really like. The prices and hoa fees have always been a concern, because the numbers really do not add up. hoa have always been very high, but many units get listed very low-most likely due to the high hoa and foreclosure. they are a wannabe luxury building, close but not quite there. but the amenities are still a class above most of the other buildings in the brickel area-club, vue, mark, 500, etc. if you can buy at the right price and hold out long enough for hoa to correct, will be a great buy. ever seen the pool? its windy and cold, but its an infinity pool located on the roof-amazing views of miami that all residents can enjoy!

• 31 Condo Swindlers /Nov 6, 2009 at 3:53 pm  Vote:    

  as far as the vent hood its a facade-nothing vents out it vents into your a/c duct-dont believe me cook some fish for dinner and see what happens…

• 32 John Henry /Nov 6, 2009 at 4:21 pm  Vote:    

  Rumor has it that the long-stalled Terra Beachside Villas project on 60th and Collins was purchased yesterday and that construction completion will commence shortly. About time.

• 33 Dave /Nov 6, 2009 at 7:37 pm  Vote:    

  AJ – I own a 1B1B at Quantum and the HOA fee is $479, and this includes the reserves.

• 34 Lara /Nov 6, 2009 at 7:52 pm  Vote:    

  Dave, I also own 1b1b in Quantum and you are right. I still think that HOA fees are too high. For some 2bd they go almost $900. 1bd fees should be in the mid 300. I see some waste in management. Do not forget that Quantum has over 700 units. So cost per unit should be lower that in 1800 club where the number of units is in mid 400s.

• 35 AJ /Nov 6, 2009 at 8:32 pm  Vote:    

  Dave, could you be a bit more specific about how much percentage of the HOA goes towards reserves? Also are you in south tower or north tower? South tower HOA is less than that of North tower. Please tell us the size of your unit. With out that info the total HOA usually does not say much.

  Lara is right on. Two friends of mine are struggling to pay $850/mo HOA on a 2/2 in Q.

  The problem with Q is they have 2 gyms, 2 pools, 4 party rooms, 1 movie theater 20 common bathrooms, 1 library and the list goes on. The number of staff is very high too even after they cut down earlier this year. And when you have 700+ units, running a tight ship is not an option as it becomes too unwieldy to manage. I heard Pedro Martin does not give a shit about the building affairs and if any owner wants to see him, it is almost impossible. The only person you can see for your grievance is the property manager who has no vested interest in the building to begin with and is not really interested in saving a buck for the owner.

• 36 Hugo P /Nov 6, 2009 at 8:54 pm  Vote:    

  I think if it sells above list (which I think will), the price is still a bit high, but not that far if you buy ALL CASH as an investment. Here is the math:

  Purchase Price: $120k (above asking like Lucas expects)
  Rent at: $1,600/month (2008 rented for that in Feb 09)
  Minus:
  HOA: $744/month – $8,928/year
  Taxes: $250/month – $3,000/year ($3,200 for $2009)
  Net Income: $606/month = $7,272/year

  Return on cash: $7,272/$120k = 6%

  Not a bad return, but including vacancy and replacement costs the numbers get tighter.

  I do believe there are some desperate investors who are buying at the prices expecting too much appretiation in the next 5 years, which I don’t believe will happen.

• 37 Renter Tom /Nov 6, 2009 at 8:55 pm  Vote:    

  I will say that I have seen some activity in the last month or two where a good unit at a “bargain” price gets immediate attention and goes under contract. There are people out there looking for these things ready to go. Are they knife catchers, perhaps, but the risk has lessened since last year as prices have come down and are closer to the bottom. These units tend to be lower to almost mid priced units. The upper end seems to still have a glut without any anxious buyers. Just my observation.

  Our area will continue to get hammered with high unemployment, high foreclosures, credit pull back, and of course bankruptcies. A stagnant market for years to come….better than a freefall.

• 38 Renter Tom /Nov 6, 2009 at 8:58 pm  Vote:    

  Oppps, almost forgot…rising interest rates are in the our not too distant future (you can only ZIRP for so long) which means asset prices purchased with borrowed money will come down. Don’t underestimate the affect of ZIRP on current home prices…..

• 39 Renter Tom /Nov 6, 2009 at 8:59 pm  Vote:    

  Oh, and it is a four bank failure Friday. Yawn.

• 40 Drew /Nov 6, 2009 at 9:57 pm  Vote:    

  Hugo
  $1600/month is unrealistic. $1300 at most.

• 41 southbeachsand /Nov 6, 2009 at 11:35 pm  Vote:    

  Terra Beachside Villas would be like owning a condo between the toll booths on the Dolphin Expressway. I hope the buyer got a huge bargain.

• 42 Renter Tom /Nov 6, 2009 at 11:41 pm  Vote:    

  ……update….now a five bank failure Friday. Move along, nothing to see here, housing is fine, everything will be alright. Move along.

• 43 AJ /Nov 7, 2009 at 4:34 am  Vote:    

  Drew, even $1300 is unrealistic for this unit. I would say more like $1100 or $1150/mo. Not a penny more.

• 44 Hugo P /Nov 7, 2009 at 10:39 am  Vote:    

  Drew, AJ

  I used $1,600 as unit 2008 rented for that price in Feb 2009.

  I agree that getting that today might be a stretch, which reinforces even more that this is not a good investment for an iliquid asset.

• 45 Miami2009 /Nov 7, 2009 at 10:52 am  Vote:    

  I looked at this building a while back when prices for 1bd were 350K+. Obviously overpriced, however the building is very nice and in a decent location across from the bay. No views and high maintenance kill the deal on this unit.

• 46 Dave /Nov 7, 2009 at 11:33 am  Vote:    

  AJ – Lara

  The Q 1B1B unit I refered to earlier is an M in the north tower with an HOA of .65 with 10% going towards reserves, but yes it should lower and there are owners working on several efforts that will take some time to work through for reductions.

  AJ – Yes there are a lot of common bathrooms throughout the building but aren’t we exaggerating a bit vs. 1800 to play up 2 pools and 2 gyms. I would not count the gym’s loft spinning area as a 2nd gym, and the pools are no larger than 1800, they just designed to be split n 2 to max sun exposure given the tall towers. You make your point on the other comon areas without inflating the issue.

• 47 Visionary /Nov 7, 2009 at 4:09 pm  Vote:    

  AJ – Lara

  I also own in Quantum a 1B1B, but my HOA fee is under $400.

• 48 Mr Waverly /Nov 7, 2009 at 5:16 pm  Vote:    

  Common areas were a trend sold during the boom… In the future look for a 20 X 20 entry, one door man, one pool and two exercise bikes.
  All of those common areas should be sold off or rented then managed as their own entities.
  I see common areas as a thing of the past, just like the management companies that overcharge to run those buildings.
  Just my thoughts.

• 49 AJ /Nov 7, 2009 at 6:56 pm  Vote:    

  Dave,
  Yes, 20 toilets was a bit of an exaggeration but you get the point that you need a ton a of man power to maintain and than a lot of electricity to light and cool all these extra spaces. Every extra person you hire will cost you exponentially.

  Visionary,
  1/1 and studios in Q seems to be in line with a tolerable HOA. But the 2/2s are quite heavy. It maybe because the 2/2s are between 1300 and 1400 sf. Not sure.

  MrWaverly,
  Cant agree with you more except that you cant sell of your pool. What is done is done. These buildings will for the rest of their lives be saddled with a high HOA. But….In 20 years from now, these buildings will be populated by the rich and the well to do (not just due to the amenities, but also due to the fact that they would be sitting on prime land and locations). Any new buildings made for the burgeoning population will be Tokyo and Hong Kong style boxes with almost nil amenities. Because in 15 to 20 years from now, keeping the inflation, population explosion and spiralling construction costs, Even charging $600-$1000/sf, a developer wont be able to replicate the so called “Luxuries” and spaces of these buildings and then expect to keep the HOA low. Somethings gotta give and it will be space and amenities. Looking forward, one day (far ahead down the road) only certain royalty would be able to live in Paramount Bay selling at $2000/sf. The poor and the middle class will have to settle for a $500-$600/sf shit box in North Miami.

• 50 AJ /Nov 7, 2009 at 8:42 pm  Vote:    

  Look at this 1BR unit in 1800 for $180K and $375 HOA. I think it is far superior compared to the unit on this thread in every which way. Definitely see the photographs.

  http://www.miamicondoinvestments.com/property-search/view.php?mlsid=M1194481

• 51 Drew /Nov 7, 2009 at 8:43 pm  Vote:    

  I have a feeling that the only condo owners who truly “get their money’s worth” out of the bldg’s common areas/amenities are the type of people who sit in a Starbucks “working” on their laptop for hours and hours.

• 52 AJ /Nov 7, 2009 at 8:55 pm  Vote:    

  The unit I mentioned is 3608 and it usually gets rented for between $1350-$1450. These units are extremely popular with the Jackson medicos.

• 53 Joe in Miami /Nov 8, 2009 at 12:29 pm  Vote:    

  I’ll offer $90K for it.

• 54 Dave /Nov 8, 2009 at 2:59 pm  Vote:    

  Visionary and Lara – Which Q 1B1B model do you own?

• 55 Lara /Nov 8, 2009 at 8:21 pm  Vote:    

  Mine is A loft

• 56 AJ /Nov 8, 2009 at 8:23 pm  Vote:    

  Brickell condo developers face facts, slash prices to unload inventory

  By Yudislaidy Fernandez
  On Brickell’s condo rollercoaster ride, some developers are slashing original prices by more than half to sell units in the uncertain housing market.
  Some developers had refused to cut, hoping for a market turnaround, but this year they decided they needed to cut prices to sell.
  Newly-built residential towers hungry for buyers, such as 1060 Brickell and Brickell on the River, “came out with aggressive pricing that set the new market rate for new high-rise condominiums,” says Patrick O’Connell, managing broker and senior vice president of development at Esslinger Wooten Maxwell Realtors in Brickell.
  “When you look at the majority of the buildings here, the new price per foot has been determined, but these two buildings that came out with reduced pricing, got units sold and paid their debt,” he said.
  In 2008, prices didn’t move much, Mr. O’Connell says, but as 2009 rolled around many developers realized the market wasn’t going to appreciate.
  Figures show that while sales have increased, prices have dropped.
  For example, Brickell sales shot up 388.9% in September 2009 compared to September 2007, an Esslinger Wooten Maxwell Facts & Trends report shows. During that same period, price per square foot fell 36.5%, showing a clear price decline over the past two years.
  That realization brought many banks and developers together to strategize “the right price per foot to get a significant number of sales,” he says. “In the coming year, we’ll see more of the same as developers and their lenders come to a mutual agreement to basically finish selling or liquidating remaining units in these buildings.”
  For example, Mr. O’Connell says, some buildings already recovering are 500 Brickell Towers and Jade Residences at Brickell Bay, luxury condominiums in desirable locations that have started their comebacks.
  “The bottom line is that well-located buildings at the right price are going to do fine,” he says.
  Ultimately, developers must lease or sell at the price the market dictates, a critical step to fill up Brickell condos and strengthen condo associations, he said, leaving lenders with fewer real estate assets to manage and a bigger inclination to lend.
  Next year is going to become more “the year of the workout,” he says, adding “It’s going to be a building-by-building recovery in 2010.”
  Oliver Ruiz, managing broker at Fortune International Realty, agrees many developers now realize they have to cut prices to sell.
  A couple of years ago, condo prices ranged from $400 to $600 a square foot, while now units must be priced around $200 to sell, says Mr. Ruiz, incoming residential president of the Realtor Association of Greater Miami and the Beaches.
  “The hottest inventory is just about gone,” he says, because those developers and lenders have said, “Let me get some of my money back.”
  Many of those developers have had to cut prices to a level that’s hard for buyers to pass by, he says, driving sales at many of condo towers built during the boom.
  For example, Fortune succeeded in selling 340 remaining units at 1060 Brickell, a luxury twin-tower development with 570 condos, at reduced prices. Originally, units were priced at $400 a square foot, but market conditions forced them down to an average of $220 a square foot, fueling the sale of remaining condos within months.
  These reductions have allowed many area condominiums to finalize sales.
  “Buildings that were empty are pretty much full,” Mr. Ruiz said, adding that most buyers are investors who bought units to rent them.
  Developers sold more than 900 condos in greater Downtown Miami in the third quarter, up from fewer than 250 in the second quarter, according to a Condo Vultures report. Fewer than 8,500 developer units now remain in the area, with 36% controlled by The Related Group and 21% by the Starwood Capital Group, which recently acquired the condo construction loan portfolio of failed Corus Bank from the Federal Deposit Insurance Corp.
  But the profile of today’s buyer differs from boom buyers, says Peter Zalewski, a principal with consultancy Condo Vultures.
  Priorities have changed, he said, as the focus has shifted from buyers seeking the perfect space with the right interior look to facing concerns about costs and contract commitments now that mortgage financing is hard to find and the economy is still hurting.
  “Previously, it was all about emotion. Today it is all about the numbers,” Mr. Zalewski said, adding that buyers are better informed and educated about their purchases.
  Those savvier buyers are sticking to the lower-priced condos, he said, while higher-priced units struggle to sell.
  Over the past year, sales pending in South Florida increased from 9,300 in November 2008 to 18,200 this October, according to research based on Florida Association of Realtors data. Most of those buyers are cash buyers, investors and some first-time homebuyers, Mr. Zalewski added.
  About 85% of the pending contracts are for units priced in the $300,000s or less, he said, which is putting pressure on higher-priced inventory.
  “People are being selective. The higher you go (in pricing), the more selective they are,” he said.
  Increasingly, those deals are not closing, he says, because higher-priced condos aren’t catching the same attention.
  But for some, buying isn’t an option, which has spurred growth in Brickell’s rental market.
  Today, the rental and buyer markets have flipped. Leases now are exceeding sales, mostly because financing is hard to find and some fear buying property in this troubled economy.
  “I see pricing on rental higher today than during boom,” Mr. Zalewski said, because today there are more renters than buyers who can close. Years back, “more buyers were closing and no one wanted to waste money on rent.”

• 57 Lara /Nov 8, 2009 at 9:00 pm  Vote:    

  May be there are more rentals than buyers but prices for rent are lower than last year. Not much but about $100-200/month on 1bd-2 bd units.

• 58 Visionary /Nov 9, 2009 at 3:21 am  Vote:    

  Dave,

  Mine is a 03 line.

• 59 Lara /Nov 9, 2009 at 10:10 am  Vote:    

  Visionary, it is interesting. The size of your apartment is the same as the size of my loft but my maitenance is a bit higher than yours. It can be attributed only to the height. I wonder why?

• 60 AJ /Nov 9, 2009 at 10:56 am  Vote:    

  Lara, That is an interesting observation. It may be due to the fact that you have a larger volume per sf? You may want to check with the management. Undiv. interest in common areas are measured as a percentage and it is in the condo docs. The figure is arrived at by the architects at the planning and construction stage. I think it is set in stone and cannot be changed. But you can always check to see how this figure is arrived at.
  In some countries (luckily not here), HOA dues (they call it monthly maintenance) are not just based on sf but also due to the premium value of the flats. For example if 1800 Club was in Hong Kong or Bangkok I would be paying more HOA due to the premium views of my flat compared to a similar area flat on the oppsosite side. Also they have a floor rise premium in those countries. Flats on Higher floors pay more than the flats on lower floors.

  In this country there is one similarity. NYC co-ops. My co-op which is midway height in the building has certain shares alloted to it and all calculations such as HOA, assessments, no. of voting rights etc are based on those number of shares. It is interesting to note that the ground floor flat has much lower number of shares compared to the top floor flat, mine being average. So this is kind of a floor rise premium.

• 61 southbeachsand /Nov 9, 2009 at 1:34 pm  Vote:    

  Interesting Miami condo article for any of you considering buying a condo along the river or near a draw bridge….noise noise noise

  http://blogs.miaminewtimes.com/riptide/2009/11/downtown_condo-dwellers_to_noi.php?

• 62 NC /Nov 9, 2009 at 3:22 pm  Vote:    

  sounds like a pretty lame article (above). what downtown doesn’t have noise? annnnd he’s going from downtown Miami to Homestead?? sounds like someone just wants to complain.

• 63 BillP /Nov 9, 2009 at 4:13 pm  Vote:    

  Regarding condominium fees, they are always based upon a unit’s % of common area interest. It is always defined in the condominium documents upon creation of the condominium trust. The number could be based strictly upon a unit’s square footage but it is more commonly tied to unit value. Where the condominium is located (Hong Kong??) has no bearing on the allocation, individual sponsors are free to do what they choose.

  That is why buyers are given a right to review condominium documents PRIOR to purchase. I know of no instances where these numbers have changed after a closing.

• 64 Renter Tom /Nov 9, 2009 at 4:32 pm  Vote:    

  To change the % allocated to a unit would certainly require an amendment to the condo declaration…..possibly even a 100% vote in favor. So, won’t happen absent a judge’s order. You can’t get 100% participation in voting let alone agreement….

• 65 southbeachsand /Nov 9, 2009 at 5:15 pm  Vote:    

  But how many of you actually knew that shrimping boats do all that noise every night up and down the river? Just one of those surprises you don’t find out until the first night you sleep there. By then its too late. Its not like it a club next door that cranks up at midnight. People look out for those things, but not shrimp boats.

• 66 Drew /Nov 9, 2009 at 5:18 pm  Vote:    

  I don’t know what state(s) BillP is referring to. In Fla you can’t base common element allocation off unit value. That makes no sense. Its either based on unit sf or each unit is given equal allocation regardless of unit size (though uncommon today).

  About the Miami River article: No shit. Boats make noise. Its like moving to Doral and complaining about the goddamn planes.

• 67 computer consultant /Nov 9, 2009 at 5:31 pm  Vote:    

  October foreclosure numbers are out

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

• 68 Probably too Cynical /Nov 9, 2009 at 5:58 pm  Vote:    

  that article is just silly. I’ve lived with a full view of the Miami River from where it opens at Brickell Key to up past Neolofts for six years and I’ve never once seen or heard a shrimp boat. (Have heard boats blast their horns when the drawbridge operator as fallen asleep late and night and they want the bridge to raise…) Yeah, it’s noisy. What city isn’t? I close my door and all is fine again. Moving to Homestead would be more than a little extreme….

• 69 AJ /Nov 9, 2009 at 11:34 pm  Vote:    

  In Fla you can’t base common element allocation off unit value. That makes no sense. Its either based on unit sf …..Drew
  I agree. For good or for bad this is working fine. At least I am happy. If the % is based on assessed or market value, which take views, add ons, higher floor etc into consideration, I would be paying a higher HOA. So I will not complain in this system.

  Regarding the Miami river buildings, I have not experienced the shrimp boats but the traffic on I95 and the great rumble of the metro rail around Latitude, Neo vertca, Wind etc is enough to jarr anyones nerves.

• 70 scrivener /Nov 10, 2009 at 9:00 am  Vote:    

  southbeachsand – - the shrimp boats are a nuisance. And I mean that in every sense of the word.

  I have lived in several units in downtown – - beginning in August 2000. My first unit had an unobstructed view of the river’s mouth and downtown – - unmarred by the architectural monstrosities that have been constructed since that date – - as it was in Brickell Key’s Courviosier Courts.

  The view was subsequently blocked when they built the Courts and then by Carbonel. But the noise from the boats was obnoxious. Night after night – - droning on and on and on. I was studying tax law at the time so sleep was a necessity and between the shrimp boats and the occasional tone-deaf, moron neighbor who thought they had poetic license to blast their stereo 24/7 – - life was not without its challenges. But I digress.

  My only guess is that they must seek out boats with the loudest engines for shrimping. Anyone know what these shrimp look like? I tried to ask a shrimper once – - unfortunately the language barrier got in the way.

  I also note that even after I lost my panoramic view of downtown, the noise was still a problem because the shrimp boats ran up and down the west side of the island – - between the island and the church – - all night long.

  What never ceased to amaze me is that the Mandarin Oriental never took issue with the noise. On any given night during the season – - while drinking at the M Bar with friends, including the two greatest bar tenders in the world (Jack and Eric) – - I clearly remember the loud roar of the shrimp boats trolling in front of the hotel. Were I a guest I would be angry at having to pay $600+/night only to be kept awake by engine nose.

  What fascinates me about the article is the enforcement measures that the local LEO’s (Law Enforcement Officer) are trying. I heard that several years ago, a few shrimp boats were successfully thwarted because they did not have life preservers or other code infractions. But it seems to me that an easy solution might be to go after them using Miami’s noise ordinance. I mean, the problem is not the boats but the engines – - right?

  I’d like to believe that, for example, a shrimp boat running on an Evinrude e-tech or, for example, a Yamaha 4-stroke would be less objectionable.

  Where is Miami-Dade county? Where is the state of Florida? After all, these boats are not operating in international waters. Right?

  scriv

• 71 AJ /Nov 10, 2009 at 10:12 am  Vote:    

  Maybe the Mandarin Oriental guest rooms have triple or quadruple paned sound proof glass?
  Or is it because the the Mandarin Oriental in Hong Kong is located in the noisy harbor area and they might consider the Miami location a haven of peace and tranquility?

  Well, Brickell and Miami river buildings are plagued by the shrimp boat noise, I-95 traffic and the Metro rail rumble.
  The downtowns bane is the earth shattering hoots and rumbles of 18 wheelers and trucks coming in and out of the port and the heavy traffic laden Biscayne boulebard.

  May I dare suggest, If you want absolute peace and tranquility like in a quiet bedroom suburban setting but still want to be in the middle of everything and walk everywhere, please consider moving to the Pace-OMNI corridor of buildings.

• 72 Drew /Nov 10, 2009 at 12:27 pm  Vote:    

  scrivener:
  The Miami River is a “working river” and the marine/fishing industry was there operating long before any luxury condos were ever built. To imply that the County or State should restrict or prohibit the fisherman from running their businesses is absurd. It is their livelihood and they have more rights than a whiny law student perched in his leased condo.

  Anyone with half a brain can take one look up and down the river at any given time and realize that heavy commercial marine operations are a part of life, day and night. You knew or should have known that noise would be an issue. If you couldn’t accept it, then you should have moved somewhere else.

  You should go down to the shrimpers’ offices and tell them to change engines on their boats…they’d probably throw you in a net and use you as bait for their next outing (after they punch you in the mouth).

  What’s more “objectionable” is the fact that many marine businesses were fukced by the City of Miami over the past decade due to marine commercial -> residential rezoning that effectively forced them out of business. Fly by night developers then bought the land, razed any buildings, and now the land is sitting vacant with 6′ weeds b/c the developer went bankrupt and couldn’t complete a project.

  And no, I don’t work in the marine industry, its just that I find your comments appalling.

• 73 scrivener /Nov 10, 2009 at 2:19 pm  Vote:    

  Drew:

  I moved out long ago – - it is not an issue for me and has not been for quite some time. Period. (But thanks for your concern)

  I also read about folks in Miami-Dade’s planning/zoning department who strong armed the marine industry in hopes of giving the “fly-by-night” (like the phrase!) condo development crowd extra room to build additional projects. I think their conduct was unconscionable. Greed is greed. Hopefully their day of reckoning is coming. (And may it be fierce) As a boat owner and avid fisherman, I am certainly not anti-marine industry.

  And no, I am not rushing to the defense of hapless, clueless, whining, “entitle-itis,” cry-baby condo purchasers who were not smart enough to take a good look at the area they were moving into. I am a huge proponent of the maxim carpe diem (”let the buyer beware”) Shrimp boats are a seasonal activity in Miami – - one that I found rather fun to watch.

  My point is this: the shrimp boat problem, as a matter of law, is nothing substantively new. Granted the “offenders” I have read about were different, but courts and municipalities have dealt with these issues under the nuisance doctrine. Miami-Dade and these condo dwellers need to step up.

  A famous case involved a community that developed around a church that operated a soup kitchen. The community brought suit and the court agreed that having homeless people, who were drawn to the neighborhood by the kitchen, running wild on home owner’s property (dumping trash, urinating on hedges, etc.) was unacceptable and granted an injunction prohibiting the Church’s soup kitchen under the nuisance doctrine.

  There are countless cases where residential developments expanded such that they surrounded feed-lots as well as pig and chicken farms, etc. In many of these cases, these land uses (feed-lots, etc.) were ordered shut. In other cases, they were required to adjust their use so as to minimize the damage to the surrounding property owners. I would note that in other cases, particularly one in Florida, the court did not prevent a pig farmer from operating his farm even though it “offended” the neighboring, newly built country club.

  I would also take issue with you, however, in that I doubt that this is a “coming to the nuisance” situation. Just because an activity have been lawfully been conducted in an area for a certain period of time does not immunize it from being abated or stopped when the surrounding land use changes. This is not a case where one person is complaining about the noise or, by analogy, odors from a feed lot adjacent to their newly constructed home. Many probably are. And, arguably, the offending activity was not readily discoverable when they bought the unit because it is a seasonal activity so one can argue that the purchaser was not on notice.

  The point is that these areas of Miami are no longer vacant lots or empty commercial units. They are now residential developments; a place that these people call “home.” When an area changes, the land uses and activity in that area may also have to change. It’s a question of public policy – - even in places like Miami.

  Equally important is that since Miami-Dade provided no responsible zoning code regulating the development that occurred during the housing boom/bubble/debacle, one can reasonably argue that if they ever want to reap the benefits (hello, tax revenue?) from these developments, they owe a duty to make them as attractive to purchasers and residents as possible and this includes regulating and/or abating nuisances like shrimp boats and noisy night clubs.

  It’s time for Miami to grow up.

  But maybe that is just me applying logic to a part of the world where logic rarely applies.

  scriv

• 74 Drew /Nov 10, 2009 at 6:05 pm  Vote:    

  While your recitation of caselaw is impressive (though not necessarily on point), I don’t feel that the boat sctivities could ever be subject to a private nuisance claim. While the boats may be an annoyance, I doubt they rise to the level of a “substantial interference,” a necessary element of a nusiance claim, I believe. You must also look at the reasonableneness of the shrimpers’ conduct and its relation to industry /commerce. You would have a hard time arguing that their activities are unreasonable and provide no or little value to the community.

• 75 Renter Tom /Nov 10, 2009 at 8:21 pm  Vote:    

  There is no reason that they can’t put a muffler on it. They can engage in their activity all they want, that isn’t the issue, but can be required to do it quieter.

  There is a VERY loud boat (some sort of fishing boat) on the ocean that comes out of the Haulover Cut several times a day…..no other boat is a problem except that ONE. There is no reason for it to be that loud. I can sympathize if that were a constant thing where I lived. I will be sure not to charter that one.

• 76 Kramer /Nov 10, 2009 at 10:28 pm  Vote:    

  Reminds me of those low flying planes carrying banner ads that run up and down the beach especially on holidays. I Would never buy on the ocean. Btw- sounds like this guy in the New Times article purchased at One Miami building. Walks to Heat games and uses Metro-Mover. C’mon a new two bedroom on the water with bay and river views for under $200,000. And the writer had the nerve to call it posh haha. Besides as someone else mentioned above – shrimp season is seasonal and i think runs only for a few weeks in either Jan. or Feb.

• 77 JGM /Nov 11, 2009 at 12:49 am  Vote:    

  Lucas ..

  Any updates on the status of this unit ..

• 78 fha /Nov 11, 2009 at 8:08 am  Vote:    

  time for a new post?
  I guess your goal was one a day??
  this shrimp boat discussion is getting old..

• 79 southbeachsand /Nov 11, 2009 at 10:57 am  Vote:    

  I just want a list of all the local restaurants who buy their shrimp caught in the Miami River…..that must be where those guys in west miami sitting on the side of the road selling shrimp from a cooler get their shrimp.

• 80 Renter Tom /Nov 11, 2009 at 1:49 pm  Vote:    

  OK, on to more serious stuff…this should help:

  FHA moves to boost condo market
  The FHA recently announced more lenient, albeit temporary, underwriting guidelines for condo projects, but is still singling out Florida for special attention.

  http://www.miamiherald.com/business/story/1327063.html

• 81 fha /Nov 11, 2009 at 5:15 pm  Vote:    

  Lucas,

  I have stopped by paramount bay and the building was completely empty. I was told by the security guard there is not even a sales office there yet.
  Do you have any info since you have toured the property?
  Have you got pictures of other units and common areas?
  Thanks

• 82 Renter Tom /Nov 11, 2009 at 7:53 pm  Vote:    

  Reviewed a smaller development recently. Was interested to buy, great location, decent finishes. Developer had 10% left and could buy for about 1/2 of 1.5 -2 years ago. For example, let’s say there are 30 units in all.

  Sooooo, did some research. Developer units, two years unpaid taxes. One owner has never paid taxes or dues in almost three years. No biggie right? Wellll, then I looked up liens from Condo Assoc and so can add 10 owners to that list. So, conservatively 40% of units at issue (past due on HOA or developer units). Haven’t go through everything yet, but looks that foreclosures have started with perhaps 4 units (10%) at very start of foreclosure.

  Just when I thought I found a decent place…..you turn over a stone, then another, and another and I don’t like what I see. Clearly, only all cash buyers can play in this condo.

  Perhaps it is better to continue to rent … or go for a SFH. These fly by night “investors” have really screwed things up!!!

• 83 Lucas Lechuga /Nov 11, 2009 at 8:23 pm  Vote:    

  JGM,

  The unit went under contract on Tuesday, November 10th.

  FHA,

  I have pictures of other units but not many pictures of the common areas. Most of the rooms were pretty empty so I felt that it was pointless to take pictures at that time. For example, the gym equipment still hadn’t arrived yet. I was told that closings are scheduled to begin in December.

• 84 Richard /Nov 11, 2009 at 11:11 pm  Vote:    

  HOA fees at Venetia are all the same amount from studio to penthouse–thank goodness for right cancel after I got the condo docs. Can’t remember (15 yrs ago) but think developer kept commercial area and no HOA for them. No wonder 167 units are delinquent.

• 85 jcrimes /Nov 12, 2009 at 12:26 am  Vote:    

  expect something big related to FB miami in the next few months.

• 86 scrivener /Nov 12, 2009 at 9:01 am  Vote:    

  Drew:

  Excellent point! Their use is arguably reasonable – - or, stated another way, not unreasonable – - making the issue altogether more fun to throw around. I appreciate your time in this regard.

  Regardless of whose side you take – - and for the record, as I do not have a dog in this hunt, I do not care – - it should be very interesting to see what, if anything, comes of this issue in the future.

  Volenti non fit injuria because, as always, aequitas sequitur legem.

  scriv

• 87 AJ /Nov 12, 2009 at 10:49 am  Vote:    

  Richard,
  That is very strange. How can every flat regardless of size pay the same HOA? Also the developer (FECR?) kept the Commercial props and out of HOA purview?! That should be illegal even if it is on the condo docs. Who is supposed to pay for the common area electric, toilets, security etc which even the commercial props enjoy? Tibor Hollow made that building back then……

• 88 Lara /Nov 12, 2009 at 11:33 am  Vote:    

  JCrimes,

  What is FB Miami?

• 89 Probably too Cynical /Nov 12, 2009 at 11:38 am  Vote:    

  #73, I think you meant to say, “caveat emptor.”

  “Carpe diem” is “seize the day.”

• 90 Drew /Nov 12, 2009 at 12:12 pm  Vote:    

  Lara-
  Fontainebleau Hotel. Probably referring to a bankruptcy filing. It appears as though Soffer the Younger has single-handedly decimated the development company built by Soffer the Elder. What a disaster and embarassment for Donald Soffer.

• 91 Miami2009 /Nov 12, 2009 at 12:54 pm  Vote:    

  Anyone know anything about the Caribbean in Miami Beach?

• 92 Renter Tom /Nov 12, 2009 at 4:22 pm  Vote:    

  The Fountainebleau will be an interesting story to follow. It really does exemplify this real estate bubble….all the trappings. Whether or not the LV project sinks SoBe too is an open question. Regardless, lawyers will be the ones that get rich in this dispute. Leverage combined with personal investment and personal guarantees can lead to wealth destruction esp. when debt is used as a substitute for what should an equity risk position…

  Or maybe Obama charged his recent stay there and FB realizes the govt’s credit is no good! LOL

• 93 fha /Nov 13, 2009 at 8:35 am  Vote:    

  hey lucas

  how about the 1 post a day promise? this one on emerald is over 1 wk old! let’s keep the site going!
  thanks

• 94 JL /Nov 13, 2009 at 9:43 am  Vote:    

  re: Fontainebleau

  Maybe they can do a reality show. REPO this Hotel. Show the welder going in and yanking out his 7,000 bottle winerack with a Hummer… with a DJ spinning and topless models lounging in the background… this being a SoBe repo and all.

• 95 JGM /Nov 17, 2009 at 1:04 am  Vote:    

  Hey Lucas ..

  Just wanted to see if this unit closed, and at what price ..

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