New Miami Condos – Closings Rates for January 2008

January 17, 2008 by Lucas Lechuga

The chart below will show you the percentage of total units that each development has closed since closings began. Click on the following links to view the updates in November and December:

New Miami Condos - Closings Rates January 2008

Below you will find the date that each development began closings:

Before anybody says it, I realize that One Bal Harbour is not a “Miami Condo”. I didn’t want to change the title of the post just to reflect the fact that One Bal Harbour is located in Bal Harbour. I also didn’t want to exclude it from the list because there is much interest in One Bal Harbour, and besides, One Bal Harbour owners would criticize me for not providing an update when the closing rate has jumped since the last update.

The closing rate at One Bal Harbour has hit the 70 percent mark. This is a significant increase since last month’s update. The stock price of WCI surged about 15 percent in the regular session on Wall Street and another 19 percent in after-hours trading on Wednesday after it reported that it has successfully been able to amend its credit and loan agreements. The news story was not publicly disclosed until after the bell. There are currently 55 condo units that have not closed, according to public records. The news reveals that WCI now has a considerable amount of time to sell these last remaining condos.

Ten Museum Park has had about a 7 percent increase in its closing rate while 50 Biscayne has had about an 18 percent increase, since the December update. With the exception of One Bal Harbour, Ten Museum Park and 50 Biscayne, none of the other developments have had an increase of over 5 percent. The two new entries to this month’s update are Loft Downtown 2 and Quantum on the Bay. Loft Downtown 2 should have been included in the November update since closings began in September but it simply slipped my mind. Sporting a 74 percent closing rate, however, makes Loft Downtown 2 appear quite successful in comparison to the other Miami condos. The Grand Opening Party for Loft Downtown 2 is scheduled for Thursday evening.

Closings at Quantum on the Bay began earlier this month and as I’ve stated many times before, closings can take up to 2-3 weeks before they are recorded with the county (however, I have heard that as of January 1, 2008, this is no longer the case. A reliable source told me that a step that sometimes delays the process is no longer required. Closings should now be recorded within 1-2 days after the condo has closed. Can a title agent elaborate on this for me?). Don’t take too much away from the low closing rate at Quantum on the Bay. I mainly included it to act as a stepping stone for next month’s update and let everyone know that it is now on my radar.

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67 Comments on "New Miami Condos – Closings Rates for January 2008"


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Anonymous
8 years 8 months ago

I am absolutely shocked at the One Bal Harbor number. I guess you can learn a lesson, location, location, location. Wow.

Anonymous
8 years 8 months ago

I hope to see a continuous increase at 50 Biscayne. I heard there were currently over 100 pending rental applications for new tenants.

Anonymous
8 years 8 months ago

By the way, I forgot to include 1800 Club. It has had a 22.6 percent closing rate. Closings at 1800 Club began on November 27, 2007.

Anonymous
8 years 8 months ago

Lucas-

How do you think 1800 Club and Quantum will do in the next 6 mo to 1 yr considering their ideal location next to Pace Park and the Performing Arts center.

Anonymous
guillermo
8 years 8 months ago

Lucas,can you tell us if the rumors that the developer in ONYX ON THE BAY is in Big problems are correct ??.

Anonymous
8 years 8 months ago

Lucas, do you have anymore info on the grand opening party for Loft 2? Is that happening tonight or next week?

Anonymous
BFG
8 years 8 months ago
Hope those buyers are all end users (for the sake of other condo owners). If not, then many of those units will be right back on the market soon. If the developers manage to get most of their inventory closed, then that is good for them. However, prices in the Miami area will continue to go down as long as there is an oversupply of units on the market. So, if many of these units come back on the market as resales in the next year or so, it won’t help the problem of prices dropping in Miami. That problem… Read more »
Anonymous
8 years 8 months ago

Title companies play a big role as to when deeds get recorded, since a lot of them wait to group a certain number before sending them over to the Recorder’s Office. Some are better than others.

With the amount of money they charge for “courier fees”, you would think that the deed would be delivered immediately after it’s been signed and notarized.

Anonymous
Brian
8 years 8 months ago

Lucas –
I see that 10 Museum Park now has 54 units for sale on the market (out of only 200 units). Are those all resales? How many additionally are trying to rent out their unit?

Anonymous
name
8 years 8 months ago

wow.. One Bal Harbour did a great job. totally unexpected with their prices

Anonymous
8 years 8 months ago

Alex G,

The party is tonight. I can’t remember what time though. I saved the flyer on my home computer. Give Related a call.

Anonymous
Raffi
8 years 8 months ago

Why is star lofts doing so poorly? I mean the building has a pretty good location (its on the bay, near the opera house and midtown). it also has few units and the layouts are a lot better than most buildings out there. Is the price what’s keeping it down? or bad advertising? I mean this building looks like it should be a winner.

Anonymous
Gerry Hussey
8 years 8 months ago

Brian,
I toured Ten Museum Park two days ago. Those 54 Units listed for sale on Zilbert Realty website are not the only ones for sale. My understanding from my tour the other day is the developer has 30 + or – more for sale (unless I heard wrong). Those Unit #’s listed on Zilbert do not appear to be the ones owned by the developer.

Anonymous
8 years 8 months ago

Brian,

I agree with Gerry. I don’t believe that the developer has listed any of the defaulted units on the MLS. The 54 that you see are resales from people that have closed already.

Anonymous
8 years 8 months ago

Raffi,

Three reasons: price, price and price. You may say that the neighborhood is also a reason but this should be reflected in the price.

Anonymous
8 years 8 months ago
Guillermo, I sent you an email to answer your question. Sam, I think Quantum on the Bay will be a much better development than 1800 Club. In the long run they will both do well but I think Quantum will fare better over the next year. The one bedroom units (facing west) at 1800 Club are in for some pain. Anyone that does their homework will realize that there’s a piece of land to the west of 1800 Club that has city approval to build a very tall high-rise which can potentially block any views and sunlight from coming into… Read more »
Anonymous
8 years 8 months ago

Who wants to bet Portico will never happen?

Anonymous
8 years 8 months ago

I sure hope it doesn’t. I’m not sure what the city was thinking when they approved the permit for that development.

Anonymous
Brian
8 years 8 months ago

Thanks Lucas and Gerry.

It appears now there are 57 units for resale at 10 Museum. With another 30 or so from the developer still for sale.

Coupled with those just trying to rent out their unit for cheap because of the slow market, it appears over half of the building wants to sell or rent out their unit and have no desire to occupy the building.

Anonymous
Gerry Hussey
8 years 8 months ago
I may be naive because I was quite surprised to find out that the Ten Museum Park developer wants $55k (quoted by TMP Representative) more above the selling price to truly finish the units. I wonder what percentage of the units now for sale at TMP are unfinished (ie: no flooring) and would require the buyer to fork over tens of thousands of dollars above listed price. Is this typical for all of the new condos coming to market in Miami or only specific to TMP? Those that have closed cannot be too excited about spending additional 10’s of thousands… Read more »
Anonymous
Brian
8 years 8 months ago
That is unacceptable that the common areas are not finished after nearly 8 months. I have a feeling the deveoper is out of money and had to incur costs overruns just to deliver the building. The “designer ready” units of some Miami condos is a sham and border line “bait and switch”. In most markets across the country (excluding PH units), units are finished with a standard hardwood floor or premium carpet at the very least. When TMP offers the $55k finished upgrade, they are pocketing about 50% of that as profit and fees. The markups are huge. I’ve always… Read more »
Anonymous
Raffi
8 years 8 months ago
I like what you guys have said about TMP because I’ve always thought the same thing, whoever designed those bathrooms is a jackass. It is the most uncomfortable non-user friendly bathroom I have ever seen in my entire life. A big ass shower sits in the middle of the bathroom and separates it’s components and it sits in the middle of the bedroom. I don’t want to see someone taking a shower while im lying on the bed. (that might be nice the first few times, but after that I’d just be annoyed. TMP has all the potential in world… Read more »
Anonymous
Gerry Hussey
8 years 8 months ago
My wife, Luchas and the TMP rep were standing in the master bedroom of the 7 line unit scratching our heads and wondering where would you put the bed? Neither of us could figure that out. Against the floor to ceilling window? Or, against the “additional cost frosted sliding doors” that separate the Master Bedroom from the living room/kitchen? You couldn’t put the bed against the one other wall of glass because you would block the door to the patio. The door should have been placed on the living room side. Oh, and I really like the Waste treatment plant… Read more »
Anonymous
8 years 8 months ago

It looks like Related Group chose to start renting out the unsold units at 50 Biscayne. I wonder how all of this will play out with the condo association budget.

Anonymous
8 years 8 months ago

Gerry, Raffi, and Brian:

Ditto my thoughts exactly on Ten Museum Park!
(Unfinished units, highly impractical bathrooms, valet parking with no other option, tiny kitchen cabs, etc)
What fools would want to pay high dollar for all of that?

Anonymous
jcrimes
8 years 8 months ago
no doubt that TMP has major layout problems (although it has been beaten to death already – yeah, the showers are majorly fakakte) but out of the four buildings going up there, the developer is probably in the best financial shape. got in cheap and paid off the senior. yeah, they’re sitting on inventory, but the end result will be their profit margin taking a hit and not how to stop the red ink. star lofts…how in the hell can anyone justify those prices? nice building, but at the current prices, the typical potential purchaser probably has the cash flow… Read more »
Anonymous
Juan GM
8 years 8 months ago

For those of you interested in TMP style condos, I would highly suggest you check out Brickell on the River. I toured the south tower today and was amazed by the level of finishes as well as the ammenities offered by the developer.

Also, you have stability with the HOA since the north tower has been fully operational for more than two years already…

Brickell on the River South as well as their North tower have been a great success for Groupe Pacific…..

Anonymous
RA
8 years 8 months ago
It’s really bad that the ammenties @ TMP arent done yet. That’s an embarrasment. BTW: Lucas do you still go with your prediction u wrote on your blog that you were sure that TMP East units would be selling in the $450+ range in ’08? As far as finshes and and an extra 50k for build out…well thats why they say designer ready. Most of these other blds that come ready are usally preetty standard semi lame stuff. Carpets etc.. I mean if you are spending in excess of 300k – 500k etc..then you would want the good stuff not… Read more »
Anonymous
DAVID
8 years 8 months ago
RA, Good thoughts about TMP; upgrades, etc. However, since the developer is providing “bare” developer ready units; it should be at a discount to what typical finished units would go for. I agree with you that is nice to have the option to finish the unit any way the buyer would like; just don’t expect the buyer to pay for a finished unit but receive a developer ready unit. Anyway, it’s all about what the “market” will bear. If buyers are willing to accept this, more power to the developer. Time will tell the true story. There’s no current shortage… Read more »
Anonymous
RA
8 years 8 months ago
Well they all recieved bar units at TMP and alot of other buildings. IMO, I don’t want anyof those finishes. I’m gonna take out the doors, put my own floor, closet doors, etcc and may even knock the florr out the bathrooms. Bootom line My place is gonna look like 1mil bucks but yes it is gonna cost me. So if I ever do decide to sell my unit vs someoneleses unit same line which will ultimitley be cheaper then guess who’s unit will have more looks. Sure they can buy cheaper but alot of peopel just don’t want to… Read more »
Anonymous
8 years 8 months ago

I am amazed at the number of closings at One Bal Harbor, its doing well. I also really like the location and building.

Anonymous
guillermo
8 years 8 months ago

LUCAS,THANK YOU,I WILL CALL YOU WHEN READY. I STILL THINK PRICES AT ONYX ON THE BAY WILL KEEP GOING DOWN IN THE NEXT COUPLE OF MONTHS. KEEP ME POSTED, AND LET ME KNOW $200 SQ.FT. IS NEARING.

Anonymous
8 years 8 months ago
The rumors that I’ve heard is that WCI is not sending official default letters to people. They are instead cooperating with contract holders to help them find a buyer. The units that were officially defaulted were from contract holders who submitted a letter to them stating that they would like to default on their unit and requested a quarter of their 20 percent deposit back. I heard that a handful of people made this request before the New Year, likely so that they would be able to offset the loss on their taxes against any gains that they may have… Read more »
Anonymous
8 years 8 months ago
RA, Just a word of caution to you; do not overspend on your improvements to your unit. I’m sure it would look fabulous; but as experienced real estate investors know, you may never be able to recoup all that money on a resale. If you want your unit to be the “million dollar” type, it would perhaps be wiser to spend that money in a development where all the condos start at $1 million or more. Then you should have no problem recouping your money when you sell it. Preferably, you want to have the least expensive unit in the… Read more »
Anonymous
RA
8 years 8 months ago
Good point. However, I plan to live in it for a couple of years and I like an awesome looking unit. I entertian alot and bottom line I like a bad ass pad. Makes me feel like I come home to a resort after a stressful day. You’re prob right it would be difficult to recoup it all back. But if I’m spending so much money to buy the place why would I want it looking like shit and try to dress it up with cheap floors and crappy furniture from Rooms to Go. Without a doubt, I’m building out… Read more »
Anonymous
8 years 8 months ago
RA, The answer to the question that you asked earlier in the day is NO. I never expected it to take another 9 months for the development to be 100 percent complete. The spa is at least another 6 months from being complete. Work hasn’t even begun. The gym (recently converted into a storage room) is at least another 3 months away from being complete. The pool deck furniture still needs to arrive and the cool rain shower feature on the pool deck that we saw in the renderings is now a question mark. I can no longer stand by… Read more »
Anonymous
8 years 8 months ago
Regarding One Bal Harbour. Assuming there is no “financial engineering” going on with the closings number, could the upside surprise in the closings have to do with the size of the unit deposits? Looking at the 2003 pre-sale price sheets. It looks like the average unit cost 2.2 million+. A 20% deposit would be $440K+. No matter your situation, walking away from a deposit that size can’t be easy. On a related note, regardless of the final closings number, isn’t % up for resale much more telling? With units still needing to close, One Bal Harbour is showing 86 units… Read more »
Anonymous
Gerry
8 years 8 months ago
The following link dated November 07 shows plans for skyscrapers directly behind (west) of TMP. Does anyone know the validity or reality of these plans? see link: http://bobmiami.com/2007/11/06/parkwest-and-falcone-further-considered/ RA I agree with spending the additional dollars to customize your unit. I would do the same. (I like the white glass tile) I just do not want to over pay for a unit with cement floors and an unusable bidet because it is separate from the toilet. All of these issues may have been acceptable in 2004 but not anymore. That is why there are 58 MLS listings plus 30 developer… Read more »
Anonymous
Gerry Hussey
8 years 8 months ago
I want to be clear with my intentions: I like the over-all style of TMP and expect prices to come down by as much as 20% from where they are today on 7 line. If they do then I may buy as a second home. Right now I am trying to research the park west neighborhood plans, Museum park plans, i-395 and tunnel plans and understand all of the issues with TMP. If anyone has additional information regarding these topics or is a TMP owner or potential owner then I welcome further discussion by e-mail: ghussey@yahoo.com or IM. Yahoo IM:… Read more »
Anonymous
8 years 8 months ago
I think prices at TMp will come done 30% to 40% from what they are now, all dependng on how the developer adresses the finished that still need to be completed. To actually live there parking is a real big concern when I show the units there people really dont like the fact that you can only valet and the parking garage is so narrow. WHen you go up to the units the hallways are aweful, they should at least paint them a little bit or add some finished so they dont look so bad. The hallways are oretty drak… Read more »
Anonymous
RA
8 years 8 months ago
I agrre with comments above TMP altough outside looks great it’s is just plagued because the developer didn’t do a good job finishing up which will hurt him. Plus that valet only is so ridiculous. This has got to be the stupidest thing ever. I’m sure once the HOA gets more settled in they could prob handle that issue. You also gotta like that loft concept all lofts in general are a bit tricky to furnish so you really need to plan it out. I see Marina Blue and 900 better buys overall. Marquis is looking nice but very expensive.… Read more »
Anonymous
8 years 8 months ago

RA,

I had the opportunity to tour Marina Blue last week. You can find photos on my blog. The pool deck was looking much more impressive than Ten Museum Park so far. While the building has not TCO’d yet, I think everyone will be surprised by Marina Blue. I think they will finish out this development with everything promissed. That’s a step in the right direction.

Anonymous
Connie
8 years 8 months ago

If anyone has a unit that is on a higher floor that want’s to sell now for CASH…..please let me know ASAP.I am looking for one of the smaller unit’s with a view.Thank you Connie

Anonymous
Connie
8 years 8 months ago

Sorry my previous message was about TMP…that was the condo that I was reffering to.

Anonymous
Brian
8 years 8 months ago

That Spa at TMP is going to spur sales or make it any nicer. How many people REALLY care if they can walk down and get an over priced facial? Thats more appealing to a hotel guest than a condo owner.

A nice restaurant and bar would have benefited the building more.

Anonymous
Brian
8 years 8 months ago

Ooops, I meant to say “isn’t” going to spur sales above. I need an edit feature!

Anonymous
Juan
8 years 8 months ago

You’re right but I highly doubt that La Prarie will put themselves in a building that looks like that now. They will have to do improvements and by that time the pool and gym will be done. Restaurants will then follow. And don’t forget the supposed Michael Capponi lounge.

Anonymous
Gerry Hussey
8 years 8 months ago

Brian
I agree with your comment about the spa. I was thinking the same thing when I toured TMP last week. I jokingly said to the TMP Rep that spending money at the Spa would be the last thing I would do after buying a unit. Actually, the Clinique website shows a press release stating it would open up in TMP in January 2007. I would say they are quite a bit off schedule.

Anonymous
Mike B
8 years 8 months ago

Anyone have any info on 900 Biscayne? What is the current ppsf range there? I have contracts on two units there. One on the 33rd floor “C” line and the other on the 52nd floor on the south side of the building (I forget the line) with East, South and West exposure. Curious to know where things stand with this development but haven’t seen much discussion about it anywhere.

Anonymous
8 years 8 months ago

Mike, on the Zilbert site they are showing 3 listings off the MLS dated 1/11/08 on high floors asking 490-560/ft. Since there are only 3 oddball listings, take it with a grain of salt.

In general, what were the presale $/ft on high floors?

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