2 Bedroom Miami Foreclosure at Blue Condo – $197,000

The dues at $850/month are pretty high. If you were to rent this out you would pay around $400/month in property taxes and would also need to sink in $10-15k for appliances and clenaup. Otherwise this is looking halfway decent, especially for a cash buyer.

What you have to consider is that Blue is not a good buy: terrible location, full of renters and short sales, high HOA, middle-of-the-road to cheap building. You can’t it out on your balcony since the noise is insane and to have decent water views you need to be in line 11 or 12, since most units face north.
Nothing attractive about it.

SFBJ Thursday, April 1, 2010, 3:17pm EDT Royal Palm loses $143M foreclosureSouth Florida Business Journal – by Brian Bandell View Larger The Royal Palm Hotel in Miami Beach is set for public auction after its owner lost a $142.7 million foreclosure judgment. Wachovia Bank, as the special servicer for a commercial mortgage-backed security fund issued by Credit Suisse First Boston, won the judgment against Royal Palm Hotel Property based on a $108.4 million mortgage, plus interest and fees. The hotel, at 1545 Collins Ave., is scheduled for auction on May 27 on Miami-Dade County’s Web site. At one point, the… Read more »

More great news for the ones that believe the market is picking up… SFBJ Thursday, April 1, 2010, 3:43pm EDT | Modified: Thursday, April 1, 2010, 5:40pm WSG faces South Florida foreclosuresSouth Florida Business Journal – by Brian Bandell The litigation between Lehman Bros. Holdings and Miami Beach-based WSG Development Co. escalated with two additional foreclosure actions in late March. The complaints target two uncompleted projects: ArtsPark Village in Hollywood and an office site in West Palm Beach. The New York-based company, which has been under Chapter 11 reorganization since 2008, already has a pending foreclosure lawsuit over the developer’s… Read more »

Lucas,

Is tehre a problem with the site? Why were all my postsm from thsi morning removed? My comment on the unit and some articles as well.
Thanks

Carlos,

The Miami News Time article was an April Fool’s joke. There’s absolutely no truth to it.

Lucas

Thank God!! That Would have been the reason to pack our bags and leave Miami..lolol

Blue as a whole sucks IMO. To many reasons to list as to why. Maintenance is $0.73/sq. foot. That is crazy!

Since everyone is posting articles from the SFBJ. Here’s one: http://southflorida.bizjournals.com/southflorida/stories/2010/03/29/daily54.html?t=printable

One word: OUCH!

BFG IV

Carlos:

You took the words right out of my mouth. I would also add: this unit has been “ridden hard and put away wet.”

I appreciate the carrera marble. But what happened to this place? Did the owner (investor?) go on a rampage? Was it not finished (note the absence of facets on the bathroom sink, no mirror in what I assume is the master bath, wires dangling from the bathroom wall, etc.) Did a squatter reside in the place?

It is a shame.

scriv

CSFB CND-2 is the real dog.

Does anyone know the story with Icon Brickell. First tower 30% off, 2 and 3 -40-50% off…..any addional discounts???? Do you know what name they use, I want to search some deeds????

Inna, your song ‘Hot’ is the hottest song on the radio and the clubs right now. love that song. Do you live/perform in Miami?

Inna,

Units were way overprices.
Tower 2 is not 40-50% discount.
It is the most expensive of the 3.

I considered Blue for the fantastic views when the HOA’s were $550 but that noise and neighborhood killed it. That same noise and click click from all the road expansion cracks must be the same at Marquis.

so i made my $310,000 offer for a 2br/2ba..(my second offer), the developer did not move off their original counter of $389,000. Really looking forward to when this TARP program ends and these guys and their banks have to start balancing their books just like i always did…maybe then i’ll be able to buy. Pretty bummed out. Looking at renting for another year. yuck. I repeat here again, sale prices at Met 1 South Face (bay), 37 $428,000 36 $440,500 $461,000 35 $457,000 34 $384,000 33 $416,000 $394,000 32 $460,000 31 $458,000 30 $259,000 $480,000 29 $460,500 $454,000 28 27… Read more »

Geez, never seen what a foreclosure gutted luxury apartment looks like before. It’s one thing walking away from your mortgage, but to steal the showerhead and bathroom faucets on your way out is another thing.

Joebob:

I had not noticed that! The shower head is GONE.

Someone also lifted the toilet paper holder, what I assume was a shampoo and soap holding device from the master bath, the closet shelving, microwave, stove, , and the bathroom light fixtures.

I wonder how they got the microwave and stove out without being noticed? (Assuming they were there to begin with)

UNBELIEVABLE!

scriv

Bill
met 1 isn’t getting squeezed by its lender for the foreseeable future. thus, they have no incentive to budge on price.

JCrimes,
Can you share your insights who is getting squeezed in order to know when to start negotiating? Which buildings are you looking at now? Any news with Nobe?

thanks. Lara

so the $8k housing bonus is coming to a close. as is the feds purchase of mbs. today the 10 year yield crossed 4% (the 10 year is very much linked to mortgage rates). you would think that met1 would have taken an offer on the table given how the financial environment is likely to change negatively with respect to real estate mortgages in the rather near term. my take on all of this is the one bedrooms have fallen about as low as they will go. they are affordable as cash purchases and have reached an equilibrium. but the… Read more »

gables,
your analysis on 1 bd condos is spot on (prices have indeed bottomed out), but your theorizing on 2 beds is shaky.
Do you really think that cash buyers can only buy 1-bd digs?
Sounds laughable to me.

Bill,
How did you miss the last year’s opportunity on Met1? 103 condos were sold there at an average of $281/sq ft.
http://www.condoreports.com/real-estate-reports/met-1_miami_condo_9012

REAL ESTATE Feds: Homes with Chinese drywall must be gutted Those with Chinese drywall in their homes are being advised by federal government officials to completely remove it. BY LESLEY CLARK [email protected] WASHINGTON — The federal government is recommending that homeowners with corroded Chinese drywall remove all of the material from their homes — along with electrical components, sprinklers and gas lines — to eliminate safety problems. Guidelines issued Friday by the U.S. Department of Housing and Urban Development and the U.S. Consumer Product Safety Commission recommend that consumers replace “all possible problem drywall,” all electrical components and wiring including… Read more »

F35, it is safe to assume that as you move up the price chain, fewer and fewer people can be cash buyers. that does not mean they wont throw considerable cash into a purchase, but there is a world of difference in the number of people with $100k of cash on hand vs those with $250k cash available for real estate investment. remember, as you move up the chain you also get increases in HOA and taxes which take resources to cover. so if you need to partially fund through a mortgage, you very well could move from 5% interest… Read more »

F-35 and gables,
your analysis on 1 bd condos is spot on (prices have indeed bottomed out), but your theorizing on 2 beds is shaky.
Do you really think that cash buyers can only buy 1-bd digs?
Sounds laughable to me.

—> in my building I have seen in last few months many if not all of the 2bedroons units were paid for in cash, no mortgages.

gables,
Surely there are more millionaires than billionaires and more idiots than geniuses. But there is also lesser number of 2-bedrooms being built than 1-bedrooms, so I don’t think that your logic works in this case.

owneratinfinity, i don’t doubt cash buyers exist. i do question how many exist. as long as 1B stay under $150k, you will never really run out of cash buyers. but at $250k my suspicion is that there exist far fewer buyers. Infinity is fannie mae approved, so what is driving the cash buyers rather than mortgages? At 5% mortgage you are probably better off buying with debt and moving your cash to bonds as the yield increases (remember 10 year bonds are now at 4%) than unload your cash. can they sell out the building with cash buyers?

lara i’m not keen on the condo buildings. in terms of troubled buildings, i think you’ll find that most banks now are working with developers. it’s a function of how long do they want the blackhole on their balance sheet. with the worst over for most banks, there seems to be a willingness these days to allow the developer to hold on and wait for a better day. especially for those developers that could be characterized as top of the class. for example, although i don’t know anything firsthand (my related contact moved on for better pastures) you’ll note that… Read more »

Rents increased 1.6% in the first quarter in Miami and 0.9% in New York. The gains came during what is usually a seasonally weak period for apartments and suggested that landlords may have some momentum heading into the peak spring and summer leasing season.

South Florida appears to show signs of stabilizing after a painful years-long slump prompted by heavy overbuilding. Rents gained 1.1% last quarter in Palm Beach and 0.8% in Tampa-St. Petersburg.

FULL ARTICLE HERE:

http://online.wsj.com/article/SB10001424052702304620304575166210220338480.html?mod=WSJ_hpp_LEFTWhatsNewsCollection

Carlos: Interesting twist in the drywall drama, don’t you think? The article in the SF Business Journal provided an added another troubling, though not surprising, detail: that the builders/defendants in these cases originally suggested, in lieu of total removal, remedies such as coating the walls with a sealant and, if I recall correctly, the article even mentioned installing air filters as a possible alternative remedies. Neither of these would work and I am glad the federal government stepped in and called for total removal. One question in my mind, however, is this: have there been any stories reporting the presence… Read more »

i’m careful to read too much into increasing rents as a sign of strength. it is a sign the collapse has receded. many units in the past year were rented at below market prices because owners were terrified of holding a unit with absolutely no income. that time seems to have passed and rents appear to have stabilized a bit-especially the 1B. seems like the 2B may still have some drop left, but not a freefall. the uptick in rents is simply a credit to the fact we passed through the abyss and made it to the other side. rents… Read more »

From the SFBJ..pretty encouraging, ain’t it?

COMMERCIAL REAL ESTATE NEWS FROM SOUTH FLORIDA

S. Fla. Red Roof Inns face foreclosure

http://southflorida.bizjournals.com/southflorida/stories/2010/04/05/daily10.html?s=industry&i=commercial_real_estate

Survey: Florida rural land values down

http://southflorida.bizjournals.com/southflorida/stories/2010/04/05/daily3.html?s=industry&i=commercial_real_estate

Construction spending down

http://southflorida.bizjournals.com/southflorida/stories/2010/03/29/daily57.html?s=industry&i=commercial_real_estate

Former Office Depot HQ faces foreclosure

http://southflorida.bizjournals.com/southflorida/stories/2010/03/29/daily55.html?s=industry&i=commercial_real_estate

F-35, I read reports on the rental market a few months back that basically outlined that rents were very likely to increase around 1% starting in 2010. I copy and paste most of the information here. Of course most people tell me that because I don’t live in Miami so I’m obviously wrong and there is no possible way rents will increase. Here is my quoted posted in February and then reposted in March: “Apartments rents are expected to hold rather steady over the next one year with a 1.0% increase possible. From 2010 to 2011 a 2.0% increase is… Read more »

Spring Fools Think the housing slump is over? Think again. By Mark Gimein Posted Sunday, April 4, 2010 – 7:54pm Spring is the season of spring, of optimism and new beginnings, a good time for dreamy reveries and wishful thinking. Which means that it’s a good time to talk about housing. In late March, the Treasury Department unveiled its new foreclosure relief plan. Like the previous lackluster plan rolled out a year ago, the new program is built to fail. The premise behind it is that lenders will cut the principal of at-risk mortgages and give debtors new, federally guaranteed… Read more »

Carlos, One again people are using other people opinions on a blog as the basis for their information and no actual facts. This article basically says that the overall market has gotten better, but be afraid of that scary shadow inventory that will secretly sneak up in the middle of the night an destroy the market. Simple common sense will tell you that the argument in this blog is ridiculous. The government has been trying to prop UP prices. If you think they going to write prices down to 40% lower than current prices you’re not very bright. When they… Read more »

Gixxer I am entitled to my opinion as well as you are entitled to yours. For someone who does not live here, does not have money to invest or has ever done in the SoFl market you seem to be very opinionated. As I have said before, I rest my case. This is not the statistics bureau. It is a blog and people’s perceptions are as valuable if not more than numbers. Numbers and false investment promises is what brought all of the country into this state. You are bullish. I am bearish for the real estate market in Florida… Read more »

Carlos, the difference is, gixxer actually posts his opinion, while all you do is cut and paste articles. The only “analysis” I’ve seen out of you yet has been the volley of insults you just launched at gixxer. Bottom line, if you have an opinion, let’s hear it. Anyone can find an random blog posting on the net and repost it here, Mr. big money investment bigshot.

You bet I am DJ. Would never buy in that dumpy 360 in awful North Bay Village. For the resident of Miami Beach like me, more fantastic news !! Posted on the lead today Closing a $30 Million Gap Miami Beach has Another Budget Crisis Looming and it’s Going to Hurt By Lee Molloy When a regular person has a budget crunch and needs a few dollars to pay the pizza delivery guy, they may reach down into the back of the couch or even raid the change jar to find a few extra bucks. But it isn’t quite the… Read more »

or even worse the lexi

Thanks DJ, I really don’t understand the logic of people sometimes. Carlos post a million articles a day and then when you point out where you disagree with the article and why, he seems to get offended. Its like some people don’t want to even know the truth. They want to believe something and they want others to simply agree with them. And when you post actual facts that’s when they really get upset and then turn the argument toward the person delivering the facts. What does me not living in Miami, or not having money to invest change the… Read more »

Carlos,

You cut-and-paste abilities are top notch. Keep up the good work!

“I allocate my money in big return markets. Not 5 % a year as some would consider a great investment.”

People that make statements like this to make themselves seem more important or successful are almost always full of shit. Plus, if that was the case, then what are doing on this site, day in and day out, copy-pasting blog postings from all over the net?

You’re so full of shit she smell is starting to permeate from my computer speakers.

Gixxer,
you are da man.
And carlos is just carlos. Nobody is taking this clown seriously.

Schriv/Carlos In regard to your coments and to the cut and paste article-as someone who has been involved from the very begionning it is important to realize the article in the SFBJ only points out the recent CPSC initial remediation guidance in protocol for remediation-CPSC did not release a remediation protocol; it’s interim guidance. I whole hertedly agree with Allison Grant-a lawyer represnting hundreds of plaintiffs in the matter that “Missing from the guidance is removal of corroded plumbing, the HVAC, insulation, other damaged building components, along with appliances and porous materials. In many instances, replacement was not included in… Read more »

Gixxer, how many thousand new and luxury condos have come on line in Miami in the past couple of years? most of these units are much nicer than the existing inventory and are going to rent at a higher rate than the existing inventory which set the average over the past decade. by default these units will give you a rising average for the area. but follow the rentals the way case schiller does home sales. for an individual unit, year over year, rents are not rising. you will see this if you live here. i ask the forum, is… Read more »

CDWSOLUTIONS,
Chinese Drywall is a “huge nighmare” not for “Florida Real Estate” (whatever that is), but for those people who were unfortunate to purchase a home made of it.
For Florida as a whole it’s a non-issue. Few lawyers will get rich, few developers will bite the dust, and a lot of drywall will get replaced. If anything it will create some economic activity out of thin air, and is slightly positive for the economy.
You are spitting into the wind.

You Guys forgot to Mention that with all these Scavenging & gutting of
a Nice Condo , Where’s the So call professional Management Co. &
Their Managers . Sleeping on The JOB !!

gables, you are living in fools paradise. Yeah, if you want to livein brickell, the rents are cheap. anywhere else good luck. Downtown, park west and pace park , all saw rent increases in the past 2 months. th eonly reasonwhy brickell is still affordable is because of the glut in brickell. all other areas, cheap rents are a distant memory. not only do i not get an affordable rent in the areas I mentioned, my friends are being served rent increase notices. One of my friend living in 1800 club in a 1 bed unit in line 6 is… Read more »

“For Florida as a whole it’s a non-issue. Few lawyers will get rich, few developers will bite the dust, and a lot of drywall will get replaced. If anything it will create some economic activity out of thin air, and is slightly positive for the economy.” F-35

And CDWSOLUTIONS illustrates your point quite nicely:

Florida Profit Corporation
CHINESE DRYWALL SOLUTIONS INC

Filing Information
Document Number P09000038854
FEI/EIN Number NONE
Date Filed 05/01/2009
State FL
Status ACTIVE

Nothing wrong with that, mind you.

scriv

Rent increases are more than welcome!
It will help get rid of the riff-raffs who live in the so-called luxury buildings and live in units with no furniture and sleep on mattresses on the floor!
Maybe this will make biscayne corridor become a luxury waterfront corridor at last!