Bank Approved Short-Sale at Parc Lofts – $220,000

November 20, 2008 by Lucas Lechuga

Parc Lofts short-sale

I have a short-sale listing at Parc Lofts that just received lender approval this evening.  The list price has just been reduced to $220,000 from the previous asking price of $250,000.  Unfortunately, the person who submitted an offer canceled recently because they felt that the short-sale process was taking too long.

Parc Lofts short-sale

The unit has 1,267 square feet of living space, 15-foot ceilings, acid stained concrete floors, stainless steel appliances, De La Casa cabinets, washer/dryer and balcony.  Parc Lofts is one of the few industrial-style lofts in South Florida.  It has become home to many of Miami’s artists, videographers, photographers and others desiring a unique space.  Amenities at Parc Lofts include: swimming pool, hot tub, concierge and fitness center.

Contact me if you have any questions or would like to view this loft in person.

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74 Comments on "Bank Approved Short-Sale at Parc Lofts – $220,000"


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Anonymous
Renter Tom
7 years 10 months ago

Any more pics, the views, what floor, etc.? Can you put up a b-ball hoop or are there people below that would get annoyed by the dribbling?

Anonymous
AJ
7 years 10 months ago

I love the polished concrete floors.

Anonymous
Some guy
7 years 10 months ago

no offense, but this is like paying $220,000 to live in Detroit….

Anonymous
Renter Tom
7 years 10 months ago

The polished concrete floor is just like what they have at the newer Super Wal-Marts including the one on 163rd. Maybe they will put those floors in when they open the new Wal-Mart near the downtown condos so when you go shop there AJ you can pretend you’re in one of these new fashionable lofts instead and then pretend the grocery area is the really big kitchen complete with stainless steal appliance and a bunch of flat screen TV’s in the electronics section.

Anonymous
Kelly Thomas
7 years 10 months ago

I am looking in a totally different part of Miami to buy, but Lucas, that loft place does look pretty cute. From the inside, no idea about the area.

Also that price is not bad, maybe its the lowest these places will go for now?

With the polished floors, some of the retail shops in London have them, the arty boho ones.

Anonymous
Jane Q. Renter
7 years 10 months ago

Very nice loft, love the finishes. Too bad the neighborhood is absolutely horrible. I would not feel safe going for a walk around the block after the sun went down. I wish there was something like this around Brickell.

Anonymous
Mr. J L Whinston
7 years 10 months ago

Kelly Thomas………if you wait till next month………you will be able to BUY this one for $$170K GUARANTEED. That according to AJ your resident R.E. MAN

Anonymous
Kelly Thomas
7 years 10 months ago

Mr J L Whinston, thanks, I do think it is a lovely condo, from the inside, it is not the area we are looking to purchase, for me, I think regardless of the price, the location is what is most important to us.

I find it hard to believe that in a month it would be worth $50k less, that is a rather large drop.

Anonymous
I work in the area
7 years 10 months ago

That building is in Overtown, a blighted area that is extremely poor and full of drugs and prostitution. It’s not extremely dangerous during the day, but once the sun goes down, good luck.

And $654 a month in maintenance? What a rip off. Add that to the mortgage, taxes and insurance – and you’re paying through the nose.

Anonymous
lara
7 years 10 months ago

Great Loft! For people who understand and appreciate high walls and can decorate them, work with space it is a great possibility. For a designer/artist it is a great place to work for a pretty modest price.

Anonymous
SwissLuxury.Com
7 years 10 months ago

Can anyone tell me what the details are on this:

Condo Meltdown

Buyers at Brickell Icon sue to leave deals, recoup money

By: Paola Iuspa-Abbott and Terry Sheridan

The buyers of units at the three-tower Brickell Icon are seeking to recover $13.7 million in down payments on condos with purchase prices totaling $68.4 million.

Anonymous
jcrimes
7 years 10 months ago

i’ve always been a big fan of this building. i haven’t seen this particular unit, but this floorplan is great (if you like lofts). i’ve nearly pulled the trigger several times with other listed units in the buildings, but everytime, i step out on the balcony and it brings me back to earth.

yes RT, you can definitely put a hoop up in there. and lala, i don’t know many artists that could afford this place once you throw in the HOA and taxes.

Anonymous
jcrimes
7 years 10 months ago

btw, this unit does not face the cemetary (the 08 units do).

Anonymous
Probably too Cynical
7 years 10 months ago

artists are absolutely the worst people to live among. they play music at all hours and never understand why those with jobs/responsibility would actually want to sleep at 2am.

Anonymous
7 years 10 months ago

jcrimes,

It does face the cemetery. In most buildings, the odd numbers face one direction and the even numbers face the opposite direction. This is not the case at Parc Lofts. Units 206, 207 and 208 all face north.

This is one of the few units where the owner was not required to install soundproofing because it is located on the second floor directly above the parking garage.

Anonymous
Renter Tom
7 years 10 months ago

I would definitely put in a b-ball hoop then…..cool. That also explains the floors. Thanks.

Anonymous
jcrimes
7 years 10 months ago

oh…that’s not good.

lucas – does it have the lift to allow for two parking spots? i know some of the units have that add on.

Anonymous
Some guy
7 years 10 months ago

they have a very special kind of valet…they’re called car jackers

Anonymous
Renter Tom
7 years 10 months ago

Some guy – the question is do you have to tip them or is it included in your monthly condo fees?

Anonymous
Angel
7 years 10 months ago

Awesome unit. I love the look but cannot bring myself to risk my life living there. I would pay this price and then some for this same unit on Brickell Ave or in Park West, just not in the heart of the hood.

Anonymous
JimmieGreens
7 years 10 months ago

H O O D L I F E
If I were a rapper then I would totally love this place.
You could thug in the streets then retreat to this beautiful space.
I could also afford the maint. fees. $$$$$
“The Rose That Grew From Concrete”

Anonymous
RG
7 years 10 months ago
Property Values have halved and still going down, stocks have halved and still going down, commodities have halved and still going down….cash IS king right now (for those that have survived this onslaught). This has hit every investor except those that never entered these markets at which point they where probably seeing mediocre yields on their investments anyway but at least preserved capital. I am sure there are those, but are far in-between, that repeated the profits of the real estate boom and/or other markets and got out in time and didn’t invest that money on the next big thing… Read more »
Anonymous
Renter Tom
7 years 10 months ago
RG – Yep, I wasn’t a toy buyer either….but those that did “buy” might be giving them back if they hadn’t already. I was prudent-lucky…..it is a mixture of both. I had only 30% exposure of net assets to stocks….well, those have gone down like everyone else’s have. You may want to think of a tax move while keeping your exposure to stocks if you have a long long time horizon. You can sell one fund by company X and then buy a similar fund by company Y and take the tax loss this year to offset gains/income. Then after… Read more »
Anonymous
7 years 10 months ago

Funky.

Anonymous
la la
7 years 10 months ago

Jcrimes,

You always mix LARA and I up…I refrained from commenting. I think it’s great if you are a pioneer…but we all had this discussion numerous times and it’s tired.

Anonymous
jcrimes
7 years 10 months ago

la la
what’s tiring? i’m pointing out that based on the listed price, hoa and taxes, the place still ain’t cheap for the artsy fartsty crowd. it’s quite relevant to the topic, no?

i’m sorry i keep in mixing your anonymous internet name up.

Anonymous
gables
7 years 10 months ago
been wondering what is the best investment asset class to have over the next few years of asset deflation. real estate and equities are going to be bad. holding debt will be even worse (some consider this an asset if the debt collateral is actually expected to increase in value). the dollar will eventually get pounded due to the massive influx of liquidity recently. most material items (inventory) such as electronics, cars, etc are going to lose value due to the deflation. once real estate does bottom it may be a place to park some money long term. but the… Read more »
Anonymous
7 years 10 months ago

I just received an offer for the full bank approved price.

Anonymous
7 years 10 months ago
RG, Actually, the statement “I am sure there are those, but are far in-between, that repeated the profits of the real estate boom and/or other markets and got out in time and didn’t invest that money on the next big thing but instead smartly or perhaps just luckily left their money in cash. I wasn’t on that “lucky” boat (there are many on this board that will say they were the smart ones and got out in time many of them were either just lucky or straight out lying)” does NOT cover ALL possibilities; many have made TONS of money… Read more »
Anonymous
7 years 10 months ago
Anonymous
Better Days
7 years 10 months ago

The Panic of 2008

The Grand Depression
Started with the Crash of ‘05

The Rolling Oughts
Began with the Tech Bubble of 1999

The Great Recession
Could be the best-case scenario

A Hornswaggle built on the backs of humanity
Trillions bilked away in The Pyramid Scheme of The Ages

The Late Escape
Stands as the endeavor of last resort

The Eleventh Hour Resurrection
Yet vies for its own benediction

Anonymous
Renter Tom
7 years 10 months ago

“I just received an offer for the full bank approved price.” Wow that’s great. It wasn’t me…. :-) But maybe they will throw in a b-ball hoop.

Anonymous
AJ
7 years 10 months ago

Parc Lofts are going to be right next to the Bayview Market starting construction early next year with Lowes and Publix (?) and some other big names. Maybe if the Terra/McLatchy deal falls thorough with the City Square project, Walmart may latch on to the Bayview Market too.
In 3 years, the “hood” wont be there anymore east of the tracks. Every major event destination is a few blocks away including the waterfront Pace Park and Opera House. In 10 years, the same loft will be untouchable. I am not surprised to see a full price offer to this loft.

Anonymous
7 years 10 months ago

Contingent on if they can get 140% financing and withdraw the extra 40% at closing for necc. “repairs”. 8^)

Anonymous
7 years 10 months ago
AJ, rich people aren’t coming to Miami, they are leaving or more to the point, they werent’ every really here… only leveraged 20% deposits were ever here. The Hood has a better chance of moving East than new well off settlers coming in and moving West. BTW, where do you want all of Miami’s ghetto to move to? What happened to the Yes We can vibe? You want to keep shoving poor people away from the City core into a more ghetto version of the ghetto? Also, Pace Park is not a destination. It might be if you live a… Read more »
Anonymous
RG
7 years 10 months ago
RT- I’m thinking of going all liquid next week stock wise. Will wait it out and see. If Citi goes or 1 of the big 3 there will be some serious market moving. I highly doubt we will see any real rally within the next 2 months. I have an attorney fighting to get me out of my trump towers, icon, and loft contracts will wait to see how that goes. By the way I heard the same tower 3 will be rentals so say bye bye to unit values there. The developer will over saturate and under cut the… Read more »
Anonymous
isellpower
7 years 10 months ago

Wow, that link that JL posted is a real eye opener! Hundreds of people suing to get a portion of deposits back. What we know about is only scratching the surface. How bad is it when you sue to get back 25K of the 100K you put down. Have these units really dropped more than 100K since contract signing? I really feel for these people. 75K is a lot of dough to most anyone.

Anonymous
Renter Tom
7 years 10 months ago
RG – Sorry to hear about the condos….hopefully the developer didn’t live up the contract and you can walk away…they’d hold you to it so hold them to it too. I have heard from multiple people…could be same rumor….that TT3 will be all rentals or hotel like. TT1 always looks dead, very very dead at night. I don’t think anyone is living in TT2 yet…someone said permit problem or something. Surprisingly I have seen a few more lights on in the north Turnberry Ocean Colony, not a lot, but a few more than before. The biggest indicator is the beach… Read more »
Anonymous
AJ
7 years 10 months ago
JL, 1% of every building in Miami, Old and New should be reserved for the ghetto displaced. That way we can really redistribute the poverty (if not wealth). Pace Park is the Best kept secret in Miami. Only a few informed people know about it and it is better that way. Alas, the secret will not be hidden for too long. Even now, while it is still under wraps and relative obscurity, the basket ballers, foot ballers are fighting to stake the time slots. Weekend picnickers upto 5 seperate groups are frolicking in the park at the same time, considering… Read more »
Anonymous
AJ
7 years 10 months ago
I have one thing to say to all these arm chair commentators, get off your arses and take a tour of some Miami areas before making half arse comments based on some second hand information you read off the internet. It is such a shame that many full time residents on this blog do not know Miami half as much as a New Yorker. When ever I am there I explore the city street by street, block by block on Foot, on Bicycle, By Bus, By Train and By Car. Looked at every n’hood from Cutler Ridge to San Souci… Read more »
Anonymous
7 years 10 months ago
RG & Tom Miyanville Itulip HBB… – Really anybody that saw this coming and was ready to short the market, Lowes, Home Depot, Merril, Citi, Bears, Countrywide…. ANYTHING, furniture stores, just make a list of all failed companies. Really it was easy, sooooooooo easy…… I mean, all you really had to do was see it as a bubble figure out who would get hurt first and short it when it started to burst. This was the important part of the sentence above: “short it when it started to burst.” Not before. The trend is your friend. Hell, this guy in… Read more »
Anonymous
7 years 10 months ago

AJ ,
“1% of every building in Miami, Old and New should be reserved for the ghetto displaced. That way we can really redistribute the poverty (if not wealth).”

I hope that was a joke to rile up Tom.
Really, I do.
For your sake.

(and I voted for BO)

Anonymous
Renter Tom
7 years 10 months ago

Post #39 – Yep, AJ is a realtor….rarely read such dribble except on property listings.

Anonymous
7 years 10 months ago
RT, “Post #39 – Yep, AJ is a realtor….rarely read such dribble except on property listings.” Ok’s jus the man! (I got a laugh out of that) – AJs #29 “Pace Park is the Best kept secret in Miami. Only a few informed people know about it and it is better that way. Alas, the secret will not be hidden for too long. Even now, while it is still under wraps and relative obscurity, the basket ballers, foot ballers are fighting to stake the time slots. Weekend picnickers upto 5 seperate groups are frolicking in the park at the same… Read more »
Anonymous
H
7 years 10 months ago

Would not be caught dead anywhere “Pace Park” after sundown. Crappy area no matter how much in denial some people are

Anonymous
DJ
7 years 10 months ago

H = yoda

Anonymous
Kramer
7 years 10 months ago

JL

Jimbo’s? Damn and I thought I was the only one to ever visit Jimbo’s. You talk about edgy! But I guess thats why I like Downtown Miami so much.

Anonymous
Kramer
7 years 10 months ago

Jimbo’s for the uninitiated is kinda like Miami’s version of Deliverance. But dam – the ambiance and food are sweet and delicious. Dolphins swimming in a lagoon nearby where rednecks share a table with Sobe fashion models. Only in Miami!

Anonymous
Kramer
7 years 10 months ago

Take a left near the Miami Sequarium and just keep goin and dont expect any signs to guide you or air conditioning either.

Anonymous
gables
7 years 10 months ago
AJ, I have tended to disagree with some of your arguments on here in the past, but i typically was interested in what you had to say because you appear knowledgeable of some real estate issues. But some posts by others alluding to you being in the real estate business are troubling. You really should clear that up. I am not pushing for people to reveal personal info on this blog, but if you are spouting very optimistic real estate advice while working in the real estate business, you have no credibility on this blog anymore. And your comments, over… Read more »
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