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Onyx on the Bay Note Purchased By Hyperion Onyx Partners, LLC

September 15, 2009 by Lucas Lechuga

Onyx on the Bay miami condos

I learned late last week that Hyperion Onyx Partners, LLC, an affiliate of Hyperion Development Group purchased the note for Onyx on the Bay.  The note was held by the now defunct Corus Bank and was acquired just days before the Chicago-based bank was taken over by the FDIC.  Hyperion Development is the developer behind Marina Blue, one of the few recently constructed condo developments that have been able to close 100 percent of their units. This represents Hyperion Development Group’s first soiree into asset acquisition.  Details of the transaction have yet to be disclosed.

Onyx on the Bay is a 118-unit bayfront condo development located in Edgewater Miami at 665 NE 25 Street.  Condo closings began on July 31, 2007.  It’ll be interesting to see at what price the unsold condos at Onyx on the Bay are priced at if Hyperion Development Group chooses to resell them immediately.  There are currently 11 condos available for sale on the MLS at an average price per square foot of $368.  3 of the 11 condos are short sales.  There are currently zero pending sales and a condo hasn’t closed at Onyx on the Bay in over a year.  My guess is that pricing will need to be at around $175 per square foot in order for the unsold inventory to move.

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53 Comments on "Onyx on the Bay Note Purchased By Hyperion Onyx Partners, LLC"

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The Ace
Anonymous
The Ace
8 years 2 months ago

Expect deals sub par $200.00 per sq ft.

Lara
Anonymous
Lara
8 years 2 months ago

Lucas, thank you for posting this info. I am wondering if building has 118 units and 11 on MLS does it mean that the rest of the units closed or how many units still in the hands of developer? Do you think they will arrange bulk purchases or sell units individually?

Lucas Lechuga
Anonymous
8 years 2 months ago

Lara,

The last time I did a post about the closing rates in Miami, Onyx on the Bay had 44 unclosed units. I expect that the number is still close to the same. My guess is that they’ll likely sell the units individually.

Lara
Anonymous
Lara
8 years 2 months ago

Bisides 44 unclosed units were the rest of the units cloded individually? Were the prices pre construction bubble prices?

JR HEWITT
Anonymous
JR HEWITT
8 years 2 months ago

Lucas guess’s about $175 a sq. ft…..the”ACE” thinks around $200 a sq. ft.??? Does this mean the BOTTOM is near???

The Ace
Anonymous
The Ace
8 years 2 months ago
The Ace never said “$200.00 per sq ft” I said “sub par $200,00 per sq ft” and I happen to agree with Lucas; $175.00 will proberly be the bench mark. Is this a good deal you ask; no it is not a good deal only $125.00 per sq ft or below is a good deal as I’ve said all along going back three years and nothing has changed. Are we at the bottom you ask; no we are not at the bottom we have another 25% nationally to fall and somewhere in the region of 40% to 50% to fall… Read more »
Richard
Anonymous
Richard
8 years 2 months ago

The condo is direct waterfront for sure but is it a walk on the “wild side” down to Biscayne?

guillermo
Anonymous
guillermo
8 years 2 months ago

Lucas,do you think that a building like ONYX ON THE BAY is worth $175 Sq.Ft.???.
That piece of ………….is not worth more that $90Sq.Ft.

Lara
Anonymous
Lara
8 years 2 months ago

Ace, could you give us examples of deals that you made for high end ocean view condos below $125/sq.ft.

JR HEWITT
Anonymous
JR HEWITT
8 years 2 months ago

YES ACE…..I would love to hear about the DEALS you have bought recently????

Johnny Dollar
Anonymous
Johnny Dollar
8 years 2 months ago

Why can’t I find those under$125 a foot deals like Ace buys?

Miami2009
Anonymous
Miami2009
8 years 2 months ago

I toured this building while it was still under construction. Overall the building is nice and has great views from all units. Problem is the location.

Lara
Anonymous
Lara
8 years 2 months ago

I disagree with your evaluation of the area. We discussed it many times before. I actually like the area. May be it is not there yet but has a lot of potential.

DJ
Anonymous
DJ
8 years 2 months ago

I looked at Onyx about 9 months ago or so. The problem I saw is that the units themselves were too small. The best line is around 1200 sq. feet from what I recall. That’s way too small for a so-called “luxury” 2/2.

Overall, the building is pretty nice and the views are great. At the prices they were asking at the time I looked it was laughable, but I imagine they’ll get some sales once they slash prices.

elvis in miami
Anonymous
elvis in miami
8 years 2 months ago

Lara, potential doesn’t mean anything if you are stabbed while taking a walk in your neighborhood.

The average $/sq ft in Florida is $99, for South Florida, it is $118:
http://bit.ly/3nanBJ

That doesn’t mean that a condo with a great view should be $118/sqft. Ace, do you actually own any property, or do you have a mattress full of $5 bills?

guillermo
Anonymous
guillermo
8 years 2 months ago

I agree with LARA, the area has a potential,may be in 7 or 10 years. You just have to wait!!!!!!.Again Onyx is worth 90 Sq.Ft.

Miami2009
Anonymous
Miami2009
8 years 2 months ago

Lara, what potential do you see in the area? It is 5 blocks or so from Pace Park with not much in between from what I recall.

RumorMill
Anonymous
8 years 2 months ago
There were somewhere between 35 and 40 units remaining in the developers control. I’ve heard rumors that the deal was consummated at around $155 per foot. With that price, unit count and a tough rental market, I am sure we will see these units for sale immediately as the acquisition price provides little if no cash on cash return as a rental. I visited 1800 club recently and they claim to be churning through units after dropping prices….asking $ there above 220/ft for most units. Public records do indeed show numerous sales there recently. I think the buyer will make… Read more »
jcrimes
Anonymous
jcrimes
8 years 2 months ago

rumormill
what you heard is wrong re: the price per sq/ft. there’s 40 units left.

RumorMill
Anonymous
8 years 2 months ago

like I said, just a rumor…..if i’m wrong, what’s right?

JL
Anonymous
8 years 2 months ago

Elvis,

Ace aka Odd & Sods has a mattress full of promissory notes and porno mags.

southbeachsand
Anonymous
southbeachsand
8 years 2 months ago

There is no potential in this area, unless you are looking 20-30 years out.

Great views are only nice for about the first 10 minutes, and then you start to wonder about the ghetto surrounding your new home and how unsafe it is to walk at night alone.

Hugo P
Anonymous
Hugo P
8 years 2 months ago
Lara I have seen many of your posts where you have made it clear that you like the area and supported AJ for his love of Pace Park. I have a lot of respect for you and somewhat agree with your evalutation of the area as I think it will be good 10 years from now, but definitely not today. So why are people still making arguments that $175/sf is an OK price to pay TODAY for a property that will be in a good area 10 years from now??? Also, even though this building is close to the “good”… Read more »
JL
Anonymous
8 years 2 months ago

I don’t think any of you guys are in disagreement here. OK for $125-$150/sf

The area is not for me, but the single family homes around the condo East of Biscayne seem fine (appear to sell for 200-400K), this snapshot is no better/worse than 95% of the single and multi family homes in South Beach.

Lara
Anonymous
Lara
8 years 2 months ago
Hugo P, May be you are right and I do not know well the area. I ve been there a couple of times. I had in mind PAce Park area which I do like. I fell for water views near Onyx. The building itself seemed fine. I was there during the day and did not find anything dangerous. Even if 5 blocks between Pace PArk and Onyx do not have to much to show but this is why it is a developing area and going to change. these water views blew me away. Anyway, everything has its price. Let’s see… Read more »
DJ
Anonymous
DJ
8 years 2 months ago

It must feel pretty shitty to be one of the original buyers who paid over $400/sq. foot. Ouch!

RumorMill
Anonymous
8 years 2 months ago

wow, my rumor made it all the way to Zalewski’s story about the deal. Guess I’m not the only one hearing this.

JCRIMES, as you’re certain I’m wrong somehow, can you please comment (using your deep insider’s knowledge) on a acquisition price range? Also, did corus catch wind and force the sale on Friday, or was it prearranged? Also, do you see any conflicts with hyperion (through posh) managing corus’ tao project?

jcrimes
Anonymous
jcrimes
8 years 2 months ago
sorry rumormill but i can’t disclose the acquisition price. as for corus pushing the sale thru, they knew for some time the fdic was coming in; it was just a question of what friday it would go down (friday is usually the fdic’s chosen day for seizing banks). my understanding was that the parties were already close by friday and then corus said it’s now or never once they saw the suits moving around the office mid-morning. not sure about how a conflict would arise as to tao. frankly, if hyperion made an offer on the tao project it would… Read more »
ramon sykes
Anonymous
ramon sykes
8 years 2 months ago

has anyone checked out 1800 biscanye plaza?

Kevin Gale
Anonymous
8 years 2 months ago

Hi,
Below is a link to the Business Journal’s story Friday on the failure of Corus. There’s a list of loans at the end that might be of interest.
Lot’s more on the aftermath of Corus to come.
http://bit.ly/3bbJIx
Kevin Gale
Editor, South Florida Business Journal
Twitter: @kevingale

MG Onyx
Anonymous
MG Onyx
8 years 2 months ago

Hello all,

I have been living at onyx for almost two years. The ONLY asset at Onyx is the view. There are many architectural mistakes, along with many areas of the building still not finished or damaged. Poor quality materials and craftsmanship. The list of problems with this building is very long but I will keep it short. The property management is clueless of how to handle the little money coming in, not to mention they are very rude and unprofessional.

M.

MG marina blue
Anonymous
MG marina blue
8 years 2 months ago

I can say the exact same for Marina Blue. Looks like the peeps that build this hovel took over Onyx!

MG marina blue
Anonymous
MG marina blue
8 years 2 months ago

built

Johnny Dollar
Anonymous
Johnny Dollar
8 years 2 months ago

ACE…where did you buy All your condos under $125 sq. ft.???? or ..are you just dreamin through your crack pipe. ACE aka odds & sods and many many other ALIAS’S

Odd & Sods
Anonymous
Odd & Sods
8 years 2 months ago
I find it comical for when I used to read this blog a couple of years ago the Ace was ridiculed to know end for stating that Miami high end Condon’s were worth no more than $125.00. Now I notice that everyone is in agreement with the Ace and all wants to know his secrets LOL. Ode to the Ace. If you can keep your head when all about you Are losing theirs and blaming it on you; If you can trust yourself when all men doubt you, But make allowance for their doubting too; If you can wait and… Read more »
JL
Anonymous
8 years 2 months ago

Ace/Odd & Sods is a tard.

“For if you do your homework you will already have found the right location and know what the price should be” — Ace the tard

“… for when I used to read this blog a couple of years ago” — Odd & Sods the tard

Same tard preposition usage

Johnny Dollar
Anonymous
Johnny Dollar
8 years 2 months ago

ACE…you used to read it ….you still do under many alias’s and you still DON’T OWN A CARDBOARD BOX TO LIVE IN!!!!! YOUR A FRAUD A FAILURE A WANNA BE GET A LIFE put down the crack pipe ACE odd & sods or whatever name you like to use at the time.

JL
Anonymous
8 years 2 months ago

Ace/Odd & Sods,

Stay in school; you’ve got a long way to go.

“He who knows not, and knows not that he knows not, is a fool. Shun him.”

Condo Vulture
Anonymous
Condo Vulture
8 years 2 months ago
I’ve no idea what you two morons (JL & Johnny Dollar) are talking about because I’ve been reading the Ace for a number of years on this Blog and others and if theirs one thing about the Ace he never wavers, he is consistent and has been advocating $125.00 per sq ft as I long as I can remember which I’m sure many of you can vouch for including Lucas. This fool Odd & Sods is clearly a groupie of the Ace but he’s not the only groupie of the Ace that I’ve seen on here, there have been many… Read more »
elvis in miami
Anonymous
elvis in miami
8 years 2 months ago
$125/sqft is a steal even in today’s dollars. Monopoly is a game, not real life. I know it would be nice to buy a unit in a great building with water views, but you will be paying real money. The unit I live in was purchased for $970K and is appraised by the county for $683K. It is advertised as ~2400 sq ft (county says 2183). I guarantee you if I could buy a unit like that for $272K I would do it, then I would turn around and sell it for $600K the next day as that would be… Read more »
Johnny Dollar
Anonymous
Johnny Dollar
8 years 2 months ago

I think CONDO VULTURE and ACE should get themselves a new MONOPOLY GAME and they can play all day in Pace Park watching the boats go by.They could buy all the property they DREAM about for $125- or LESS. Have fun boyz

Wild Bill
Anonymous
Wild Bill
8 years 2 months ago

I had a female friend who lived on N.E. 27th near the water. She couldn’t walk to the bus stop on Biscayne without getting harassed by the locals. This building is overpriced. Only worth living in because it’s close to Taco Bell.

JL
Anonymous
8 years 2 months ago

Ace/Odd & Sods/Condo Vulture,

Quit with the multiple personality game. Real Estate Bulls and Bears know you are a paper trading tard. Stay in School. A mind is a terrible thing to waste.

Johnny Dollar
Anonymous
Johnny Dollar
8 years 2 months ago

JL ACE is probably panhandling in front of CHECKERS before heading to his cardboard box for the night.

Computer Consultant
Anonymous
Computer Consultant
8 years 2 months ago

More cheap inventory to come. August foreclosure stats posted. Looks like july #s were revised about 900 up.

RoxMIA
Anonymous
RoxMIA
8 years 2 months ago
I always read this blog but rarely comment but i have to speak up today. to MG Marina Blue: i have lived at marina blue since they opened the building (I have rented two different units since then) and totally disagree with your statement that this is a “hovel”. My apartment has a view that would make you pee your pants, the management is on top of EVERYTHING and the people that developed this building closed 100% of it and paid the bank (early!). I don’t know any other building in miami that can claim that. Everyone pays their maintenance… Read more »
Riley
Anonymous
Riley
8 years 2 months ago

Remember, banks are requiring downpayments of approx 25% on any Miami condos. I’ve been shopping for condos in the same area as the Onyx and have found $200 per square feet to be the average. Prices are expected to drop another 8%. Not until the banks loosen their loan guidelines, will Miami be able to rebound. There are not too many folks who can or will come up with 25% down payments. Too bad a few bad seeds ruined the entire housing market for the rest of us.

iphoneapi
Anonymous
iphoneapi
8 years 1 month ago

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johnny
Anonymous
johnny
8 years 21 days ago

I just learned that the Onyx HOA is in bankruptcy. Does anyone know the implication of this? For current owners? Prospective buyers?

Grant
Anonymous
Grant
8 years 18 days ago
Johnny, you’re right they did declare bankruptcy. The situation is that the existing unit owners only constitute about 40% of the sq ft of the building. The two lines that didn’t sell are on the north and south of the bldg and they are the larger units. The HOA has sufficient funds to pay for the ongoing ops of the building but not to meet their commitments re the completion of the decoration and the garden. The developer was meeting the payments until Corus went bust, but now they’re all bust. This is the problem. It means that there’s no… Read more »
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