Star Lofts on the Bay – The Next Condo Development up for Auction?

September 23, 2007 by Lucas Lechuga

Star Lofts on the Bay

Star Lofts on the Bay looks to me to be a prime candidate to have a developer closeout sale in the near future. Closings for units at Star Lofts on the Bay began towards the beginning of July. As of today, there have been a total of 18 recorded closings with the last one being recorded on August 14, 2007. Not one other unit has been recorded in over a month. I think it is safe to say that closings have slowed to a halt.

Star Lofts on the Bay is a boutique building with only 48 units in the entire building. The 18 recorded closings, however, indicates that 62.5 percent of the building has not closed. That is incredibly shocking!

Star Lofts on the Bay

There are currently a total of 14 units at Star Lofts on the Bay listed for sale in the MLS. Six of the units listed in the MLS, however, do not correspond with the units numbers of the ones that have closed. This means that either the units have closed but the records have not been updated to reflect this fact or these units were listed on the MLS without actually having closed on them. It is not uncommon to see condos listed on the MLS for sale prior to the contract holder closing on them. It’s not supposed to happen but it does. It can take up to three weeks for closings to be recorded so perhaps a few of these units closed within the past three weeks.

Below you will see the 18 units that have closed at Star Lofts on the Bay. Next to each unit number you will see the number of bedrooms for that unit, the purchase price and the current list price of the unit on the MLS.

Star Lofts on the Bay

As you can see, the preconstruction prices for units at Star Lofts on the Bay were very high and the price of units currently listed for sale are even higher. The average price per square foot of condos currently listed is over $540. Good luck getting that! If these units were to be auctioned, I don’t think anyone would pay more than $270 per square foot. The studio units might go for around $300 per square foot but that’s the only exception, in my opinion. The 2 bedrooms aren’t true two bedrooms. Because it is a loft building, the units are open without any walls to separate the bedrooms.

Star Lofts on the Bay is a waterfront building situated along Biscayne Bay at 700 NE 25 Street. It is located exactly five blocks south of Platinum Condominium. As is the case with Platinum Condominium, the neighborhood is the biggest deterrent for Star Lofts on the Bay. Most of the buildings in the area are old and run-down. You never want to build a mansion on a street full of average-sized single family homes. That is basically what happened here. Onyx on the Bay, which is the building next to Star Lofts on the Bay in the picture below, will also have this problem.

Star Lofts on the Bay

The picture slideshow below will show you some images that I found on the MLS of various units and the common areas of the building.

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5 Comments on "Star Lofts on the Bay – The Next Condo Development up for Auction?"


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Anonymous
sbki
9 years 5 days ago

Did people not see this coming? This is the type of knowledge realtors should work on having. Not just tell me “everything will always go up”

Anonymous
BillyJunka
9 years 2 days ago

hahah nice light fixtures. These condos are extremely overpriced. And that lobby!! The horror!! Did the developer decorate it himself?

Anonymous
Mport
8 years 8 months ago
I went there to look at some that were renting for 2700. The Lobby is depressing, the pool is next to the street, no privacy what so ever. On the Apt. side. they are very spacious, but in a long format. the decor or finishes in the bathrooms are those of a cheap hotel. on the upside the kitchen is huge, and the views are a lot better than Platinuum. but for price platinuum is a little better building. also the color of the hallways is depresing, its like a 50’s mocha brown. wich is dreadful. I cant believe they… Read more »
Anonymous
holly
6 years 10 months ago

does anyone know what is the status of this building now? it looks like a few groups bought a large number of units, and that many units are still developer owned, but i’m not really seeing them on the MLS… anybody know what gives?

Anonymous
Michael
4 years 8 months ago
Be warned- the condo association in this building signed a locked agreement with some cable company in Hialeah; you can ONLY get Dish Network (horrible service and reception), they jack up the prices, take your credit card info, and the “free internet” is of a speed of only 750 kb/s (the lowest speed of Uverse and and Comcast is 4 times faster than this). In the end you end of paying even more money than people with Uverse or Comcast for even less quality- it is a horrible scam that the condo association does not seem to be interested in… Read more »
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