Atlantis on Brickell 3 Bedroom Condo Foreclosure

looks updated well and in decent condition! What is the deal with “Maintenance fees are $1198 per month”?

2 things that would be useful to know:
1) what is the floor plan
2) what is the expected rent for this

Looks nice, but maintenance is too high to justify IMO.

I think $1198 maintenance fees are about average for a unit over 2000 sqft and in an full service older building with relatively small number of units. The maintenance for Ten Mueseum Park..the 1800sqft units facing the bay are over $1500 a month.

Marky Mark, that’s the problem. Maintenance is too high at the majority of buildings here. Anything above 40 cents/sq. foot, maybe up to 50 cents/sq. foot for a so-called “luxury” building, is unreasonable IMO.

Otherwise, this looks like a pretty nice unit. Not quite sure about some of the decor (I mean really, what happened with that third bathroom?!), but it’s nice to see a place advertised at a decent price that’s not decorator ready or completely run down.

“If you don’t own a home today, now is the time to buy one,” Paulson said, adding that people may want to consider buying a second house or helping relatives buy one.

FULL ARTICLE HERE:

http://www.reuters.com/article/idCNN1022181220100510?rpc=44

To quote a friend of mine…..”high maintenance keeps out the riff-raff.” (wink)

It’s an interesting unit. A wood extension on the island is interesting choice, but what IDIOT put the cook top in the island? No real exhaust fan will make for a greasy mess on the ceiling above. Oh well….it looks cool. Fashion over function.

I agree with DJ concerning the bathroom #3.

scriv

Love the wrap around living area view….

I’ve noticed a lot of people commenting about how HOA fees are too high. While I will probably rent for a year or two I’m curious as to how people are determining what should be the value of HOA fees. I guess the way I have been looking at it is to see how much I would probably pay for similar fees If I owned a similar single family home in the area. So I look at the homes and trying and figure out insurance, maintenance, pool fees, gym fees etc. And from what I’m seeing is that while HOA… Read more »

Gixxer – Property insurance premium on a 2,150 sf home in City of Miami is $12,000 per yr? Excuse me? With what- a $0 deductible?

Mortgage borrower delinquency rates in the first quarter of 2010 continued to be highest in Nevada (15.98 percent) and Florida (14.65 percent), With regard to regional forecasts, Florida is anticipated to experience the highest mortgage delinquency rate by the end of 2010, reaching as high as 18.2 percent. http://www.marketwire.com/press-release/TransUnion-National-Mortgage-Delinquencies-Fall-174-Percent-in-2010-Opening-Quarter-1256842.htm More than four of every 10 owners of single-family homes in the Miami-Fort Lauderdale area owed more on their mortgages than their homes were worth at the end of March, according to a report released Monday. In March, just over 51 percent of all homes that sold in the area, which… Read more »

“South Florida home sales soar in first quarter”

http://www.miamiherald.com/2010/05/11/1624037/south-florida-home-sales-soar.html

The precise numbers aside, Gixx’s point is a darn good one and exposes yet another issue in this valuation debate: from whose perspective ought these HOA fees be valued? Value is, after all, a subjective determination. After all, an owner who is looking to purchase the unit as a home will view these fees differently than will an investor/speculator who is purchasing the unit for investment purposes (rental income, flip, etc.) and who has no intent in residing there or no intent on residing there long-term. Thus, while the investor will reject units in a particular building because the HOA… Read more »

Mortgage borrower delinquency rates in the first quarter of 2010 continued to be highest in Nevada (15.98 percent) and Florida (14.65 percent),
With regard to regional forecasts, Florida is anticipated to experience the highest mortgage delinquency rate by the end of 2010, reaching as high as 18.2 percent.
http://www.marketwire.com/press-release/TransUnion-National-Mortgage-Delinquencies-Fall-174-Percent-in-2010-Opening-Quarter-1256842.htm

Miami single-family home sales were up 12 percent, to 1,530 from 1,372. The median sales price, however, fell 6 percent, to $191,200 from $203,700. Condo sales in Miami were up 46 percent, to 1,920 from 1,311. The median price slid 9 percent, to $136,100 from $149,000.

http://www.bizjournals.com/southflorida/stories/2010/05/10/daily16.html

I agree with Gixxer that people under estimate the cost of homeowners insurance when it covers windstorm especially if you are on the water (Most Condos are on the Bay or Beach). Insurance department of Florida provides what you could expect to pay for premium for homeowners insurance in Miami-Dade County. Homeowners insurance annual premiums for Miami-Dade County for a home with a replacement value of $150,000 range from $3,000 to $8,000 – Median is $4,052. Remember this is the average for all of Miami Dade County. If you looked to buy cover on the coast it would be much… Read more »

Gix, you make some good points regarding HOA fees being relative to whatever your fees might be on a single family home. Howerver, I don’t really see it as comparing apples to apples. Living in a condo, some of those costs should be offset.

“South Florida Condo Resale Inventory Falls Below 40,000 “

Drew, Property insurance has more to do with the replacement value of the dwelling than it does with square footage. A 2,150 sqft home that cost $550,000 is going to be a lot more than a 2,150 sqft home that cost $200,000. In my talks for approximating cost I was told using 1.5% to 2% of the value of the home as a decent guide in Miami. And were talking about waterfront property so flood insurance is needed. Keep in mind that most insurers are not writing new policies in Miami, so you might get stuck with Citizens, which is… Read more »

computer con,
your link says:

“Results indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types,” said Timothy Becker, director of the University of Florida’s Bergstrom Center for Real Estate Studies, in a news release “Private capital – both foreign and domestic – continues to enter the state in search of quality investment deals.”

Thanks.

Scriv, “Thus, while the investor will reject units in a particular building because the HOA fees are “too high” because they may adversely affect his/her profit derived from the unit, it is more likely that a bona fide purchaser looking to actually live in the unit will analyze the HOA fees in terms of opportunity costs they represent. Right?” You can’t look at a condo unit that you wan’t to rent and say I want to buy and rent this unit but I don’t want to pay for the cost associated with insurance, pool maintenance, elevator maintenance, tennis courts, grounds… Read more »

Wow,
insurance premiums based on replacement value??? You could knock me down with the feather…What a novel concept!
I swear, distance notwitstanding, I can hear Drew scratching his head…

agree with Gixxer that people under estimate the cost of homeowners insurance when it covers windstorm especially if you are on the water (Most Condos are on the Bay or Beach). Insurance department of Florida provides what you could expect to pay for premium for homeowners insurance in Miami-Dade County. Homeowners insurance annual premiums for Miami-Dade County for a home with a replacement value of $150,000 range from $3,000 to $8,000 – Median is $4,052. Remember this is the average for all of Miami Dade County. If you looked to buy cover on the coast it would be much more… Read more »

Based on the Insurance Data I have seen I think you are closer to 2.5% to 3.0% of replacement value for homeowners isnurance premium. This would exclude Flood insurance.

“You can’t look at a condo unit that you wan’t to rent and say I want to buy and rent this unit but I don’t want to pay for the cost associated with insurance, pool maintenance, elevator maintenance, tennis courts, grounds keeping, etc.” – – Gixx
(sigh)

So many words. So little thought.

scriv

gixxer, agree whole heartedly with comments regarding hoa fees. i dont like them, but i also know i pay a similar out of pocket fee if i own a home and insure it. some problems with hoa is they dont always look for the most economical choices for insurance, maintenance, etc-so some of the buildings have inflated costs. but i am talking in the 5-10% range, so its not a huge deal. i like simple amenities, like a nice pool and patio. but things like the gym, sauna, tennis courts etc i would rather not have in my building. my… Read more »

Some interesting numbers in this thread. I find it hard to believe that people with $400,000 homes in Miami — which aren’t necessarily huge homes, even at post-bust prices — are paying $12,000 per year for insurance. As for the overall issue of HOA fees, it’s safe to assume most Miami condos have bloated budgets. And how do I know this? Simply from the lack of disclosure. If these condos were operating like well-oiled machines, the condo boards would be posting their budgets and fees online for all to see. Instead, probably 7 condos out of 10 on the Miami… Read more »

Joe says “Some interesting numbers in this thread. I find it hard to believe that people with $400,000 homes in Miami — which aren’t necessarily huge homes, even at post-bust prices — are paying $12,000 per year for insurance.” Joe below is a link setup by the Florida Government. It provides you annual premium estimates for Homeowners insurance in Miami-Dade County. What can effect the cost of homeowners insurance is not only the replacement value of your home and proximity to the ocean but the age and construction of your home. For example if you have an older home (Built… Read more »

Ok, so Joe is a total moron. Once more. And how do I know that Joe is a total moron? From reading Joe’s musings. When HOA dues are reasonable, then that in Joe’s warped mind means they are “artificially low”. But once they are not “artificially low”, they automatically become “bloated”. For Joe nothing is ever right. Joe finds “lack of disclosure” where there is none, since every year every condo budget is properly disclosed and itemized, and approved by the condo owners. But the cutest part is when Joe is yapping about some $400 000 home… Hey, Joe, we… Read more »

F-35 a.k.a. Gixxer 1000 — What the hell are you talking about? If you actually bothered to read the thread, you’d notice that someone above used $400,000 as the baseline value of a house for purposes of discussing insurance. I merely continued that discussion. As for condo fees, if there’s so much disclosure and transparency, would you mind explaining why almost no condo fees or budgets are posted online for potential buyers to analyze? A lot of the newer Miami condos have a web site, yet few, if any, have their HOA fee info. posted. Why is this? As I… Read more »

Joe, be a man, admit you did use $400k number – which is totally irrelevant to the discussion – because with $544,5k you wouldn’t have a chance in hell with your flimsy arguments. Using $400k number was your only way of inserting yourself into the the conversation. That’s exactly why you are not even trying to argue about the fact that insurance payments alone on a $544,5k single-family home in Miami would exceed HOA dues on equally-priced condo. Because you’d lose before even starting and that would mean that those HOA dues are not high at all. Maybe even low,… Read more »

Joe, For the millionth time F-35 and I are not the same person. If we were then Lucas would simply stop me like the other idiots. But I do agree however that you are a moron. Please reread the previous post. We were talking about a home with the REPLACEMENT VALUE of $400k. The replacement value does NOT include the value of the land that the house sits on. So we were talking about a house with a TOTAL value of about $550k. As usual you misunderstood and then made this stupid statement: “I find it hard to believe that… Read more »

F-35 a.k.a. Gixxer 1000’s evil twin — Why don’t you learn a little reading comprehension before you pop off? I used $400k as the number because that’s the number “Why Bother” used in his post #20. Do you understand now? Or do I need to explain it again monosyllabically? Further, if the HOA fee info. is so affordable, fair, and easy to access, please enlighten us as to why probably 7 condo listings out of 10 have no (or inaccurate) HOA fee info. listed in MLS. If the fees are such a great value, then why the hell aren’t the… Read more »

Joe said “F-35 a.k.a. Gixxer 1000’s evil twin — Why don’t you learn a little reading comprehension before you pop off? I used $400k as the number because that’s the number “Why Bother” used in his post #20. Do you understand now? Or do I need to explain it again monosyllabically?” Please reread my Post 21 I said the following “If you looked at a home with replacement value around $400K that would equate to $12,000 per year.” Yes Joe I used $400k but REPLACEMENT VALUE NOT SALE PRICE OF THE HOME! Joe I would say I completely agree with… Read more »

Even after reading my post he still can’t understand that a house with a replacement value of $400k probably has a sale price of about $550k. But regardless is the point that you claim all of these HOA fees or bloated. Instead of just making a broad meaningless statement why don’t you use actual facts. Use the unit in this thread for example. If the $1198 maintenance fee is to high then explain why it is. Break down the cost associated with this fee and tell me what they should be. How much should someone in this area with this… Read more »

Why Bother — WHY ARE YOU SHOUTING? I didn’t disagree with anything you said in the first place. ?????? —— Gixxer 1000 — First of all, when talking about insurance, replacement cost is the key issue, *NOT* purchase price. I know the land has value, but the freaking land doesn’t need to get replaced if a storm or flood hits (aside from maybe some landscaping), so why do you keep blathering on about sale price and land value? Further, I can’t make comments on Atlantis’ specific condo fee because I don’t have access to their budget — which is PRECISELY… Read more »