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Brickell Condo Index – April 2008

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Brickell Condos

The Brickell Condo Index is back! I was shocked to see that it’s been six months since I last provided an update to what used to be a monthly report. Those who’ve been around long enough to remember those updates would probably agree, however, that very little change in the market was seen on a month-to-month basis. In this report, you’ll definitely see that prices in some Brickell condo buildings have changed quite a bit within the past six months. Ideally, from this point forward, I’d like to provide a Brickell Condo Index update every three months.

Most of the following data was collected last week on April 22, 2008. The pending sales information towards the bottom of the post was collected today.

I finally decided to include Latitude on the River in the Brickell Condo Index. In November, the average price per square foot of available condos in the Brickell Condo Index listed in the MLS was $512.14. Six months later, asking prices have dropped 6.52 percent to an average of $478.76 per square foot. The drop would have been 5.64 percent had Latitude on the River not been added to the index. A few of the following condo buildings, however, have had huge reductions in their average asking prices. I’ll discuss these in more detail towards the end of the post.

Average price per square foot of units currently listed on the MLS:

  • Atlantis on Brickell – 2025 Brickell Ave | 33129 | $296.44
  • Brickell on the River – 31 SE 5 St | 33131 | $398.36
  • Bristol Tower – 2127 Brickell Ave | 33129 | $469.91
  • Emerald at Brickell – 218 SE 14 St | 33131 | $577.29
  • Four Seasons Residences – 1425 Brickell Ave | 33131 | $1,028.80
  • Imperial at Brickell – 1627 Brickell Ave | 33129 | $386.68
  • Jade – 1331 Brickell Bay Dr | 33131 | $669.65
  • Latitude on the River – 185 SW 7 St | 331310 | $402.46
  • Neo Vertika – 690 SW 1 Ct | 33130 | $361.71
  • One Miami – 325 & 335 S Biscayne Blvd | 33131 | $424.42
  • Santa Maria – 1643 Brickell Ave | 33129 | $712.49
  • Skyline on Brickell – 2101 Brickell Ave | 33129 | $438.51
  • Solaris at Brickell – 186 SE 12 Ter | 33131 | $512.21
  • The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $444.68
  • The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $430.75
  • The Palace – 1541 Brickell Ave | 33129 | $341.35
  • Villa Regina – 1581 Brickell Ave | 33129 | $389.43
  • Vue at Brickell – 1250 S Miami Ave | 33131 | $332.53

Brickell Condo Buildings

The average price of Brickell condos sold over the past six months has dropped 13.20 percent to $410.38 per square foot from November’s average of $472.80. The drop would have been 11.75 percent had Latitude on the River not been included in this month’s update.

Average price per square foot of condos sold in the MLS within the past six months:

  • Atlantis – 2025 Brickell Ave | 33129 | $249.28
  • Brickell on the River – 31 SE 5 St | 33131 | N/A
  • Bristol Tower – 2127 Brickell Ave | 33129 | $442.37
  • Emerald at Brickell – 218 SE 14 St | 33131 | $409.11
  • Four Seasons Residences – 1425 Brickell Ave | 33131 | $913.08
  • Imperial at Brickell – 1627 Brickell Ave | 33129 | N/A
  • Jade – 1331 Brickell Bay Dr | 33131 | $544.02
  • Latitude on the River – 185 SW 7 St | 33130 | $314.35
  • Neo Vertika – 690 SW 1 Ct | 33130 | $322.13
  • One Miami – 325 & 335 S Biscayne Blvd | 33131 | $324.77
  • Santa Maria – 1643 Brickell Ave | 33129 | $595.43
  • Skyline on Brickell – 2101 Brickell Ave | 33129 | $397.72
  • Solaris at Brickell – 186 SE 12 Ter | 33131 | N/A
  • The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $367.44
  • The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $386.25
  • The Palace – 1541 Brickell Ave | 33129 | $320.09
  • Villa Regina – 1581 Brickell Ave | 33129 | $356.79
  • Vue at Brickell – 1250 S Miami Ave | 33131 | $212.82

Below you will find some additional statistics:

Brickell Condo Index - April 2008

As in the past, the first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Brickell on the River, Imperial at Brickell and Solaris at Brickell since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS, and thus did not have an average price per square foot for condos sold.

The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. In my opinion, this often demonstrates a sound condo building. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying condos in these buildings and I’d only advise buying within one of these condo buildings if the price justified the risk. The condo developments with active listings less than 10 percent are considered very safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.

The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 58 total pending sales in the 18 condo buildings now represented in the Brickell Condo Index. In November, there were a total of 49 pending sales at the time. I was quite surprised by the large number of pending sales at The Club at Brickell Bay, Jade and Solaris at Brickell. It looks like buyers are finally starting to step in and place some of the condo foreclosures in these buildings under contract.

The sixth column show you the difference in the average list prices from this month’s and November’s, expressed a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Vue at Brickell saw asking prices drop about 25 percent, The Club at Brickell Bay around 19 percent, Jade around 16 percent and Solaris at Brickell around 11.5 percent. The seventh column reveals the difference in average sales prices from this month’s and November’s, expressed as a percentage. The condo buildings hardest hit with mortgage fraud saw prices drop in half, in a few cases, as the fraud has ceased and the supply of foreclosures has grown. The average price per square foot for condos sold at Vue at Brickell within the past six months has dropped almost 48 percent. A few apparent fraudulent transactions included in the November average have fallen off. The Club at Brickell Bay’s average dropped a little over 46 percent, Solar at Brickell’s dropped about 33 percent and Jade fell around 25 percent. Even One Miami took a big hit with a drop of around 23.5 percent.

Brickell Condo Buildings

86 thoughts on “Brickell Condo Index – April 2008

  1. As a lifelong Miami resident living in a house near Brickell I am fascinated by your analysis and that of those who post here. I know of no more informative site and I thank you for the peicemeal education I am receiving. I am inexplicably fascinated and thank you for your hard work.

  2. “The average price of Brickell condos sold over the past six months has dropped 13.20 percent…”

    So, prices have been declining at an annualized rate of 26.4% a year. That’s pretty significant.

  3. Thanks, again, Lucas.

    Right, BFG. The average SALE price is declining at a 26.4% annual clip. Of course, sale price means “sold,” not sitting on the market waiting to be sold — or, as is more often the case, converted into a rental (“temporarily,” of course). So even that eye-popping number is probably too low.

    And to think there are several tall condo towers that haven’t even been completed yet. And many thousands of mortgages that are just now readjusting. And an, um, recession.

    I can see some of these buildings — Everglades on the Bay, for instance — sitting mostly empty for a decade. Tell me I’m wrong.

  4. Great post.
    I wish somebody provided this kind of analysis for Miami Beach and Sunny Isles as well.

    Market should start improving in 2009

  5. BFG,

    The drop has been so great for two reasons: fraudulent transactions are no longer present (which had falsely propped up the average) and many of the sales that have closed within the past six months are foreclosures, short-sales, estate sales, etc.

  6. moretroops, buildings in Miami are always empty because many owners inhabit them for several weeks out of the year.

    for example, a lot of Jews have left today and yesterday after celebrating Passover. Their condos will sit empty until next year.

  7. Lucas,


    I just got a letter from the developer at 1060 brickell avenue of the 15 days notice to close.

    Dont know what to do…. at $400 ppsf for a studio on floor 30.


    any help will be GREATLY APPRECIATED!

    Thank You!

  8. Yeah, the View and Jade and literally everything on Brickell sits mostly empty because of seasonal owners and “Passover.” Definitely not because of this historic housing bubble and crash. Nice try.

  9. Given that this market is being almost entirely defined by the outliers, I bet a scatterchart of this data would be pretty illuminating.



  11. I think studio apartments are a tough to sell to end users. Even 1br are mostly for renters. I dont see an owner saying I want to buy a studio in Brickell, beach maybe not Brickell…

  12. Post bubble, Miami Real Estate is more expensive now than ever before.

    I think you’re going to see some psychology/economics come into play very shortly. Miami has always had a lot of casual 2nd home owners. In the long ago past (pre-1999), RE was relatively cheap so it was not expensive for people to have a pad in Miami and use it a month out of the year. Pre-1999, Owning Miami RE was CHEAP.

    During the Go-Go Boom from 1999-2006, RE got bubbliciously priced, BUT it actually got “cheaper” to have a pad in Miami because your paper appreciation far outweighed the carrying costs. During the 1999-2006 boom, owning Miami RE actually got CHEAPER.

    What’s happening now is a colossal experiment that has never happened in Miami Real Estate EVER. Owning is EXPENSIVE for the first time ever. There is no historical precedent for Miami RE ownership being expensive.

    The shift that’s going to occur in Miami is going to go way beyond pricing. When the dust settles, the pricing will come down much more (obvious point) but Miami will also become much less transient because the costs of ownership will still be much higher than at any previous point in Miami’s history. It’s simple, when ownership is cheap, as it was, from 1970-2006, you can afford to let your waterfront condo sit there. When ownership is expensive, as it is now for the first time ever, it’s going to chase away many of the casual second home purchasers, and force these units to be occupied by primary residents.

  13. what strikes me is the huge diff. between the asking price and closing price. if more people would just list their condos at a “realistic” price for todays standards then i think there would be more buyers. I know lots of people getting out of college with a nice job making 80k yr. that would buy up 1/1 at the 150k range. I say just price them low and they will move, better then listing them 20% higher than what your gonna get and have to wait.

  14. Right on JR56.

    My advice to anyone seriously upside-down on their mortgage is to walk and take the credit-rating hit.

    Yes, it will be no fun. Your family and friends might even shun you. That sucks, but consider: (1) you wont spend the next ___ years paying off an enormous debt w/out gaining equity; (2) you can rent for much cheaper and save the money; and (3) IMHO, a “foreclosure” on an otherwise good credit history will not be the black mark it once was. So many otherwise good payers are going to be foreclosed on that banks will be forced to downplay that factor in the future, or risk losing millions of future customers.

    I don’t think it’s immoral to walk away, either. It’s a monetary transaction that failed, period. The bank left you behind when it (probably) repackaged the mtg. and sold it as a secured instrument anyway. It’s a true arms length transaction. Morality is no longer part of the equation.

    So save yourself.

  15. And once again we are looking at supply and demand. Supply seems endless. Demand is evaporating. Think that artificial demand (based on expectations of flipping profits, ninja loans, neg am loans, etc, etc, and you will see the downside is mindbogglingly low. No price that anyone would sell for today could make sense to anyone other than a happy go lucky – so much money they don’t know what to do with it foreigner. Anyone else would be a fool too buy at virually any asking price in today’s south Florida market. I wish it was otherwise but that is the reality.

  16. I dont think anyone buying now would be a fool as you say…there were many people that were priced out and if prices drop some more they will be able to buy. when i say buy I mean end users. someone who will live in it for at least 5 yrs. I have many friends that are happy with the price drops and are glad they can finally move out haha. real estate will no longer be a sport as it use to be and will now be used for what it was intended, living in.

  17. Lucas,

    I assume your numbers are from MLS and do not include price effects from foreclosure, short sales, etc. Assuming that those sales are actually of a magnitude which truly affects house prices (which i believe they are), how much lower or higher would that skew your numbers?

    60 sales in 6 months! how does that compare to past years activity?

  18. bubblerefuge,

    A few have accounting degrees and a couple finished law school. I know everyone bashes the economy here but most people are just pessimistic and negative….I know things are bad and Miami doesn’t have the best reputation but there are jobs out there that pay well and industries that are always hiring. I’m sure they could make more money elsewhere but then they’d be freezing your ass off for 5 months of the year.

  19. If you look beyond the MLS, the numbers may be higher.

    Looking at the Vue at Brickell, the Index says 2 closed sales within 6 months with an average $212.82/sq.ft price.

    However, the property appraiser’s site reflects 4 sales with an average per sq.ft. price of $568, which I find very surprising!!!

    But here’s the sales:
    11/07 unit 1507 with 814sf sold for $560,000
    12/07 unit2414 with 1149sf sold for $390,000
    1/08 unit 1208 with 838sf sold for $550,000
    1/08 unit 1709 with 783sf sold for $463,000

  20. perez,

    Unit 2703 with 1,069 square feet sold for $235,000 on March 20, 2008 and unit 1503 with 1,069 square feet sold for $220,000. Those other 4 must have been private sales.

  21. Those 2 appear to be bank sales of previously foreclosed properties, perhaps not as indicative of the market as the 4 non-MLS private sales, which had much higher sale prices.

    The MLS is probably the most efficient way of gathering this data, but unfortunately it could be substantially underestimating (or maybe overestimating) the market.

    Vue’s 2 MLS sales reflect $212/ sf

    Vue’s all 6 sales reflect $449/sf.

  22. Did anyone happen to notice the sea of Red Ink on old Lucas’s chart :-)

    I can dodge $200 per sq ft babe when $125 per sq ft is not far away.

    Inventory….up …. up ….up

    Vacancies ….. up …. up …. up

    Foreclousers …. up …. up ….up

    New Condos coming on line …. up …. up …. up

    Taxes …. up …up … up

    Unemployment …. up …. up …. up

    Inflation (excluding houses) up …. up … up

    Interest rates up … up … up

    Insurance …. up … up …. up

    HOA Dues up …. up … up

    Demand down … down …. down

    Prices down …. down … down

  23. Perez,

    Your numbers do not jive with reality. You may be accessing them from somewhere which claims to be legitimate, but those are not realistic. 800 sq ft condos in Vue are not selling for half a million dollars. If they are, either we are continuing to see fraudulent activity, or buyers in Miami RE may be the dumbest people on earth.

    You are correct, however, as i do believe the MLS database is not accurately telling people what the sale price really is. The foreclosures are forming the basis of the new market, whether the RE folks like it or not. The sooner they include that data the better.

  24. The Ace, you forgot gas prices (up), food prices (up), and so inflation (up) — and available credit (down).

    Such a perfect storm.

  25. Hey Lucas,

    Curious as to why you did not include Wind condo closings like you said you were.
    It be great to know whats goin on in that Condo.

  26. Dobieman –

    Well said. This blog and its postings are really great. Checking in here reminds me of being in an advanced class with a great teacher in a really good school.

  27. I couldnt help but notice that 50 Biscayne looks very healthy with lots of lights at night. At least the bayside. I like the location too, right next to the shopping at Flagler and bayside Marina and Downtown. It may become the Related’s only success story. If anyone booked a unit there, especially an East facing unit, they should close on it instead of walking away. I think it will be a good building to live in eventually.

  28. Lucas, thanks for the update!

    Should The Sail be included within the figures?

    Is there any way of compiling an average maintenance cost per sq. ft. for these buildings, would be interesting to see how the different buildings compare to each other…

  29. Does anyone see prices in Jade dropping to below $400 square foot. I am looking at buying several units for investment. How are the rents in the building? Is there demand and do you think you can achieve pos cash flow at $400/sf??

  30. 1/08 unit 1208 with 838sf sold for $550,000

    Who in his right mind would pay that amount for an unit in VUE?

    Fraud again?
    Can you post the link to that sale?
    Who sold and who bought?

  31. Mirador 31 Line for 185K, 970 square feet or 188 per square foot, bay view no balcony, 18% of condo owners not paying maintenance, Buy or do not Buy? Can I buy something else that is a better bang. Have cash. Please someone help me. Thanks.

  32. perez, those sale prices look wayyyyyyyyyy off, they do not reflect the market, at all. no one would pay those prices for the vue today, that is the building with the most problems which will have the cheapest units.

  33. JL asked: “What was different about the Vue and Jade that allowed/encouraged mortgage fraud to be much more rampant?”

    I hate to sound pessimistic but it may be because Vue, Jade, and Club all had C.O.s in 2005 so the opportunity for fraud existed where it did not exist in half-finished or “drawing board” stage projects.

    That and “If there is a will, there is a way”.

    The developers’ sales practices, on the other hand relied on: “If it works, it’s right!”

  34. Hey Lucas,

    It’d be interested to take a poll or ongoing rating system of best (managed)buildings and most problems associated with buildings. Some kind of ratings system, like on This would be extremely informative to would be buyers and everyone in gerenal(i.e Neolofts lawsuits, Neovertika defects in construction, 1 star out of possible 5, etc.) Information is power.!!!!!!!

  35. Don’t pay more than $150 per sq foot. Anyone buying now is a sucker. Association fee + mortgage alone makes these deals a total rip. People in Miami must use a lot of crack.

  36. Lucas: Once again you have exceeded your readers’ expectations! Congratulations on such an excellent blog! What are your general thoughts on the state of the market and a view down the road in the next 6-12 months?

  37. Hi Jerry Harper,
    Personally I would never live in a apartment without a balcony. Having said that if you are buying it to rent to someone, it may not be such a bad idea to get into SOBE at 188/sf. It can be your pad to crash when you visit Miami for a short vacation too.

    The “Bayview” from that unit is questionable. It is at the inner corner of a “L”. So you have to stick your neck out near the window to see the bay. Size is good though. Good Luck.

  38. Wild Bill, thanks for the link to declining market zipcodes. The whole friggin country is listed there. It would have been better off for them to list the non declining markets.

    I see that none of the New York City zipcodes made it to the list. I am glad as I my NYC investments are safe (at least for now)

  39. Help! How can a unit that was mortgage fraud, $860K in SOBE(West Avenue), now have a short sale price $330K. Complete nonsense! Fraud on the way up and now fraud on the way down. When will it stop!!!!!!!!!!!

  40. Generalmagic:

    Any seller can put any “short sale” price they want on their unit . It doesn’t mean the bank will accept it. In most cases, they won’t. That is why many agents have no interest in dealing with short sales. It becomes a waste of time.

    When you see a short sale price that is significantly less than what is owed the bank, it is usually a seller simply putting an attractive price out there that they hope will get an offer that they can submit to the bank and get approved as a short sale.

    I read an article recently that said only about 1 in 20 “short sales” ever close. The reason that number is so small is because most short sales have no bank approval and won’t likely get it, either.

    So, I don’t see how there could be “fraud” in the case of an unusually low short-sale asking price – just wishful thinking on the part of the seller.

  41. When staring down the barrel of foreclosure it’s easy to see why so many owners are opting for the minimal black eye of a short sale. Banks account for about 2% of their loans to foreclose, and as much as people are screaming that the sky is falling, banks are still operating within this bracket.

    At least it helps bring market value to areas grossly inflated.

  42. Richard,

    Assume many of the buyers are still installing flooring. So they are most likely not sleeping there or in the building in the evening to turn on the lights in the units.

  43. Fraud all over that unit listed at $330,000. The Buyer and his circle of thrives, including title agent and mortgage broker stole $250,000 from the lender. They put the dam money in their pockets. C’mon, where is the freaken government agencies to stop that activity and protect consumers from the fallout? Countywide, IndyMac and the FBI knew about this activity but failed to stop it. Now we call the Realtor Association about units like that listed at $330,000 and they do NOTHING. As a Realtor I am disgusted with local government agencies including the Mayor Mortgage Fraud Task Force and the Realtor Association. It’s like no one wants to do anything about those dishonest Agents who defrauded the system on the way up and are now manipulating the numbers as the market settles. I do sell at the Waverly and for the last three days every single person who I have show to wants to see the “deals” starting from $350,000 like the one they saw on Give me a freaken break. The Realtor Association should be monitoring listings like that and unless there is Lender approval make the A hole Agents who listed them remove it. I have a feeling the Realtor Association does not want to rock the boat. They would rather continue to collect fees from as many Agents as possible so they keep their large offices and fancy automatic coffee machines. Time and time again we have called them to report suspicious activity and listings, they tell us “we do not accept complaints, you must file an application for complaint and then include all supporting evidence of any unethical activity.” Give me another freaken break. The evidence is right there in there face, I don’t have time to play detective and police. Realtors and Consumers need to demand more regulation.

  44. Some of you have questioned these apparently non-MLS sales at Vue which weren’t included in the Condo index.

    “11/07 unit 1507 with 814sf sold for $560,000
    12/07 unit2414 with 1149sf sold for $390,000
    1/08 unit 1208 with 838sf sold for $550,000
    1/08 unit 1709 with 783sf sold for $463,000”

    I was also surprised by the pricing, but they are all in the property appraiser’s web site at:

    If I recall these were all private sales between individuals, and other than the apparently high prices I have no reason to suspect fraud. But perhaps some of you detective types would like to dig around and let us know what you find.

    I imagine most of these buildings have had non-MLS sales which may increase or decrease the 6-month average per sq. ft. prices.

  45. Mr. Waverly, if you want to file a complaint regarding a real estate agent, have you thought about filing a complaint with the State that regulates the profession. See:

    Of course mortgage fraud is a federal crime, and I’m sure the law-and-order Republican administration will continue to prosecute to the full extent of the law, unless their funding has been cut due to tax cuts, Iraq, or other necessities.

  46. I know a local news station that would love to do a special about mortgage fraud. If any of you would like me to put you in touch with them then email me. The news is the only way to go if you really want to bring attention to the matter.

  47. Moretropps:

    The Ace never forgot that food and gas prices are up that my friend, that was covered under “inflation” … up … up … up ….

    However, I did neglect to mention that availaqble credit is… down … down … down!

    The “Smart Money” thanks those of you who that point out our errors.

    The Ace

  48. Curious to know if anyone knows how to check prior to the purchase of a condo whether there are issues of airconditioning in a building. A real estate agent warned me about a luxury building on brickell that has had numerous issues over the years (and they are still trying to work it out). I would hate to buy in a building and find out the airconditioning is being shut down every two-three months.
    Thoughts from buyers, owners and other real estate investors……………….

  49. Bring it on. Just last week I Email a local TV investigative reporter to ask her about exposing this issue. I still have not heard back from her.
    Have your people Email my people.

  50. To the “Buyer” who wants to buy NOT ONE but SEVERAL units at the Jade for $400.00 a sq ft.

    Hey, the “Smart Money” would like to be your Agent and we will guarantee to “buy back” in late 2009 every Condo that you purchase now at the prevailing “Market Value” in late 2009.

    “Smart Money” profits…. up … up … up

  51. Waverly, perez, general…

    Let’s just start our own task force. Maybe we can pitch a TV show to one of those channels that had “flip that house” and crap like that on for the past couple of years.

    We can call it “catch some fraud”. You, too, at home can do it. Just spend a few hours on line with some public records. While we’re at it we may want to look at Miami-Dade County and the state of FL. Tax revenues tripled during the bubble and yet we don’t have the funds to properly police this stuff? Cutting the education budget? Is that the best we can come up with? How aboout a few less cops hanging out with the bouncers outside of all the clubs and just a couple more with some computer skills?

    General, I still want to get together, but will be out of town on a project until mid-June.

    Mid-June, we still haven’t seen anything, maybe we all get together with Lucas and the reporter.

    BTW, interesting reading about a mortgage fraud ring that operated in the high end properties on South Beach:

    17 properties, $37 million, that means they were playing in the $2M property market. Who coulda thunk it?

    Whydid the Herald not pick this up? Lucas, turn your guy on to that story. He may have to do a little homework on his own, but I bet what he turns up will make a great story. Give the public a glimpse into what drove this freaking bubble.

    The talk about the high end of the market not being affected by the downturn…just a hunch, but I have a feeling that the flippers in that corner of the market have inside connections at the banks–and the game continues…

    perez, type “golden brand” into the clerk’s database (when it’s back up, that is)… nice pair of transactions on the same day at the emerald…

  52. Looks like prices at Emerald at Brickell are gonna take a tumble. A 2 bedroom/2.5 bath foreclosure with 1,264 square feet on the 22nd floor just hit the MLS. List price is $309,000, or $244 per square foot. It’ll be under contract by Friday. No pictures yet. I’m gonna check it out tomorrow.

  53. Lucas,
    I don’t anyone can deny that is a great price for a 2 bed unit in that building. Do you think we will see similiar $/sqft in buildings like Ten Museum, Marina Blue, 900, etc?

  54. perez,

    You wrote: “If I recall these were all private sales between individuals, and other than the apparently high prices I have no reason to suspect fraud.”

    Here are a few symptoms of fraudulent real estate transactions:
    1) A non-arm’s length sale: buyer and seller are related by blood or otherwise.
    2) Limited Liability Company is participant (buyer or seller) in the current or previous transaction.
    3) Non-MLS transaction; property was not marketed openly prior to sale.
    4) No money changes hands but the transaction is reported as a sale even though, in reality, one party simply deeded the property to the other party.

    From the fraudsters’ perspective, the transactions you mentioned may help provide fake, high dollar comps for subsequent transactions in which real money changes hands (from dumb, out-of-state lender to slick local fraudsters). The appraiser is supposed to disclose non-arm’s length transactions and non-MLS transactions but they are often willing participants and enablers of the fraud. So keep an eye out for the real fraud to follow in this building or nearby buildings…

  55. I really like this Condo Index, I think in 6 months it will tell a lot as there have really been very few closed sales in the past 6 months but there are pending sales and foreclosure/reo prices keep dropping so I think when all this REo inventroy eventualy gets sold in the next 6 months it is really going to bring down all the comparables in the market

  56. Is this Blog is full of IDIOTS!!!

    The “Smart Money” keeps telling them that in 2009 Condos in Miami including bay or ocean front views will go for $125 per sq ft or less.

    Yet these same fools keep asking each other weather or not $300, $400 and in some really extreme moments of idiocy $500 per square foot is a good deal????

    The short sweet answer direct from the “Smart Money” is…


    There are “Eleven” count them 11 years of supply with another 7 years of Condo’s supply scheduled for completion in the next two years.

    Inventory … up …up …up…


    Prices … down …. down …. down

    It’s elimentary my dear Condo would be flipper/speculator/investor/moron

  57. Ok, “Smart Money.” I agree.

    Only thing, I would tone it Down a lot a bit. These folks don’t want to hear just how wrong they are. They’ve been literally brainwashed — at awkward dinner parties, with their spouses, on HGTV — into thinking that they’re missing the boat on RE prices! Every day matters! Flip this HOOUSE.

    We, including me, all need to remember that housing was only considered a classic “investment” oh, roughly, 8 years ago. But that new fad is dying essay. Oversupply and credit collapse. It’s economics 101 homes.

    Think. Now look at the downtown skyline. Now fill up your tank. Rinse, repeat.

  58. Pingback: Sunny Isles Beach Condo Index 1Q 2008 « Ashton Coleman’s Weblog Wire

  59. Lucas,
    1Br at Jade for $289K, then what could be the market value at the IVY for a comparable unit?
    They are starting closing in a couple of weeks, I wonder how many will just walk away. Do you know whether there are any problems there?

  60. Pelide,

    Your “They are starting closing in a couple of weeks, I wonder how many will just walk away. Do you know whether there are any problems there?” is hilarious.

    I wonder if the sun is going to rise in the east tomorrow morning?

    Predicting a huge number of “walks” in anything that opens on or around Brickell…

  61. what is a better buy for my money, Brickell on the River North Tower or Quantum on the Bay? There are units in each that I like right now but I’m not sure which one is the better buy. Any thoughts would be greatly appreciated.

  62. My husband & I just bought a the 3/2 on the 36th floor at the Vue. It has 14 feet ceilings (the only 3/2 with them) with floor to ceiling windows. We paid $340,000 and we are planning on living here for quite a few years and have already begun updating it. The apartment already looks amazing and although we are fully aware of the problems in the building (I have lived in it since 2005), there is nothing that really bothers us that much. The pool is clean, the gym equipment works and although we don’t have valet, we luckily have 4 spaces in the building. I think the Vue gets a bad rap, our updated apartment is going to be beautiful and the location is fantastic and the building is affordable for a young married couple starting out!

  63. Nicole,
    Thanks for the update on Vue. I think we will begin to see more units sell at these great discounts. Since Vue may be considered the case study in what the future holds for some other buildings, could you give us some details on the good and bad issues the building is experiencing? Special assessments, maintenance, etc? I am very interested in buying into the same type of deal, but would like a heads up into what the future issues may hold.

  64. I hope this helps…
    Well, I am getting involved in the Association and have spoken with the President of the Association who is really on the ball. The building manager has also been doing a nice balancing act considering 45% of tenants/owners are NOT paying maintence (the main issue).

    Legal action has been taken against many of the banks that have NOT been been paying maintence fees on apartments in foreclosure and now it seems like these issues will improve (we have pretty much hit the bottom). The negatives are the following:
    1) No Valet
    2) Comcast building cable has been revoked, tenants/owners must establish their own contracts.
    3) Elavator #3 is still broken (8 months)
    4) 1 piece of equipment in the gym is broken (1 month)
    5) Extras like orchids in the lobby and other small touches have been taken away.
    6) Pool maintence has stopped

    The flip side:
    *There will not be any special assessments
    1) Guests may still park in the valet spaces, but they must do this themselves.
    2) Elavator #3 will be fixed by the end of the month (finally).
    3) The newly opened chique Badrutt’s Place (which is housed in the Vue’s retail space) must now pay the building for using valet spaces, which means more $ for the building.
    4) Many units (I heard 6-8) have closed in the last couple weeks (all cash deals), which means more $$$ for the building.
    5) Maintence crew and building staff is helpful and there is a community feel. Everyone is trying to work together to help the building (there are still the 2 or 3 people who continue to only be negative). We have our own facebook site to keep communication going between owners.
    6) We save on pool maintence by having someone from the maintence staff clean the pool in house (it is always clean and beautiful).
    7) Lastly, the location is AMAZING, our 3 bedroom penthouse is coming together beautifully, with the upgrades (which cost very little compared to buying in a new building with upgrades we maybe didn’t even like). Pictures to follow!

    I think the Vue has learned a lot in the last year and we will be one of the more experienced buildings on Brickell. I am positive about the future. By the way, I don’t even miss the fresh flowers in the lobby!

  65. Nicole,
    Thanks for the great details. That is the best insider info i have found for a building in Brickell. My biggest concerns are how quickly things get fixed (elevators, etc) and the potential of large special assessments considering the losers who dont pay HOA fees. I can live without valet, fancy flowers, etc. Its the unknown costs directly out of my pocket that keep me concerned.

    Anybody else provide similar details about Brickell Buildings? Emerald, Sail, Solaris, Club? would luv to hear a status report in those buildings as well.

  66. I am glad this delinquent home owners not paying the maintenance is shaking things up a bit. I hate all the waste that the HOA’s and the management companies indulge in. If these lean times teach these extravagant assholes some lessons in being frugal and living within ones means, it is a welcome step. Yes bring it on, It is time the Home owners start painting their own hallways, clean own pools, trim their grass and so on. Pay only for things that require professionals like plumbing and electrical jobs. Small buildings with under 200 units should start self managing and throw the management companies out. Paying 50 or 60 K for a manager just to sit and play politics with the board should be history.

  67. Thanks Gables! Only time will tell, but I will you keep you all informed about how things are going in the Vue. We’ll see if the elevator actually gets fixed by the end of the month.
    As for specail assessments, I have spoken directly with the HOA & building manager and so far so good. They said we will be not be getting hit with any large assessments.

    As for the last poster, I agree. Unfortunately, we pay nearly $800/month & we do not receive much in return. I would prefer to put in a little work in the building (i.e. bring in our own flowers, paint hallways). I think people would respect the public areas more (instead of scratching up hallways and dirting elevators) and we would save quite a bit of cash!

  68. Pingback: Miami Condo Index - Brickell - August 2008 » Miami Condos For Sale | Miami Real Estate | Brickell & Miami Condos Blog

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