Completely Renovated Townhouse at Atlantis on Brickell
December 4, 2009 by Lucas Lechuga
I remember walking through unit 306 at Atlantis on Brickell towards the end of 2007. The place was a disaster! Flooring was ripped out, walls were horribly damaged, mold was evident in a few of the rooms and the kitchen and bathrooms badly needed to be updated.
Unit 306 is a 4 bedroom/4 bath two-story townhouse with 2,628 interior square feet. In 2007, when the unit came onto the market as a foreclosure, the unit was listed for $799,900. After eight price reductions and a little over nine months later, the unit sold for $415,000, or $158 per square foot, on February 29, 2008.
After a complete overhaul, the unit made its way onto the market about six months ago for $1,130,000, or $430 per square foot - quite a stretch even after accounting for renovation and holding costs. The list price was slashed a few times before recently being reduced to $865,000, or $329 per square foot - a step in the right direction but still at least $100,000 away, in my opinion.
My guess is that it probably cost somewhere in the ballpark of $100 per square foot to completely gut and renovate the unit, given the quality and the fact that mold was present. I've estimated taxes to be around $25,000 and HOA fees to be around $22,000 over the past 21 months. That represents about an extra $18 per square foot to the cost basis of the owner. It'll be interesting to see if the owner is able to make a profit or, at the very least, break-even on this investment, especially after accounting for cost of capital.
Before Pictures
After Pictures
Miami Vice!
The changes look great!
I found this piece amusing: Fontainebleau Miami Beach loses a guest’s Infiniti SUV Elizabeth Maneiro and two friends stepped out of her white 2008 Infiniti EX35 at the front entrance to the Fontainebleau Miami Beach. A valet handed her a ticket stamped 11:52 p.m. November 28. That was the last time the 38-year-old sales marketing associate saw her luxury SUV. Two hours later, after Maneiro and her pals finished sipping drinks at the hotel’s iridescent lobby bar, she handed the retrieval ticket to the valet counter clerk. An hour passed. “It was a busy night for them,” Maneiro recalls. “They… Read more »
I have always suspected that there is something wrong with my Cuban friends. I just could not put a finger on the reason why some of them show open disdain towards black people. Well this article is an eye opener of sorts. Is Cuba the apartheid South Africa of The Americas? Did their racial prejudices from back home got carried forward to this country? I am talking about this because not just ordinary Cubans, even some Cuban Realtors openly told me not to look for houses in certain parts of El Portal, Biscayne Park etc because those areas are predominently… Read more »
I don’t understand. The Floridian corner units used to be listed for between $500,000 to $650,000 in ’07 and ’08. When I thought they would be now listing for below half Mil, instead I see the same units being listed for $850,000. Whats going on!
Whats going on! – – A.J.
Maybe the owners of these over priced units have moved to another state – – like the state of the DELUSION.
Happy Friday to all.
scriv
AJ Very true observation. I believe may Cubans have developed prejudices against blacks due to their own “standing” within the Hispanic/Latin American countries. As you probably know, Cubans are seen by many other Latins as “2nd class citizens” or inferior to other Latin ethnicities. In particular, most South Americans look at Cubans and other island nation people (and Central Americans) unfavorably. Its human nature to desire to see your own group as “better” than another group, and blacks have become the Cubans’ scapegoat in order to compensate for their own negative standing among other Hispanics. Also, I think Miami Cubans… Read more »
Oh Boy – AJ has opened a can of worms for breakfast this morning. OY Ve!
Interesting unit, nice job on the renovation, but for the same price you can get a nice 4 bedroom single family house in Coral Gables with a pool etc.
Given the very niche market for non-penthouse 3+ bedroom units, and the glut of brand new condos just up the street, I imagine the owners will not break even on this one.
Unless I am mistaken his one is also listed for rent – $4,000/month. They might have some luck as a corporate rental or something similar.
Developer seeks $5 billion from Subway founder By BRIAN SKOLOFF Associated Press Writer WEST PALM BEACH, Fla. (AP) – A developer on Thursday sued the founder and president of Subway restaurants for $5 billion, claiming the billionaire businessman hijacked his dreams of creating the nation’s first eco-sustainable city. Multimillionaire Anthony Pugliese filed the lawsuit in Palm Beach County Circuit Court against Fred DeLuca, alleging breach of contract, fraud, and predatory lending, among other claims. Destiny, the new city set to be built on some 41,000 acres of overgrown brush and cattle pastures just off Florida’s Turnpike about 160 miles north… Read more »
FHA
I couldn’t agree more.
Let me know when this blog becomes interesting again
Perhaps I can break up the monotony with a bit of humor? George Bush, Queen Elizabeth, and Vladimir Putin all die and go to hell. While there, they spy a red phone and ask what the phone is for. The devil tells them it is for calling back to Earth. Putin asks to call Russia and talks for 5 minutes. When he was finished the devil informs him that the cost is a million dollars, so Putin writes him a check. Next Queen Elizabeth calls England and talks for 30 minutes. When she was finished the devil informs her that… Read more »
Scriv, good one 😉
LOL
Drew, another good angle to look at the issue. I never thought that one out. FHA, Hugo P and Kramer, I think the only issue that will kick start this blog once again is 1) for starters, a condo closings report among other things. But I have stopped asking and so did many other people such as Lara etc. I think either it involves a lot of work or it is a proprietary information that Lucas is not very interested to share. I was equally yawnful (is that a word?) with this new post and did not feel compelled to… Read more »
How can the reason Lucas is not posting Condo Closing Graphs anymore be because it’s proprietary when it wasn’t before? My guess here and only a guess is because the numbers are so dismal. But would love to know since his last one was I think February 09.
AJ,
Right on target regarding Cuban anti-black racism. Comical and dumb. But it’s real and vicious.
Btw President Barack Obama is starting to look like a “Miracle Worker”. November jobs report consensus was called down 130,000 and came in down only 11,000 with an upward revision of plus 159,000 for September and October. Unemployment was actually down a few ticks. Only a year ago we were losing 500,000 plus jobs a month under Bush and many were talking crash and burn and Depression. The stock market tanked to 6600 Dow in early March 09 only a month or so after Obama’s inaguration as President of The United States and since has risen almost 4000 points or… Read more »
Lara, Goin back to my previous post, I appreciate your interest in the Wynwood area. As I mentioned in my previous posting, Wynwood is a neighborhood that has slowly been progessing throughout the last couple of years. Despite the market crash and recession, Wynwood remains to be a neighborhood that has continued to receive affection, care, and monetary supply by Miami’s emerging arts community. Among many people who support this neighborhood have been local landlords, local businesses, and most importantly the art community that make up this neighborhood. Unlike Brickell, South Beach, and many other neighborhoods that throughout the years… Read more »
The recent sales and rentals data was updated last week. All of the sales data is on the website. You just need to look for it. I’ve already explained before that the county made changes to their website earlier this year. It’s now much more difficult to gather the closing data.
In response to #19. Thank you very much for your info. Actually I’ve been a couple of times in Wynwood in lounges and galleries. Also I am very glad to hear that the area continues to prosper and develope. Next time when I visit Miami I’ll try to revisit it again
Lucas,
It is the first time you actually addressed the issue. So i guess it is very difficult to cull the information now compared to before.
I have one question though. The 1800 club info does not reflect the flats sold by the developer. It only shows the resales. In your condo closing graphs, that info was included. Am I correct?
AJ,
Yes, the developer sales were included in the condo closing graphs. The recent sales info found on the website does not though.
aj/whats so amusing ?/ i wouldn’t let anyone in miami go near my car or anything else.
its like going to a concert and complaining about the noise
Lucas,
Thanks for the clarification.
Drew, That is why I will never let a valet lay his finger on my car. I hate valet only buildings. I am soooooooooo glad I am not in TMP and such.