Brickell on the River North Tower – 2 Bedroom/2 Bath Foreclosure – $159,000

February 18, 2009 by Lucas Lechuga

Brickell on the River North Tower

$151 per square foot!  That’s the asking price of a 2 bedroom/2 bath condo foreclosure at Brickell on the River North Tower that came onto the market a few days ago.  The 15th floor condo has 1,051 square feet of interior space, faces east towards the bay and overlooks the swimming pool.

The listing does not include any pictures but the property details state that the condo has marble and wood flooring. The current asking price of $159,000 for the 2 bedroom condo foreclosure is $91,000 less than the next best priced 2 bedroom.  The condo was purchased in April 2006 for $461,500.

Last week, I inquired with the association of Brickell on the River North Tower about the percentage of condo owners who were delinquent more than 30 days on their HOA fees.  They wouldn’t disclose a specific figure to me but they did reveal that it was over 15 percent.  This means that any serious offers would need to be all cash due to the new Fannie Mae guidelines that went into effect in January 2009.  Contact me if you would like to view this 2 bedroom condo foreclosure in person.

Brickell on the River North Tower is a Groupe Pacific high-rise condo development that was completed in 2006.  It has 24-hour concierge/security, valet parking, swimming pool, hot tub, state-of-the-art fitness center, men’s and women’s spa, conference room and club room.

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67 Comments on "Brickell on the River North Tower – 2 Bedroom/2 Bath Foreclosure – $159,000"


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Anonymous
Bmw m3
7 years 7 months ago

After all the special assessments you’ll be paying about 2k per month hoa. Is obama going to pay the hoa? Otherwise prices need to fall much lower.

Anonymous
Kutte Kamine
7 years 7 months ago

This only shows what is coming in next few months. Good for the people waiting in the sidelines, bad for ones that are invested in the RE market.

Anonymous
7 years 7 months ago

BMW said “Is obama going to pay the hoa? Otherwise prices need to fall much lower.”

It’s interesting how impressive and large a $75 Billion homeowner relief program sounds… but if you consider it’s meant to try and stabilize 10 million at-risk homes from foreclosure, you are talking $7,500 worth of support to each of the 10 million houses. How much of a dent would that make to the Miami condo market if Obama gave $7,500 to each current owner?

Anonymous
rolofer
7 years 7 months ago
This is still too high for the risks (HOA etc…), This is ONLY one of the first almost normally priced units in downtown. There will be many many MANY more in the next few months. Besides, delinquent HOAs plus the sister south tower that the developer can’t sell ANY unit for almost a year, despites deep discounts. This means that the building’s value is going to drop in free fall as soon as all upcoming foreclosures hit the market. I think that I’d wait for a penhouse unit at this price, not a low floor like this unit (15th floor… Read more »
Anonymous
300ktoblow
7 years 7 months ago

What will 300k cash get you by the end of the year? Thoughts? Anything worthwhile?

Anonymous
AJ
7 years 7 months ago

All new buildings with a few exceptions, West of US1 (Biscayne Blvd – Brickell Avenue) will become public housing and affordable housing. And Miami really needs that. This is actually good.

Anonymous
AJ
7 years 7 months ago

300K,
It depends. If you are looking in SOBE or water front buildings in downtown Miami, not much different from what you can get now. But in some new buildings in greater downtown, you could probably buy up a whole floor!

Anonymous
The Ace
7 years 7 months ago

Surely this sale proves now The Smart Money need say no more, $125.00 per square foot is on it’s way so have your offers ready.

The Smart Money

Anonymous
andi
7 years 7 months ago
From reuters: The SEC civil complaint, filed on Tuesday in federal court in Dallas, Texas, named Stanford International Bank (SIB), based in Antigua with 30,000 clients in 131 countries and $8.5 billion in assets, and the group’s Houston-based broker-dealer and investment adviser units. In all, the company claims to oversee $50 billion in assets. Venezuelan investments account for an estimated third of money in SIB, authorities said. [ID:nN18444225] This will drive a wedge thru latin quartes ( ha ha ) in sofla. This crisis will reveal the cockroaches 20 yrs in the making. One by one the roaches will come… Read more »
Anonymous
Muir
7 years 7 months ago

The Smart Money insists on $85 per square foot.
This is an average.
No doubt that units that have nice water views in buildings that are not in financial hot water will fetch substantially more.
However, the Smart money has a long memory, and insists that Brickell will fare better than buildings North of Mc Arthur Causeway.

The Smart money is a cruel mistress to those that disobey her.

Anonymous
Muir
7 years 7 months ago

The Smart money can be a gentle and caring mistress.

Anonymous
Probably too Cynical
7 years 7 months ago

not exactly sure how making the buildings on the west side of brickell into public housing would be a good thing. (though the people who march in circles with the whistles and ‘rat patrol’ tee-shirts would no longer need to be bused in from overtown.) would just turn brickell offices and residences into the same type of place the area around Flagler has become. businesses and people that could afford to leave would pull up stake and go elsewhere.

Anonymous
Joe
7 years 7 months ago

Smart Money was always wrong on all stock pics and market predictions!

Anonymous
BMW M3
7 years 7 months ago

Joe,

Better get this deal while it lasts. I recommend you get involved in a bidding war for this jewel! This is a once in a lifetime opportunity. If you don’t buy now, you’ll likely be priced out of the market.

Anonymous
el d
7 years 7 months ago

Any good deals to rent a 1 bedroom for under $1400/month in the Dwntwn or Sobe area?

Anonymous
Renter Tom
7 years 7 months ago

Suzanne says you can do this….so go for it!

Anonymous
Phil
7 years 7 months ago

When I see $150/sqft in Miami Beach, Oceanfront, newer (2000 or later built)…then I will get interested in making cash offers.

Anonymous
Julian
7 years 7 months ago

Phil – I’m a bear …but $150 for brand new beachfront? Besides, there’d be none left for you because I’d have bought them all at $200 😉

Anonymous
Raffi
7 years 7 months ago

I think this is a good deal. I mean $150 sq/ft has to be near the floor. especially since the unit is built out with marble and wood. Remember you can never catch the bottom. If your thinking long term and not flipping I think this is a pretty good deal.

Anonymous
Wild Bill
7 years 7 months ago

Pathetic. Why won’t these buildings disclose the delinquent numbers of owners. The same thing happened to me a few weeks ago. If they don’t lien units it won’t show up on public records search. You have now way of know how bad the building is finances are.

Anonymous
Renter Tom
7 years 7 months ago

Raffi – Some people do catch the bottom and it will be a long U or L shaped bottom, so why rush. I do agree that if you find something you really like and the price is “right” you can buy but then don’t complain, whine, ask for fed $ later.

Anonymous
Muir
7 years 7 months ago

I went to courthouse foreclosure sale yesterday. There was one sale that did not go back to the lender that is on the beach: 2301 COLLINS AVE 310.
Anyone want to take a guess at what it went for?

Anonymous
Muir
7 years 7 months ago

Here’s the full data:
2301 COLLINS AVE #310 MIAMI BEACH FL
33139-1627
Property Information:
0007 RESIDENTIAL- CONDOMINIUM
Beds/Baths:
2/2
Floors:
0
Living Units:
1
Adj Sq Footage:
1,480
Lot Size:
0 SQ FT
Year Built:
1926
Legal Description:
RONEY PALACE CONDO UNIT 310 UNDIV 0.0028521 INT IN COMMON ELEMENTS OFF REC 17787-1644 COC 24987-0107 09 2006 1
Sale Information:
Sale O/R:
24987-0107
Sale Date:
9/2006
Sale Amount:
$915,000
Assessment Information:
Year:
2008
2007
Land Value:
$0
$0
Building Value:
$0
$0
Market Value:
$758,360
$824,300
Assessed Value:
$758,360
$824,300

HOA is about $1150/ month.


Anyone? Anyone?
Take a guess. Anyone?

Anonymous
Renter Tom
7 years 7 months ago
It looks like the Obama administration has turned out to be a manic-schizoid mucking up everything. One the one hand tighter lending standards killing condos but on the other hand throwing unreal amounts of money around to see what sticks but doing nothing really for the hardest hit areas where people are really underwater (by more than 105%) and the real cause of the banking problems. The left hand is fighting the right hand….thanks to the inefficiency of socialism. What a waste. What effect will this proposed housing plan have on South Florida real estate? None really, a few people… Read more »
Anonymous
Renter Tom
7 years 7 months ago

….Florida residents will end up having their federal tax dollars (and sooo much in future tax dollars thanks to the TRILLIONS in new federal debt) to help pay for other peoples’ mortgages in OTHER states…not helping Florida. Hence it will make Florida even worse! Thanks to the federal debt, we’ll all be paying our neighbors’ mortgages in other states for the rest of our lives…..

Anonymous
WindowShopper
7 years 7 months ago

Muir,

I’ll take a guess. Not because I think I’ll be right, but because Iwant to know the answer.

$500,ooo?

Anonymous
Hugo P
7 years 7 months ago
Not a big fan of Zalewski, but some data he published today sounds interesting: “Developers in Greater Downtown Miami sold an average of five units a day in the fourth quarter of 2008, a dramatic drop from the 18 units per day closing rate in the third quarter, according to a new report from Condo Vultures® LLC. Developers closed 441 units between Oct. 1 and Dec. 31, 2008, which was down -72 percent from the 1,597 closings recorded between July 1 and Sept. 30. It is important to note that a 60-unit bulk deal also closed within the fourth quarter,… Read more »
Anonymous
Muir
7 years 7 months ago
WindowShopper /Feb 19, 2009 at 1:41 pm Vote: Muir, “I’ll take a guess. Not because I think I’ll be right, but because Iwant to know the answer. $500,ooo?” — Nope. Come on guys, I know your curious, don’t be ashamed to ask. It wont show up as a sale for weeks, be ahead of the crowd! Find out today what others will find out some time April! — Highlights: Last sale $915,000 in 9/2006. Assessed Value: $758,360 $824,300 — All can be verified, just click. Taxes: 2008 taxes $14,914.33 Folio number 02 32260431260 — Looking for 2-3 more guesses before… Read more »
Anonymous
lara
7 years 7 months ago

Miur,

I am curious about your impression of the auction. Any difference comparing to other auctions earlier? People overpaid. Alot of investors?

Lucas, I think it is a good deal except for the situation with HOA fees. If it is 15-17% then it is not a dramatic situation but if it is closer to 40% then it is a different story.

Anonymous
7 years 7 months ago

I’ll say 484,000 and that’s still too high!

Anonymous
lara
7 years 7 months ago

Muir,

$ 450,000?

Anonymous
Julian
7 years 7 months ago

Muir – well the Roney is a pretty terrible building, the condo association is litigating against the Master association again, who knows what its delinquency situation is. I’d say $370k if it’s 1480 sq ft.

Anonymous
7 years 7 months ago

Question is the Gansvort Hotel part of the roney or is it completely separate? I’m confused.

Anonymous
Julian
7 years 7 months ago

It’s one physical building. South section is Roney, North section the hotel and its residences. Separate entrances but Roney tower (south) has rights over pool that the $500 a night crowd use etc etc.

Inside, on the floors themselves, they actually flow from section to section, so you have the ‘posh’ bit and then a fire door and then the old ‘schmutz’ of the Roney.

Anonymous
7 years 7 months ago

thanks

Anonymous
H20
7 years 7 months ago

How to determine if it will be a long U or L shaped bottom…

http://www.youtube.com/watch?v=ru_fcdcmY6g&feature=related

Anonymous
Un-Related
7 years 7 months ago
Looks like CO(ndos)-R-US (CORUS Bank) is on the fast-track to the dust bin of history: ************************************************ “Thursday, February 19, 2009, 12:11pm EST Corus Bank’s regulatory agreements could spell trouble for Florida condos South Florida Business Journal – by Brian Bandell Corus Bank, one of the biggest lenders to South Florida condominium projects, has signed enforcement agreements with federal regulators that limit its ability to renew or extend troubled loans. That could spell trouble for the 18 condo construction and apartment loans the Chicago-based bank had in South Florida as of Sept. 30. About half of those $1.38 billion in mortgages… Read more »
Anonymous
Un-Related
7 years 7 months ago

Muir,

Since the Phoney Plaza is a 50-year old dump, aired-out, painted a new color, and sold mostly to a bunch of absentee landlords up north, I will GUESS $225 – $250 per sq. ft. and further GUESS it won’t close for a lack of financing!

Anonymous
Un-Related
7 years 7 months ago

Muir,

If you can’t tell, I’m an optimist!!!

Anonymous
Miami2009
7 years 7 months ago

Muir,
I will guess at 300K.

OK I give, what did it actually sell for???

Anonymous
jcrimes
7 years 7 months ago

Muir
out with you bastard….my guess, and channeling my price is right skill….$1 DOLLAR BOB!!!

(now watch someone else come over the top at 2 bucks and screw me over)

Anonymous
Muir
7 years 7 months ago

140K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Anonymous
The Ace
7 years 7 months ago

Would those of proclaiming to be members of The Smart Money please produce your memberships cards.

The Smart Money

PS: The Smart Money vacated the Stock Market in October 2008.

Anonymous
Muir
7 years 7 months ago
Cash Flow: taxes: 14,914 a year HOA: 1,200 a month —————- Total: $29,314 a year / 12 = $2442 a month!!!!! + Special Assessments: ? (In 10/15/2008 the association placed a lien for none payment of dues and special assessments that began in 05/28/08.) – Rents are mid $2000 But, I think the investment group that won the bid should be able to sell it quickly at a profit. Note: There is a listing in the building in the same floor that is 250 sq ft smaller in the MLS: m1230747 asking $350K —– Thanks ALL for PLAYING, that WAS… Read more »
Anonymous
southbeachsand
7 years 7 months ago

Yeah, the Roney is a mess. I don’t even think they have hurricane glass windows.

I can imagine unit 310 on the third floor had almost no view, or a great view of new W parking garage.

Remember, I lot of those Roney owners facing south just lost their direct beach view and face right into the W.

They went from having a panoramic view of the beach to the left, the Setai far in the distance, and South Beach/downtown Miami views to the right. Now they have nothing.

Anonymous
Muir
7 years 7 months ago
$140K guys. No kiddin. lara “Miur, I am curious about your impression of the auction. Any difference comparing to other auctions earlier? People overpaid. Alot of investors?” 9th floor was full. It was hot and the elevators were slower than usual. (advice: take the stairs down) Most everyone had the pamphlet that they buy for $700 for 6 month subscription. So, the guys printing that stuff are making a mint. In the hour and a half I was there, only TWO properties did not go back to the lender. Lender says how high they’ll go up to. No bidders. Bank… Read more »
Anonymous
Muir
7 years 7 months ago

southbeachsand,
Yes, one can be flippant about it.
BUT, NO ONE guessed correctly. And, neither would I, after all it sold for $915K and is assessed for $758K.
But if we are going to flippant about it, I can say that it’s worth zero because it has a zero or negative cash flow.
Or say, well, it’s worth the land value divided by 0.0028521

(Because the county records say that he has an undivided interest of 0.0028521 COMMON ELEMENTS OFF REC )

Anonymous
la la
7 years 7 months ago

Please all of you take one hand off your d***s and type with two hands.

Anonymous
Muir
7 years 7 months ago
Comments? By the way, there was real money in that room. Nicest court for foreclosure is Palm Beach (a/c really cold, new building, easy parking, actually I parked for free because I rode my bike when I went) — I’ll make a comment (until now I’ve just put numbers) I do not have the ba*ls to buy a unit like this. If I could not sell it quickly and the depression worsens quickly (Yes, I said depression) Then, I’m basically stuck with a unit I paid cash for that is cash flow worth nada. Am I crazy, am I a… Read more »
Anonymous
Muir
7 years 7 months ago

la la,
I use my two index fingers to type.
The right index fingers hit most of the letters to the right of the “h.”
All of my errors are due to lack of intellect (intellectually challenged or that knew politically correct word for stupid “cognitive disconnection.”) and do NOT reflect any unsavory use of hands.
:-)
I cannot vouch for the other posters or know what they are doing with their hands (and I do not want to know. Please.)

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