Brickell on the River South Tower Developer Closeout Sale

May 19, 2008 by Lucas Lechuga

Brickell on the River South Tower Developer Closeout Sale

Some of you may have noticed the bus stop ad above for Brickell on the River South Tower throughout various locations in Brickell. I must have driven past it a dozen times without noticing it. However, a friend of mine mentioned the ad to me over lunch this past weekend, so I had to take a look for myself.

It looks like the developer of Brickell on the River South Tower, Groupe Pacific, has decided to discount the condos it recently got back. This is the first major condo development that I know of in Brickell that has decided to discount prices below initial preconstruction prices.

This is great news for young professionals looking to live in Brickell in a new building at bargain prices. The marketing material on their website promoting the developer closeout mentions that one bedrooms start from $199,000. It also mentions that flooring and paint are included in the price. On the flip-side, this is awful news for those who recently closed on a condo in Brickell on the River South Tower. Ouch!

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19 Comments on "Brickell on the River South Tower Developer Closeout Sale"


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Anonymous
eunosracr
8 years 4 months ago

Lucas,

Where can we see these listings???

Anonymous
moretroops
8 years 4 months ago

Lowest prices … EVER!?!?!

Excuse me but that’s just insane. The south tower has been open … since … 2007. So that’s like the lowest prices since one year. During a massive bubble. Can you say WoWsErS?!

Excuse me, but I’ve gotta one-bedroom condo facing the People Mover to purchase.

Anonymous
jcrimes
8 years 4 months ago
think about the stupidity of this building. literally, they built a high rise loft building. considering that these units would only appeal to a specific type of purchaser, i.e., someone who was single or a young couple, this building has little no mass appeal. couple that with the fact that most single professionals in miami cannot afford a condo even at today’s prices, and BOS was a foolish idea from inception. all that said, the practical issue with BOS is that the units are way too narrow. outside of buying a two bedroom and using the extra bedroom as your… Read more »
Anonymous
Un-Related
8 years 4 months ago

This will do wonders for the West Tower buyers at 500 Brickell who paid $280,000 for essentially the same size 1 bedroom units. This is a disease that will spread.

Gourge: “How low will YOU go?”

Anonymous
JGM
8 years 4 months ago

Starting at 199,000 …

Realistically, what is the starting price of mid floor unit with a nice view….

Anonymous
Let's Be Realistic
8 years 4 months ago

These developer ads are always bait and switch. When the market was hot they would state that they had 1 bedroom condos starting at $299K. You would call them and they’d tell you that all of those condos had already sold. The next best “opportunity” was at $370K. “You better take it though because there are 2 other people about to sign contracts for that condo later that day”.

I’ll bet you that $199K will get you the condo behind the concierge desk with a view to the dumpster.

Anonymous
Once Again
8 years 4 months ago
I actually got the see the units at Brickell on the River and guess what…. unless you are tiny, single and have no furniture then this bldg is for you. The 2 Bd units look more like a skinny 1 bd. I didnt get to see the 1 bd but I’m sure that most be awful small. Nice buidling cool concept for the young at hear but for the prices even at $199 it’s still a way off. You get nothing. Might as well live in a studio it might be bigger. Besdies you also share the ammenities with the… Read more »
Anonymous
Ed
8 years 4 months ago

199K should come as no surprise…

As mentioned previously, this is a marketing ploy to get you in the door. One or perhaps 2 units facing the metromover are priced like this.

Also, you know what kind of developer you’re dealing with when they list the square footage of the open space (air) in the total square footage on their website plans……nice!

The amenities suck in the building. Pool is old style, gym is on 4 or 5 floors

Anonymous
MarkyNZ
8 years 4 months ago

Looking at the photos on MLS, they dont look so small that they are unliveable. They are condos…I certainly don’t expect to compare them to the size of a house in the burbs.

Anonymous
BILLY K
8 years 4 months ago

What are the comparables for these units in the Brickell area?

Anonymous
Margus
8 years 4 months ago

They do the same with other buildings also – a week ago I was looking at Latitude on the River where developer has taken back a lot of units & now is trying to rent/sell at bargain prices.

2/2 i was looking at – you could rent it for $1800 – while owners were asking around $2200

Yep – OUCH for buyers who bought those pre-cons

Anonymous
umer ahmad
8 years 4 months ago

what are your opinions on the Dodd-Shelbey housing bill (the $300b fund to support forecloseures) and how do you think it would effect the miami realestate market ??

Anonymous
FUFJTW
8 years 4 months ago

I viewed the 07 line this past weekend, and was told that I could lease option at $2500 a month with a purchase price of $367,000 for the biggest unit, and it included paint and flooring. Not gonna do it. The other unit I looked at 07 line the owner had just closed at $540k. Ouch!

Anonymous
Mike K.
8 years 4 months ago
I lived in BOR north tower..had a view looking directly into the south tower units. I used to joke around with my gf how I couldn’t believe they built an ANT FARM! Those units are very small! There is a stairwell that takes up half the living room…no room to hang a plasma tv…and a large couch would be spilling over into the kitchen. The parking garage is a nightmare…the pool only gets sun 2 hours a day before the South Tower blocks it….etc. Not trying to bash the building…but I think consumers should always rent a year in a… Read more »
Anonymous
Wild Bill
8 years 4 months ago

Are the lease to own contracts being used to hide inventory?

Anonymous
lara
8 years 4 months ago

Wild Bill,

I do not think that lease to own are being used to hide inventory. It is a great method for sellers and buyers to sell and purchase properties. Particularly taking in consideration a lot of difficulty in getting financing

Anonymous
Raffi
8 years 4 months ago

I’ve been to BOS and it is terrible, I mean what a craphole. I noticed all the problems that everyone above has mentioned, I wouldn’t buy there for more than 100k.

Anonymous
chep
8 years 4 months ago

Good morning Lucas & bloggers,

I’d greatly appreciate a response with two questions listed below.

1.) Is there a webpage of exactly how lease to own works? Specifically rules & regulations with the benefits and drawbacks.

2.) Is there a list of condos in South Florida of lease to own properties?

Thank you,

Anonymous
JR
8 years 3 months ago

So, how much per foot?

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