Construction to Begin on Sky Palace at Mary Brickell Village Next Month

November 18, 2009 by Lucas Lechuga

SkyPalace at Mary Brickell Village

Construction is scheduled to begin on the condominium high-rise that was once known as Skyline at Mary Brickell Village in December 2009.  The 369-unit Mediterranean-style condo building is now known as Sky Palace at Mary Brickell Village.  It will sit atop the parking garage at Mary Brickell Village located on the west end of the commercial development.  Completion of Sky Palace at Mary Brickell Village is projected to occur in the last quarter of 2011.

Update: Sky Palace at Mary Brickell Village was later renamed Nine at Mary Brickell Village.

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145 Comments on "Construction to Begin on Sky Palace at Mary Brickell Village Next Month"


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Anonymous
Joe
6 years 10 months ago

Ha ha ha ha ha ha ha ha ha ….

Is it April Fool’s Day already?

Anonymous
6 years 10 months ago

I repost under the new thread

Ace,

How much would you pay for Sunny Isles new construction on the beach and older buildings across the street?

Anonymous
Leonard
6 years 10 months ago

Anybody know what’s happening at Infinity?? I’ve heard from a number of people that put in offers months ago that the developers haven’t lifted a finger. I think it’s a great building with very attractive prices but i’m a little sketched out from what i’ve bee hearing.

Anonymous
Drew
6 years 10 months ago

Sky Palace? Sounds great! Where can I get a preconstruction contract and when is the grand opening party? Only 10 units left!!!!???

Who is the developer? Must be the Stupidest Man on Earth. Someone go please tell him he’s about a decade late.

Anonymous
6 years 10 months ago

What’s the pricing?

Anonymous
AZ88
6 years 10 months ago

And where exactly is the financing coming from?

Anonymous
Miami Skeptic
6 years 10 months ago

and why right now???

The project doesn’t look like it was toned down at all from its previous incarnation as Skyline.

Who would buy in that location when there is so much available further east? If they must build, they should just throw up a rental building there and be done with it.

Anonymous
southbeachsand
6 years 10 months ago

Bulk sales, mechanic liens, and developer bankruptcy is scheduled to being first quarter of 2012.

Anonymous
Richard
6 years 10 months ago

This must be a repost from 2006

Anonymous
Joe
6 years 10 months ago

If anyone knows what drugs these people are on, I’d like a few doses myself. Unless this is being financed by drug money, I’m absolutely baffled that new condo construction could find financing in Miami right now (or, for that matter, in 2010 or 2011 or even beyond).

Anonymous
AJ
6 years 10 months ago

Untold millions of dollars that banks could have recovered from the sale of distressed Florida homes have instead been pocketed as profits by a new breed of property flipper.

Read the full story here:

http://www.heraldtribune.com/article/20091115/ARTICLE/911151083/-1/NEWSSITEMAP

Anonymous
Wild Bill
6 years 10 months ago

Properties in the 1920s were bought and sold up to ten times in one day. These aren’t a new bread of flipper. They are decedents of Miami greatest bust. Flipping is in their DNA.

Anonymous
iphoneapi
6 years 10 months ago

Test

Anonymous
scrivener
6 years 10 months ago

AJ:

Great article! Thanks for the post!

scriv

Anonymous
Siriusly G
6 years 10 months ago

What makes these arrogant prix think their development is so much better than all the other ripoff nonsense out there that’s just going to have the living dead crawl out there like zombies and line up in the streets 24/7 with their checkbooks?

Anonymous
Cody
6 years 10 months ago

The architecture of the building looks really tacky.

Anonymous
southbeachsand
6 years 10 months ago

This project is so strangely similar to the Los Olas stuff in Fort Lauderdale. That didn’t turn out too well.

Anonymous
6 years 10 months ago

And the insanity continues!

Anonymous
6 years 10 months ago

Do you mean those Condo conversions that were built in the early 70’s on Collins ave?

Anonymous
Renter Forever
6 years 10 months ago

I agree with MOST of the other posters…….this is INSANITY!!!!! What do you think LUCAS????

Anonymous
6 years 10 months ago

Ace,

Some in 70s like Oceanview/Oceanreserve. Or newer, 2003 like Porto Bellagio

Thanks

Anonymous
scrivener
6 years 10 months ago

I agree with the majority – – it is insane to launch a project like this at this point in time. Granted, having spent time at mary brickell village – – I have been dreading the day when they would commence construction of this development.

But to do it now? Really? Anyone know who is financing this project? One would think (pardon my importing logic into the discussion) that the current debt to equity ratios at the big banks would make getting financing for yet another condo in an already saturated market difficult.

scriv

Anonymous
6 years 10 months ago

Computer Consultant Post #21

This really is a question for Lucas, one because it’s his site, two because he is the expert realtor and three, I’m just a much maligned savvy investor. However, it is comforting to know that their are some of you out there that have heeded my advice and by doing so I’ve no doubt that you have saved not $10’s but $100’s of thousands of dollars.

Anonymous
6 years 10 months ago

Ace,

Thank you for reply. I just wanted to know your opinion.

Anonymous
annamaria
6 years 10 months ago

Sky Palace? Completely insane unless there is something shady beneath the whole thing. This is Miami It’ s possible.
I must say that the politicians in Miami aren doing much to help the distressed real estate situation. Did you know that in Italy where I originally am from they do not apply taxes on your first home? They beleive that everypne is entitled to own a first home and that they should not pay taxes on it.

Anonymous
6 years 10 months ago

Computer Consultant:

My opinion would not be worth much as I have done no research on the properties that you mentioned nor do I intend too as they do not interest me or my associates at this time.

I can however advise you to do your own homework if you have an interest in one of these properties but ignore the comps as they are completely worthless in Miami. Once you have established what you believe to be the market price make an offer and if it’s not accepted walk a way and never look back.

Anonymous
Lara
6 years 10 months ago

Dear bloggers,

I need your opinion about Infinity at Brickell. I can get a deal in this building now for the price below of what the developer is offering right now. The unit has East views and it is 1bd loft with 20ft. height.

All you opinions will be very highly appreciated.

Anonymous
RKM
6 years 10 months ago

Before you buy at Infinity, make sure you actually develop a floor plan layout for your space that you are happy with.

Anonymous
Lara
6 years 10 months ago

RKM, would you please explain what you mean. I think layout is done by the developer.

Am I wrong?

Anonymous
Mr Waverly
6 years 10 months ago
AJ good article Short Sales, Flippers and regulation. We have a big problem here in South Florida. The same problem that drove our values 30%+ a year and crashed the market.. Fraud and very little oversight regulation. Government agencies (FBI), The Department Of Professional Regulators, Local Realtor Associations and Miami’s Task Force On Fraud did nothing to stop the wide spread fraud during the boom and now with all of these short sale scams still are not doing anything. Like I have wrote in posts almost two years ago ” get caught with a bag of weed in the park… Read more »
Anonymous
Dave
6 years 10 months ago

Lucas – Take a look at your condo rankings page , in particular the MCI User Ratings, and let me know if their is a calc error or sombody is playing with you . They are off the charts – e.g. Wind with you giving it a 4 and users are up to a 50!

Anonymous
moretroops
6 years 10 months ago

Long time poster here.

Ace, you were right about the market. Congratulations Here’s some news though: So were a LOT of other people. I’ve been predicting $150 sq./ft for at least two years now. And I’m definitely not the only one. Hell back in 2007 there were enough “condo bust” websites (remember Housing Panic?) to keep me occupied all day.

So, please. Enough of the referring to yourself in the third person and patting yourself on the back.

You didn’t have to be a genius to see this collapse coming.

Anonymous
The Ace
6 years 10 months ago

It’s ironic, The Ace has been maligned for nigh on five years and now that I’ve been proving correct everyone is coming out of the wood work to take credit for predicting the housing bust. Where were you clowns when I was being told that I was a complete idiot and its not possible for Condos to revert to 1999 prices.

The Ace and Peter Schiff stand alone with our heads held high while all others had them up there ass or in the sand.

Famous quote by the Ace circa 2004: $125.00 and not a penny more!

Anonymous
scrivner
6 years 10 months ago
Mr Waverly; Where is the problem with these short sale flips? I mean, really now? Call me old fashioned (I’ve been called worse) but short sales are just another tool for getting properties back out on to the market. The banks/lenders don’t want to own these properties — – and they are not in the business of doing so. I have little sympathy for the banks/lenders as the majority of these loans (arguably) should not have been made in the first place – – for a variety of reasons. That there is a subsequent bona fide purchaser for value out… Read more »
Anonymous
Miami Wannabe
6 years 10 months ago
I can’t speak for anyone else but I’ve been reading this blog for a couple of years now and I’ve seen the ace post his warnings. I for one can state unequivocally that having listened to his warnings in early 2008 when Realtors where touting a bottom I turned down the opportunity to purchase a Condo for $363.00 per square foot which was $92.00 below its previous sold price. That Condo today went into foreclosure with an opening bid of $201K or $182.00 per foot with no takers. My hat is off to you Ace, you saved me from catching… Read more »
Anonymous
John
6 years 10 months ago

Mo is still trying hard with his surrogates Ace, more troops and other funny handles to set the trend for sales in Miami! Sometimes you are such a cute bimbo! But you sure get points for trying.

Anonymous
Mr Waverly
6 years 10 months ago
Old Fashion..(aka scrivner) I too have little sympathy for the banks.. they screwed us on the way up and now they are screwing us on the way down. That aside, moving these short sales is very important to getting back to real value. As long as short sellers and the banks are dumping properties we are not going to be able to set a real value. So move them. My issue with certain short sale flipping is the fraud now involved. Seller’s asking for money on the side to accept a contract or sellers accepting a low offer contract from… Read more »
Anonymous
moretroops
6 years 10 months ago
Ace, I too was maligned for years when I predicted (and continue, to this day) to predict further precipitous drops in the market. The only difference between me and you is I know when to shut the f*ck up about it. Prices fell. Many folks, like me and you and the people who listened to us, saved their future bankrolls. Many did not. Rightly or wrongly, they are suffering right now. Again, it did not take a genius to understand that the housing market in this country would utterly collapse. So stop acting like one. Peter Schiff? The fact that… Read more »
Anonymous
scrivener
6 years 10 months ago
Mr Waverly: Thanks for the well reasoned (and thoughtful) response. But I guess I have to take issue here with your characterization of these secondary sales as fraud. It seems to me that we have two transactions. The first is the short sale by the banks. The purpose of the transaction is to get the property back on the market and, hopefully, reset the property’s value to something representative of fair market value as opposed to the bogus values that properties were selling at during that great ponzi/pyramid scam that was the housing bubble. The banks may not like having… Read more »
Anonymous
Gixxer 1000
6 years 10 months ago
scriv, While many short sales are legitimate I thinks it’s obvious that these are not the cases in question. These are not simply two legal transactions if the first transaction is to artificially deflate the value of the property. Whether someone is colluding to increase or deflate the value of the property it’s still wrong. The banks ask an agent for a Broker pricing opinion (BPO) and that agent gives an extremely deflated value. The agent then rejects all other bids to the property. Then after the bank agree to the short sale at the deflated value the agent turns… Read more »
Anonymous
scrivener
6 years 10 months ago
Gixxer 1000: On the facts you presented – – well, ok maybe. But then again….maybe not. Could one also argue that the deflated value quoted to the bank includes all the information about the property currently available in the market place – – which does not include the as-of-yet undisclosed fact that another purchaser for value exists? The deflated value, as you put it, was proffered to induce the bank to enter and close the short sale transaction – – to free the property from the banks potential foreclosure action – – not to mislead or defraud. And if the… Read more »
Anonymous
Gixxer 1000
6 years 10 months ago
Not to sound like a smart @ss but you should read or re-read the article. Assuming the information presented in the article is correct it seems to answer you questions. “Could one also argue that the deflated value quoted to the bank includes all the information about the property currently available in the market place – – which does not include the as-of-yet undisclosed fact that another purchaser for value exists?” Last time I checked the majority of the market place IS what another willing buyer is willing to pay. How can anyone legitimately tell a bank that the value… Read more »
Anonymous
Gixxer 1000
6 years 10 months ago
Anonymous
Richard
6 years 10 months ago

Sometimes I think Sharia Law isn’t so bad–at least its swift and the penalties are sure to deter most crime. Cut the hand off the thief–maybe a finger for the CVS gum.

Anonymous
6 years 10 months ago
Just adding my 2c. I’ve come across a couple listed short sales in the past where the listing broker will not take/return phone calls and it’s not a dead listing (meaning after I tried arduously to get in contact, afterwards I see the listing update info like price… but I never hear back from the seller/realtor). This being Miami and not Preoria, what’s happening is that a realtor gets in cahoots with a homeowner who wants to stiff their bank… makes the appearance of trying to shortsale the house on the open market while in reality does not want to… Read more »
Anonymous
Condo Vulture
6 years 10 months ago

Post # 38 – Moretroops:

The Ace is Peter Schiff you moron, I’ve long suspected it because of the fact he often refers to himself in the third person and in a recent post whereby he actually refers to himself (Peter Schiff) for the first time ever confirms it.

You’ve got my vote Pete for your 2010 Senate race even if I have to leave Miami and move to New Jersey in order to vote for you, that or I’ll have Acorn enter my ballot on your behalf.

Anonymous
moretroops
6 years 10 months ago

Either I’m right, and The Ace isn’t Peter Schiff — pretty solid bet considering Schiff is an well known market analyst who regularly appears on television and is running for US Senate in Conn.

Or, your right and The Ace is actually Peter Schiff in disguise — a guy who, apparently, enjoys surreptitiously takes pot shots at hapless investors with self-serving declaration of superiority (in the third person no less).

Yeah, I’m gonna go with me on this one.

Anonymous
AJ
6 years 10 months ago

I think the homeowner who is selling a home on a short sale has to pay taxes on the amount the bank has forgiven. So is it possible that they really are in cahoots with the Realtor flippers?

In other news, Chinese drywall is on the news all over again.

Anonymous
AJ
6 years 10 months ago
More update on the Miami Art Museum: But the design for the Miami Art Museum is not a regurgitation of outmoded historical forms. Instead it breaks those forms apart and then pieces them back together to create something wholly new. It’s as if the architects had stepped back to contemplate the long arc of museum designs — including their own — before moving forward again along the evolutionary chain. The $130 million building project has been overseen by Terry Riley, a former head of the Museum of Modern Art’s department of architecture and design who helped plan that museum’s expansion,… Read more »
Anonymous
AJ
6 years 10 months ago

A rendering of how the exterior of the museum will look.
http://www.nytimes.com/imagepages/2009/11/23/arts/24mam_cap1.html

Good for the Park West residents who soon are going to be the envy of rest of Miami when the entire Museum Park project will be completed in the next 5 years.

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