Day & Night – Miami River Condos

February 25, 2009 by Lucas Lechuga

Just wanted to share some day and night photos that I shot earlier today of various newly constructed condo buildings along the Miami River while showing some units at Brickell on the River North.

Daytime shot of Epic.  Closings at Epic began in November 2008.

Epic condos in Miami

Nighttime shot of Epic:

Epic condos in Miami

Daytime shot of Wind.  Closings at Wind began in February 2008 and has residents living there.

Wind condos in Miami

Daytime shot of The Ivy at Riverfront.  Closing at The Ivy at Riverfront began in June 2008 and also has residents inhabiting the condo building.

The Ivy at Riverfront Miami condos

Daytime shot of The Mint at Riverfront.  As far as I know, The Mint at Riverfront has not obtained its certificate of occupancy yet.  From the looks of the picture below, it appears that the pool deck has not been completed.  Expect closings to begin within the next 2-4 months.

The Mint at Riverfront Miami condos

Daytime shot of The Mint at Riverfront, The Ivy at Riverfront and Wind.

The Mint at Riverfront, The Ivy at Riverfront and Wind

Nighttime shot of The Mint at Riverfront, The Ivy at Riverfront and Wind.

The Mint at Riverfront, The Ivy at Riverfront and Wind

The following is not a building located on the Miami River but I wanted to share this great shot that I took of the Bank of America building from the pool deck of Brickell on the River North.

Bank of America building in Miami

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78 Comments on "Day & Night – Miami River Condos"


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Anonymous
Bmw m3
7 years 7 months ago

This is in response to the last thread: Hoover did a lot of stuff. Read your history.

Anonymous
The Ace
7 years 7 months ago

Day time offer $125.00 per square foot.

Night time offer $126.00 per square foot.

The Smart Money

Anonymous
H20
7 years 7 months ago

Lucas,

I suggest putting some sort of watermark on these pictures or your less hard working brethren will steal them. Check out Zilbert’s site to see what I mean.

Anonymous
Un-Related
7 years 7 months ago
For another dose of reality, permit me to share this article (ie. throw this bucket of cold mop water) on the fires of optimism that stirred up by last night’s ” Chosen One Media Circus”! Ain’t he just grand???…….NOT! BAILOUT ALERT!!! ************************************************************* Daily Business Review – February 25 Condo Meltdown iStar stays busy negotiating properties before foreclosure February 25, 2009 By: Polyana da Costa When it came to funding condominium construction in South Florida, there were few lenders as aggressive as New York-based iStar. And now that the condo bubble has burst, iStar is moving just as aggressively to shed… Read more »
Anonymous
David (The realistic Money)
7 years 7 months ago

Ace is a wanna be who has no money so how he can he be the smart money? Get a life loser!

Anonymous
Kramer
7 years 7 months ago
OMG ROFL So now Herbert Hoover was a great president??? Yeah Hoover did a lot of great stuff Bmw m3 like leading us into the Great Depression and then failing to enact policies to pull us out. The Hoover Dam??? Give me a break. You guys are revisionists. You want to distort history to suit your ideological mindset. I suppose that you also believe that F. Roosevelt reforms like child labor laws – unemployment insurance etc. were mistakes. For all of you revisionists out there did you know that there are people in Russia who still admire and believe that… Read more »
Anonymous
RG
7 years 7 months ago
Regardless of desperation or not, iStar has the right idea. Cut your losses and run. We all know the feeling, be it on a losing stock or the roulette table, you’re down a lot of money there is that feeling inside you that is telling you, I still have a chance to make a profit out of this. Should I take that risk or should I cut my losses and run? With housing assets contributing a very large percentage of many peoples net worth, it’s very hard to walk way (I am referring to those that put down that 20%… Read more »
Anonymous
Visionary
7 years 7 months ago

Kramer,

Well spoken !!

Anonymous
Renter Tom
7 years 7 months ago
The interesting thing in the recent Robert Shiller interview is that the home price bubble was ONLY an asset price bubble as rents stayed in line with historical norms. That is telling, the income stream from these properties was not out of whack, only the asset prices were. Just like stocks, the P/E got way way out of whack. More interesting will be that now rental prices will trend under the historical norm as there are record vacancies and people are going back to doubling up or having roommates. Such vacancies lower rents and will depress the home prices in… Read more »
Anonymous
Kramer
7 years 7 months ago

Visionary

Thanks. Good to see you back online in here.

RG

Wont reducing principal balances on outstanding mortgages for everyone just exacerbate the downward spiral in home prices?

Anonymous
moretroops
7 years 7 months ago

The Great Depression started about 3 years before Hoover took office. Let’s all calm down people. Take a deep breath. He didn’t “cause” the Great Depression any more than Obama caused this mess. Both were a group effort that cannot be reduced to a single cause or a single person — despite what the internets and talk radio tell you.

Can we stick to housing and the current economy? Lord knows I’ve been guilty of straying off topic too.

Anonymous
BMW M3
7 years 7 months ago

coolidge and his federal reserve chairman started the great depression.

Anonymous
stomper
7 years 7 months ago

Unrated:

Great post!

Were I in an unusually malicious and vindictive mood – – – not saying I am, not saying I am not – – – but I would short SFI. A big time short!

BFG IV

Anonymous
makes me think
7 years 7 months ago

Stomper,
short a $1 stock? Brilliant!

Anonymous
RG
7 years 7 months ago
Kramer “Wont reducing principal balances on outstanding mortgages for everyone just exacerbate the downward spiral in home prices?” In reducing principal I mean to homes that have mortgages above current fair market value, and reducing them to fair market value not below and not to people that have equity in there home, those wont walk away. I am afraid of that large group of people that bought homes or refinanced in the 2002-2007 period that have the money to pay but are deciding it’s not worth because the home in underwater thus causing home prices in a free fall. Perhaps… Read more »
Anonymous
Frank Applebaum
7 years 7 months ago

Do the small number of windows that are lighted represent the number of condos that some one is actually living in?

Anonymous
The Ace
7 years 7 months ago
You lot are rattling on about Hoover who has no relevance to today’s financial calamity other then a hoover is a useful device that can clean the carpets after the previous owners and/or squatters have been evicted. What The Smart Money is about to say E.F. Hutton listens, so pay attention! The maximum value of a Miami ocean front or ocean view Condo is $125.00 per sq ft . The value of daytime “ohhhs” of an ocean front Miami Condo: $0 The value of a nighttime “ahhhs” of an ocean front Miami Condo: $0 The value of a day or… Read more »
Anonymous
Muir
7 years 7 months ago

Nope!
When the Smart Money talks, people listen.

Anonymous
Kelly Thomas
7 years 7 months ago

I look forward to reading the Ace’s Smart Money reports!!

Me? I am watching and waiting…………..

Anonymous
moretroops
7 years 7 months ago

The Real(R) Smart Money (RSM) doesn’t pay attention to price per/sq. ft., but rather to median income/ cost ratios. The RSM knows that an arbitrary price point wont apply to every building. That said, the RSM appreciates the Smart Money’s moxie.

The RSM will cease and desist from referring to itself in the 3rd person now.

Anonymous
7 years 7 months ago
«leading us into the Great Depression and then failing to enact policies to pull us out» Corrections, repricings, and ends of bubbles are part and parcel of any economic cycle anywhere in any era. Recently, we had them in 1987, 1992, and 2001. End of the world, anyone? What you don’t want is for government to intervene and make things worse. Hoover’s recession of 1930 might have ended in 1932. Roosevelt made yet another recession into a Depression that lasted into the early 40’s with his disastrous policies of price controls, supreme court packing, and central planning of the economy.… Read more »
Anonymous
makes me think
7 years 7 months ago
I wonder how many people on this blog talking economic policies and what will lengthen the recession actually get paid to do economic forcasting. I am willing to bet none. I bet most haven’t even taken more than 1 0r 2 economic classes at the college level. They need to relax and stop repeating what they hear on radio. Nobody gives a darn about your opinion on 1930’s depression unless you can show us you were at least of college age during that time or you are actually being paid by some employer for your views on the economy. We… Read more »
Anonymous
Visionary
7 years 7 months ago

makes me think,

I fully concur with your statement !

Anonymous
Visionary
7 years 7 months ago

makes me think,

Some economical posts on this blog are repeating like a prayer wheel.

Anonymous
Realist Bob
7 years 7 months ago
makes me think, Most paid economists got everything about this downtown wrong. They got it wrong during the pre-crash years, they were woefully wrong in 2008 after the crash had started, and most are still way off base. I can think of several highly trained economists who are paid to make economic decisions of global import who, based on their recent track record, appear to be clueless. Economics is mostly informed common sense. The professionals use highfalutin words to hide the fact that their “forecasts” are simply guesstimates made to look very purdy with charts and tables and stuff. Percentage… Read more »
Anonymous
jcrimes
7 years 7 months ago

RG
the problem with your hypo is that you assume prices won’t go down any further. what happens if you do a modification and then six months later, joe’s house is worth less than the modified loan amount? that’s the likely scenario, right? you now have to go through the same process again…and perhaps again…and again.

that’s the problem with these silly modification programs. it just retards the inevitable movement toward fundamental value. it is the proverbial death by a thousand cuts.

Anonymous
moretroops
7 years 7 months ago

Can we rename Epic: “Epic Fail”? Icon = “A Con”?

Any other suggestions?

Anonymous
moretroops
7 years 7 months ago

“Brickell up the River”

“Hood Lofts”

“Misfortune House”

Anonymous
moretroops
7 years 7 months ago

“Blue (my life savings) Condominium”

Anonymous
moretroops
7 years 7 months ago

“Wind by REO”

Anonymous
RCR
7 years 7 months ago

Miami Herald 2/26/09 local section article “Sales heat up, prices lagging”

Sales apparently heated up to 786 condo and SFHs in January 2009.

But wait the Miami-Dade County Clerk’s web site shows that 6,000+ foreclosures were filed in January 09 in the county. To go along with the 50,000 plus filed in 2008 and which most are still pending.

I am afraid I see a potential problem. Push back the recovery a month or two. That’s my NAR advice.

Anonymous
RG
7 years 7 months ago
jcrimes Well the theory is if you stop foreclosures you will stabilizes prices. The cycle we are in is the exact opposite of the boom, each foreclosed house that comes on the market is priced less then the pervious home which in turn is killing to comps. The current modification program is flawed because house prices will NOT go back up in the short term, so someone that is underwater today will be underwater in 12 months because prices will not go up. So instead of him losing is house today he will loose it in 12 months, my idea… Read more »
Anonymous
NJHandyGirl
7 years 7 months ago

moretroops,
Good ones!
I like the “new” Blue & Wind names. Is “Hood Lofts” a play on “Parc Lofts”? Who thought to put such a beautiful building with such great spaces in such a horrible area? I haven’t figured out which is worst, that, or Cynergi.

As for your list, that building near Parc Lofts? Failing Station.

Anonymous
makes me think
7 years 7 months ago

Realist Bob,
That is my point exactly. The people who studied this stuff all their lives and have experienced it longer than us can’t get it right. If I don’t want to hear from them on the topic why the heck would I value some joe smoe’s opinion on a real estate blog? People come on here talking about this stuff like they are experts on the subject matter. No body knows how long this thing will last or how deep it will go before it turns around.

Anonymous
makes me think
7 years 7 months ago

“Economics is mostly informed common sense”

well then there is a whole lot of people out there without common sense because a lot of people are taking a drubbing in this economic downturn.

Anonymous
Realist Bob
7 years 7 months ago

mmt,

Many people who did not study economics all their lives got it right. Most of the “experts” didn’t.

Non experts have a right to express an opinion. Even if they’re wrong.

Opinions on the economy are relevant because the Miami condo market does not exist in a vacuum. Its viability depends on economic factors to a great extent.

Neither “informed common sense” nor knowledge of economics prevent a bad economic environment from affecting investors any more than knowledge of physics prevents gravity from affecting physicists and other earthlings.

Anonymous
Muir
7 years 7 months ago

makes me think,
I sold in 05 my Gables properties.

The Smart Money money will buy the same properties at 97 prices.
We do not know if this will be in 09, 10 0r 2011.

Muir, member of the Smart Money.

p.s. Smart Money insists that we are currently in a deflation (AMX offers $300 for return of cards) and predicts DOW below 6000.
p.s.s The Smart Money reminds everyone that economists are necessary to control the shepple.

Anonymous
gables
7 years 7 months ago
dont underestimate the ideas of those on this website. we may not be “academic” economists, but we are what i would call “professional” economists and should not be overlooked. those that have assets (cash, housing, stock, etc) and deploy them into the economy actually have a greater say over economic direction than any economic policy maker. we are the practice, not the theory. our reasoning and rationale may not follow the standard textbook, but we actually define the rules of the economy for good and bad. that is why policy makers are always chasing the action of the economy, not… Read more »
Anonymous
jcrimes
7 years 7 months ago

wind by reo…that’s actually about to play out.

Anonymous
moretroops
7 years 7 months ago

NJ Handy Girl — Failing Station is gold. Yeah, perhaps we should call its neighbor “Narc Lofts” instead. Those guys are prisoners in their own homes — and not just because their 150% underwater.

Anonymous
Probably too Cynical
7 years 7 months ago

The Ivy = The Empty
The Sail = The Sale
Jade = Jaded
ICON = ICAN’t
Plaza on Brickell = Plasma flowing on Brickell

Anonymous
moretroops
7 years 7 months ago

ICan’t! Nice. Or:

Midtown 4 (Closed)

Platinum = Pewter

Anonymous
makes me think
7 years 7 months ago

guys, in my original post it said, “Nobody gives a darn about your opinion on 1930’s depression “.

1930 depression.

I agree the economy today is very much relevant to the real estate market.
Most folks are taking a drubbing in this economy that is obvious.

Anonymous
Un-Related
7 years 7 months ago
moretroops asked: “Can we rename Icon = “A Con”?” NO…….I have renamed the ICON Brickell. STALINGRAD I, II, AND III. “Stalingrad” ia a symbol of “the beginning of the end”, in this case, of the “Donald Trump of the Tropics and his band of foreign thieves! Update on the “Stalingrad Hotel” (a.k.a. Viceroy): http://www.dailybusinessreview.com/news.html?news_id=53377 **************************************** Commercial Real Estate Related seeks hotel investor as loan’s maturity looms February 20, 2009 By: Paola Iuspa-Abbott he Related Group, whose new Icon Brickell is saddled with a hefty debt load, is looking for an investor or buyer for the project’s hotel component. Jorge Perez,… Read more »
Anonymous
The Ace
7 years 7 months ago

For those of you waiting for The Smart Money report here it is……

$125.00 per square foot.

The Smart Money.

Anonymous
AJ
7 years 7 months ago
Back home today. It feels great to be back in America. Well, Lucas posted a nice thread. This could have been a great discussion about the Miami River Condos. Instead I read the most irrelevant drivel and blather from the readers. I think you guys can do better than this. I personally think that Mint, Ivy and Wind (Latitude, Brickell on River etc) are the best candidates for being taken over and converted to affordable housing. All downtown workers in the government buildings should be offered these units at a great discount. Bring them here from the far far away… Read more »
Anonymous
Muir
7 years 7 months ago

“All downtown workers in the government buildings should be offered these units at a great discount. ”
Will you put up your condo for section 8?

Anonymous
Muir
7 years 7 months ago

Amazing, some still have the arrogance of the upper class (yet never were.)

Anonymous
NJHandyGirl
7 years 7 months ago
AJ, I actually believe that would be a great idea. There are a LOT of lawyers, social workers and law enforcement officers in those government buildings who do not make enough to live and play downtown. Instead, we take our money outside, to the suburbs and after dark, the courthouse areas are ghost towns. I think that would help stimulate the area. There are a lot of little businesses that close up tight once the government buildings close because there is not enough “residential” life to keep things active. Muir, Not all downtown government workers require section 8. Some of… Read more »
Anonymous
lara
7 years 7 months ago

BTW, section 8 (I do not know how much they pay in Miami for it)is considered pretty good in NY. Some tenants are great who require 8. In NY investing in section 8 housing(if you buy for the right price) is consided to be a very good and safe opportunity. I know several investors who specialize in section 8 and make a very deceny return on their investments.

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