Top 5 Miami Distressed Condo Sales Closed in March 2009

April 9, 2009 by Lucas Lechuga

Below, you will find what I believe to be the five best condo deals of the 47 distressed sales that closed in the month of March in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

  1. The Mark on Brickell – unit 2702 – 3 bedroom/2 bath (1,470 square feet) – This unit sold for $251,000, or $171 per square foot, on March 20, 2009. Short Sale
  2. Brickell on the River – unit 3305 – 1 bedroom/1 bath (757 square feet) – This unit sold for $125,000, or $165 per square foot, on March 17, 2009.  Foreclosure
  3. Vue at Brickell – unit 812 – 1 bedroom/1.5 bath (860 square feet) – This unit sold for $90,000, or $105 per square foot, on March 9, 2009. Foreclosure
  4. Neo Vertika – unit 1525 – 0 bedroom/1 bath (638 square feet) – This unit sold for $98,500 or $154 per square foot, on March 19, 2009.  Foreclosure
  5. Uptown Lofts – unit 1003 – 1 bedroom/2 bath (1,065 square feet) – This unit sold for $100,000, or $94 per square foot, on March 19, 2009. Foreclosure

Runner-up – 1800 Biscayne Plaza – unit 1107 – 3 bedroom/2 bath (1,318 square feet) – This unit sold for $200,000, or $152 per square foot, on March 11, 2009. Short Sale


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49 Comments on "Top 5 Miami Distressed Condo Sales Closed in March 2009"


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Anonymous
Avb
7 years 5 months ago

prices are still too high, but they’re getting there. 1800 Club needs to hit 7
$75/sf or less

Anonymous
AJ
7 years 5 months ago

People who don’t know the difference between 1800 Club and 1800 Biscayne should keep their mouths shut, there is a good chance they might look muy estupido.

Anonymous
Avb
7 years 5 months ago

Oh, I know the difference: 1800 Club is the one where murders take palce right outside your door. I was just makings general comment.

Anonymous
Wild Bill
7 years 5 months ago

These units might look like deals, but if the death spiral has started the new owners maintenance fees will be averaging $1000 a month for a one bedroom. We are going to start to see cash buyers with liens very shortly. Cash buyers cannot walk away and are in even worse shape than the people with loans who put very little down.

http://marketplace.publicradio.org/display/web/2009/04/09/am_florida_condos
Florida condos falling on blacklist

Anonymous
AJ
7 years 5 months ago
(avb), Nope. Ignorance still shows. Same cheesy spelling mistakes, typos, grammatical errors and lack of basic geographic knowledge of Miami. On the bright side, makes for some entertaining reading and good for a loud guffaw. I would have normally ignored your post but there might be a few out of towners who might be misguided by your own confusing the two distinctly different 1800’s. That is why I had to jump in to clarify. Now go ahead and vomit any amount of crap about 18 or Pace Park, I couldn’t care less. Unless you factually misrepresent something, I will ignore… Read more »
Anonymous
Avb
7 years 5 months ago

That you for calling me stupid and ignorant. However I’m confused. Are you satying that a man wasn’t killed in Pace Park this week, literally hundreds of feet away from 1800 club?

Anonymous
Renter Tom
7 years 5 months ago
Wild Bill – I agree. Cash buyers / those without mortgages have a higher risk since they can’t game the mortgage holders for a short sale, etc. Those that may have looked “smart” by being a cash buyer at a discount in one of these newer buildings are now stuck even if it was a long term ownership situation since the HOA can quickly turn into a nightmare as owners go into default one by one…..a literal “death by a thousand cuts”. I’ve watched several buildings just sit there with little activity. The condo developer risk is being transfered to… Read more »
Anonymous
carbonblackcab
7 years 5 months ago
On a related note, I just refinanced my house and was shocked by the entire process: 1. I have good equity, but I barely qualified for the lower interest rates. I got in @ 4.25% with 2.5 points for 30 yr fixed (nationwide lendders). I had to pay the points out of my own pocket (not rolled into loan) because I needed to maintain a certain LTE ration. I bought in 2004. 2. Many of my neighbors are now underwater even though they put in 20% down. The banks are assessing the value of our units about 15% below the… Read more »
Anonymous
Hugo P
7 years 5 months ago

Lucas…. anyway you can post a summary of the 47 distressed sales?

It would be interesting to see the range at which thee units are being sold and also if there are units in other buildings.

Bottom line, if you look at your 6 units (inlcuding the runner up), 4 out of 6 are small units under $125k, which tends to say that this is not about price per square foot but total unit price. My guess is that this trend continues in the complete list of the 47 units

Anonymous
JF
7 years 5 months ago

Isn’t the HOA at Uptown around $800? I’ve been there checking some units but found the HOA an absurd for such area and amenities.

Anonymous
7 years 5 months ago

seems like everyone is saying that housig is bottoming……by june -july some think early 2010

do you believe this and vis a vie miami what do you think /???

Anonymous
Tanio Amadeus
7 years 5 months ago

This is a great article that talks about the correlation between Latin America and Miami. As the broader Latin America economy further deteriorates (6 to 9 months behind the US) Latin Americans could “Fire Sale” their condos in Miami to get some liquidity, adding more bricks to the mess we are in. My Opinion, no recovery in 2010, this thing will drag for years.

http://www.law.com/jsp/article.jsp?id=1202429758081&South_Florida_Braces_for_Ripple_Effect_as_Recession_Hits_Latin_America

Anonymous
Renter Tom
7 years 5 months ago

Tanio Amadeus – So much for foreign buyers saving the Miami housing market! Same goes for eastern Europe! Interesting will be how many abondaned homes, condos, boats and cars will come out of this….

Anonymous
Wild Bill
7 years 5 months ago
Huge shadow inventory. I have to give the developers in Miami some credit for being able to prop up their buildings. 1800 Murder Club is doing a good job. Once these bank foreclosures hit the market all bets are off. Massive price adjustments. More underwater owners. More delinquent owners. More cash buyers stuck paying the tab. “We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market,” http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/04/08/MNL516UG90.DTL& Let’s not forget delinquent property taxes. Miami is full of them. Government is keeping this quiet because they have to raise property… Read more »
Anonymous
ERIC
7 years 5 months ago

Can someone elaborate on Trump Tower in Sunny Isles issues mentioned above.

Anonymous
bubbleRefuge
7 years 5 months ago

WB, yes that is true the amount of REO foreclosures reported by realty trac, for example, compared with the amount for sale on the MLS for a given region doesn’t come close to matching. For whatever reason, REO’s are being held back by banks. Why?

Anonymous
AJ
7 years 5 months ago
carbon black cab, Thanks for that very insightful post. Posts like that make this site worth checking out even with the garbage spewed by some others. I am actually surprised that you paid 2.5 points on the loan. That must have hurt. But 4.25% is an amazing rate if you are in it for the long term. It is like free money as the inflation is very soon going to be way over your interest rate. As soon as the recovery begins later this year, the biggest worry should be the runaway inflation. Unfortunately I cant refi as stated income… Read more »
Anonymous
Simple Simon
7 years 5 months ago

Is there any truth to the matter…that 1800 CLUB was finished with CHINESE DRYWALL???? This is a great concern to me now.Any info. would be greatly appreciated. Thank you

Anonymous
DJ
7 years 5 months ago

Speaking of, does anyone know which if any buildings in Miami that are known to use Chinese Drywall?

Anonymous
Simple Simon
7 years 5 months ago

I din’t know of specific buildings…..but I do know that 60,000 condo units and houses in Southern Florida used Chinese Drywall since 2006.Does anybody know the SIDE EFFECTS of Chinese Drywall??????

Anonymous
Earl
7 years 5 months ago

AJ
come on, you know that simple simon and avb are trolls trying to get a rise out of you.

Anonymous
gables
7 years 5 months ago
AJ, be careful about your inflation predictions. it may come, but not as soon as you think. for one, inflation will not occur will wage deflation occurs. this is happening in force right now, either through unemployment or straight out wage feeze and decrease. and inflation will not occur while we are in a recession (disregard the 70’s when inflation caused the recession, not the case here). until credit frees up and more money than is needed enters the economy (and not just to shore up losses on balance sheets), we will not have inflation. unless we continue to print… Read more »
Anonymous
Joe on the go
7 years 5 months ago

Lucas all you new updates are amazing thank you this is an amazing site. Joe

Anonymous
7 years 5 months ago

Any info on deals in SOBE or Miami Beach area?

Anonymous
7 years 5 months ago

Thanks Joe! I was wondering when someone would say something. I’m really happy with how the new property search came out. A new tool will be added within the next couple of days to the property search page which will allow people to draw shapes on the map to plot a specific area that they want to search. The few minor bugs should be worked out within the next day or two as well.

Anonymous
Joe on the go
7 years 5 months ago

LUCAS its truely amazing .You put a lot of time and effort into this blog.I hope everyone else that reads it appreciates it as much as I do.I hope it is rewarding for you as well THANK YOU AGAIN. joe

Anonymous
AJ
7 years 5 months ago

Earl,
I know that! I am not getting agitated, instead I am having fun. After I penned #22, I was LMFAO. It was just a wise crack, not a reply to the trolls post.

Anonymous
AJ
7 years 5 months ago

gables,
I honestly don’t know what will happen to the dollar. Just a guess. The World has become very unpredictable.
I can’t refi at a lower rate. So my only option is to pay off my loan in the future with gold backed SDR. If not I will end up having to pay back the full interest on my loan. I hate paying interest. So I have to get out of my debt faster if the dollar does not crash.

Anonymous
Renter Tom
7 years 5 months ago

carbonblackcab – Great interest rate esp if going to hold that property for a long time. One question, what would your interest rate be without the points…..the reason I ask is points are up front costs that if you sell say within 5 years, you don’t recoup the lower interest rate savings…. there is probably a calculator online somewhere that calculates this stuff to determine the break even holding time. Obviously, if you intend on holding for the term of the loan, paying points up front should make sense….

Anonymous
Renter Tom
7 years 5 months ago

….or maybe they should rename Margaret Pace Park to Margaret Pace Park and Cemetary?????

Two more bank failures this Friday……one of which no one wanted to buy! Ouch.

Anonymous
7 years 5 months ago

Lucas,
Nice search features. Couple of comments:
When listing has more than one pic clicking on pics does not maximize them.
Also, recent listing link did not work.

Anonymous
JoeBob
7 years 5 months ago
Interesting how the Uptown Lofts unit went at $94/SF. For perspective, look at this post from June 2007. Back then (and I don’t mean to pick on him, because I think he does a great job with this blog) Lucas was suggesting that a foreclosure at $250/sf was a great deal. http://www.miamicondoinvestments.com/2007/06/07/uptown-lofts-pre-foreclosure-under-275-per-square-foot-with-great-bay-view/ Just pointing out that prices can always go lower. After the Japan real estate bubble ended in the early 90’s, real estate bottomed out at 20% of peak value. Not saying the same will happen in Florida, but I certainly think it’s possible and definitely don’t think it’s… Read more »
Anonymous
JoeBob
7 years 5 months ago
To the above question about why banks are delaying foreclosure and the sale of their REO, it’s because banks as a whole are behind the curve. If you think about it, the executives at these banks who are making decisions on when to sell are the same executives who bought into the real estate story during the boom time. Just like the investment banks who refuse to let their structured securities trade at “irrational” prices, the commercial banks refuse to sell their real estate at “irrational prices.” Of course, 6 to 12 months from now, the banks will wish they… Read more »
Anonymous
JoeBob
7 years 5 months ago
Renter Tom, First of all, hilarious idea about the 1800 Club HOA Murder Committee. On a similar note, I wonder if the owners of all those new condos next to Bicentennial and the AA arena have ever thought of secretly financing a large bus to take some of the homeless population on long distance one way trips to West Palm Beach. Or wherever’s far enough that they’d have a tough time making their way back. (Not suggesting they do that, btw.) I do have a serious question though. Can you elaborate on the HOA risk you were talking about above?… Read more »
Anonymous
Renter Tom
7 years 5 months ago
JoeBob – I think the solvent tenants have no choice but to pony up the $$$ to make up for the delinquent owners…..the building HAS to have insurance otherwise NO ONE would buy a unit in the building going forward. Moreover, other needs must be met such as water and sewer….think of that one townhome community in Broward (per a previous post about the news story) with only 25% paying that had its water turned OFF because the entire community is on one master water meter (not unusual). Why would ANYONE buy in such a community knowing that their dues… Read more »
Anonymous

[…] Top 5 Miami Distressed Condo Sales Closed in March 2009, Lucas Lechuga […]

Anonymous
gables
7 years 5 months ago

Lucas,
Just wanted to reiterate the great job you are doing with the site. I have not explored all the latest updates, but the site has certainly evolved into a favorite destination for Miami condos over the past couple of years. I am sure you are reaping the rewards for your efforts. Thanks for the efforts!

Anonymous
gables
7 years 5 months ago
AJ, I agree with you the uncertainty with the dollar in the future. with probable outcomes resulting in deflation, inflation and hyperinflation, this does make for a very skittish market place. a factor contributing to the slow recovery, if we do see one in the near term. just a thought regarding inflating your way out of debt. interest rates are being held artificially low by the government, and this has the effect of reducing the monthly payments on refi while keeping principal constant. at some point, we will no longer be able to keep interest rates low (perhaps when inflation… Read more »
Anonymous
Joe on the go
7 years 5 months ago

I would like to check out the listings on Lucas’s site here .Can anybody tell me what the BEST line in a 2/2 might be in 1800 Club??I prefer a higher floor with a large balcony/terrace.Any help is appreciated.

Anonymous
carbonblackcab
7 years 5 months ago
RenterTom: My rate without points would have been 5.2%. The current rate on my mortgage is 5.3 % (7 yr arm resetting in 2011). Rates are going to be a lot higher in 2011 and I am not taking chances. I have no plans of selling my house. I want to pay it off in next 7-10 years and then buy a water view condo. I am paying points now as an insurance policy for any changes in my life that would prevent me from paying off the loan in 7-10 years. Besides, 7300 bucks (2.5 points) is not a… Read more »
Anonymous
Renter Tom
7 years 5 months ago
carbonblackcab – Good to hear. Thanks for the info! gables – You’re right. The cash buying opportunities will be best in high interest rate environments which push down the asset price of homes/condos. Keeping interest rates artificially low now will cause people to over pay for the home/condo now and as interest rates increase over the next 5 years or so, other costs will increase but homes/condos prices will decrease as people buy homes/condos mostly on payments. Today’s buyers will be buying an asset that won’t keep pace with inflation…..Sooooooooo you can inflate your way out of overpaying for a… Read more »
Anonymous
Renter Tom
7 years 5 months ago

Sooooooooo you CAN’T inflate your way out of overpaying for a home/condo today!

– Sorry for the typo….should be “can’t”

Anonymous
7 years 5 months ago

http://www.bizjournals.com/southflorida/stories/2009/04/06/daily61.html?surround=lfn

FORECLOSURES IN S FLA HIGHER THIS YEAR THAN LAST ??WOE THE PROBLEM IS GETTING WORSE

WE WILL GET A LOT OF OBAMA TYPE HYPE ABOUT STABILITY IN HOUSING, AND INVESTORS SCOOPING UP HOUSING AT BARGAIN PRICES BUT PEOPLE ARE VIEWING HOUSING IN A MUCH DIFFERENT WAY NOW……….THEY ARE NOT VIEWING IT AS AN ASSET THAT WILL INCREASE IN VALUE, EVEN OVER TIME….SO THEY WILL JUST RENT!!!!WHICH MEANS EVEN FURTHER REDUCTIONS, (FLORIDA) ESPECIALY IN AVERAGE LOCATIONS///////WHO GOT KILLED AT 1800 WHAT WAS THE STORY

http://www.bizjournals.com/southflorida/stories/2009/04/06/daily61.html?surround=lfn

Anonymous
Joe
7 years 5 months ago

I don’t think anyone answered the question: Did any of these downtown condos use Chinese drywall??

Anonymous
7 years 5 months ago

ANYBODY KNOW WHY OBAMA IS SENDING WARSHIPS AND DESTROYERS TO
DEAL WITH A FEW UNDER FED PIRATES IN A LIFE BOAT

CANT MADONNA OR ANGELINA JUST ADOPT THE SOMALIANS

AND I HEARD SOMETHING ABOUT A PLAN TO LET LOWER INCOME PEOPLE
BUY FORECLOSED HOMES FOR A FEW SHEKELS INSTEAD OF TEARING DOWN
THE PLACES ???

Anonymous
7 years 5 months ago

ANYBODY WANT SHAQ’S PLACE ON STAR ISLAND ????

Anonymous
isellpower
7 years 5 months ago

What part of Florida has the best deals on condos?

Anonymous
7 years 5 months ago

BEST DEALS MAY BE IN SW FLORIDA BUT IT ALL DEPENDS WHERE YOU WANT TO LIVE DOESN’T IT /I HAVE A 65 THOUSAND DOLLAR TOWNHOUSE IN HOMESTEAD BUT DO I WANT TO LIVE IN HOMESTEAD ??/

Anonymous
AVB
7 years 5 months ago

I have been told that 1800 Club is having some killer specials.

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