Two REOs Hit the Market at Brickell on the River North Tower

November 17, 2010 by Lucas Lechuga

Brickell on the River North Tower bathroom

Since yesterday, two REO condos at Brickell on the River North Tower have come onto the market. The first is a 3 bedroom/2.5 bath condo on the 35th floor with 1,513 square feet of interior.  The asking price is $ 314,000, or $208 per square foot.  The second condo, also located on the 35th floor, is a 2 bedroom/2 bath condo with 1,157 square feet of interior.  The asking price is $222,750, or $193 per square foot.  Both condos face west, come with one parking space and have tiled flooring throughout the living areas and marble in the bathrooms.  Both condos are well priced and should receive offers from multiple parties. Contact us at 305-428-3860 if you have an interest in either or both condos at Brickell on the River North Tower.

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94 Comments on "Two REOs Hit the Market at Brickell on the River North Tower"


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Anonymous
Sammy Wong
5 years 10 months ago

Hello everyone, I always wanted to be the first to make a comment on here.So here I go.I think those deals that Lucas posted here are amazing.Im even surprised that they are not sold yet.I hope that others write in here as it seems quiet here over the weekends.

Anonymous
Joe
5 years 10 months ago

They’re probably nice units, but at $200/sf + taxes and HOA fees and with the west-facing views, I don’t know if these are bargains.

Anonymous
Rusty Shackleford
5 years 10 months ago

Didn’t see this posted anywhere, but this is huge news for downtown:

Construction set to begin on downtown Whole Foods

http://www.miamiherald.com/2010/11/06/1911156/construction-set-to-begin-on-downtown.html

Anyone know exactly which site they’ll be building this on? Will it be on the original Met3 site to the west of the Wachovia Tower or will it be on the lot between the Met1 and Met2 buildings?

Anonymous
Hugo P
5 years 9 months ago

Wow… this site has officially died. No new posts and no one comments.

Anonymous
mr sunshine
5 years 9 months ago

I cant believe what happened to such an informative enjoyable site myself.I guess that realestate is so busy now , nobody has time to go online.

Anonymous
Imo
5 years 9 months ago

This site went on decline after AJ and Renter Tom left. Nothing is the same after their lively fireworks. Oh well, all good things must come to an end.

Anonymous
mr sunshine
5 years 9 months ago

I remember that guy RENTER TOM.I wonder if he ever bought,now that you mention it Imo its been a long time since hes been on here.I used to love reading all the comments and looked forward to logging on every night.I still do but its been aweful lonely on here lately.

Anonymous
Poor and Unemployed
5 years 9 months ago

Thanks to our Prez. he has killed the market. Now even the Reo’s are not selling. But there are lot of happy people living in the houses for free. No more foreclosures!

About 1000 people lost their jobs at “Sterns”. I suppose that is good for our economy.

Anonymous
Wild Bill
5 years 9 months ago

Americans are poorer today and need more housing assistance. 3% down now, from 10% in 1938? We’ve gotten even more desperate.

“By 1938, only four years after the beginning of the Federal Housing Association, a house could be purchased for a down payment of only ten percent of the purchase price. The remaining ninety percent was financed by a twenty-five year, self amortizing, FHA-insured mortgage loan.”

http://en.wikipedia.org/wiki/Federal_Housing_Administration

Anonymous
Makes Me Think
5 years 9 months ago
Lucas not posting relevant news is partly why this site is dead. I read Dwayne Wade has purchased a 10M home in SB, I’m surprised Lucas didn’t post a blurb about it because he was so hyped about the big 3 and what it meant to Miami RE. PU – the Prez killed RE market and don’t hold your breath about the govt subsidy of home mtgs going away anytime soon. Even with current proposals they are only talking about deductions of intest going away for over $500K. We had a fake economy buit on housing speculation for almost a… Read more »
Anonymous
Makes Me Think
5 years 9 months ago

Hey Lucas, what do you see going on in the Miami Condo markety today.
I know you will be criticized by many for sharing your views but some people value what you have to say about current market conditions.
Also it would be nice if there is some kind of time stamp somewhere on your video updates. There is no way of knowing when the video was recorded.

Anonymous
gables
5 years 9 months ago
Not sure why you guys want to blame the Prez so much about the poor real estate market. It is a simple game of chicken between buyers and sellers. Buyers won’t pay higher prices and sellers cannot afford to unload at the price a transaction can be completed at. Banks sitting on short sales indicate this. Transactions occur quickly when priced properly-you can see it in the days on market for sold units. We have just run out of suckers to buy overpriced units, this is how a pyramid scheme ends. Been following a couple of units in buildings I’m… Read more »
Anonymous
Makes Me Think
5 years 9 months ago

Gables, I wasn’t blaming the prez, I was being sarcastic in my response to PU, This thing is bigger than the prez and everyone knows it. People who blame the prez are just airing fustration or are just plain delusional. I am hearing that inventory in the condo buildings in Miami are drying up is and prices have stabalized, that a correct assessment of the market from your POV?

Anonymous
mr sunshine
5 years 9 months ago

LUCAS, I hope we can get some insight from you on the TRUE market conditions in MIAMI.One says this and another says that….I still dont know who to believe.Is the market really stabilizing, or is it as poor as we are hearing.I havent seen any stats at all lately.Thank you

Anonymous
gables
5 years 9 months ago
MMT, i think prices have stabilized compared to the disaster that was 2008-2009. But I am not sure they have stopped dropping in price. We are in a very unique situation where most buyers are looking at prices the seller just cannot afford to offer the product at, due to leveraged loans. When units do sell, it is quick and at a reasonable price. In several buildings I follow, when the unit is sold sub $200 sq ft, it moves FAST. But Units above $300 sq ft languish for months (and even years). Drying up of inventory is a bit… Read more »
Anonymous
Poor and Unemployed
5 years 9 months ago
Gables How can you have a deal today when the pain is ahead. I am not sure about your math. 3-2=1 not 2. There is a big difference between $200 ft2 and $300 ft2. If you owe more than the value of your property, you can not sell. Unless you can make up the difference. On otherhand if you are living in the home for free, there is no reason to sell. There is no carrying cost…….. In past 30 days – market has dried up. I guess we need to print the money fast before the next credit freeze.… Read more »
Anonymous
gables
5 years 9 months ago
There is a big difference between $200 and $300 sq ft. One is the offer price, the other the ask price. The gap needs to be filled somehow-that is why so many higher priced units are on the market for a long period of time. Question becomes, who gives in first. Sellers cannot drop their price due to mortgage. But buyers cannot afford the higher priced units-too much take home pay going to housing cost. Somethings got to give. Unless inflation kicks in through higher wages, my bet is housing will continue to fall through continued REO activity and short… Read more »
Anonymous
Poor and Unemployed
5 years 9 months ago
If you followed Japan from 90’s, banks kept the real estate (REO) on th books for over 15 years with government support. It killed their economy but it protected the banks. There is no way to sell the homes if the owners do not have any carrying cost such as mortgage or taxes. They can stay in there for free till about year or two after the judgement of foreclosure has been issued. This figure will increase further. Banks on otherhand, have no reason to speed up foreclosures because they receive orders from the government. As we have seen from… Read more »
Anonymous
gables
5 years 9 months ago

P&U, you carry a bit too much conspiracy theory in your foreclosure arguments. Banks and curent homeowners are just stuck in a liquidity trap, with no easy way out unless they bite the bullet and take the loss-which none are willing to do. Japan also got whammied with a huge demographic shift to older folks who do not consume. Our shift will not be so severe.

Anonymous
Poor and Unemployed
5 years 9 months ago

I was told again and again that I was wrong about the housing bubble. People supported by the media and @#$& were convinced that Miami real estate could never go down. Didn’t you read the Miami Herald banner articles about shortage of land in Miami?

These are not the conspiracy theories. These are facts, unfortunately we are degrading our country like never before.

Anonymous
gables
5 years 9 months ago

opinions and theories are not facts, no matter how strongly you believe in them.

Anonymous
Makes Me Think
5 years 9 months ago
PU, booms and busts are part of normal real estate cycles in S. Florida. This is not the first and I can almost guarantee this won’t be the last. Soon as inventory begins to dry up again (don’t know how long that takes) Realtors and their hacks in the media will begin to spin their web of lies again. Dumb buyers will buy into those lies and begin the next bubble. It is not the end of the world and people will always need a place to live be it rental or ownership. I myself hopes the RE market stays… Read more »
Anonymous
Joe
5 years 9 months ago

The Miami housing bubble might have been an opinion in 2008, but it was undoubtedly a fact in hindsight. No two ways about that.

Anonymous
Joe
5 years 9 months ago
Makes Me Think — It’s going to be a very long time before another housing bubble exists in the U.S., at least on anything that resembles a national level. People might need housing, but no one is going to be giving out 103% liar loans for McMansions anytime soon. The next problem in Miami is going to be taxes. Miami is on the verge of financial implosion, yet the tax rates/increases are locked in by law. Something will have to give, and you can bet it will be higher r.e. taxes. I actually got to the point where I thought… Read more »
Anonymous
Jay
5 years 9 months ago
First time commenting here. Been reading for a while. I saw something that Joe wrote regarding the carrying costs and I wanted to comment. I completely agree with the outrageous carrying costs. I was once deciding between Boston and Miami and now I am happy about being back in Boston. Even though Boston has higher priced condos the total cost of ownership is still cheaper than Miami. Go Figure. It is the crazy condo fees (probably a huge chunk going to insurance), special assessments, and taxes. Also, in Boston we get a larger property tax reduction if the condo is… Read more »
Anonymous
Poor and Unemployed
5 years 9 months ago

This is a future of Miami………. Seed was planted and it’s going to be harvest time!

http://online.wsj.com/article/SB10001424052748703865004575648900250047766.html

Or you can google “The 25-Year ‘Foreclosure From Hell'”.

Tell me how many houses are going to be foreclosed in future? Banks are having difficulties in getting the lawyers to process the paperwork and the lawyers find it hard to get a employee to sign the papers. Thank you OBAMA.

Anonymous
Makes Me Think
5 years 9 months ago
Yes, cost associated with owning is definately higher but you have to consider that there is no personal income tax and you are living in the hurricane zone and the salt water is very harsh on buildings. It just cost more to live in those areas. Can you imagine if Florida had the jobs of Boston/NYC/Chicago and the cost of living of other southern states? It would be a mad house, everyone would be lining up to put down stakes. I don’t know if all the cost associated with these condos are justified, i suspect some of them may be… Read more »
Anonymous
gables
5 years 9 months ago
MMT and Jay, the cost of ownership is a bit high, but not outrageous. As you point out, no personal income tax-and property tax rates are similar to other areas of the country. High HOA are mostly due to hurricane insurance from coastal living-we choose to live in these high risk areas and thus need to pay for it. live in a nonseaside community if you want lower rates. there is some overpricing probably from management fees-but just a component to the problem, not the whole problem. as MMT said, cost of living is high enough to keep a flood… Read more »
Anonymous
Jay
5 years 9 months ago
MMT – Good point about the personal income tax. I think it is a flat 5.3% in Mass. Imagine living in NYC where you have to pay a state and a CITY personal income tax. That is crazy. I know my parents looked at places in Florida and they said that the taxes and insurance costs were high. For example, a $500,000 house would pay around $10,000 in property taxes and due to the flood zones would have around a $10,000 insurance bill. Then you read articles where insurance companies are trying to raise rates and you wonder how people… Read more »
Anonymous
Jay
5 years 9 months ago

Poor and Unemployed – that’s an interesting article. But you could not pay me to live in that house!

Anonymous
Makes Me Think
5 years 9 months ago
problem is prices have come down some but taxes have not come down nowhere near what they should. Last 2 year I filed property tax appeals on several properties and finally got the taxes lowered last year after back and forth with the board of assessors. Felt good that tax bills were going to be lower on properties going forward (better ROI) felt good about myself. Guess what? This years tax bills came in not too long ago and for some reason taxes on all the properties are back up, was there a housing recovery I missed? Why are my… Read more »
Anonymous
Poor and Unemployed
5 years 9 months ago
Did you people missed the point? Article in WSJ – that woman is a instant millionaire. I wonder when they will start a realty show about “Live in this house – For Free”. There must be a huge line outside her house for consulting. Most if not all foreclosures in Miami are out of greed and gamble. I wish I could give few examples. Miami is a Banana Republic. People love to think they are rich with income of $50K/yr and no money in the bank. People love to compare Miami to New York, Paris, London and so on. Where… Read more »
Anonymous
gables
5 years 9 months ago
P&U, Manhattan and Boston are on the water, but not a hurricane threat compared to the south. insurance is the big cost in HOA fees-and that is just more expensive in the hurricane capital of Florida rather than Boston or New York. You are worried way too much about a very select few outlier stories regarding foreclosures. Not sure where that anger and resentment come from. MMT, not sure but i think many assessed values were dropped, but seems like the local government can simply up the millage rate to cover the shortfall. Anybody now the details on how local… Read more »
Anonymous
Joe
5 years 9 months ago
I disagree with some of the last few comments that claim Miami’s living expenses aren’t all that bad. The taxes are outrageous and trending higher (and there’s been almost no adjustment for the massive price declines, so it’s a double whammy for most people), and the general pricing is out of whack to begin with. As someone mentioned, the average household income in Miami is something like $40,000 or $45,000, which means the average person can really only afford a house worth about $120,000 to $140,000 (or even less, when you factor in the cost of hurricane and/or flood insurance).… Read more »
Anonymous
gables
5 years 9 months ago
Joe, the reality is the tax rates (and even total tax payments) are not really out of line with most municipalities in the North. A 2.5% property tax rate is what I have paid in the past in the north-same as Miami. Now in the years 2004-2008 the assessed values of the property was higher-due to a bubble as well as living on a desirable coastal community. But no longer. HOA are high because of insurance-that is due to your choice of location on a hurricane coast. When you account for the lack of personal state income tax, I have… Read more »
Anonymous
Joe
5 years 9 months ago
gables — Not sure why you’re being an apologist for a dysfunctional area. Governments in So. Fla., especially Miami, were quick to raise assessments during the boom, but they haven’t come close to readjusting those assessments downward to reflect current market prices/values. People are forced to file individual protests, only to have the Miami government claim that foreclosures and short sales and REOs aren’t “true comps” for assessment purposes. Regardless of that nonsense, it simply can’t be disputed that Miami is on the brink of financial implosion, which means taxes will be rising further still while services will likely be… Read more »
Anonymous
gables
5 years 9 months ago
Joe, not sure why you always need to pick a fight with everybody who posts. I was simply pointing out some inconsistencies with supposed “truths” regarding Miami real estate. Truth is many properties I have been looking at have taxes of around $5k-$7k per year. I have looked at many properties in the Midwest where property taxes were above $5k per year, in addition to personal income tax. Today tax burdens in Miami are not as outrageous as posted on this site-unlike say 5 years ago. Use of tax money is a different story-and I never commented on that issue.… Read more »
Anonymous
Joe
5 years 9 months ago
gables: 1. Rebutting foolish comments does not = “picking a fight.” 2. Comparing tax rates in So. Fla. with tax rates elsewhere is fairly silly absent a corresponding comparison of household income, job market, etc. 3. Claiming So. Fla.’s taxes aren’t burdensome but then admitting So. Fla.’s “use of tax money” is bad/inefficient is unbelievably dumb. If people in the Midwest pay $7,000 in taxes and get $7,000 in value (good schools, etc.), while people in So. Fla. pay $7,000 but get $3,000 in value (lousy schools, mass transit cuts, etc.), then, by definition, the tax situation isn’t nearly as… Read more »
Anonymous
Joe
5 years 9 months ago

gables:

Bottom line, the r.e. boom was driven by people who (foolishly) looked at price rather than value. You seem to be making the same mistake in your r.e. pricing and tax analysis above.

Anonymous
gables
5 years 9 months ago

Joe, you are a fool. You obviously have a hatred for Miami, why I do not know. If somebody said the sky was blue, you would argue with them it was aqua. Obviously Miami will never be good enough for you to buy a home, so why even concern yourself with the city? Why not interest yourself in other well run cities-like Chicago, Vegas, LA, Phoenix or Houston? You are not a bear, you are just anti-world.

Anonymous
Joe
5 years 9 months ago
gables: Ad hominem attacks are the last refuge of a person who is losing an argument. Sorry to see you going down that road, although I take some solace in the fact you felt compelled to do so. I don’t know why you insist on labeling me a Miami-hater. I like Miami very much — indeed, I both lived there for years and made dozens of trips there when it wasn’t home — but I’m not going to delude myself, or readers of this blog, into thinking it’s an affordable place to live for the average person. For most non-independently-wealthy… Read more »
Anonymous
gables
5 years 9 months ago

Joe, I come out and call you a fool. You did the same in an indirect cowardly way, but try to claim the high road. Your terms such as “foolish”, “silly”, “unbelievably dumb”, “absurd”, “nonsense” were meant as insults. I call a spade a spade, and don’t hide behind rhetoric. It has nothing to do with losing arguments, since yours have no validity.

Anonymous
gables
5 years 9 months ago
I buy a distressed property 2B/2B condo in downtown area for around $200k, very possible for distressed properties in the past year. Say I have a household income of $90k (or consider $75k for a well off single). Can you find another major US city where it is cheaper to live in comparable new property next to the water-all taxes included? San Diego, San Fran, LA, NY, Boston, Seattle? Never. Perhaps Chicago, but its very cold. Cost of living in Miami is not so out of wack anymore, unlike five years ago. You are living with this “very high cost… Read more »
Anonymous
Joe
5 years 9 months ago
gables: You used to be one of the reasonable people around here, but you seem to have gone off the deep end. First of all, calling me a “coward” while patting yourself on the back for “coming out and calling [me] a fool” borders on childish. Both of us are posting anonymously; are you really claiming I was afraid to call you a name? How absurd. As for your “distressed 2B/2B” example, you seem to be having trouble staying on topic. I’ve been talking about Miami in terms of an average buyer, not a couple or a “well-off single” who… Read more »
Anonymous
gables
5 years 9 months ago
Joe, I call you a fool directly, you do it indirectly then claim innoncence. I only react to your behavior. I am reasonable when dealing with reasonable people, and harsh when people are unreasonable. The “topic” of this blog are Miami condos. By default, these were not built for the average Miami resident. They were built for white collar, upper middle class residents. You need to accept that idea. Home incomes of $75k to $90k, and up, are very reasonable for that category. This issue has been discussed on this blog many times. This blog is not about residents of… Read more »
Anonymous
Makes Me Think
5 years 9 months ago
Joe, market conditions have changed and therefore some people views have changed accordinly. In your case market conditions have changed significantly but you keep crying and complaining about the same things and your views of the market has not changed. Sounds like you are the one with the problem. You act like Miami has a monopoly on high taxes and corrupt politicians. I think before you start to complain about what is wrong with Miami you should visit other cities of comparable size, climate and Amenities. Joe, your opinions of Miami are valid but that is just your opinion. There… Read more »
Anonymous
seanjohn
5 years 9 months ago

Guys, Question Any idea about referral fees? Meaning if you send 1/2 friends to your realtor & they end up buying condos through your realtor solely based on you referral is there any ballpark % fee?

Anonymous
Makes Me Think
5 years 9 months ago

seanjohn, you’d be lucky if you get a hot dog.

Anonymous
Makes Me Think
5 years 9 months ago

according to news report banks are begining to send out those credit card offers to people with bad credit like they did before the crash. They are trying to boost the bottom line with high intrest rates. Could it be that Mortgages will be soon to follow?

Anonymous
BillP
5 years 9 months ago

wow- not a new post from Lucas in a month. Guess he’s lost interest

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