Villa Regina Condo Amenities Video

June 3, 2008 by Lucas Lechuga

About a month ago, I shared with everyone a 5 bedroom/5 bath condo listing I received at Villa Regina. Since that time, I’ve worked with a professional videographer to get footage of the building and the condo unit. I’m hoping that I’ll be able to share with everyone a new condo building video every month. My goal is to have a professionally-made video library of all of the major condo buildings in Miami within 2-3 years. I think this will be a great resource for locals and nonlocals alike.

Villa Regina Amenities and Common Areas:

Here’s the video, with a narrative voiceover, of the 5 bedroom/5 bath condo with 4,100 interior square feet listed for $1,499,900 at Villa Regina:

Nonlocal buyers represent a large share of the percentage of people buying in Miami right now. My hope is that these videos will help these types of buyers to familiarize themselves with the various condo buildings throughout Miami.

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120 Comments on "Villa Regina Condo Amenities Video"


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Anonymous
Kyle
8 years 3 months ago

Wow, amazing job as always!

Anonymous
BigDick
8 years 3 months ago

The video shot should use a wider angle lens and the panning shots should slow down a bit. Can the video shots make more sharp?

Anonymous
8 years 3 months ago

Lucas,
Great “Out of the Box” thinking. Pictures AND VIDEO. What’s next… buying real estate with the click of a mouse!? Keep up the great work!

David

Anonymous
Juan
8 years 3 months ago

I had never been inside Villa Regina, but this video makes it look really nice.

Anonymous
Bubba
8 years 3 months ago

I would much rather buy/rent a new building. This one looks a little dilapidated.

Anonymous
la la
8 years 3 months ago
Bubba, I would much rather be in a solid building with the quality and care that older construction entails, rather than the shoddy work of new construction where “what’s the cheapest way we can build it” is the bottomline-spoken with an insider’s voice. Plus the default rate and no condo association established yet…VR is a gem that is well maintained. Yes, I’d rather be with an established building that has gone through its “hiccups” rather than a shoddy new construction that has yet to show it’s “hiccups.” Did that in Chicago with River East, it hurt. Never again.
Anonymous
JGM
8 years 3 months ago

LA LA,

Wait till you get blasted with assessments in these older buildings …………

Anonymous
la la
8 years 3 months ago

i am being blasted actually, price per square foot, it evens out. i plan to get on the board in december and see what the real deal is and how my money is being spent. i’m still happier in an older, solid, spacious building.

Anonymous
AJ
8 years 3 months ago

La La, You dont have to get on board to see how your money is being spent. I go to my condo management office when ever I am in Miami and demand to see each and every bid, contract, expenditure sheet etc.
If anyone does not comply or co-operate, I take them to task, including the management and the board. I am a tough ass MOFO, so it comes easy to me. I dont know if you can push your board/management to reaveal all, if you are a softy and dont know what you are talking about.

Anonymous
la la
8 years 3 months ago

Well put AJ, and that’s what I’m afraid of, I’m not a “tough ass MOFO” – wish I was! Any advice will be duly noted and appreciated. I’ve read with interest when you’ve wrote about this in the past- at least I think it was you. But yes, I do need to be educated first, maybe I’ll get that “education” by being on the board.

Anonymous
Renter Tom
8 years 3 months ago

la la – I had looked in the Chicago area too. Which building did you say you had problems with? River East??? Couldn’t find that exact name right away. Also, just curious as to what the problems were. Thanks.

Anonymous
Bill
8 years 3 months ago

I’m with Bubba. I’d buy a smaller space in a newer building. This building looks old. The special assessment will be huge (I just paid $170,000 in my 40 year old building).

And from the “video directors’ peanut gallery”, as good as these videos are, many potential buyers won’t have the patience to sit through them- these last too long- and the soft porn audio should be updated.

JMHO

Anonymous
Funny LOL
8 years 3 months ago

Bill – What about the sexy voice? LOL

Anonymous
la la
8 years 3 months ago
Renter Tom! Where’ve you been? Haven’t heard from you in awhile! I own at River East on the corner of McClurg and Grand. It’s the same old sorry story, we were promised the moon and the stars and the sun too(!) including an indoor tennis court! The realtor said anything to get us to sign on the line, lied through her teeth on quality of finishes, amenities, square footage, percentage sold- if we didn’t sign right that minute we would lose the deal of a lifetime! Turns out it was about 60% sold, not the 99% she said. Once we… Read more »
Anonymous
bubbleRefuge
8 years 3 months ago

Folks, we are probably looking at 6% headline inflation in a matter of months. What is that going to do to the miami real-estate market? Assuming mortgage rates hit 10% in this inflation cycle, what is going to happen to real estate values then my friends?

Anonymous
CA
8 years 3 months ago

Actually, inflation is real estate best friend…Hard assets will rise in value as purchasing power decreases…Your fixed monthly payments will be effectively reduced..

Anonymous
andiron
8 years 3 months ago

folks. take it easy. You have the ring side view of the blood spewing out of south florida real estate and you have Lechuga religiously showing it to you…chill, have a martini. The bottom in miami is far far away.
I hear that Alt-A/Prime foreclosures are now spiking up…So far we have had US bust…But the water in Thames (UK) is churning fast…Spain/Ireland are rushing to catch up..and those emerging BRICs are metling up fast…

Anonymous
AJ
8 years 3 months ago

…. and also an asteroid is heading our way to obliterate every form of life on Earth too.

Anonymous
AJ
8 years 3 months ago

CA, that is exactly what I have been trying to tell everyone. When inflation makes your money worthless, your real estate becomes a valueble asset. Inflation is a bigger threat than recession.

Anonymous
Renter Tom
8 years 3 months ago
I don’t think inflation is running even close to the rate of South Florida real estate price declines. There are other places to store wealth such as midwest farm land. Also, typically, with higher inflation comes higher interest rates (usually). Don’t put your money into a declining asset since that will just compound the effects of inflation since the sale price will be in dollars eroded by inflation too. So, AJ, you may want to revisit your analysis. Don’t want to pick on you about that post but the analysis is incorrect. Other than that, I do enjoy reading your… Read more »
Anonymous
CA
8 years 3 months ago

You borrow in todays dollars and interest…if there is 20% inflation in 1 year you have just reduce 20% of your loan in a year (incrase your principal by 20%) and made 20% in interest each month (assuming interest rate spikes up 20%) on your fixed locked -in interest payments for whatever their term is (5, 10 years…). Does it make sense ?

Anonymous
Renter Tom
8 years 3 months ago

CA – I understand. But inflation will most probably not be anywhere near 20%. Moreover, one of the top rules in financial well being is to not borrow money on a declining asset. You do so at your own peril. Moreover, why not buy a piece of land that isn’t declining in value versus a condo in South Florida that will. The bottom line is there are so many better places to put your money that a condo in South Florida isn’t one of them.

Anonymous
CA
8 years 3 months ago

Renter Tom,
Where is a good place to buy a piece of land ?

Anonymous
kim
8 years 3 months ago

http://www.dailybusinessreview.com/Web_Blog_Stories/June/Buying_debt.html

This is a great article — I learned alot, and am interested in what the tech-experts (e.g., Lucas, Jcrimes, Renter Tom, BFG, CarbonBlackCab, AJ, et. al) think of the practice of direct buyers of mortgages on an institutional and individual level. Is this where the vultures have been moving on lately, while they let the bulk-condo market sit idle? Apologies to Samir in advance for being off-topic, but regardless of the byline, we end up talking about the same issues anyway…

Anonymous
jcrimes
8 years 3 months ago

Kim
You’ll see it happen at the instituional level . Lenders are packaging loan portfolios to aggressive investors who will then do the dirty work, i.e., foreclose.

However, on the residential side, banks’ policies are generally that they will not sell you a specific loan. They’ll give you the loan as part of a portfolio but never on its own.

Anonymous
Cyrus
8 years 3 months ago
after today’s crappy employment number (would’ve been much worse if the gvmt doesn’t massage the numbers by handing out the most jobs every month to offset job losses in almost every sector) and the past 2 days of incomprehensible oil spikes -($5/gallon gas for super is here), our country is now officially right in the dumpster! can’t have 8 years of TOTAL mismanagement at almost every single level of the government/economy and think we were going to cheat the beating we are all about to feel. …i guess we’ll go hat in hand again and kiss every other country’s butt… Read more »
Anonymous
Renter Tom
8 years 3 months ago

Maybe the poor employment numbers is due to all the condo HOA’s laying off workers….I knew they were pretty bloated and wasteful but wow…. LOL :-)

Anonymous
BFG
8 years 3 months ago
I think the key quote in the article Kim posted is this one: “Just because somebody’s debt is selling at 60 or 70 cents on the dollar doesn’t necessarily make it a good deal,” Benaroya said. “For instance, if you had a $200,000 mortgage on a house that’s now worth $100,000 and you go buy that debt for 70 cents [on the dollar], you’ve just lost money.” If it was such a good deal buying debt at a discount, foreclosing, and flipping the property, then why don’t the companies who currently own the debt do that very thing themselves rather… Read more »
Anonymous
Bill
8 years 3 months ago

Fidelity Investments is starting a new round of layoffs. This is a major employer in Massachusetts.

Anonymous
Miami2008
8 years 3 months ago

Cyrus…I think it’s more like 16 years of mismanagement.

I have been weaiting for 3+ years to buy a place in Miami and will definately purchase if the prices come down to reality. There are not enough wealthy people in the world to fill all those Condos. Prices need to reflect what most people can afford. I still see people holding on to these way over-inflated asking prices. Take for example, Ten Museum Park, someone is asking 560K for a 900sqft 1 bedroom with barely any view…

When will reality set in down there?

Anonymous
carbonblackcab
8 years 3 months ago
Kim: I agree with BFG about buying defaulting mortgages. You dont really know what the true worth of these mortgages really is. Besides, there is a carrying cost to this investment (HOA, taxes, etc) and the big unknown is the liability. As you know, a house that sits vacant for a few months with AC turned off will probably get mould build up quickly. One mould gets in, you have to strip the place and redo it from the concrete up. There are better ways of making money with less risk than housing in miami. People dont realize the magnitude… Read more »
Anonymous
looking to buy
8 years 3 months ago

IS THERE ANYBOBY OUT THERE???

Anonymous
Makaveli
8 years 3 months ago

Lucas we get it you’re a fan of Villa Regina.

Anonymous
carbonblackcab
8 years 3 months ago

hey “looking to buy”…there are other blogs to keep you occupied when no one is actively commenting here. :-) i recommend globaleconomicanalysis.blogspot.com or calculatedrisk.blogspot.com

Anonymous
looking to buy
8 years 3 months ago

Thank you carbonblackcab this site is usually very active….lately I’ve noticed it seem’s to be FADING a bit???

Anonymous
moretroops
8 years 3 months ago

We are getting there folks. A great bellweather building is an old fav on this board, the Vue.

Every time I visit the listings there, a few more 2 bdrm units have fallen under the 200/sq ft barrier. Slowly, surely, we’re getting there.

In a year you’ll see 125-150 sq. foot in more than one new building. And that’s good news, for (just about) everyone.

Anonymous
looking to buy
8 years 3 months ago

Thank you MOORETROOPS for keeping updated.Price’s are dropping like a lead balloon.

Anonymous
looking to buy
8 years 3 months ago

Ya just about everybody……EXCEPT REALESTATE AGENT’S????

Anonymous
Inflationary Depression
8 years 3 months ago
New term used on Saturday by Financial Times in London to describe what is happening in the US. Inflation happens first, then people stop buying cars, homes, stereos, etc. People stop going to restaurants, car washes, etc. Eventually as people stop buying, prices continue to go down but still no buyers. This is what is happening now and will continue for the next few years. Best situation is to rent and be in all cash until the inflationary depression is over in 3-5 years. Lot’s of people are going to be hurt and lose their jobs, not happy about this… Read more »
Anonymous
moretroops
8 years 3 months ago

No, looking to buy, it IS good for real estate agents. They make their living off of sales, and sales wont happen until prices come back down to earth.

The only people this correction directly hurts are (1) those who “invested” in overvalued real estate that has depreciated by as much as 40% in the past year or so; and (2) investors in mortgage-backed securities who were duped by the big investment banks and ratings agencies.

Lower housing prices are good for America.

Anonymous
jcrimes
8 years 3 months ago

uhh…isn’t that just stagflation you described?

Anonymous
RCR
8 years 3 months ago

What has happened here?Is everyone asleep? Let’s have some predictions – up, down or sideways. Everyone’s thoughtful views are interesting. Don’t quit now – we are only just getting started.

Anonymous
Generalmagic
8 years 3 months ago

Welcome to the summer in Miami. Seriously, we have more down to go. Not sure why it has not happened faster!

Anonymous
carbonblackcab
8 years 3 months ago
RDR…i think we need new stories to get the comments going again. Besides, summer is starting…it is hot and humid…people have less energy in this type of weather. lol I would like to make an observation. Today I was at the car wash on US1 & Bird Rd. Around 7 pm, it is usually packed. Today, there were about 6 cars. They hardly have any staff there and it took forever to get my car washed and cleaned from inside. I asked the car wash guy whats up and he told me that people are not getting their cars washed… Read more »
Anonymous
carbonblackcab
8 years 3 months ago
Generalmagis…you are right..there is a lot more downside to the RE market here. check out this story about the ARM resets coming in the next 2 years. http://calculatedrisk.blogspot.com/2008/06/option-arms-moving-from-negam-to-fully.html Some banks will choose to not reset the loans as they know people cant pay…but how long can they do it before they themselves go bankrupt. The effects of recession and high gas prices are just starting to be felt. Things are going to get a lot worse. Tourism is not as big a part of Miami’s economy today as it was many years ago, but drop in tourism will have a… Read more »
Anonymous
Mr Waverly
8 years 3 months ago
Carbonblackcab, I would like to add another local change in business, not a slowdown but a gain. About two weeks ago I moved some excess “stuff” into Public Storage on Biscayn. When I got there the attendant looked overwhelmed. I asked if it was a busy day and she replied “it’s been busy day for the last three months, for three years we have operated at 72% occupancy but for the last three months occupancy is up over 90%.” Thinking everyone was like me I commented “O right, with all these new condo recently completed I bet a lot of… Read more »
Anonymous
Renter Tom
8 years 3 months ago
Mr Waverly – I always enjoy your posts. The economic downturn is different in that it isn’t really yet a recession nor have that many people actually lost their jobs (except Realtors® and mortgage people), rather, the non-job/non-wage incomes have dried up. What am I talking about? Credit. It was the “Refi Madness” that is playing out where people can only use their actual income and can’t juggle things with credit so those that were living beyond their means now have to live within it. By the way, yes it is I that coined that term and wrote in many… Read more »
Anonymous
la la
8 years 3 months ago

America has more than a “spending problem” it has misplaced values on what’s important and brings happiness, or at least contentment, in life.

I blame the media for a lot of it, but it also starts in the home and what you are taught to value. We are in a sad state, but even with all the crap our economy is going through, I look for and I’m thankful for my blessings everyday. Everything is cyclical, and I look forward to better days.

We need a cultural backlash to our gluttony in all its forms.

Anonymous
Mr. Waverly
8 years 3 months ago

La La, I am exposed to as much as the next guy. Core values kept me from living beyond my means. If there is blame here let’s put it on the Lenders with easy credit, who knowingly allowed FRAUD and Merchants pushing ZERO % & no payments for two years. Fill your house with furniture, buy all the electronics you want, remodel while your at it an you don’t have to even think about a payment for 2-3 years.
Just wait to see the defaults on those accounts offered by Home Depot, BrandsMart and Rooms To Go.

Anonymous
Renter Tom
8 years 3 months ago

Not to inject too much politics into anything on this board but spending beyond one’s means was rampant….and today Obama made some silly statement about people not being able to afford health insurance especially among young people…doesn’t he know many (not all) have cell phone bills or cable TV bills that are EACH larger than the cost of a decent health insurance policy? Live large and push the costs onto the rest of us… The debt pushers have created quite the mess…

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