Remaining Developer Inventory at Met 1 to Go on Sale This Sunday
June 28, 2012 by Lucas Lechuga
Get 'em while you can! Starting this Sunday, the developer of Met 1 will sell its last remaining developer units. With 1 bedroom condos starting at $231,000 and 2 bedroom condos starting at $385,000, this is an amazing opportunity! If you look at currently available inventory in the area you will quickly learn that it is virtually impossible to find a 1 bedroom condo in a building of comparable quality to Met 1 for less than $250,000. 300 developer units will be sold in batches. The first units sold will be the best priced. For those who missed the boat on other well priced developer close-outs over the past two years, this could be your last chance to redeem yourself.
Met 1 is located on the southern edge of Downtown Miami at 300 S Biscayne Blvd, within a few blocks of Brickell and a short walk to Mary Brickell Village. Contact us if you would like to learn more about the inventory and pricing for the first batch of units which will go on sale this Sunday. You can reach us via email at [email protected] or by phone at 305-428-3860.
Comparable Quality to Met 1 = Garbage
Second-rate construction, with third-rate finishes, with no covered entry, parking is around the corner (you WILL get wet on a rainy day), and with VERY misleading square footage on their brochures.
Home prices up 10% in the Miami Metro:
http://therealdeal.com/miami/blog/2012/07/02/home-prices-jump-10-percent-in-miami-metro/
Met 1 will definitely shape up to be a nice location. Lucas have you heard anything about Met Square or Met 3?
Here is the latest renderings I have for Met Square.
And Met 3
Having restaurants, retail and a Whole foods next door will mean a lot for Met 1. Then there is the Metro move across the street so you’ll be able to ride to Brickell Citicentre in a matter of minutes.
No, I haven’t heard anything new about Met 3 or Met Square. The renderings look pretty sweet. That will definitely be a great addition to the neighborhood.
Sorry, I have been super busy. I thought summer would give me a breather but I am twice as busy as during the so called “Season”. Miami Beach also is super packed. why are all these people coming here round the year? It never used to be like this. I will reply to Gixxer and Lara who questioned my previous post in “Updated” after I am done with 2 very important upcoming gigs that I am preparing for.
http://www.huffingtonpost.com/alyce-robertson/miami-development_b_1634219.html
http://news.yahoo.com/apartment-rents-rising-vacancies-10-low-140611799–abc-news-savings-and-investment.html
I think Renter Tom did a great disservice to every one who wanted to buy and held back after listening to him rant for 2+ years. This is only going to get worse. The guy in the story has a rude shock waiting for him if he thinks market will not absorb or he will not pay it on principle. This is precisely what I said when you will end up paying close to 60% of your income on housing just like they do in the rest of the World. I thought we will get to that situation in 15-20… Read more »
Aj,
Paid off house or not…. Don’t pay your property taxes or association fee’s and see what happens.
You still have “Rent” payments even after your house is paid off. In Miami that amount is equal to what people in the middle 3 quarters of the country pay for housing period.
Unfortunately due to conditions such as above (Landlord Market), Some buildings are terrorizing their tenants. Please do not Rent in AXIS if you can help it. That building has an arse hole management and board. If I was an owner I would have straightened up those retards quickly. To compensate for their lack of class or all things good, they are creating obscene rules trying to imitate Continuum or other super high end properties. My friend has to sleep on the floor cause they would not let him bring a mattress in after the moving date. They say he needs… Read more »
AJ, i used to agree with you regarding stiffling management rules. But with some experience, I actually like it and want any building I own in to have stiff rules. This impacts renters to a far greater degree than owners, due to their transient nature. But having seen how renters can quickly cause a building to deteriorate with alot of move ins and outs, I am happy to put up some restrictions. If I invest a quarter of a million or more in a property, I want it treated gently. But as a renter, I could care less. It is… Read more »
Gables, while it is a sound argument, ridiculous is ridiculous. If my building rejects a package they would have to pay hell for it. Even if they do not let me move it upstairs, they should have held it in some receiving area (1800 club has one and I am sure Axis does too and if they don’t, then it is a poorly conceived building)until opportunity allows it to be transported to the unit.
Strict rules of conduct are one thing but torturing people because they can is nothing but perverse.
I think the only thing ridiculous here is AJ’s take on the market. I recently ran a rent vs. buy analysis for myself looking at a 2/2. Right now to rent the unit it would run me about $2,300. However the unit is about $415k to purchase. I have benefits where I can get purchase up to a $417k with no money down, but let’s assume a modest down payment of $20k. That makes my mortgage $1880. Then add in HOA ($750), property taxes ($830) and a minimial amount of $50 for monthly maintenance and you have a total of… Read more »
Gixxer, you will never get it. Throw that calculator in the trash bin and think with your head. You are espousing the exact same argument Renter Tom and the likes put forward time and time again. Go back and read my post in totality. A fully paid off home will bring you peace, stability and prosperity. Some buy it outright and some pay off in 15-30 years. Once you have a paid off home, you are the king of everything you survey. But then of course you are a typical American who has been indoctrined over his or her lifetime… Read more »
That is the reason why most of you failed to see that these units will be lapped up by foreigners in no time and they will never ever let prices fall below $200 when some people were predicting $125. Now they are hovering around $350-$400 in Downtown Miami. Folks routinely pay $1000/sf in all cities around the World for flats in buildings that are not half as good as the Miami Condos. I have a birds eye perspective of how communities around the World view housing. Home ownership It is almost sacred for them. For transient natured Americans, it is… Read more »
I was the one here arguing that it was going to get better back in 2010. I have pointed out how buying is better right now if you plan to stay put for 7 years. But I’ve been making that argument based off math.
So while were in agreement buying can be better for some there is no possible way this justifies Americans paying 60% of their income to housing.
AJ, First off you argument is stupid because you’re talking about when the home is paid off 30 years from now. So to even indulge your argument one would have to stay in the same home for 30 years. This just isn’t logical. Right now I’m in my 30’s and I’m fine with a 2/2. 15 years from now when I have 2 teenage kids a 2/2 isn’t going to cut it. As far as you financial argument it’s clear you have no understanding of money. You get tax deductions against the intrest you pay on your mortgage. There are… Read more »
“This isn’t American indoctrination its called MATH” —and this math test failed miserably. Go ahead and call someone stupid who has been consistently & rightly predicted the bubble back in 2004 (before the MCI days) and the recovery to the closet year back in 2008 (I predicted bottoming in 2010 while it happened a tad bit earlier than that and all condos getting sold out by end of 2012) when such talk got me labeled as crazy but it is all vindicated now. This living in a house for less than 7 years is American problem and dilemma. The rest… Read more »
Aj,
In all fairness if you predicted the bottom in 2010, why did you buy in 2007/2008?
Thats right…you’re full of it 🙂
and don’t be a 20 something Mr. Know it all while you are still going to school. You need to be a World traveler and have empathy towards different cultures and their lifestyles to actually gain insight into how this whole thing works. Your narrow minded knowledge of all things American will not serve you well. this is an integrated Global economy and start thinking how the people outside America live and think. Then you will be good at what you do one day.
Uh, I think I just wrote that I’m in my 30’s. I went to graduate school while I was in my 30’s. Furthermore I was fortunate enough to travel the world at a young age in the military. Oh and as to wages not rising: http://www.payscale.com/payscale-index-Q2-2012/cities Miami is tied at second with 2.9% wage growth. You clearly have no ideal about what your talking about. Look at any report and you’ll see that rent throughout the vast majority of America will only grow around 4%. I argued that the bottom was 2010 so clearly that can’t be used as a… Read more »
you mean to say someone taking home 4000 a month in NYC paying 2100 for a studio is an anamoly? Go look at SF, San Diego and other big cities. People are already paying close to 40-50% of their income on rent. That would only get worse and spread to all other cities. Yes, to your argument America is big and land is available far outward of city centers. But the car is being despised especially by the younger generation. Second and most importance is the building costs. Now even a substandard construction will cost $200/sf to build. How much… Read more »
“you mean to say someone taking home 4000 a month in NYC paying 2100 for a studio is an anamoly?” Absolutely. I have rented in Manhattan. Most landlords require that your salary be 30%. They quick rule of thumb to make the math easy is to take the monthly rent and multiply it by 40. So a $2,100 rent would mean the person would have to have a yearly salary of $84,000. If you don’t have that salary then you would have to go and find someone else to co-sign for you. So you might have some young professionals who… Read more »
Gixx: “But I’ve been making that argument based off math.” You have been making this same argument since at least November 2008. You were way off in early January 2009 – – when you argued that (based on a set of namby-pamby sales figures for South Beach condos and a Case-Shiller housing report, if I recall correctly) – -real estate prices had hit a bottom – – and you still are way off. Check you math and facts again. Until the next wave of foreclosures are completed – – and the market absorbs the “shadow inventory”- – market values remain… Read more »
No actually I called for the bottom in May at the end of the second quarter of 2009. I then later pointed out that I was wrong in saying ALL of the market bottomed in the second quarter of 2009 because I was only tracking downtown properties, which I would think most other people here were as well. It’s not like anyone here is coming to “Miami Condo Investments” to buy a condo in Homestead. So while many of the downtown/Brickell properties had bottomed in mid 2009 most of the suburban areas were still decreasing, taking the overall average down.… Read more »
Gixx, I understand where you are coming from in your calculations but I don’t see where you accounted for yearly rental increases in your formular. Seems like you are making the same mistakes as those buy v rent calculators. I might be wrong but I am willing to bet major money that you won’t see 12% annual returns over 30 years again, even on index funds. The Market (stock) has changed dramatically over the past decade, just look at returns over the past 10 years. Also 12% is theory. How many people do you know who kept their money invested… Read more »
An index fund was just one example. For some people that might be putting that money into a 401k with an employer match. My wife gets a 100% match on 5% of her income. So the stock market could stay flat and she’d still double here money. We consistently generate returns in the 12% – 20% return for our investors. Now that’s not to say that there isn’t risk. We’ve got stuck on a couple of deals and had to keep them longer in order to not generate lower returns. But when you’re talking about 30 YEARS. If you can’t… Read more »
gixxer, your annual rate of return is a bit too rosy at 12-18% for personal investments. that is very very difficult to make over the course of ones investment lifetime. even today, if you are making 6-8% return you are beating out most investors, depending on your timing of the market. large pension plans around the country have “conservatively” used 8% in their estimates and are significantly underfunded as a result. and you really cannot use company match in a 401k in your rate of return-that was earned income and not investment income in any way. any financial advisor who… Read more »
AJ, the 60% of pay to mortgage is inaccurate in America because of 1) mobility of the workforce and 2) lack of job security in the workforce, compared to other parts of the world. AJ, when you compare us to European countries in particular, those excessive numbers occured because people could not and/or did not want to move to other locales. they had acquired a job over the past 20 years which was nearly tenured due to labor laws, so they had no interest/ability to look for another job since turnover was small. this meant they would be staying in… Read more »
gables, I 100% agree with you. You make a lot of sense and I already know the cultural & Life style differences between Americans on one side and the Europeans, Koreans, Malaysians, Brazilians etc on the other side. That is also the reason why Americans have (or had) the highest disposable incomes in the World after paying for their shelter. But before everyone is pouncing on me over my 60% figure did anyone care to read that I said we are heading towards that scenario in 15-20 years? It used to be that The American Middle Class = Rich class… Read more »
AJ, the US has spent far more in civil infrastructure in our outlying and small towns than the rest of those developing worlds. every small town has water, electricity, sewer, etc of far higher quality than the countries you mentioned. people move to the cities in those developing countries because their local village has very few resources. our people move to the urban cities because of the excitement-not the need to access modern infrastructure. i think you paint too gloomy of a picture of our suburbs and small towns.
The idea of suburbia emerged in America post WWII (Levittown in Long Island is the first American Suburb) and this failed concept will die here. Suburban life resulted in every evil and everything wrong that is America today From strip malls to cars to Mc Mansions to ultra consumerism to anti socialism to obesity and the list is endless. You and Gixxer are a product of that failed thinking. The Y generation despises the car. They do not want a lawn or white picket fence or a commute. They want to live among other people. Your generation is the last… Read more »
This is complete non sense. I live in Brickell, walk pretty much everywhere and I have a graduate degree in development and URBANISM!! The stuff you think you know about I actually studied.
While I agree there is an overall shift back towards cities, this has nothing to do with your ridiculous argument of housing taking up 60% of the average household income.
http://www.miamiherald.com/2012/07/14/2894236/best-urban-block-in-south-florida.html#disqus_thread
I am nominating North Bayshore Drive from The Grand on 17th st to the Unity Church on 21st. If anyone feels the same you should too. You might win the $3000 prize. Sniggers aside from jealous Brickell types, I think this is the best Urban Block in South Florida.
“Sniggers”??? Is this the British version of a racial slur?
Perhaps you meant “snickers.”
I too read that article today. I nominate the intersection of Krome Ave / Kendall Dr. Very cutting-edge, pedestrian friendly and mixed use.
Urban Dictionary: snigger
http://www.urbandictionary.com/define.php?term=snigger. Australian word meaning to laugh quietly. It will make you snigger, snort and laugh out loud. buy snigger mugs & shirts · snort chuckle giggle laugh ..
snig·ger/ˈsnigər/
Noun:
A smothered or half-suppressed laugh.
Verb:
Give such a laugh: “they snigger at him behind his back”.
Synonyms:
noun. snicker – titter – giggle – tehee – chuckle
verb. snicker – giggle – titter – chuckle – tehee
Sorry, but I don’t speak jive. I consult real dictionaries.
AJ, You constantly don’t make any sense. Housing cost are at the lowest rates they have been in decades. Here is a chart that shows the median mortgage payment as a percent of income: http://static.seekingalpha.com/uploads/2011/12/14/saupload_chart_median_mtgpayment_income.php.png Currently that rate is around 14%. The historical average is 24%. Add in a few percent for taxes and insurance and you see that housing cost has average 30%. But clearly it has tanked and even if you add in a few percent to the current rate for taxes and insurance you’d be around 20%. Again, how on earth do you think housing is going… Read more »
As per MCI, unit 1209 in 1800 club shows that it sold for 450K on June 26 which puts it at $390/sf. That is a record for a low floor. But I am not sure if it is a real deal as it shows that days on market is only 1. But the next real deal is on July 10 for Unit 2209 which sold at 430K at a per SF cost of $372. Even that is impressive. At this rate $400/sf for East facing Units in 1800 Club are almost here if not already there for higher floors. I… Read more »
AJ,
I agree with you that North Bayshore Drive is a very pleasant block but it still lacks a bit of pedestrian friendly feeling. No attractive cozy outside cafes, and other little elements that would make it perfect. At the same time what a dramatic change from what it was several years ago.
Yes Lara, I was talking to a another friend in Pace Park yesterday and she was saying “the place was iffy 4 years ago when we bought here and look at it now!! The transformation is totally amazing” But I have been telling that to her 4 years ago and all along. just wait and this will be the “IT” place to be. She was not so sure. They wanted to sell and go back to Boston. They are so glad they didn’t! While on the N bayshore Dr itself there is not an abundance of sidewalk eateries and cafes… Read more »