Back to Business

December 30, 2009 by Lucas Lechuga

I’m back from a 2 week vacation in Chicago to visit friends and family.  I hope everyone had a blessed holiday.  Sorry about my long absence.  I should have mentioned my plans before departing.

The iPhone app was finished about a week and a half ago.  We had some issues with the GPS function but they should now be resolved.  I wasn’t able to test the update since I was outside of Miami but testing should be completed within the next day or two.  We will then submit it to Apple for approval.  I’ve been told that the approval process takes 2-4 weeks.  I fully expect the app to be in the iTunes store by the end of January.

I look forward to 2010 and wish you all a safe and happy new year.

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76 Comments on "Back to Business"


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Anonymous
Joe Blow
6 years 8 months ago

WELCOME BACK LUCAS all the best for 2010

Anonymous
Renter Tom
6 years 8 months ago

“Apartment renters win as vacancy rate climbs”

“Christmas will stretch into 2010 for apartment renters, who are benefiting from an epic collapse in the rental market and generous concessions.
Landlords are offering tenants up to six months of free rent, flat-screen TVs and new appliances. They’re also slashing monthly rates and easing application standards. ….”

http://www.usatoday.com/money/economy/housing/2009-12-30-rent-bargains-discounts_N.htm?loc=interstitialskip

Oh the joys of renting for half the price of owning……………….

Anonymous
Renter Tom
6 years 8 months ago

Nominal dollars versus real dollars….. and if you had a mortgage you paid a lot in interest costs!

?10 years…no gain in home prices

By Les Christie, staff writerDecember 30, 2009: 4:19 PM ET

NEW YORK (CNNMoney.com) — Taking into account inflation, home prices are actually lower than they were 10 years ago, according to a report from the National Association of Realtors released Wednesday.”

http://money.cnn.com/2009/12/30/real_estate/prices_dropped_over_decade/index.htm?postversion=2009123016

Anonymous
Renter Tom
6 years 8 months ago

Happy New Decade!

“3 reasons home prices are heading lower

By Les Christie, staff writerDecember 31, 2009: 6:36 AM ET

NEW YORK (CNNMoney.com) — After four months of gains, home prices flattened in October. Worse yet, industry insiders think that they’ll soon start to fall.

Prices have risen more than 3% since May, according to S&P/Case-Shiller.”

http://money.cnn.com/2009/12/31/real_estate/home_price_drop/index.htm

Anonymous
6 years 8 months ago

Happy New Year to you,too!
Happy blogging next year-will be on a look out for your blogs!

Anonymous
The Ace
6 years 8 months ago

How is that “hope & change” working out for you.

Don’t blame The Ace he voted for the American.

Happy New Year

Anonymous
The Ace
6 years 8 months ago

PS: Why is everyone spouting the end of the decade, we have one full year to go before this decade is over! That’s one full year of further price drops; 11% nationally and 30% to 50% in Miami.

Anonymous
Kramer
6 years 8 months ago
Happy New Year to all. Yesterday – New Years Eve Day I spent about an hour just hanging out at Pace Park across from AJ’s building 1800 Club. Haven’t been in the area in a while.On the south end there were two different sand volley ball games going on. Heading north there were about 25 kids with their parents in the enclosed playground with slides – swings etc. Next there was an open grassy lawn approx half a football field in size with about 10-15 dogs unleashed with their owners chatting and watching their dogs run and play with each… Read more »
Anonymous
The Ace
6 years 8 months ago

Post #8 must be talking about Mayberry not Miami because I’ve traveled the same route in Park Place and all I’ve seen is bums, drug dealers, hookers and squatters in the vacant Condo’s.

How’s that hope and change working out for yee?

Anonymous
6 years 8 months ago

Kramer, are you sure you weren’t in Aventura or Pinecrest? sounds like suburbia

Anonymous
Kramer
6 years 8 months ago

Ace is an effin LIAR! It’s Pace Park not “Park Place”. Your credibility is shot right there. If anyone who lives in Miami has any doubts about my post # 8 then take a ride down tomorrow or Sunday and see for yourself and enjoy the park. That’s if you can find a place to park your car near the park as many outsiders now come to enjoy this park. Go to Biscayne Blvd. and at 18 street head towards the bay.

Anonymous
Kramer
6 years 8 months ago

JL

I know – it sounds like what happens in the great suburban parks, but this is smack dab in the center of Downtown Miami. check it out for yourself.

Anonymous
Illuminati
6 years 8 months ago

Guys!!! This can be settled easily w/specifics on Pace Park.
Kramer: What building would you be buying in??
Ace: What building would you be a seller of???

Anonymous
AJ
6 years 8 months ago
Hi Kramer, Happy New Year to you and all those good peeps out there. Thanks for the write up on pace park. Brought me back good memories especially while I am half a World away. I rang in the new years at Goa. Next stop Phuket, Thailand and maybe Bali, Indonesia too. I had one of my, No, let me correct it, the Best New Years ever at Goa. I was on the beach and for the first time, rang in the year in my flip flops and not in a suit. Firstly I was in North Goa and there… Read more »
Anonymous
NJ Dave
6 years 8 months ago
The beauty is you can post anything, true or false. Need to see things for yourself and I’ve had similar pleasant experiences at Pace Park as Kramer describes in #8. Sorry to disappoint RT, no poop, no hookers, no drug dealers. I did see 1 drunk sleeping under a tree on Sunday morning but this is the price of living in a city with a forgiving climate. Typically see far more in other warm sunny locations such as the waterfront parks in Santa Monica and Santa Barbara CA, but they are a little better dressed, perhaps they we just camping.
Anonymous
Bobby Here
6 years 8 months ago

From a former Park West resident. Kramer is right; the Ace is wrong.

Rarely agree with AJ. Agree with him on Pace Park: it’s a hidden urban gem, except for the dog poop that gets away.

Anonymous
Joe Blow
6 years 8 months ago

HAIL……….to the “ACE”………HAIL…….to “RENTER TOM”……even though “ACE” was wrong@ $125 sq. ft……..Prices will drop BELOW that price point.What are we looking at NOW “ACE”???

Anonymous
6 years 8 months ago

The Ace – get your head out of your arse. Just based on your statement in #9 shows you clearly have not been to Miami in at least 5 years and the fact that people actually take you seriously on this blog and listen to your advice is laughable.

Anonymous
Angel
6 years 8 months ago

I have been living at 900 for over 6 months now and I agree with Kramer and AJ on the fact that Pace Park is not infested with hookers and drug dealers. I jog there every Sunday morning and it is quite pleasant. It is a far cry from the Pace Park of 5 years ago.

Anonymous
Brody
6 years 8 months ago
Pace Park is a beautiful, urban park and post #8 is spot on. Pace Park is always full of families that live in the nearby apartment buildings, people walking their dogs, joggers, picnics, sports teams, etc. Pace Park is truly a great urban park, just like South Pointe Park. I hope Bicentennial Park (Museum Park) proves to be a great success that Pace Park is. Speaking of which, does anyone know what’s going on with the Miami Circle Park in Brickell? The Miami Herald reported over Summer 2009, that they were starting to work on renovating it to conicide with… Read more »
Anonymous
Condo Hunter
6 years 8 months ago

900 Fan:

I am one of those that listens to the Ace as his advice is worth its weight in gold. How many so called “experts” predicted as the Ace did that high end Miami condos could be bought for $125.00 or less……..NONE!

Anonymous
6 years 8 months ago
Condo Hunter – I don’t know what you consider “high end” Miami condos. But you still can not buy what I consider “high end” condos for less than $125.00 per sq ft and in this category you will never be able to buy it on a consistent basis. Good luck. And BTW you are clearly a troll. It’s easy for anyone to say condo prices will go down to $X per sq ft. And when you see one deal which is the only one that always gets reported (sensationalism) for that person to point out “look see what I said”.… Read more »
Anonymous
George
6 years 8 months ago
Mr Ace: What are you smoking? There have been enormous changes for the better in the nabe near Pace Park in recent years. From your statement I wonder when was the last time you really saw the area? I did TODAY and what a glorious scene it was echoing what Kramer stated! The city also recently completed regrading No Bayshore Drive hopefully eliminating the mini floods that occurred on the roadway and swamped cars parked on the east side of NBD. Also wider sidewalks and new palm trees add to the upscale look. Hey we do have what will be… Read more »
Anonymous
Condo Vulture
6 years 8 months ago

You are wrong 900 Fan; it is now quite common for high end Condos to sell for far less than $125.00. This trend began last year with approximately 100 units at the Jade sold for $94.00 per square foot in a bulk sale. It won’t be long now before we see this price level at retail.

Anonymous
The Ace
6 years 8 months ago
Miami: Nov. 26–As the year starts winding down, real-estate investors have begun closing on large blocks of South Florida condominium units — known as “bulk deals” — at a quickening pace. The burst of new activity indicates investors — mostly seasoned real-estate professionals from other markets and abroad — perceive the new construction market is nearing bottom, according to analysts. Since the end of October, investors have closed on five bulk transactions totaling 518 units and 710,500 square feet throughout Miami-Dade County. The combined purchase price for four of the five deals was $23 million. A fifth deal involved the… Read more »
Anonymous
The Ace
6 years 8 months ago

High End enough for you 900 Fan.

How’s that hope and change working out for yee?

The Ace telling it like it is since 2006

Anonymous
Looking w/cash
6 years 8 months ago

Ace – Good forcasting. As an individual I can’t operate as a bulk purchaser, just want one good one to live in. Some of the wild low pricing in good buildings have been for shoe boxes facing the city or a parking lot.

Anonymous
Bobby Here
6 years 8 months ago

The Ace was wrong on Pace Park but he has been right on almost everything else. More important: he has been right on the issues that matter.

We need more properly capitalized posts from The Ace and fewer ALL CAPS POSTS from THE ACE. The properly capitalized posts hold the gems.

Anonymous
Joe Blow
6 years 8 months ago

ACE……can you tell me the 3 BEST deals for a Luxury Condo that is available right now.(around the $$125 a sq. ft. mark.)That would be gratefully appreciated. J.B.

Anonymous
Illuminati
6 years 8 months ago

BJ #29,
Thank you. There’s too much unsubstantiated opinion and not enough analysis about specific condos/deals. I’m still waiting for a response to my #13. Lets talk units!!! (and y, I recognize the value of Ace #25)

Anonymous
My Generation
6 years 8 months ago

When the Ace speaks E F Hutton listens as does the NAR

Anonymous
Kramer
6 years 8 months ago
Lucas Your Blog is being hijacked and and corrupted by one person posing under different handles. The latest flat out lie is #24 stating that 100 units at Jade were sold for $94. per square foot. It is almost criminal what this person is doing to your site. Surely there must be a way you can block or we can block this person from ruining your good name after the years of time effort and money you have poured into this site. I wish everyone of the faithful honest posters in here would stand up and be heard with suggestions… Read more »
Anonymous
Paolo di brazil For hir
6 years 8 months ago

I lok for work, rapido. Can buy condo horizontal at 80 percent over listing papel.
Many freinds to buy from needi developer. Appreciative to introduce to. Sr. Perez or his friends. Felix Ano di Rio

Anonymous
6 years 8 months ago

Condo Vulture – you are an idiot clearly. And NO – 100 units did not sell in Jade for that price. This just goes to show the nonsense you and “THE ACE” post on this blog. And as for 900 Biscayne Bay. Those units were not sold for anywhere near $125 per sq ft. Do your homework. Again I would not consider 401 Blu, Downtown Dadeland and Edgewater Lofts as Luxury Product. If you do you are delusional.

Anonymous
Dale
6 years 8 months ago
Coming from someone who actually places bids on units, I can tell you all that developers are beginning to renegotiate with their lenders to assure prices will never drop to $125 a foot. This is especially true with the buildings with Corus loans, which are now in part owned by the US government, who I don’t think is in too much of a rush to sell condos at absurdly low prices. Expect developers to enforce a price floor above $200 sq foot and not let anything go for less than that. The numbers from this very website show that not… Read more »
Anonymous
Bobby Here
6 years 8 months ago

Looks like the market pumpers are back again. As usual, they are “renegotiating” with facts and reality in order to prevent the sky from falling.

Last year’s MarinaBlue bulk sale was below $200 per square foot. The so-called Home Affordable Foreclosure Alternatives (HAFA) program will dump tons of inventory on the market this year.

As usual, the Ace will be proven right yet again. $125 psf, here we come.

Anonymous
Joe
6 years 8 months ago

Dale — Where on “this very website” are you finding listings of last month’s developer sales? Lucas has said, time and again, that his numbers *don’t* include developer sales.

Anonymous
Dale
6 years 8 months ago

JOE, I didn’t know that the list didn’t include developer units, my bad.

Regardless, almost all new developments have begun closings, and units are still moving at 220+ a foot in decent buildings (axis, plaza, met, infinity, NOT ivy, the club, vue, etc). As someone actively looking for a condo at bargain price to actually LIVE in for many years to come, $220 a foot would be a steal in one of these buildings and I think anybody waiting for prices to drop below $150 will continue renting until they decide to move to Kendall.

Anonymous
Dale
6 years 8 months ago
THE WALL STREET JOURNAL * DECEMBER 30, 2009 Miami Condo Project Acts as Test Case By JAMES R. HAGERTY MIAMI—The three-tower Icon Brickell condominium project is turning into a test case for how lenders should deal with distressed real estate. As they acquire control of more condo towers in Miami and other cities, banks face a dilemma: Should they sell whole buildings or large blocks of condos to big investors looking to acquire property on the cheap? Or sell condos one by one to individuals? Selling in bulk brings cash in quickly and avoids the risk that prices will keep… Read more »
Anonymous
Bobby Here
6 years 8 months ago

Anyone who expects the truth from the Wall Street Journal, the Miami Herald or any other mainstream newspaper deserves the eventual hit to their pocketbook.

Dale, please join the other knife catchers. As I advised AJ before he bought his condo, you will not need to tell us how much you paid for your condo… a year from now, we will know that your purchase is under water and you paid too much.

Anonymous
Joe
6 years 8 months ago
I agree with “Bobby Here” above, but for people like Dale who say they’re looking for a place to buy *and* live in for the next few years, I can’t argue with finding the best possible deal now rather than waiting another year or two. I wouldn’t pay $4 million for a condo that might end up available at $2 million, but there are probably some very nice long-term residences available in the low six figures right now. (Yes, the buyer likely will be underwater a year from now, but if it’s a long-term hold, that’s not a huge deal.)… Read more »
Anonymous
Richard
6 years 8 months ago

Bulk buyers will have the votes to take complete control of many condo associations. At first glance it would seem to be negative but they have a 100 times more interest in getting the best price for services.

Anonymous
southbeachsand
6 years 8 months ago

Lol, Dubai had to rename the Burj Dubai tower after the Abu Dhabi ruler who bailed them out last month. How embarrassing.

Anonymous
Joe
6 years 8 months ago

Richard #42 — It could be good if the bulk buyers watch the bottom line, but it could also be bad if they cut amenities and/or turn the buildings into glorified rental buildings. You can also be sure any HOA that’s controlled by a bulk buyer will be underfunded from a reserve standpoint for as long as the bulk buyer controls it.

Anonymous
Wild Bill
6 years 8 months ago

Bulk buyers are idiots. Unless they can flip those units immediately they will get slaughtered. Condominium rules don’t favor bulk buyers. Condo Vultures spends 99 percent of their time trying to get new suckers involved in this crap.
Prices are being supported by the government through low interest rates, mortgage insurance and flood insurance. Real estate is such a terrible investment nobody even wants to insure this junk.
Prices on some condominiums will move below $100 a sq. foot. Not all buildings will dip this low.

Anonymous
Cash Buyer For $100 sq. Ft
6 years 8 months ago

I am a cash buyer on any newer condo in the Brickell area. Higher end buildings like Santa Maria cash price is $250, original purchase price in 1998

Anonymous
scrivener
6 years 8 months ago
“Real estate is such a terrible investment nobody even wants to insure this junk.” – – Wild Bill You raise an interesting question. I agree with you that real estate, particularly condos, are a horrible investment. Better to sink your funds into the “Bank of Serta” or “The Bank if Sealy” (mattresses, for those that are wondering) than any of the condos in Miami (or South Florida) – – because, as I said earlier, neither condos or real estate pay interest or dividends. They are depreciating assets. But the question in my mind is this: what is the attraction for… Read more »
Anonymous
Gixxer 1000
6 years 8 months ago
I think people on both sides of this argument are throwing out random opinions with no facts behind their argument. On one side you have people saying prices will drop to or below $125 sqft. Well that’s great, but what condo’s and in what markets? Who cares if Edgewater sells a bulk deal for $99 sqft. Edgewater has NO water views and again that’s a bulk deal. So please stop just saying condo’s in general and specify your market (luxury, water front, Brickell, Aventura, etc.). Second it seems to me that if the market is still demanding $150 sqft for… Read more »
Anonymous
Dale
6 years 8 months ago
Scriv- what many investors find appealing about the miami condo market, beyond just the numbers, is investing in a city in transformation. I remember five years ago when Brickell was a ghost town with a handful of restaurants and bars. The massive flood of condos has given birth to a self sustaining community where one doesn’t have to cross the bridge to South Beach to find a decent restaurant or party. And now that it is actually affordable, it will become THE center of Miami and the most attractive place to live. The infrastructure is in place, now lets just… Read more »
Anonymous
DJ
6 years 8 months ago
I’m gonna agree with Gixxer’s last post. You can’t make the blanket statement that we’re gonna see the bottom of the miami market at $200/sq.foot, $125/sq. foot, or any other number higher or lower. Individual neighborhoods and individual buildings perform at their own pace. Some are doing well and some aren’t. Certainly, some of the lower quality buildings in less desireable neighborhoods are already trading at less than $100/sq. foot. Then again, the so-called luxury buildings in good nieghborhoods are still comanding prices in the $300+ sq. foot range and above. So to make these blanket statements that prices will… Read more »
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