Recent Sales & Rentals Data Has Been Updated

June 17, 2012 by Lucas Lechuga

Updated

For those who have not noticed, the recent sales and rentals data for each condo development was updated this past Thursday.  In fact, this has been the second update over the past two weeks.  Going forward, the information will now be updated on a bi-monthly basis.  We have also worked out the kinks with the available sales and rentals inventory.  In an effort to have the most reliable and accurate source of listing information for South Florida real estate, our data for available sales and rentals is now updated several times per day.  Unlike many of the nationally syndicated real estate websites, you will not find stale or outdated listings here.  The status of each property is changed within hours of the listing agent updating the status on the MLS.  Take a look at our 100 newest listings page to get a sense for how often we now update this website.

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25 Comments on "Recent Sales & Rentals Data Has Been Updated"


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Anonymous
AJ
4 years 3 months ago
Lucas, I asked for this data to be updated and I got snubbed by your partner Michael Light. He told me I had to list my apartment with your firm in order to get this information. I stopped posting after that incident. But since you had a change of heart and updated this info, I would like to start contributing once again… and belated happy birthday/anniversary to MCI. BTW, I have been saying this would happen around 2013 but looks like it started an year early. Even though no new inventory would be coming on line till 2016/2017, prices would… Read more »
Anonymous
4 years 3 months ago

OMFG!!!!!!!! AJ IS BACK!

Anonymous
AJ
4 years 3 months ago

lol

Anonymous
AJ
4 years 3 months ago

Same Christopher as “Christopher at Housing Fear”? If so it is my turn to say OMFG!

Anonymous
4 years 3 months ago

Yeah AJ its me :)

Anonymous
Makes Me Think
4 years 3 months ago
hey AJ, Others, what’s up. Just wanted your take on what is going on with the market in your neighborhood and your building specifically. There has been lots of media hype lately about the booming condo maket. There seems to be a disconnect in the condo market right now. It appears that most buyers are foreigners and are renting out their units. Rental rates are rising now but what happens when rental rates plateau and taxes and maint costs begin to rise again. Are the people buying now at these inflated prices going to be able to hold on. Basically… Read more »
Anonymous
4 years 3 months ago

Welcome back AJ!

Anonymous
AJ
4 years 3 months ago
Thanks Lucas. MMT, nothing is going to happen. Affordability is a non issue. We will start becoming like other countries like Brazil, India etc which is the new reality. In these countries, housing takes up 50% or 60% or even 70% of income leaving almost nothing for discretionary spending. The fact that these poeple in 3rd World countries cannot afford such high cost of housing never reduced the home prices. Welcome to that new reality in America. Americans better get used to the fact that spending 30-40% of income on housing is coming to an end. Better be prepared to… Read more »
Anonymous
gables
4 years 3 months ago
AJ, welcome back! It will be very hard for the us economy to move to a housing cost of 50%-60% of salary from 30%-40% of salary. Perhaps in some big cities this can occur due to foreign demand. But overall, since our economy is nearly 70% driven by consumer spending, significant reductions in GDP would need to occur beyond what has already happened. If this were to occur, depression economics would return like a few years ago. If we do get housing costs of 60% of pay, it would occur with dropping rental and sale prices again, along with decreasing… Read more »
Anonymous
Makes Me Think
4 years 3 months ago

2/3 of disposable income going to housing? I think that is way off and I just don’t see that hapening again here in America, especially after the nasty lesson many people learned about putting too much money into housing. Sorry bud, I just don’t see too many people ready to repeat those mistakes, especially when your job security is just one bad economic report away. I think people will begin to move to lower cost states with decent paying jobs.

Anonymous
AJ
4 years 3 months ago

It wont happen overnight. It will take a generation. But we are on our way. I will elaborate in my next post.

Anonymous
4 years 3 months ago
I really thought that Miami real estate prices would return to 1999-2001 levels of 90-110 sqft. I was correct that there was a bubble and that prices would fall, however, priced seemed to have bottomed and stabilized much higher then I would have imagined. (180ish a sq foot for houses in the suburbs) and (300 sq foot) for downtown condos. Here is what I think happened. Homes/Condos have a mathematical purchase value based on what you can rent that same house or condo out for. I think I posted way back that in order to see if your paying a… Read more »
Anonymous
4 years 3 months ago
I was interested in seeing the results so I looked at Lucas’ available sales and rentals and 1060 Brickell. Unit#3212 is a 601 Sq foot condo that rents for $1,725 per month. (That is what the guy is asking, not sure if its a fair rent) (1725)(12)(15) = $310,500 Unit 3309 is a 600 sq foot condo that is for sale for $235,000 Based on my Formula….That unit is actually cheaper to OWN then to RENT by about 80,000. Lets look at 2 bedrooms and see if there is any difference. Unit 2017 is a 1,368 sq foot apt that… Read more »
Anonymous
4 years 3 months ago

The 600 sq foot at 1060 Brickell is asking almost 3 dollars per sq foot in rent.

To give you an idea in Michigan people are paying about .60 cents per sq foot to rent.

That means the cost of living is roughly 5x higher to rent in Miami then in Michigan.

Granted having a luxurious ocean view condo should be higher then a condo in the suburbs, but it does lead me to believe that there is a “rental bubble” ocurring in downtown Miami.

Anonymous
4 years 3 months ago

I am interested in hearing what AJ thinks…

Considering based on the formula, the asking sales prices of the units are 80,000 dollars LESS they the should be based on rent.

Do you think this is because rent is too high? Or do you think that the rent is a fair value, and this means that condo prices will rise approx 80,000 in the next few years?

Anonymous
Runningout
4 years 3 months ago

That 600 sq ft unit at 1060 @ $1725 is way overpriced. That is a $1300 a month unit tops ! The two bedroom units is more fairly priced.

Anonymous
AJ
4 years 3 months ago
Before I could answer MMT, Christopher, Gables etc, I need to give a slight perspective of what a house means to Indigenous White Americans and the rest of the World. America is very unique and is basically a rootless culture (not in a derogatory way). For them a House is just a house. Not a home. A temporary hotel. They go through the most unbelievable house transition than anyone else ever does in the World. After going through 10 different rental properties in their 20’s, they buy a “Start up” House or Condo. Then they move on to a bigger… Read more »
Anonymous
Lara
4 years 3 months ago

AJ you flew to some very strange direction with your comments. Don’t apply real estate ownership to some ethnicity. Its simply incorrect. at least not for the whole country

Anonymous
What Do You Think
4 years 3 months ago
Hi, Guys, I came back to Miami last Sunday evening. It might have been just my imagination but the Brickell Ave looked awfully dimmer and felt the streets much quieter than when I left there 3 months ago or had the NYC lights been too bright and the city too noisy? I also saw quite a few store closures around downtown the next morning and felt like the recession was back or was it too early in the morning and the stores didn’t open till 9? Does anybody know why the Met-3 construction(Whole Food, etc.) has long halted? Also, I… Read more »
Anonymous
What Do You Think
4 years 3 months ago

Hey guys,
I gathered more information today. It is the slow season in Miami right now. The Epic hotel pool looked empty so I asked the staff there. That’s how it is. It is the slow season till the 4th of July.

Anonymous
Gixxer1000
4 years 2 months ago

What Do You Think,

As far as construction that is the way it works here. Often developers get a foundation permit so they can start site work. You sign contracts, get the guy mobilized on site while you work on getting the rest of the project through the permit stage.

At Met 3 there were plans for 440 rental units above the garage. I believe that portion may still be in question.

Meanwhile deals continue to keep happening. Carlos Mattos just purchased the Millennium Partners site on the river for $28M. They also recently purchased Tobacco Road.

Anonymous
Gixxer1000
4 years 2 months ago
AJ, Your assessment of real estate is completely ridiculous and is basically all emotion without any facts. Americans aren’t going to be able to afford housing at 60% of their income. First of the reason that were at 30% now is because those are the standards set by the GSA’s who back the loans and allow people to buy with 3% down. So in order for someone to purchase a home that took up 60% of their income they would have to go conventional. No bank is going to loan you the money at that rate either so you would… Read more »
Anonymous
Gixxer1000
4 years 2 months ago

Case in point:

“Miami’s Alta Mira Apartments gets $27 million construction loan
June 26, 2012 01:30PM
Wood Partners, the developer of the planned 240-unit Alta Mira Apartments complex in Miami has closed on a $26.8 million construction loan. The multi-family project will launch construction in July, with the first units available in early 2013. The financing came from Love Funding. The project was designed by Miami-based MSA Architects of Miami, and will be built by Current Builders. Miami has seen an increasing trend of multi-family development, with renewed demand for rental housing, particularly in the downtown area.”

Anonymous
What Do You Think
4 years 2 months ago

Thanks, Gixxer,
I was counting on you for the info.s regarding Met 3 and other construction sites. So that’s how it is. Thanks again

Anonymous
Gixxer1000
4 years 2 months ago

No Problem. Citicentre officially broke ground yesterday. Mybrickell is on the third floor. Brickell House just built out their sales center and only has 20 units remaining. 1100 Millecento is slated to begin in October with about 10 units left. Things are definitely moving along.

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