South Florida Bloggerage

January 31, 2008 by Lucas Lechuga

The term “bloggerage” is a new concept. One that I just learned about when I attended Inman’s Real Estate Connect conference in NYC. The word “bloggerage” comes from the two terms, “blogger” and “brokerage”.

A bloggerage, in my opinion ( Jeez, I now hate needing to state that in every other sentence), in its true definition of the word, means that a brokerage is made up of real estate bloggers who share their unbiased opinion with others about the real estate market. They state the positive aspects about the market, along with the negative. They share all relevant information about the market with the consumer. The bloggerage is an entity that the average consumer (buyers and sellers of real estate) can rely upon to provide them with non-sugarcoated information pertaining to the real estate market.

One day, I aspire to open my own bloggerage. One day soon! Will you South Florida real estate bloggers join me?

Consumers…my question to you is “Would you like to be represented by a bloggerage or a brokerage?”.

Discuss amongst yourselves.

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39 Comments on "South Florida Bloggerage"


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Anonymous
Terry
8 years 7 months ago

Come on, let’s get back to business:
What is going on with the real estate market in Miami ? Which condo buildings are going to close next ? Which ones will be successfull ? What is your advice regarding the new Florida bill on property taxes ? Should we, potential condo buyers, wait more ? Until when ?

Your blog is a great source of information ! Keep it that way ! Let’s not transform it into a forum to discuss semantics and philosophy…

Anonymous
cyrus
8 years 7 months ago

bloggerage/brokerage…doesn’t really matter. i think the consumer/prospect is looking for a guy who will totally transparent and honest with them, will work hard to get the best deal whilst keeping transactions as smoothly as possible – acting as a buffer zone between the seller and buyer and juggling the headaches to make sure both sides are well taken care of. this is difficult sometimes as egos get hurt. especially in tougher mkts as these. best of luck Lucas.

Anonymous
8 years 7 months ago

Hey,

Give the man a break, I bet that getting fired and get a lawsuit the same day is not easy to swallow.

Let him rant and blow some steam

Anonymous
GG
8 years 7 months ago

let’s go back to business,

now that many blgs have opened, interest rates are getting lower, $25k additional tax break…So, Lucas which has are(s) has a brighter “close” future
1. ParkWest
2. Brickell/Miami River
3. Downtown
4. Brickell….

and which blgs do you think are the best for first home and for investment.

and don’t worry about the suit…you are fine.

thanks,

gg

Anonymous
RMP
8 years 7 months ago

I am deeply offended about the word ‘bloggerage’.

Later today I will discuss with my attorney whether or not to sue you for offending me on the internet where I voluntarily came to read your entry.

Anonymous
Un-Related
8 years 7 months ago

Today’s Miami Herald article could be viewed as a pre-cursor to the “mad developer” syndrome. I will refrain from stating my opinion. However I do wonder when and if “Gourge” is going to be suing the RCRS agents?? That should be couched nicely enough to keep Greenburg Traurig off of my doorstep….

GOOD READING: http://www.miamiherald.com/business/story/400454.html

Anonymous
Dave
8 years 7 months ago

Could a thread be started on the condo developments in Sunny Isles Beach? There is so much construction that I think only the uninformed foreigners with money are buying in this market. I would buy one but the supply is so large right now. Any thoughts on this?

Anonymous
censoring?
8 years 7 months ago

Lucas,
I saw an earlier post by someone who criticized your arguments. Although I thought his criticism was not well articulated, I certainly thought it would not have been removed by you. I am disappointed — this is the first time I’ve ever noticed you self-editing posts. Please re-post his comment and allow your advocates to dispute the poster’s arguments (as I’m sure they will). Thanks.

Anonymous
Please retract my latest
8 years 7 months ago

I apologize,
I just noticed his post elsewhere. I stand corrected and feel like a fool for impeaching you in front of all…

Anonymous
8 years 7 months ago

Bloggerage – that’s a joke, isn’t it?

Anonymous
8 years 7 months ago
I had an interesting email back and forth with a potential client a few days ago and in this communication time and again the buyer had a very strong opinion on where he believed prices would go. I urge everyone to begin thinking of the actual desirable units available for sale in all these areas we speak of. In my opinion a desirable unit (in terms of resale) would be something with a direct bay view. Lucas, it would be greatly appreciated if you can show everyone here which units in each building are actually on the waterside of the… Read more »
Anonymous
8 years 7 months ago

Sorry for all the misspellings. I wish wordpress had a built-in spellcheck.

Anonymous
Trader Joe
8 years 7 months ago
Samir – I disagree somewhat. Yes, some units are much better than others, but hasn’t that already been reflected in the current prices? That is, the direct water views are much higher than those without. A rising tide rises all boats – or condo units as the case may be – and the opposite is also true. There is no downside in waiting if you are set on a particular unit. The downward slide will continue for some time now, possibly into 2010! Once at the bottom, the rise out will be slow so if you miss the bottom by… Read more »
Anonymous
Trader Joe
8 years 7 months ago

Meant NOT set on a particular unit.

Anonymous
8 years 7 months ago

Lucas,

Where do I sign up?

Anonymous
Matt Arledge
8 years 7 months ago

Dave – i recently bought a condo in sunny isles and am happy to discuss it.

Lucas – please let us know how we can be of support

Anonymous
8 years 7 months ago

Good to see that all is resuming normalcy again…

This blog rocks.

Peter.

Anonymous
lara
8 years 7 months ago

Agree with Samir that waterfront condos will hold prices since those are the most valuable. I think that if you see the deal and want to live in the area buy it.

Sunny Isles. Yes, there is very much overbuilding. But ocean front condos were always bought by people with money. There are a lot of deals now where prices dropped more than $200,000 for condos that were priced at $700,000 and more in 2005. My opinion is that you can find very good deals now.

Anonymous
Trader Joe
8 years 7 months ago

But the price differential was already priced into the beachfront versus inland homes already. In fact, the hype in pricing probably caused beachfront to jump by a larger percentage than inland. So, beachfront may have more to lose in this market. Remember, this is a historic over supply in beachfront condos, in the past beachfront held value because it was scarce compared to inland. That ain’t the case no more. This is an uncharted beachfront condo market and the best case is slight falling prices through 2009….the worst is beachfront will mirror the percentage decline.

Anonymous
lara
8 years 7 months ago
I agree with you that beachfrond condo prices jumped by a larger percentage. There is an oversupply of them. In re to Sunny Isles for example there is no more place to build on the ocean front. So once this is absorbed that is it. Also usually ocean front condos are not bought by locals. They do not care being on the ocean front. In Downtown area the situation is more complicated. It is not an established one and I think that it is more overbuilding with the prices almost comparable to the ones in Sunny Isles but it has… Read more »
Anonymous
Trader Joe
8 years 7 months ago

lara – there are still several motels in Sunny Isles that can be knocked down so the land is available. The issue is the condo glut for beachfront is rare and a price premium was already assigned to it. They may not make more beachfront, but again the price has been factored into it already, and they can always build up which effectively creates more beachfront. It looks like 75% are still motels in Sunny Isles? The beachfront will fall with all the others and possibly by more dollars because they have run up in price by so much.

Anonymous
lara
8 years 7 months ago
I saw some prices in Sunny Isles that go down to 2003. These are not everywhere. But you can find them. 75% are motels? I think that it is an overstatement. Not that many of them. The fact that they still exist is because owners of the land want so much for it that developers considering the price for construction will have sell their condos for $1,000/sq,ft for the end buyer. Now it does not make sense, In several years though I think that it very well might happen. In Downtown and close areas it is more complicated but some… Read more »
Anonymous
Trader Joe
8 years 7 months ago

Meant 75% were motels and 25% still are….. opps. :-)

Any more info about Sunny Isles is helpful…..please post more!

Anonymous
Matt Arledge
8 years 7 months ago
I have a condo in sunny isles – there are only a few motels/time share properties up here now. Most of the beach is new construction or will be within the next year or so. From everything I have learned, there will be downward pressure on prices due primarily to the Trump Towers project in the south – i have received a number of desperation calls from them. It is just too much at one time to be absorbed. One Bal Harbour shows that even if you have a great project in an A1 location, it will still take a… Read more »
Anonymous
Dan
8 years 7 months ago

Matt Arledge – I think your post pretty much states the reality of the condo market in Sunny Isles. There is simply too much supply in Sunny Isles (er, Shady Isles on the beach after 2 p.m.) to be absorbed and the past prices increases can not be supported. Hence, prices need to come back down to pre-construction pricing because it is a strong buyers market now. The La Perla has a some decent prices, but those will come down. The Turnberry has a number of expensive units to sell. Are you a realtor? Good post.

Anonymous
8 years 7 months ago

I thought recently One Bal Harbour had a resurgence in closings. The important thing is that the closings are happening.

Dan, I agree – we should come back to pre-construction pricing. This would fill all of these buildings up with end-users which would be best for South Florida.

Anonymous
Julian
8 years 7 months ago
We had a good laugh over Christmas driving on the A1A from 22nd and heading North. Never mind the older buildings but the number of huge oceanfront developments being built/nearly finished all the way Sunny Isles is unbelievable. Matt Arledge is correct. You have to be kidding yourself if you think (1) most are pre-sold – I know one around south to mid Beach which only did 50% before the ‘crash’, and many to companies like “Investment Realty LLC” – i.e flippers (2) that inventory will be absorbed in anything less than 3-5 years The good thing is there will… Read more »
Anonymous
Terry
8 years 7 months ago

Attn Julian,
I fully agree with you, especially the last paragraph about non-residents having to pay a disproportionate amount of taxes, not having homestead exemption or other advantages.
May be it would be good to start a thread on that too, as I am sure we are not the only foreigners who wish to invest wisely in the Miami real estate…

Anonymous
lara
8 years 7 months ago
I agree with all of you. I still insist that there are deals to be found now in Sunny Isles in ocean front buildings. Someone mentioned decent prices in La Perla. Yes they are incredible deals now in La Perla at least a couple of months ago. Why? IT was one of the first pre construction deals in Miami at the end of 2001. At that time price/sq.ft was around $180-$200. When I first learned about this building I immediately realized what it can bring not fully though. Original preconstruction prices in La Perla were around $220/sq.ft. All my friends… Read more »
Anonymous
Julian
8 years 7 months ago
Lara – bring me a 1200 sq ft ocean front (pref) SE view in a new, quality building that has relatively few problems for $400-$500 per sq ft in Miami Beach and I’ll close tomorrow, cash. But really, I will not pay $25k in taxes a year for a $1m apartment at $700-$1000 a sq ft on the beach when I can stay at the Delano, Ritz Carlton, you name it, for A MONTH A YEAR just for the taxes, never mind the HOA. One place I looked at, linked to a hotel, $25k a year in tax, nearly $10k… Read more »
Anonymous
lara
8 years 7 months ago
Hi Julian, I cannot bring anything to you because I am not in Miami and I am not a realtor. In Sunny Isles look at La Perla listings. I looked at them today after I wrote my comments and I saw at least a couple of great deals there. One that I remember is unit 1607. I like this building very much, I think that it has a great style but it is a matter of an individual taste. I have a unit there but it is on a different floor. It has east, north and west views due to… Read more »
Anonymous
8 years 7 months ago
See this article. I happen to agree, the meltdown is just starting. The capitulation to drop prices will happen before the end of the summer. Hurricane season is when the Florida real estate will get hammered. I am now a complete bear and do not see ocean front faring well either…. There will be at least a 30% drop from the high’s with an effective 45% decline reached in 2012 for inflation adjusted dollars. That is, the inflation adjusted price in 2012 will be 45% below the high price in south Florida. Only then will home prices ever start a… Read more »
Anonymous
8 years 7 months ago

I personally think inflation adjusted prices in 2012 will be 45% of the high prices in Souther Florida. It really will be that bad….

Anonymous
Terry
8 years 7 months ago

@Julian,

Once again I agree fully with you. The math about renting vs buying is just ridiculous in Miami, so unless you get a real good pricing (and wait till the real estate rocks bottom) it is just not worth it for foreigners who want to enjoy Miami a few weeks per year and may be retire one day to a sunny place somewhere on earth.

Anonymous
8 years 7 months ago

If you want to just use a property a few weeks a year then just book a hotel room. Or buy condo/hotel. Although I don’t think you make rarely any income on condo/hotel it is usually very one sided with the management.

Anonymous
8 years 7 months ago

I think that with the current conditions it is a perfect time for consumers to start buying. With the voters approving the new tax relief amendment, there will be an increase in the home sales market and a rise in prices. The increase in the homestead exemption and homeowners being able to take their tax base with them will spur the resale market. This will save them hundreds of dollars monthly. With low interest rates, lower property taxes, the tax portability afforded by the new law and lower prices, there has never been a better time to buy.
Larry Lang

Anonymous
Dan
8 years 7 months ago
Ummmm, unless aren’t drugs illegal Larry. Those factors will only soften the very hard landing in real estate, they won’t prevent the continued downward slide. The basic economic fundamentals clearly show home prices will continue to decline unless of course the banks decide to give out loans that people can’t pay and lose another $100 billion or so. Odds of the happening a zero. With regard to the property tax situation, anything that continues or recreates the distortion in the market is bad…….locking people in to low taxes while other foot the bigger bills was bad economics. They should have… Read more »
Anonymous
Julian
8 years 7 months ago

Samir

So much of Miami Beach is “a few weeks a year” use. Are you suggesting that they should all sell up and use hotels? So maybe we could get 12 years inventory on Miami Beach? I guess it’s possible, if it makes more sense just to get a hotel room, as you say…

Truth is, cost of ownership, even for the well-off is too high and a number of failed beachfront developments need to be turned into hotels. When that process has started (like the downtown condos being converted into rental buildings), I’ll be a buyer.

Anonymous
Bill P
8 years 7 months ago

Is Opera Tower going rental?

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