100 Condos Under Contract at Quantum on the Bay to Israeli Investment Group

January 31, 2009 by Lucas Lechuga

Quantum on the Bay

Yesterday, a rumor was circulating that 100 condos recently went under contract at Quantum on the Bay to an investment group from Israel in a bulk sale transaction.  I was able to confirm today, from multiple sources, that the rumor is true.  However, everyone is keeping quiet in regards to the details involved in the bulk sale transaction.  It will be interesting to learn the price per square foot that the 100 condos sell for at Quantum on the Bay once the details are revealed.

(hat tip to Kevin at South Beach Real Estate Blog for the lead on the story)

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77 Comments on "100 Condos Under Contract at Quantum on the Bay to Israeli Investment Group"


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Anonymous
Renter Tom
7 years 7 months ago
This will be an interesting one to watch for sure. The more details the better. If it is a true arms length transaction then I would be surprised to see some fire sale prices here. Sub $200/s.f.??? – All the macro econ indicators continue to show cliff diving: higher unemployment, higher strip mall vacancies, major commercial mall construction/renovations starts DOA for years, $2T pullback over the next 12-18 months in credit card consumer credit, massive worldwide wealth destruction, deflation, consumer spending down, mortgage equity withdrawals DOA, there simply is nothing left to prime the consumer credit pump. The credit bubble… Read more »
Anonymous
Renter Tom
7 years 7 months ago

“I wouldn’t be surprised” – oppps!

Anonymous
gables
7 years 7 months ago
wow! a prime location on the bay must do a bulk sale. this does not bode well for many of the buildings in brickell which are not bay side. cant wait to hear the price. i assume this bulk sale exceeds 10% of units, so they may have just locked out the building from standard mortgages, for all intents and purposes. sucks if you own there and are going to try and sell-you wont even be able to sell at a loss because nobody can buy into the building. from the sale price, we can also get an estimate as… Read more »
Anonymous
Un-Related
7 years 7 months ago

No doubt AJ bought these to help prop up the market for 1800…….ROFLMAO!!

Anonymous
Wild Bill
7 years 7 months ago

Lumping all your eggs in one basket is never a successful real estate method. Now your getting the Stupids from other countries. I bet this investment group doesn’t have much experience being an American landlord.

Anonymous
only speculation
7 years 7 months ago

PHIL ………………..is that you?? Not Phil from Toronto…..are you PHIL from THORNHILL?????If you are…..DO I HAVE A DEAL FOR YOU.

Anonymous
7 years 7 months ago

only: Phil from Toronto…but not Thornhill..I lived in downtown Toronto. I must be a different Phil than the one you know. : )

Anonymous
only speculation
7 years 7 months ago

Phil….Good luck in your search for a winter get away.there are all kid’s of GOOD Deal’s coming onboard everyday.I’m looking myself and the price’s keep Dropping & Dropping.

Anonymous
7 years 7 months ago

only spec…good luck to you too. Yes prices have dropped a lot the past year…and they seem to keep dropping every month. I am really tempted to buy something…but after reading everything here and the fundamentals of the economic situation….I am going to restrain myself and wait another 6-12 months…it appears prices are going to drop a fair bit more. cheers

Anonymous
Wild Bill
7 years 7 months ago

Fisher Island: Still a Refuge, but Not From the Downturn
http://www.nytimes.com/2009/02/01/business/01fisher.html?_r=1&ref=business

“That has caused some tenants, like Mr. Goodwin, whose annual expenses run to $80,000 for a 720-square-foot home, to put his property up for sale.”

Anonymous
7 years 7 months ago

Anyone have any idea what’s going on at 900? Closing, defaults, etc

Anonymous
DL
7 years 7 months ago

Can anyone confirm that 1 of the pools only gets a couple of hours sunshine per day?

Better get up early if its true – Shine On!

Anonymous
NJ Dave
7 years 7 months ago

DL – 1 pool has AM sun and the other all afternoon.

Anonymous
lara
7 years 7 months ago

Lucas, once you know the price and details of this deal please post them asap since I have a unit there though I planned to keep it for the next 5-8 years. Still concerned about impact on the prices.

Anonymous
chris
7 years 7 months ago

Seems bulk sales are finally start to happen. This is a good sign.

Anonymous
DL
7 years 7 months ago

anyone know who brokered the deal?

Anonymous
Better Days
7 years 7 months ago

Another Brick in the Wall. Finally, the beginning of the end…..

Anonymous
Raffi
7 years 7 months ago

the sooner we get all these units sold the better. I hope we get more bulk deals.

Anonymous
Muir
7 years 7 months ago

chris, raffi,
I agree.
I do not even mind cram-downs.
This establishes a comp of sorts, to the neighbors anyway.

Anonymous
Kramer
7 years 7 months ago
WHEN WILL PRICES BOTTOM? 1. Prices will not bottom until two things happen in Miami. High maintenance fees, i.e. windstorm and homeowners insurance goes down – and the only way that is possible is for the Federal Govt to backstop windstorm in the same manner as national flood insurance. A better possibility with democrats in control. But dont count on it. 2. The end of the rape, pillage, and plunder by the city and county employees unions who have blackmailed property owners into near insolvency with outrageous retirement packages. Heres how the scam works. Most Fortune 500 companies have discontinued… Read more »
Anonymous
Un-Related
7 years 7 months ago

Kramer said: “The solution is real simple if they dont go broke beforehand as San Diego is about to and probably the whole state of California.”

How true. Twenty years ago, a cover of LA Magazine read: “Get Rich! Work for the County!”

One reason why people are receiving their refunds of State Income Tax (11%) in State IOUs rather than checks. Illegal aliens, however, are still getting free education, in-state tuition rates, and emergency room treatment!

Anonymous
BMW M3
7 years 7 months ago

California will soon be the next Michigan and Silicon Valley the new Detroit.

Anonymous
storm
7 years 7 months ago

Are you kidding me Kramer. This is all the fault of county employees. Gimme me some of what you are smoking.
Of course there are some employees gaming the system but that goes for every industry. Most county employees are not getting rich or even well off working for the county. You are insinuating that police officers and teachers are milking the taxpayers. Come on.

Anonymous
Muir
7 years 7 months ago
Anonymous
jcrimes
7 years 7 months ago

lucas – third hand info….average comes out to 175sq ft. first hand info…this group will be doing more deals in the coming year.

Anonymous
Hugo P
7 years 7 months ago

Renter Tom… you can almost count on under $200/sf… my guess is $170/sf.

Anonymous
7 years 7 months ago

I think the developers of Quantum are the same guys who built 900 Biscayne, those buildings in Dadeland called Metropolis, and the bankrupt condos in the 60s and Collins called Cabana and Cabana on the Beach.

Anonymous
jcrimes
7 years 7 months ago

lucas
is there a reason why icon brickell isn’t showing up on your condo buildings view?

Anonymous
Mr Waverly
7 years 7 months ago
Kramer, I could not agree with you more.. Prices will continue to drop until the taxes and maintenance return to the mean.. It is so out of whack due to the inbalance of all of the lose money they that was added in due to FRAUD AND GREED.. City workers.. Give the gravey train pulled out of town a couple years ago. Making $28K in 2001 and then $60K in 2007 in not normal.. Local government needs to be reined in.. All the FRAUD that led to unreal appreaciation of property is gone.. The local gevernment needs to get their… Read more »
Anonymous
Renter Tom
7 years 7 months ago

Hugo P – I bet you are right…..wait a minute, my post was a guess, yours was 48 minutes after jcrimes’ post! LOL

They do have to leave “meat on the bone” for the bulk buyers but that will still affect market prices in the building for those who are trying to sell now. Looks like $175 is about HALF the average list and sale prices which according to one website was $362/s.f. and #333/s.f. respectively…

Anonymous
Realist Bob
7 years 7 months ago

Talking about “fraud and greed”…

Has anyone learned of meltdown-related civil RICO actions against banks, developers, derivatives spinners, CDO swappers, Ponzi sustainers and/or other meltdown initiators and potential miscreants?

It appears that several plaintiff groups are looking to bring legal action against Madoff and others under the Racketeer Influenced and Corrupt Organizations Act (18 USC 1961 et seq). Apparently, private attorneys general can bring civil actions under RICO and recover treble damages.

RICO has teeth so why stop at Madoff et al?

http://www4.law.cornell.edu/uscode/18/1961.html

Anonymous
SwissLuxury.Com
7 years 7 months ago

Question for jcrimes or connected others…..Any news on Marquis? When will closings start? Are the Israelis trying to bulk it out now that their multi parking lot deal fell out? Do they have construction loans on this project? If so which bank? Thanks in advance!

Anonymous
Bmw m3
7 years 7 months ago

Guys, have you noticed less bentleys and rolls royces on the roads? Renter tom, did you stop driving your bentley?

Anonymous
Richard
7 years 7 months ago

Local government needs to sub contract the jobs in order to skip the benefits. Retired lifeguards have a pension of more than working school teachers. Cops make over $100,000 year with overtime watching construction sites in an a/c car.

Anonymous
rolofer
7 years 7 months ago

HOA + Taxes are totally insane in Miami, they are higher than mortgages which really doesn’t make sense to me.
I think that $400/mo HOA for a 2/2 and $400-$500 taxes should be possible as long as board members don’t get money under the tables…and that appraisers stop appraising based on 2006 figures.

By the way, what the heck with the Condo deals page of this site? Are these qualifying for deals really?

Anonymous
H2O
7 years 7 months ago

Who gets stuck with this? Lev Leviev or Shaya Boymelgreen?

Anonymous
H2O
7 years 7 months ago

… on Marquis, that is…

Anonymous
jcrimes
7 years 7 months ago
Swiss my understanding is that leview expressed some time ago, after visiting the site, that he wanted out of marquis. the story i was told that around the time he pushed out boylmegren, he reviewed the sites the partnership held and decided to flush soleil and vitri. marquis however, was already out of the ground, thus, there was no other choice but to continue building. not sure about the financing…i know there was a financing of some type before boylmegren parted. perhaps it was a refinancing of the original acquisition/construction loan. not sure about closings…lucas probably knows more on that.… Read more »
Anonymous
Renter Tom
7 years 7 months ago

Bmw m3 – Drice my Bentley????…..don’t be silly, that is what chauffeurs are for! Just kidding…..I would never put that much money into a depreciating and consumed asset just for myself. I have been known to buy an exotic car now and then only to resell it for more a year or two later…..wouldn’t buy one that would tank….too frugal!

Anonymous
H2O
7 years 7 months ago

Out of curiosity what is everyones opinion on MET 2? Will the fact that it is office/hotel/residential mix shield it enough to keep it viable?

Anonymous
jcrimes
7 years 7 months ago

H20
GT is the anchor tenant so the project should be in good shape

Anonymous
H2O
7 years 7 months ago

GT?

Anonymous
jcrimes
7 years 7 months ago

greenberg traurig

Anonymous
pepe
7 years 7 months ago
Met 2 has NO residential. As many of you know it is part of Metropolitan Miami which is Met 1 (residential), Met 2 (Office/Convention Hotel), Met 3 (residential…but who knows…maybe just parking garage for now) and Met Square (retail) Met 2 has a lead tenant, and a good team leasing the building. Many leases from the last wave of Office building construction are coming to an end. Once again, we are faced with oversaturation (1450, Brickell Financial, and Met 2) ++. Met 2 should have relative success. There is a need for Business Hotels downtown, and what is left (except… Read more »
Anonymous
MJS
7 years 7 months ago

iStar is the lender on Marquis, they are screwed

Anonymous
H2O
7 years 7 months ago

iStar (Symbol SFI)

Intraday High $1.12
Intraday Low $1.02
52 Week High $27.69
52 Week Low $0.78

Looks about right…

Anonymous
7 years 7 months ago
Anonymous
Un-Related
7 years 7 months ago

No surprise in the Reuters article: “Corus Bankshares needs capital, sees no TARP money”.

Corus shares: $.063 Down 43% from Friday. $0.55 is today’s low.

Condos-R-Us (Co-r-us) should be at the mortuary by week’s end unless the Obamunists throw good money after dead money. Corus is from Chi-town so who knows…..

Anonymous
H2O
7 years 7 months ago

Lucas,

The following is from one of your earlier posts:

The following are some of the condo developments in South Florida in which Corus Bank still has an outstanding construction loan along with the original loan amount:

Artecity – $60,300,000
Caribbean – $124,700,000
Infinity at Brickell – $140,300,000
Ivy at Riverfront – $130,400,000
Jade Ocean – $288,115,000
Mint at Riverfront – $191,800,000
Onyx on the Bay – $44,100,000
Paramount Bay – $216,000,000

Question: Is it still accurate?

Anonymous
7 years 7 months ago

I got those figures from the Corus Bank website. Closings have begun at Jade Beach and Infinity at Brickell. I’ve heard that closings at Jade Beach are going well.

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