Top 5 Distressed Condo Sales Closed in January 2010

February 9, 2010 by Lucas Lechuga

Below, you will find what I believe to be the five best condo deals of the 66 distressed sales that closed in January 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

  1. Ten Museum Park #1905 – 1 bedroom/1.5 bath (791 square feet) – This unit sold for $137,000, or $173 per square foot, on January 11, 2010.  Short Sale
  2. Neo Vertika #PH226 – 1 bedroom/2 bath (1,155 square feet) – This unit sold for $158,000, or $137 per square foot, on January 11, 2010.  Foreclosure
  3. Parc Lofts #206 – 2 bedroom/1 bath (1,267 square feet) – This unit sold for $122,000, or $96 per square foot, on January 8, 2010.  Foreclosure
  4. The Club at Brickell Bay #1506 – 1 bedroom/1 bath (825 square feet) – This unit sold for $108,000, or $131 per square foot, on January 15, 2010. Foreclosure
  5. Solaris at Brickell #806 – 1 bedroom/1 bath (754 square feet) – This unit sold for $120,000 or $159 per square foot, on January 29, 2010.  Foreclosure

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221 Comments on "Top 5 Distressed Condo Sales Closed in January 2010"

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AJ
Anonymous
AJ
6 years 9 months ago
I wish I was watching with my eyes open. $122,000 for a loft in Parc Loft!! I could have bought for that kind of money. Even if for nothing else, I could have used it as a crash pad during my trips to Miami instead of staying in hotels. I love that building. I like the residents there and everything about that building. There are some chickens on this blog (you know who), who would not venture west of Biscayne Blvd. But I saw during my many bicycle trips out there, fashionable young ladies walking their dogs around that building… Read more »
Drew
Anonymous
Drew
6 years 9 months ago

While Parc Lofts is a nice and unique building, it takes a certain demographic to actually live there: single heterosexual male, at least 6’2″, 225 lbs, with concealed weapon permit and/or can run away quickly from gangstas.

AJ
Anonymous
AJ
6 years 9 months ago

Drew, that was funny! but not all that bad. And BTW, I have seen smaller framed gay guys walking their dogs around that building too!

Drew
Anonymous
Drew
6 years 9 months ago

In all seriousness, it would be a cool bachelor pad. …great for entertaining, and probably very convenient for weekend drug purchases.

But for anyone w/ a wife and kid, no way.

Enzo
Anonymous
Enzo
6 years 9 months ago

You do realize that Parc Lofts is located a bloc away from a city cemetery, right?

Christine
Anonymous
6 years 9 months ago
Angel -DML -Carlos – Caelos Thank you guys for your advice about Everglades On The Bay. I finally did a tour of the place and was hoping to get your guys response. first of all to DML who asked why I like the location as opposed to Brickell. First I work near the Miami-Dade Courthouse and there is a Metro-Mover train right outside the entrance to Everglades and would take me 5 minutes to get to work , plus I could take the train over to Mary Brickell Village if I wanted to eat or shop. Also I am a… Read more »
AJ
Anonymous
AJ
6 years 9 months ago

So?

Elvis
Anonymous
Elvis
6 years 9 months ago

AJ,

I thought you lived in 1800 Club?

Enzo
Anonymous
Enzo
6 years 9 months ago

My bad, erase that. Parc Lofts is right NEXT to the cemetery. Another thing, gotta a friend who was robbed at gun point last year, while having lunch in the Arts District. I’ve been living in Miami for 20 years, far from a tourist.

AJ
Anonymous
AJ
6 years 9 months ago

I had a root canal done last week…………….
What is got to do with the price of fish

CARLOS
Anonymous
CARLOS
6 years 9 months ago

I think this post should have been called: the most moronic purchases in jan 2010: seriously, who wants to buy in thse buildings, regardless of waht the asking price is???

Roco
Anonymous
Roco
6 years 9 months ago

does anyone know any info about Paramount Bay? I’m interested on this building, but I haven’t heard anything from it

Drew
Anonymous
Drew
6 years 9 months ago

“Parc Lofts is right NEXT to the cemetery”

– So I guess you believe in zombies, ghouls and goblins?

Gixxer 1000
Anonymous
Gixxer 1000
6 years 9 months ago
I think some of these units would sell better if instead of reducing the sales prices they reduced HOA fee. This pricing seems okay for investors but not for owners. Who wants to have a mortgage of $550 and then spend $650 on HOA fees? Now your options are buy a $120k condo or a $240k house for the same monthly payment. Most people want to own because they feel they buying equity. Heck, even before you start looking at interest and principal, 2/3 of your payment is gone to HOA and taxes. Not to mention $650 (the biggest payment)… Read more »
Enzo
Anonymous
Enzo
6 years 9 months ago

“- So I guess you believe in zombies, ghouls and goblins?”

So I guess you believe in overpriced ghetto?

Jason Nadrowski
Anonymous
Jason Nadrowski
6 years 9 months ago
Lucas: Thanks for posting this. I noticed that all of the “good deals” for the month were were under $160k. Why is that? Is it reflective of the a lot of sales in the sub 200k market and substantially less when it comes to properties above 200k? You used to analyze the market by tier (x sales for properties under 200k, y sales for properties between 200k and 500k, etc). I know it is a lot of work to do that analysis, but roughly what have you seen as the number of sales and/or inventory at the low, mid and… Read more »
Kramer
Anonymous
Kramer
6 years 9 months ago

Gixxer is assuming the 240k single family doesnt have monthly maintenance fees close to the condo – Like water/sewer, garbage pickup, lawn maitenance, pool cleaning, internet and cable, flood insurance and windstorm etc. Add them up and you are not that far apart.

Drew
Anonymous
Drew
6 years 9 months ago

Gixxer- HOA and sales prices are independent of one another. Any HOA reduction will come from the association, not the seller. HOA budget amendments need to be voted on by the owners. Maybe your scenario would work in a developer-controlled property, but Parc Lofts has been owned by individual unit owners for some time.

southbeachsand
Anonymous
southbeachsand
6 years 9 months ago

Reducing the HOA fee? lol
Thats like saying, “my condo sure would sell better if I could eliminate the power bill.” Maybe if I could eliminate the property taxes too. Lets not pay them.

Miami Skeptic
Anonymous
Miami Skeptic
6 years 9 months ago
Ah the memories: Bank Approved Short-Sale at Parc Lofts – $220,000 http://www.miamicondoinvestments.com/2008/11/20/bank-approved-short-sale-at-parc-lofts-220000/ Same square footage, similar unit on the cemetery side of the building, just a $100k lower price. Lucas did that short sale ever close? If so, the owner must be loving the new comps for the building. Parc Lofts is an interesting project but you’d have to be out of your mind to live in that hood, let alone to buy there. AJ I love your rosy portrayal of the neighborhood, it really is beyond delusional. That area is a complete wasteland. Unless you work at the cement… Read more »
AJ
Anonymous
AJ
6 years 9 months ago

I saw this Parc Loft deal on Lucas’s site told my friend about it in December and he was very excited. But before he could act on it, it slipped through his fingers.
That is why you got to pounce on deals like this when you see them. The next nearest similar loft is now listed at $220K for a short sale (unapproved) and 339K for another unit.
Miami Skeptic, you can live under the Julia Tuttle for free. See, no more skepticism! Life is beautiful and rosy once again.

Kramer
Anonymous
Kramer
6 years 9 months ago

Miami Skeptic

The dead smoke crack? Party on!

Kramer
Anonymous
Kramer
6 years 9 months ago

Neo-Vertica – Ha Ha. Has anyone here ever been in that Hell Hole. It reminds me of a college dorm building.

Caelos
Anonymous
Caelos
6 years 9 months ago

Thank u Kramer!
Neo vertica a good deal? Give me a break! Maybe if u r moving in from overtown that would be considered an upgrade!

Fernando
Anonymous
Fernando
6 years 9 months ago

Was “The club at brickell ” a good deal? how is the building doing now?

Advice
Anonymous
Advice
6 years 9 months ago

Is it typical to require a holding deposit before you can make an offer on a lease? Is this negotiable?

Richard
Anonymous
Richard
6 years 9 months ago

These prices probably make buying cheaper than renting with the tax deduction. None of the 5 would work for investor seeking positive cash flow. Like Parc Lofts building a lot but it is ghetto complete with roosters the day I was there. Sunday paper had full page real estate ads like the old days.

AJ
Anonymous
AJ
6 years 9 months ago

Miami Skeptic “crack infested cemetery”
Kramer “The dead smoke crack? Party on!”,
LMFAO, I was rolling on my stomach.

As others have pointed out, these are just some low priced deals. Not the best deals. TMP, Club at Brickell, Neo Vertika are not really all that. Some like Club are failed buildings. If you can snag a low priced deal in a desirable building, then it is news.
But for a chump change like 122K, the Parc Loft deal is the only good deal IMO, notwithstanding the location.

Just Readin'
Anonymous
Just Readin'
6 years 9 months ago

AJ – You already bought your condos YEARS ago, so I have to ask, why are you here? Seriously, you’re not looking to buy and all you do is defend condo bubble prices as if they were to magically come back. The bubble burst, game over.

AJ
Anonymous
AJ
6 years 9 months ago

The fact that you are even asking this question shows that you do not know the raison d’etre of this site.

Enzo
Anonymous
Enzo
6 years 9 months ago

“Neo-Vertica – Ha Ha. Has anyone here ever been in that Hell Hole. It reminds me of a college dorm building.”

I went there last week, day time, and I could hear the electronic music blasting from the lobby, as I walked outside. What’s that place? A nightclub?

Enzo
Anonymous
Enzo
6 years 9 months ago

“Miami Skeptic, you can live under the Julia Tuttle for free. See, no more skepticism! Life is beautiful and rosy once again.”

Or you can camp on Pace Park with the other hobos, then play basketball with the thugs at night.

Enzo
Anonymous
Enzo
6 years 9 months ago

“I had a root canal done last week…………….”

Lemme guess AJ, you traveled to Monaco to have the root canal done in a castle, with Princess Caroline’s personal dentist. Then you jumped on your private jet and went for a shopping spree on Faubourg St Honoré, and came to rest from the entire ordeal in front of crappy Pace park. Right? You big shot you. You Donald Trump you.

Just Readin'
Anonymous
Just Readin'
6 years 9 months ago

Enzo – You’re funny. Don’t you know AJ gets his money from his mommy?

AJ
Anonymous
AJ
6 years 9 months ago

It’s not my fault that you don’t have a rich mommy.

Renter Tom
Anonymous
Renter Tom
6 years 9 months ago

Sooooo, did the condo get rented for the big Super Bowl weekend or not???

Samson
Anonymous
Samson
6 years 9 months ago
Renter Tom/Joe/others looking at stuff in SoFi around $1M – What do you make of #2602 at Portofino Tower? A short sale, admittedly, but at that building, that floor, that size and those finishes, don’t you think the market, as exemplified by that offering if real, is getting intriguing? Like you, I’m in no rush but this offering – again, if real – gets my blood going. Things are trending down, for sure. Could this mean a unit like this could go for $850K next year? I know trying to time the bottom is virtually impossible but, again, if this… Read more »
good can never be cheap
Anonymous
good can never be cheap
6 years 9 months ago

crap can be cheap and crap can be expensive but good can never be cheap, good can be slightly marked down at best so if its 120k for a 2 bed…. it can only be crap. End off.

gables
Anonymous
gables
6 years 9 months ago

good can be cheap when it is foreclosed on. nobody sells good for cheap by choice. but today’s financial disasters make the opportunity available. granted the best units will definitely not sell at the lowest prices. but they will sell cheap.

Fernando
Anonymous
Fernando
6 years 9 months ago

Any comments on the ‘ The club at brickell building?

Caelos
Anonymous
Caelos
6 years 9 months ago

Club at brickell is a flop and a dump! Residents, rentals, temporary and seasonal rentals.. It is a anything goes type of building

Renter Tom
Anonymous
Renter Tom
6 years 9 months ago

The Reality — Boston, Atlanta, and San Diego are reporting price declines which is the beginning of a double dip in their real estate market prices. Meanwhile the govt is buying up mortgages that are 4-months past due….taxpayers will be paying this off for many years to come. Persistent unemployment and return to traditional lending standards will be two price decline drivers going forward… It is fair to say there is no “V” shaped recovery in housing prices, even in 1800 Club!

computer consultant
Anonymous
6 years 9 months ago
AJ
Anonymous
AJ
6 years 9 months ago

RT, You are the devils incarnate. Even though the news is scary and worrisome, you seem to take a deviant pleasure out of Americas miseries. I hate the word DD and if it happens due to your strong wishes and black tongue, you should be drawn, quartered, tarred and feathered.
I am not worried about about my home values, I am generally very sorry for the way our country is sliding down the tube and it has absolutely nothing to do with either Mr. O or Mr. W

Renter Tom
Anonymous
Renter Tom
6 years 9 months ago

AJ – You truly should take up a job in comedy! ROFL

Drew
Anonymous
Drew
6 years 9 months ago

For all you “SoFi” obsessed dreamers and neurotics ( e.g. Joe), Realtor to the Stars Kevin Tomlinson for once actually posted some useful data on his site regarding 2009 South of Fifth activity.

http://www.southbeachrealestateblog.com/2010/02/10/miami-beach-real-estate-2009-south-beach-condos/

Renter Tom
Anonymous
Renter Tom
6 years 9 months ago

More to come…”Roughly four in 10 single-family homeowners with a mortgage in South Florida owe more than the property is worth, Zillow.com said Wednesday.”

– Nationally, about 1/3 rent, 1/3 own without a mortgage, and 1/3 own with a mortgage. Somehow, I suspect that in our market more that own have a mortgage than nationally. Also note, the Zillow quote is about SINGLE FAMILY HOMES….I would also suspect that condos are much worse!!! Strategic defaults and short sales will be our market for 2010…or at least that is what the devil told me! LOL

Renter Tom
Anonymous
Renter Tom
6 years 9 months ago
“Four in 10 South Florida mortgage holders `underwater’ SUN SENTINEL Roughly four in 10 single-family homeowners with a mortgage in South Florida owe more than the property is worth, Zillow.com said Wednesday. About 41 percent of the 836,723 single-family home mortgages in Broward, Miami-Dade and Palm Beach counties are “underwater,” according to a fourth-quarter report from Zillow. The Seattle real estate firm compiles data from public property records. The percentage of borrowers with so-called negative equity has decreased slightly since it hit 47 percent in the second quarter of last year. It dropped to 46.2 percent in the third quarter.… Read more »
Kevin Tomlinson
Anonymous
6 years 9 months ago

Drew–

Hey thanks man!

Kramer
Anonymous
Kramer
6 years 9 months ago

RT

Perspective. Perspective. If 2/3 rent or have no mortgage and only 20% nationally of the rest 1/3 are under water – it is not the crisis you are suggesting. Get a grip.

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