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I know I’m in the minority on this, but if I were to grab a very high floor, I’d prefer a unit like this away from the water facing East to get a view of the water + stuff.
A view of water + more water and then some more water is not too exciting.
Looks like a beautiful flat and great views. How much is it? How many SF?
At least $350 + sq ft
Great view, great unit, great location
Is it me, or do these kitchens already look stylized and dated. Its always the same granite countertops, stainless steel fridge and frosted glass. I mean, its nice and all, but there’s no originality. I’m getting the feeling we’re looking at our generation’s version of olive green and harvest gold… and there’s a lot of it.
And JL, I hear ya, but having nothing but water is pretty boring at night when all you see is oceans of darkness. A city exposure, especially one like Miami with lots of lit buildings, makes for a better nighttime view… which is pretty much when most people in this town will view it anyways since when the sun’s up they’re either still sleeping it off or in the office.
yeah the upgraded unit is almost the exact replica of 500 brickell units… same appliances… but the view of brickell key, is the sh*t
Gorgeous kitchen
Let not forget there are tons of condos in this development, and nearly all are condo flippers. Many of these chaps will have little to no holding power, and there will be lots of true bankrupcy’s in my opinion. Also, it has a view of the water, it’s not on the water, big difference. This is located in the foreclosure district.
This is yet another very nice Related group project.
I chose to go with a proven, financially secure quality developer (Related)…probably the strongest developer in town with the best reputation for building projects and should weather the downturn without going bankrupt…….I’m confident this well-located (along with 500 Brickell) project will hold its value whereas shoddy construction at places like Sail, Vue, NeoVertika, Wind and Midtown shouldn’t hold up as well…
Are these condops really selling at 350/sqft? Will this hold for the next several months?
Miami 2008…
Try to go buy one for less than 350 sq ft with the same floor level, views, etc, and let me know….
Well, I definatley want to purchase a unit by years end or early next year. I prefer Emerald at Brickell, but it is out of my budget. That is why I was asking if prices will hold…
prices won’t “hold” in any of these brickell buildings. 350 sq/ft in plaza is no longer a reality if you want to sell your place today.
yeah let’s hope that there’s no water leakage in this building like there was in Related’s 50 biscayne project only a couple of weeks ago. What does a condo on the 45th floor with these views go for??
BTW jcrimes, my friend has a similar unit posted here at 851 plaza. He’s gotten 2 offers in the past 2 weeks right around 400 sq ft.
I’ve seen 2 bedrooms 1400 SqFt Condos go for aboiut $340,000 at the Plaza so that is about $240 a foot in mid to high floors, what floor do these sky residences start?
Prices at the plaza are gonna drop like a brick, you have 1000 units. can you just imagine the chaos of people once its occupied? BUT for the units on high floors with views like that…I think they will be ok, that is a sick view.
Per the communication above, they start at the 45th floor.
Alejandro Diaz, can you send me the link where you saw $340k, that would be a steal if what you say is true.
Ed said: “This is yet another very nice Related group project.
I chose to go with a proven, financially secure quality developer (Related)…probably the strongest developer in town with the best reputation for building projects and should weather the downturn without going bankrupt…….I’m confident this well-located (along with 500 Brickell) project will hold its value….”
PUT DOWN THE KOOL-AID!
Ed said: “This is yet another very nice Related group project.
I chose to go with a proven, financially secure quality developer (Related)…probably the strongest developer in town with the best reputation for building projects and should weather the downturn without going bankrupt…….I’m confident this well-located (along with 500 Brickell) project will hold its value….”
PUT DOWN THE KOOL-AID! Unfortunately, I know of at least ten buyers at the “let’s build another excess building!” known as 500 Brickell who are in the process of drafting “Sorry, but we are “walking” letters.
Miake me sick to say a couple of them are partially mine.
Ed, you need a reality check. Since summer 2007, RCRS has had at least 200 units upo for resale. The “cheapest” 1 Beds. were $279,000; last month that dropped to $220,000. In 2005, they were banging people for $350,000+ for the identical units.
Today, along with the Closing Notices, RCRS is pounding buyers over the head trying to get them to sign “Resale” and “Rental” contracts. I guess they, like you, think their sh*t doesn’t stink and that “you” would have to be a Mata Hari not to close on “your new home”.
IMO, they won’t reach a 50% closing rate on 500 Brickell.
I’m a resident at Plaza (renting, thankfully so.) The kitchen isn’t really laid out well for cooking. (sink needs a hose or something with directional spray.) also, the garage is very narrow and hard to get in to. have to take an alley and make a sharp turn. don’t know why the couldn’t just empty out onto brickell bay drive. okay when place is 15% occupied, will be a nightmare if the place ever fills up. also, at current occupancy I fear to think what will happen to services when the HOA takes over from developer.
apart from this, location and views cannot be beat. and the 10th floor pool deck is to die for!
Un-related,
No reality check needed.
As an end-user, let me repeat, END USER, who got a resale at 500 Brickell for and am looking to stay in the building mid to long term. I’ll say it again, I am confident that this building, along with Plaza at Brickell, will hold its value.
Sure prices have dropped, but I’m not concerned. I didn’t get greedy and buy multiple units as an investment as you did, but I bought there to live and enjoy my home and watch the benefits of long-term appreciation.
“Put down the Kool-Aid”, you say? You might want to ask yourself the same question after following everyone’s lead in buying multiple units.
ED, have to agree with you!!
That whole area with Brickell on the River, 500 Brickell, Icon, as well as the new office development will be a very nice area to live in once everything is completed.
You also have Brickell Tennis next door…
and you have the new Epicure, Whole Foods, LA fitness, movie theatres, new office developments (3 under construction now), Balans Mary Brickell Village, Sushi Siam, on and on and on…all within walking distance….I’m actually looking to buy another property there (500 Brickell or Plaza)
Ed, dont forget Capital Grill next door, Big Fish, Tobacco Road, Endochine, Blue Oyster, etc, etc, the list goes on and on, hard to find another spot with so many restaurants within walking distance……
Metrover Mover next door, to jump to Heat Games without worrying about parking….
Ed or ANYBODY ELSE,
If you are for real with the I’m actually looking to buy another property there (500 Brickell or Plaza), I will make you an offer.
You can buy from me the “purchasing entities” for a discount of $40,000 per unit. That way, you can save $40,000 off of the original 2005 cost of the units and there will be NO RE commissions involved. You probably will also be able to save the .75% transfer fee as the entities are the original buyers.
I have the condo “books” and the closing info.
If anyone is interested, post an e-mail address and I will get back to you ASAP.
Un-related,
what is the average sq ft price when you mention 2005 costs…
Un-related,
Takin my time, no rush at all to buy…waiting to see prices go even lower….but interested in a 2/2 in either Plaza or 500. [email protected]
JGM,
One faces East (on Brickell) and is middle unit on higher floor. (1051 ft.) Paid right at $350 sq.ft. My “offer” would make it $314. sq.ft.
The other one faces South in East Tower on higher floor. (925 sq.ft.) Paid $342 sq.ft. My “offer” would make it $300 sq.ft.
Hope that helps.
Ed,
Sorry, but these are both 1 bed.
movin’ metro : I am also a resident at Plaza on Brickell. Tip: Sink does have a hose. If you pull down on the faucet, it has a pull out hose. Very convenient.
People can’t be this dumb! The people “interested in buying” are all RE Agents. Ed, how will your price hold up when people have to factor in a 20% down and 10% interest rates to make their monthly payment? By medium to long term you better mean 10-15 years. Hey, I could have bought Apple stock at $12/share in 1989 or I could have bought it for that price in 2003. I think waiting is better.
to renting at plaza on brickell: thanks, neighbor! can’t wait to get home and try that out. now my only gripe about the place is the garage. or am I missing something there, too?
Is the Skyline at Mary Brickell and Capital at Brickell Condos still in progress? What other new condos are in this area or upcoming?
Some of the posts here are HE-LARIOUS.
Reading all the fussy gay realtors (I am saying that lovingly but truthfully) try to pump these units on here between hair appointments and brunch is classic.
As others have pointed out in the thread these units are all owned by flippers. (See MiamiCondoFiasco.com for Zach’s story with Plaza on Brickell)
These are very nice, beautiful units but when all is said and done in 2010-2012 these units will fall to under 200 per square foot and anyone who catches a falling knife know will be like the guy who bought pets.com when it was 1/2 off thinking he got a bargain.
The entire Miami Condo market is still 200% over-valued and it is going to crash much, much further now that “flip that condo: Miami Edition” has been cancelled.
The url for the above is condofiasco.com, OK, so I went to the site… can somebody give me the Cliff’s notes on the guy’s situation?
This was an op ed in todays journal fairly. Well reasoned arguments
The Housing Crisis Is Over
By CYRIL MOULLE-BERTEAUX
May 6, 2008; Page A23
The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.
How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won’t happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.
Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982.
Furthermore, residential construction is close to 15-year lows at 3.8% of GDP; by the fourth quarter of this year, it will probably hit the lowest level ever. So what’s going to stop the housing decline? Very simply, the same thing that caused the bust: affordability.
The boom made housing unaffordable for many American families, especially first-time home buyers. During the 1990s and early 2000s, it took 19% of average monthly income to service a conforming mortgage on the average home purchased. By 2005 and 2006, it was absorbing 25% of monthly income. For first time buyers, it went from 29% of income to 37%. That just proved to be too much.
Prices got so high that people who intended to actually live in the houses they purchased (as opposed to speculators) stopped buying. This caused the bubble to burst.
Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs. As a result, it now takes 19% of monthly income for the average home buyer, and 31% of monthly income for the first-time home buyer, to purchase a house. In other words, homes on average are back to being as affordable as during the best of times in the 1990s. Numerous households that had been priced out of the market can now afford to get in.
The next question is: Even if home sales pick up, how can home prices stop falling with so many houses vacant and unsold? The flip but true answer: because they always do.
In the past five major housing market corrections (and there were some big ones, such as in the early 1980s when home sales also fell by 50%-60% and prices fell 12%-15% in real terms), every time home sales bottomed, the pace of house-price declines halved within one or two months.
The explanation is that by the time home sales stop declining, inventories of unsold homes have usually already started falling in absolute terms and begin to peak out in “months of supply” terms. That’s the case right now: New home inventories peaked at 598,000 homes in July 2006, and stand at 482,000 homes as of the end of March. This inventory is equivalent to 11 months of supply, a 25-year high – but it is similar to 1974, 1982 and 1991 levels, which saw a subsequent slowing in home-price declines within the next six months.
Inventories are declining because construction activity has been falling for such a long time that home completions are now just about undershooting new home sales. In a few months, completions of new homes for sale could be undershooting new home sales by 50,000-100,000 annually.
Inventories will drop even faster to 400,000 – or seven months of supply – by the end of 2008. This shift in inventories will have a significant impact on prices, although house prices won’t stop falling entirely until inventories reach five months of supply sometime in 2009. A five-month supply has historically signaled tightness in the housing market.
Many pundits claim that house prices need to fall another 30% to bring them back in line with where they’ve been historically. This is usually based on an analysis of house prices adjusted for inflation: Real house prices are 30% above their 40-year, inflation-adjusted average, so they must fall 30%. This simplistic analysis is appealing on the surface, but is flawed for a variety of reasons.
Most importantly, it neglects the fact that a great majority of Americans buy their houses with mortgages. And if one buys a house with a mortgage, the most important factor in deciding what to pay for the house is how much of one’s income is required to be able to make the mortgage payments on the house. Today the rate on a 30-year, fixed-rate mortgage is 5.7%. Back in 1981, the rate hit 18.5%. Comparing today’s house prices to the 1970s or 1980s, when mortgage rates were stratospheric, is misguided and misleading.
This is all good news for the broader economy. The housing bust has been subtracting a full percentage point from GDP for almost two years now, which is very large for a sector that represents less than 5% of economic activity.
When the rate of house-price declines halves, there will be a wholesale shift in markets’ perceptions. All of a sudden, the expected value of the collateral (i.e. houses) for much of the lending that went on for the past decade will change. Right now, when valuing the collateral, market participants including banks are extrapolating the current pace of house price declines for another two to three years; this has a significant impact on the amount of delinquencies, foreclosures and credit losses that lenders are expected to face.
More home sales and smaller price declines means fewer homeowners will be underwater on their mortgages. They will thus have less incentive to walk away and opt for foreclosure.
A milder house-price decline scenario could lead to increases in the market value of a lot of the securitized mortgages that have been responsible for $300 billion of write-downs in the past year. Even if write-backs do not occur, stabilizing collateral values will have a huge impact on the markets’ perception of risk related to housing, the financial system, and the economy.
We are of course experiencing a serious housing bust, with serious economic consequences that are still unfolding. The odds are that the reverberations will lead to subtrend growth for a couple of years. Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now.
Mr. Moulle-Berteaux is managing partner of Traxis Partners LP, a hedge fund firm based in New York.
POB
doesn’t really mater what offers are coming in. in the coming years, brickell in general, won’t be a 350 sq ft neighborhood. yeah, there will be limited exceptions, on a unit by unit basis, but simple fact is, the inventory levels, coupled with the current “demand” at the current prices, supports an argument for a massive decrease.
FIU is a little more articulate…
http://media.miamiherald.com/smedia/2008/05/06/16/MiamiDadeHousingSTUDY_Draft6-05_02_08.source.prod_affiliate.56.pdf
i think it would be carelss to apply Mr. B’s arguments to the mimai market…a total outlier in the boom. think about it, what rational explanation is there for all the building that went on when historical demand never justified it? really, don’t give me the whole miami is suddenly a cool place to be. that’s bs. miami’s been a hip place to be for decades (hell, will smith welcome to miami tune is a decade old).
Miami/South FL and Las Vegas should never be lumped in with the broader market. We could go into a black hole and the world would never notice.
Would those of you who are renting at Plaza mind saying what you are currently paying? Thanks.
Great question Mark… Anybody pick up a lease recently in this area (rents have been going down across the board at a steady clip from last year). Don’t tell the phantom Brickell bulk buying smart money vulture funds that… or else they’re going to have to break out the calculator again and find more bagholders… I mean investors to make up the difference.
Craigslist
miami.craigslist.org/search/apa?query=plaza+brickell&minAsk=min&maxAsk=max&bedrooms=
miami.craigslist.org/search/apa?query=brickell&minAsk=1500&maxAsk=3000&bedrooms=
There are a couple of differences between pervious busts and this one. First off all though the % decline may be similar to pervious busts and now home prices are finally in line with the proper historical % of income, however a major difference is the 0 down or low down payment loans that have occurred that was never before seen. People that bought in and around the peek with a low down payment are more likely to short sale and foreclose then people that bought in the peek in pervious busts that had 20% or more down. Add the fact that many people obtained sub prime mortgages which to me means 1 of 2 things either 1) they have bad credit and could care less, thus are less morally inclined to keep the property and save their credit 2) they have bad credit because they cant afford the payments, these people will foreclose because they really cant afford to pay the monthly payments regardless of wanting to preserve their credit. People are not hesitating to walk away from there obligations this is a real problem for the real estate market because when you have a foreclosure property listed right next to yours for 30% less guess which one will sell. Further more Miami and Vegas can not compare to other parts of the country or state for that matter. In areas that had so much over building the prices will fall harder and longer. Although both Miami and Vegas are nice places to live and have stronger demand then other parts of the country there simply is far to great of supply that will over compensate for the demand. The reason is it takes less then a year to build houses, town houses, or low story complex’s which was what was being built everywhere else. In Miami we have these 50+ story buildings which take over 3 years to build, so when things slowed down you had other parts of the county stop building 2 years ago here in Miami you still have projects coming to market that were started during the boom. I stayed an optimist for as long as I could. I had to, I had a lot invested but I saw first hand what the prices are going for. At this point I see prices 50% what they were in the peek of 2005, how much lower can they go is anyone’s guess but they will go lower. Prices will eventually go up they always will and rates are very attractive right now but as they say on this blog the “smart money” will wait out for the bottom.
That Cyril Moulle-Berteaux guy who wrote the “Housing Crisis is Over” article is just another housing cheerleader douche. How many of these idiots have we heard from over the past couple of years? Surprised these guys get any attention anymore. Lots of flaws in his arguments:
http://calculatedrisk.blogspot.com/2008/05/is-housing-crisis-over.html
I took a tour of 900 Biscayne Bay today. Fantastic amenities! I’ll post the pictures that I took later this week.
The problem with comparing the Miami and Las Vegas condo market with a National Housing Average (and is being highlighted by the foreclosure rates) is that nationally, you are talking about primary single family residences while in Miami and Las Vegas, you are talking about 2nd home condos in large part.
The dynamics at play are very different between the 2. People will fight and pay up to stay in their primary home, while they will readily walk away from an investment gone bad. Since the 80’s, there’s never been a stretch of time where an investment in Miami was ever bad till now. People talking about the Miami housing market being strong and bouncing back is just conjecture. This is the first time the housing market’s been tested in the past 20 years. Speculation does not equate to underlying strength in housing demand. Miami didn’t do so hot in the 80’s. Let’s see if 2010 is just a repeat of the 80’s.
Crude oil jumped over the $122 mark — before settling at a record $121.84 a barrel. Traders say the next benchmark is $150 and Goldman Sachs — oh yes they did — went there, saying oil could reach $200 a barrel
My friends… We’re Doomed
Are they still trying to price Marquis above 900? Seems it should be the other way.
jcrimes, nice white paper. Makes you kind of wonder what is going to happen here in miami-dade
when gas hits 7 dollars per gallon with our 26K median annual salary. Ironically, I think that
7 dollar a gallon(200 dollars per barrel oil) helps the brickell condo market more than it hurts because more people will want to live closer to work.
The MIAMI housing market isn’t bottoming right now.
Here is a 6 months old article by Tom Dyson. IMHO the article reflects the current state of Miami’s RE market.
Sandpapering the Vultures to Death
By Tom Dyson
October 22, 2007
The vultures are circling Miami…
Matthew Martinez is the point man for a large private-equity fund from Connecticut. His mission: Fly to Miami with $200 million and buy cheap condos. “We’re looking at purchases of $7 million and up, all-cash,” he says.
Jack McCabe is the person you always see quoted in newspaper articles about the Miami condo meltdown. He has a vulture fund, too. It is eight figures in size. He calls it “the opportunity fund.”
Peter Zalewski has found a profitable niche. He runs a real estate brokerage called “Condo Vultures.” It’s a registered trademark. He has a website and a blog. He’s aiming to corner the market in Miami bottom feeding.
“Our group, for example, has been contacted by more than 40 different groups,” says Zalewski. “Four are from abroad. As different as they are, all of the funds are ready, willing, and able to invest. All want to buy all-cash, and close quickly.”
“[Last week] I was brought a 330-unit bulk deal out of a 750-unit project in West Palm Beach,” said Zalewski. “I sent it out to 29 hedge funds and private-equity funds and, within 45 minutes, I had four responses.”
My view: These condo vultures are going to lose all their money. Here’s why…
Last year, Steve wrote about Bob Farrell’s theory of the “guillotine and sandpaper.”
When a bull market ends, first you get the guillotine. Prices plummet. It happens so fast, you don’t know what hit you. The market blows right through stop losses. By the time you’ve come to your senses, you might be down 50% or 75%…
At this point, the bottom seekers pile into the market. We’re getting close to this point in Miami.
The bounce is just as violent. Now the bottom feeders and the sellers are in a tug of war. They are debating… distributing… arguing… everyone wonders if the market has reached a bottom or not. It generates volatility. You’ll see lots of debate in the press, too. The market stays in the limelight, even though it has collapsed.
Both groups are wrong. They forgot about the sandpaper.
Between the guillotine stage and the start of the new bull market, you get the sandpaper.
In the sandpaper stage, the market forms a range. The excitement of the crash slowly drains away. People get bored. It wears everyone down as the market drifts slowly lower. Inflation, taxes, interest payments, and fees erode investments. Eventually folks throw in the towel and find another market to gamble on.
This is the true contrarian buy point… when no one cares anymore.
Sandpaper can last a long time. Gold formed an incredible bubble in 1980. Then it burst, falling from $850 to $450 in just 10 weeks. That was the guillotine. Then, it traded between $300 and $500 for 20 years. That was the sandpaper. Yes… it took 20 years to wash all interest away. By 2000, gold was at $250 and most investors had forgotten gold ever existed. They were busy gambling on tech stocks.
That’s when the new bull market in gold started.
So how will we know when it’s time to buy Miami condos again? Homeless people will have invaded downtown. The place will look seedy and run down. Mention your interest in buying a condo at a dinner party and everyone will laugh at you… or quietly change the subject.
We’re probably still 10 years away. Real estate moves at a glacial pace.
In sum, bull markets do not start after the guillotine. They start after the sandpaper. The condo vultures in Miami may think they’re acting smart by buying distressed properties. I bet they get sandpapered to death.
Good investing,
Tom
Hecky, I like your theory and possibly agree with it.
The big elephant in the room is how will most knife-catching buyers finance their Florida condo purchase? Let’s see…they will probably need at least 20% down (hard to get PMI in Florida now) and banks will require full doc disclosures etc. Sounds like 75% of the potential buyers won’t be “able” to buy no matter how “willing” they are to catch that falling knife now…
I had spoken on several occasions to a local Miami worker in the condo that I am renting in, his wife had been pushing him to buy (and so had a bunch of his Realtor® “friends”) so I explained why I am renting now instead of buying….he looked into it some more. Fast forward 6 weeks….he didn’t buy anything yet and the other day he said told me thanks and that my advice probably saved him from a $100K mistake….rent rent rent.
you guys keep mentioning l.a. fitness in brickell, where us that at?
JR56,
It is going to be located in Mary Brickell Village. 6-9 months maybe? The lease has already been signed.
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Mark: I’m paying $2000/month for a high floor, 2-BR/2-bath, city-view. Only one other unit on my floor seems to be occupied.
movin’ metro : Agree with you on the garage. I walk to work so I do not deal with it on a daily basis. I find it is easier to get into the garage if you turn from Brickell than if you are coming from Brickell Bay Dr. Another negative – sometimes the elevators take forever to come – what is going to happen when the building is full?
Mark: I am paying $1400 for 1/1 corner unit. Low floor (but I really like our view of the city- also a plus is that unit and parking are on the same floor ). City view. We were the only people in our floor until last week – I think two more units are now occupied.
Hecky:
Thanks for the Dyson article; Stansbury et. al. have some really sharp analysts. I’ve made a ton of money off their picks the last four years…
RE: movin’ metro // May 6, 2008 at 5:04 pm
// can’t wait to get home and try that out. now my only gripe about the place is the garage. or am I missing something there, too?
Why do you need to get into the garage? The Plaza has valet 24 hours a day!
Do you have anything personal against “valet parking or you don’t trust anybody with your car…?
I haven’t had any problems with the valet guys.They are nice and courteous and so far, they’ve been very careful with my small SUV.
Allow me to start this comment by affirming that I’m not a pessimistic person. I am a realistic person and I like dealing with facts and details.
I was approached by a friend with an opportunity to invest in the largest single RE project in the United States.
Guess I will be moving out quite soon… to Houston.
FACTS:
For the first time Texas passes N.Y. as home to the most Fortune 500 companies.
Houston (with 26) ranks second among metropolitan areas in the number of Fortune 500 headquarters, behind New York (with 43).
Houston is the fourth-largest city in the United States. Is growing at more than twice the national pace with a low cost of living and a well trained and educated workforce.
Houston ranks # 1
Texas — Foreign Direct Investment Destination
Source: The Perryman Group (as reported in the Houston Business Journal ) – April 18, 2008
Houston ranks # 1
Nominal Job Growth (March ‘07 to March ‘08)
Source: Metropolitan Area Employment and Unemployment: February 2008, U.S. Bureau of Labor Statistics press release – April 2, 2008
Houston ranks # 1
Texas — Wind Power Capacity
Source: American Wind Power Association (as reported in the Houston Business Journal ) – April 2, 2008
Houston ranks # 1
Fastest Job Growth (March ‘07 to March ‘08)
Source: U.S. Bureau of Labor Statistics – April 2008
Houston ranks # 1
Texas — Biotechnology Financial Incentives
Source: FierceBiotech – February 19, 2008
Houston ranks # 1
2007 Most Accessible City for the Disabled
Source: The National Organization on Disability –February 14, 2008
Houston ranks # 1
2007 Easiest City to Work With
Source: ConferenceDirect (as reported in the Houston Business Journal) – January 18, 2008
Houston ranks # 1
Texas — Positve State Government Impact on Local Business Climate
Source: Expansion Management, 2007 Legislative Quotient – December 17, 2007
Houston ranks # 1
Lowest Cost of Living and Least Expensive Housing Among Major Metro Areas
Source: ACCRA Cost of Living Index – Third Quarter 2007
Houston ranks # 1
Faculty Productivity Among U.S. Research Universities – Molecular Genetics, Baylor College of Medicine
Source: Academic Analytics:U.S. Faculty Scholarly Productivity Index –November 16, 2007
Houston ranks # 1
Faculty Productivity Among U.S. Research Universities -Electrical Engineering, Rice University
Source: Academic Analytics:Faculty Scholarly Productivity (FSP) Index –November 16, 2007
Houston ranks # 1
Faculty ProductivityAmong U.S. Research Universities – Computer Science, Rice University
Source: Academic Analytics:Faculty Scholarly Productivity (FSP) Index –November 16, 2007
Houston ranks # 1
Faculty ProductivityAmong U.S. Research Universities – Health, Physical Education,and Recreation, University of Houston
Source: Academic Analytics:Faculty Scholarly Productivity (FSP) Index –November 16, 2007
Houston ranks # 1
Fastest Growing Companies
Source: Fortune – September 17, 2007
Houston ranks # 1
Best Hospitals for Cancer Care: M. D. Anderson
Source: U.S. News and World Report – July 2007
Houston ranks # 1
Top U.S. Manufacturing Cities
Source: Manufacturers’ News Inc. (as reported in the Houston Business Journal) – May 30, 2007
Houston ranks # 1
Top Small Airports in Customer Satisfaction – Hobby Airport
Source:J.D. Power and Associates (as reported in USA Today) – May 23, 2007
Houston ranks # 1
Largest Immigrant Communities in the United States
Source:Center for an Urban Future: A World of Opportunity – April 10, 2007
Houston ranks # 1
Number of Overall Building Permits
Source:Demographia – March 2007
Houston ranks # 1
Number of Single Unit Building Permits
Source: Demographia – March 2007
Houston ranks # 1
Dining out
Source: National Zagat Survey (as reported in the Houston Business Journal) – November 1, 2006
Houston ranks # 1
Most Pet-Friendly City for Travelers
Source: AAA as reported in the Houston Business Journal – September 26, 2006
Houston ranks # 2
Texas — Total State Population
Source: U.S. Census Bureau – April 18, 2008
Houston ranks # 2
Energy-Efficient Construction Among Large U.S. Cities
Source: TXCN.com – April 4, 2008
Houston ranks # 2
Texas — Nominal High-tech Job Growth
Source: Cyberstates 2008 (as reported in the Houston Business Journal ) – April 2, 2008
Houston ranks # 2
Fastest Growing U.S. Office Market
Source: Grubb & Ellis – First Quarter 2008
Houston ranks # 2
Local Government Green Power Purchasers
Source: EPA (as reported in the Houston Business Journal) – January 28, 2008
Houston ranks # 2
Leading Export Metros
Source: Federal Reserve Bank of Dallas (as reported in the Houston Chronicle) – January 24, 2008
Houston ranks # 2
Texas — Value of Foreign-Owned Assets
Source: Southwest Economy – November/December 2007
Houston ranks # 2
Fastest Growing World Metros for High Income Earners
Source: Demographia: 2008 International Affordable Housing Survey – Third Quarter 2007
Houston ranks # 2
Top 25 Undergraduate Schools for Entrepreneurs – University of Houston
Source: Entrepreneur.com (as reported in the Houston Business Journal) – October 10, 2007
Houston ranks # 2
Metro and Texas — Gain in New Housing Units
Source: U.S. Census Bureau – September 17, 2007
Houston ranks # 2
Texas — Top U.S. Manufacturing States
Source: Houston Strategies (as reported in the Houston Business Journal) – June 28, 2007
Houston ranks # 2
Texas — Best Business Climate in the Nation
Source: Site Selection – March 2007
Houston ranks # 2
Best Logistics Metros
Source: Expansion Management – September, 2006
Houston ranks # 2
America ‘s Greatest Golf-Home Towns
Source: Golf Digest as reported in the Houston Business Journal – May 9, 2006
Houston ranks # 2
Campus Diversity: National Universities – University of Houston
Source: U.S. News & World Report – America’s Best Colleges 2006
Houston = BORING!
Move to Austin
JL // May 7, 2008 at 3:29 pm
Move to Austin
And full of mosquitoes and Bush Republicans!
Anita: I don’t agree with you…the Plaza does NOT yet have valet 24 hs/7 days per week. I walk to work most morning and the valet are not usually there when I leave…I also did not see them last Sunday afternoon…and a few other times. A couple of weeks ago I asked the condo association if there was 24 hr valet yet and they said no. I guess you have been lucky so far in the hours you have used the valet.
Greater Miami Metropolitan area (urban agglomerate) has overtaken all other cities to be the 4th largest in the united states after NY, LA and Chicago. Hecky, Get your facts right.
here is the list of the worlds largest urban agglomeration. Miami slipped from 44th place to 47th but held up the 4th spot in USA. Houston ranks 64th in the world and 9th in the USA.
http://en.wikipedia.org/wiki/List_of_urban_areas_by_population
Hecky, no matter what, Houston will always remain a hicktown for hicks (no pun intended)
got a chance today to go into 500 brickell and view the common areas, lobbies, and units…. yeh not to impressed..very plain jane
IF YOU WANT TO KNOW IF NOW IS THE RIGHT PRICE TO BUY A CONDO I HAVE A SIMPLE FORMULA THAT WILL SAVE YOU TONS OF MONEY.
(Monthly rent of unit/identical unit) * (120) = $ Real Value of Condo.
EXAMPLE 1:
2 Bedroom/2 Bath condo in Plaza rents for $2000 a month.
(2000) * (120) = $240,000
The true value of a condo that commands a monthly rent of 2000 a month is $240,000
Example #2:
1 Bedroom/ 1 Bath rents for 1,100 a month.
(1,100) * (120) = $132,000
The true value of a unit that rents for 1,100 a month is $132,000
…. This formula will save you would-be condo buyers from bankruptcy.
Now that the flip-game is over, Properties are now only worth what they are worth. Its the P/E stupid! and this formula is the new P/E formula for condo’s.
If the price of a unit is higher than (monthly rent) * (120) then it is overpriced and it will fall back to that price over the next 2-5 years.
Christopher….
You have made me laugh with your retarded formula …
I have seen it all !!!
JR56,
Thanks for the “got a chance today to go into 500 brickell and view the common areas, lobbies, and units…. yeh not to impressed..very plain jane
I am so sure that it is a real piece of sh*t that I am passing on the walkthroughs. They probably shifted to “dirt cheap” when they had ove 200 units up for resale in March 2007.
Even their hideous “pre-closing” letter said they were “punching out” the units. Too bad it’s too late to anticipate a Related “reorganization”.
I love how this forum is full of ppl who seem to lack any common sense. Why the gloom and doom mentality? The ranters on this forum sound like the typical renters who cant afford to buy any of these condos- they enjoy other people’s misery. It boils down to jealousy.
The plaza is a great building. Please tell me which new construction building compares? All others are either on the fringes, in shitty locations (anything not on brickell ave or brickell bay), are overpriced, or are built by underfunded/inexperienced developers. This building is the crown jewel of Brickell.
yeah i thought the same thing when i read “punching out the units” hahaha.. i mean dont get me wrong the areas look identical to the renderings, however it just doesnt do anything for me in person.. it needs color.. paintings, wall paper, paint, or greenry at least. spend some money and throw a f*ckin plant in some corners… just white walls an furniture. i was emailed some pics ill try and post a link to the here if i can find out how.
basamati:
un-related and i are unit owners in a supposed more quality building then plaza, “500 brickell”
i’ll speak for myself when i say maybe just a little dissatified with the product. not jealous just unhappy 2 very different point of views.
same developer and all.
besides plaza isnt all that you are hyping it to be “crown jewel” my ass
basmati
the day related decided to put carpet in plaza is the day they officially acknowledged the place would be a de facto rental building.
http://cbs4.com/local/jorge.perez.miami.2.718209.html
Basmati – You obviously are a newbie to this blog. I choose to rent when I saw identical units for 1/2 to 1/3 the cost of owning in this market. I am moving from the midwest and not sure exactly where I want to set up a permanent home….renting a brand new, on the beach, direct ocean views, wrap around balcony….great unit, for half the price of owning. It would be dumb to buy a rapidly declining asset in this market, period. I am a cash buyer in the $1M+ range (I actually have millions just sitting in cash waiting to put some into a home and waiting to see how the stock market plays out the financial crisis before putting $2.5M more into the market) and am hardly jealous of owners right now. I take it you must be an owner? Hahahaha. My condolences.
Basmati sounds like Kendra Todd. Basmati must be used to seeing “insufficient funds” when he tries to take money out of the ATM. Basmati will be 65 yo with no savings.
That WSJ article was propaganda!
Here are some quotes from the now defamed former president of the National Association of Realtors, David Lereah:
“We’re not at the bottom,” he says. “[People] want it to be near the bottom, but we’re not there yet. The leading indicators are still very bad. Pending home sales are still in bad shape. Mortgage applications are low … There’s still supply out there in abundance … This thing is going to get worse before it gets better.”
“We’re probably going to end up with a 20 percent [decline], but if I’m wrong it will be even more than that”
“I didn’t think this would turn into an all-out bursting of a balloon for the whole nation”
“That (lending) got so out of hand, and none of us realized the magnitude of it until it was too late.”
Christopher, I think I saw Alejandro mentioning that formula as a very rough measure. Was that meant to gauge a condo’s price or a house? In Miami, you get high taxes and the HOAs that screw up general calculations.
i have a 1 bdr at plaza. it is very cool building. i love it. prices are not dropping as you would think. people are closing and love the building. honestly i like it better than jade. you have to visit to judge
The smart money knows now is the time to rent. Why would anyone purchase a rapidly declining asset in this market? I guess Basmanti doesn’t exactly fall in the smart money category.
Perez needs to either put his own money up or shut his pie hole. His previous announcement of the fundraising for a Billion dollar fund (of other poeple’s money) to prop up unsold Miami condo inventory was not a vote of confidence in the RE market.
If he’s at all confident about the resiliency of this market, why does he want to invest other people’s Billions and not his own Billions? Maybe Jorge really is smarter than we think.
Is the HOA at Plaza similar to the Biscayne Wall condos?
HOA fees
i think the plaza is at .48 per sq ft…. biscayne condos i dont know how much they are
Un-related, jcrimes, JR56,
Any pics/letters of 500 Brickell would be great. Haven’t gotten any pre-closing letter yet. Any luck trying to renegotiate a contract? Renegotiations of a resale possible?
what’s interesting about perez’s comments is that i remember a few years back i was at an event where he spoke. when asked about the heated RE market, he said something along the lines that the strategy being employed was akin to doubling down at the blackjack table, i.e., new buildings would be announced if the prior ones sold out. the risk in this strategy, according to perez, was that if the music stopped, the loss you took on the last announced buildings better not exceed your profits on the earlier projects.
in terms of perez’s wealth, i have no doubt that he is “liquid” (in honor of wall street getting the amc treatment this week), however, i don’t think he is as wealthy as many think. don’t forget, most of these developers’ “wealth” is tied up in their RE, an illiquid asset that does not have a readily identifiable value like stocks. throw in the fact that he might have some big guarantee liabilities and that possibly crimps his style a bit (but not enough to hurt his attire – the guy has a great tailor).
an aside, i’m curious how his fund is set up…since he’s running it and/or investing in it in some capacity, and the fund is assumedly investing in his projects over others, i guess it provides he can engage in self-dealing. mainly, he can have the fund buy out his unsold inventory in a transaction that arguably isn’t arm’s length.
Alan asked: “Any pics/letters of 500 Brickell would be great. Haven’t gotten any pre-closing letter yet. Any luck trying to renegotiate a contract? Renegotiations of a resale possible?”
You probably did not get the letter if your unit is in the West Tower. They won’t be starting closings there until July. (Anything to drag it out for the lender.)
I asked that cluster fu** artist who sold me mine that question a year ago and he, instead of answering my question, laughingly told me of his personal “purchase and resale at a large profit” of a unit in the same line as mine.
Hang tight, there will probably be a buffet of lawsuits to join onto by the time you are set to close.
Un-related re: 500 Brickell,
Thx. Where can I go or who can I be put in touch with to find out about the group lawsuits this building?
Alan-
you can look up lawsuits online. You can enter the entity name used in your contract.
I have a 2 bedroom unit at The Plaza and I’m in heaven! It’s honestly a great building. Couldn’t be happier with my purchase.
MIKE K… ARE U RENTING OR DO YOU OWN THE BUILDING?
General question for this project,
Does anyone know if Realted didn’t build the glass courtyard that is advertised in their virtual tour of the project, is that grounds for walking away from the contract?? Wouldn’t this be a material change from what was advertised originally??
I think that they are in the process of building the glass courtyard.
They are building it. I work across the street.
I just closed on a unit on the 18th floor, very nice view. For those planning on closing at the Plaza, get out of the Title Company the Plaza has you automatically set up with. A nightmare to deal with…
email me if you need more info:
[email protected]
http://www.UniFersal.com is a housing marketplace that connects people locally, nationally and internationally. People from all over the world can buy or sell properties, professional services, items and more for free! This is the only website that allows you to make and receive offers and chat with buyers/sellers directly, all for free.
I stumbled across The Plaza as an outsider, new to Miami and single. After two weeks of living in one of the highest 1 bedrooms, I’m absolutely thrilled with my luck but concerned for my health.
It seems as though too much good food and stylish nightlife will eventually take it’s toll on me. Until then, Cheers!
When my house sells I’ll definitely consider buying here.
I live in a 2 BR at Plaza, and I absolutely love it! High floors have some of the most beautiful views I have ever seen! The location is great, we are so happy to be able to walk around to some great restaurants, shopping, etc. Plaza is amazing, no complaints so far!
Am I the only person to notice that the Plaza, along with all of Jorge Perez’s other buildings only have 1 PARKING SPOT per unit!?! This means that if a couple buys a 2 or 3 bedroom at the Plaza, Brickell Icon, 500 Brickell or any of the other projects they would only have 1 assigned parking and would be forced to rely on valet parking for as long as they live there for their second vehicle. Absurd but true. Doesnt this bother anyone else? Would you like to be forced to rely on valet parking every time you want to leave your apartment??
Snarf,
Per law the developer is supposed to provide minimum 1 parking per flat. If a developer wants to give extra, that is up to him but no one does that. Those who want are buying extra spaces at the rate of 25,000 per spot. In some buildings you cannot even buy an extra spot even if you want to as they did not make any extra while building.
But be thankful that you have at least 1 spot. In TMP and some other buildings, it is valet only. Not even 1 self parking spot. I would never ever live in a building like that.