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The 1800 Biscayne Plaza and the 50 biscayne are good deals. But 50 Biscayne HOA is quite steep.
Hey AJ, I thought Indians never bought American. Your amazing sports car that your brag about is a crossfire right? Way to live on the wild side bro.
I’m so depressed I don’t drive an awesome Chrysler Crossfire:
“Crossfire… you’ll get caught up in the… Crossfire” repeated, eventually ending with a dramatic yelling (CROSSFIYEAAH!) and a deep moan.
http://en.wikipedia.org/wiki/Crossfire_(board_game)
AJ,
Sorry not to respond to your earlier comments. I completely agree with your assessment about the site. The content has not been up to par within the last 1-2 months. I, alone, have been completely responsible. I accept complete fault.
It has been progressively difficult to balance the integrity of the website with the customer service that my clients expect. I’m a Midwestern guy so I don’t agree with or respect the the Miami (Latin Standard Time) that is tolerated in South Florida. I’ve been working 9am-11pm hours lately but honestly I miss taking part in this site the most. This website has always been my pride and joy.
However, yesterday I hired an assistant and recently brought in another Realtor to help facilitate the leads with me. This added help should now allow me the needed time to adhere to this site. Please allow me until the end of the month, however, because it does take a lot of time on a daily basis to train new help. I was a one-man show until this point, so I hope you understand.
It has been very difficult to create new content because I used to have a lot of free time to go out and explore new buildings on my own when I had the time in between showings. Now, showings are back-to-back each day with running back to the office to write up offers and respond to emails that require property searches, that I’m no longer afforded that time. I think it’s completely unprofessional to walk around and take pictures of a condo while your clients are touring it and the building with you and requesting information and your guidance from you at the same time.
I’m also in the process of hiring a “personal” assistant, however, who would accompany me on each showing to take those pictures while I’m with clients so I can “walk and talk” throughout the tour but not need to feel like I’m taking time away from them, to create content for the site. I can then use those pictures in the evenings to once again allow myself to provide you content. I would honestly love to return to that point. Writing has always been very therapeutic for me ever since I was a kid . These last 3 months haven’t afforded me the time to enjoy that feeling, however, but I’m moving up to that. I have HUGE plans for this website.
On top of it all, I’ve been working on the BIG project that is expected to launch around the middle of September. What I have planned is going to be HUGE! And then a month after that I’m planning something else that is really big. Then, 6 months later I’m planning for another launch. I’m always thinking and planning AJ. So, please don’t feel like I’m not responding to you or others commenting. My plan is to create a team that will allow me the time to answer every phone call without hitting a voicemail, respond to every email within 2 minutes and respond to every question or email within minutes as well. The Internet age has made it business-wise to respond to everyone within one hour or else they’ll move onto someone else. I don’t want to afford those clients the time to even think about emailing or calling someone else. I’m a whore for market share so I won’t continue to allow my competition the opportunity to get my spillovers. I’m also going directly after those Realtors that don’t believe I’m their direct competition. They’ll believe it soon. 2010 will make them believers!
Now, I’m going to finally follow my nightly ritual of watching “Wall Street” and falling asleep to it. My favorite line in the movie is “The most valuable commodity that I know of is information”. I agree 100%. My dream is to provide everyone on this planet within means to buy a condo with information pertaining to South Florida condos (Not only Miami). It’s going to happen, just a matter of time. Good night everyone.
This list is terrible news for original owners. Absolutely terrible.
Real estate never goes down.
It’s a great investment.
It’s a new building and won’t require any maintenance.
You can always rent it out.
Maintenance fees won’t go up.
Agreed – Wild Bill,
There are risks involved in real estate. There always has been. Unfortunately, over the past 3 years there weren’t any foreseen rewards. It was always just downside for those educated enough to foresee it. We’re near the bottom, however. In some condo buildings, we are at the bottom. This is it. This is the reason why I allowed myself to be fired from a former brokerage because of writing the truth at the time. I told everyone to not buy and everyone to sell. My broker at the time, fired me because he felt that my blog was losing him more business than I brought in. I tried to explain to him that eventually the market would shift and that clients would trust those Realtors that weren’t trying to sugar-coat the market when it was obviously bad to everyone. He felt that our job as Realtors was to sell in ANY market. I didn’t agree. I’m an advocate of free speech. He also felt that I should censor the negative comments everyone was leaving about the market. I was like “Are you kidding me?”. That would have been a horrible idea. I’m now glad that I listened to my gut instinct and allowed free speech to reign on this blog.
Wild Bill – Of course there’s risks…but finally there’s opportunity!
It is not possible for certain Condo’s or the housing market in general to have stabilized or hit bottom, real wages dropped 4.7% the most ever on record and unemployment continues to increase and may well pass 12%. These are the two main factors that drive not only the real estate market but the economy as a whole.
Tighten you selt belts folks this train is picking up speed and heading down the mountain for one hell of a crash woo! woo!
Odd & Son’s. You are missing two important concept’s. first, The market has already under-written into real estate prices the lousy real wage/GDP/un-employment statistics, and with each new month we are seeing greater evidence that we have seen the worst and although it is really crummy out there, it’s not as bad as what has been under-written into real estate values (at least at the lower end). second, the lousy statistics cannot account for the massive federal stimulus that includes a huge tax credit for 1st time home buyers, that is clearly boosting the sub-$250K prices. My opinion is that homes $500K + will continue to suffer for the next 12-24 months, but for those under $250K we have found a bottom.
Odd & Sods,
I used to work as an options market maker on the Chicago Board of Options Exchange for 4 years. The most important thing I learned right away is that all economic data is already priced into the market by the time you get the info. If you read an article that has a negative or positive response to the market and you truly believe that you have a leg up on the market because you feel that you’re the “first” person to respond to the new information, then you’re the “fool”. ALL information is priced in unless you have INSIDE information. Traders have inside information (even though they’ll never allow you to know that)…trust me…I was there…information is key…when Goldman Sachs came in to buy 1000 puts in a given equity stock one hour before earnings were released, we would bet with them….it was EASY money…their clients would tell them to buy 1000 puts one hour before earnings…I’d walk away from selling them any…and then come back and short the stock minutes later…EASY money…if you think you have any information on these giants that conflicts with their clients’ wishes then good luck!
It’s no surprise that unemployment is down. It’s expected. It’s price in. Any type of economic data is already priced in unless the data that actually gets released is higher or lower than expected. Housing data came in much better than expected lately and that’s why we’re seeing the stock market continue to rise. The expectancy for it to continue to either flat-line or go down was already priced in. Those expectancies were incorrect…that’s why the market has continued to go up.
I honestly don’t agree with the stock market. I’m waiting for certain put options to hit my price and then I’m a buyer. I’m within a week or two to buy those puts…we’re going to see another downfall…just a matter of time. With Obama’s never-ending spending plan, this country is gonna hit another downfall. Obama is spending us into bankruptcy. I watch the market every freakin’ day. I’m watching one equity stock in particular. I’m gonna PUT it to death and ride it. It has had one hell of a run-up that my boys on the CBOE are telling me that GS is starting to buy ATM puts lately. Next Friday is gonna be ugly for the market…that’s my opinion. I’m personally gonna start placing my put option bet next Thursday.
Trust me…anything that the NY Times, Wall Street Journal or any other business-related journal writes has already been priced in. Where do you think they get their stories…from traders, Realtors, etc. We provide them the stories….they edit them, they relay them to their editors and then (at best) they print them 2 days later. Whatever you read in a business-related article is at least 2-3 days old. I personally hate to work with the Wall Street Journal. They wanted me to work on a Miami condo story for them and I did it. I gave them a draft. Then, two days later they edited my draft. Then, two days later the Chief Editor edited my draft. Then, I finally heard that my piece was “too outdated”. I was like “Ummm…..are you kidding me?…I had emailed this to you a week ago and you expect it to still be fresh even after you spent a week editing it to pieces?”. That’s why blogs are the “REAL” deal when it comes to news stories. We write unedited, cutthroat news pieces. That’s my passion. I have no interest in presenting any story to an “editor” who wants my ideals or theirs to coincide with their conglomerate corporate ideals. There’s too much politics behind those news corporations. For some reason, they all believe that Obama is a savior when in reality he’s the downfall of this great nation. If you haven’t already guessed (I’m a Republican…but I do believe that some Democrats performed a great job….JFK for one…Clinton wasn’t even bad). I just don’t like the idea that media should be political at all, however. It should be what it is. The Truth!
Obama is performing a horrific job. That’s the truth. (That’s me being nice about him.) I really hate to speak out against a president (I wrote “president” lower-case for a reason) but I really think this nation is going downhill with him as pres. I give him credit though…he is a fabulous speaker (when he speaks from a tele-prompter). We haven’t heard the word “impeachment” in quite some time but…it may be that time again.
Tex,
Just read your comment. I agree with you 100%. Are you a trader? Most people don’t understand the concept that the “new”s really isn’t new at all. Seems that you do though. You must be some kind of Wall Street person.
AJ,
See…now that’s why I haven’t responded to any comments lately…it means that I don’t get any sleep. I get too passionate about this. My clients are gonna hate me today. I get grouchy when I don’t get any sleep. (At least I was able to watch “Wall Street” 4 times in a row though…that’s a good thing). I love that movie.
Time to hit the shower…and start another day. I wish you all prosperity and equality today…(that was idiotic of me to say…that won’t happen during this presidency). So, just wish you all respect for those who see beyond this idiotic president’s socialistic plan.
Lucas, I know it’s your blog, but it might be a good idea not to express such strong political beliefs. You might alientate some potential clients. Just my 2 cents.
lucas, the banks are keeping huge amounts of foreclosures to prop up the market
they also say that 80% or some crazy # of homeowners in usa will be under water by next year
plus massive amounts of new foreclosures, you are saying this i s the bottom –
you also say you don’t sugar coat the info…….. so if thats the case, then the only conclusion is
your wrong………
just because whosale buyers come in a market does not mean we are at a bottom (in miami)
we are speaking about miami ?? right ???
lets talk next year after another 10 % drop
drew
Lucas,
Haven’t heard from you in a while! Maybe we heard a little too much 🙂 Just kidding. Everybody has a right to voice their opinion-that’s what makes this country so great. But the Obama bashing is a bit much. Remember, he is only reacting to problems which were created under his predecessor, Bush. If Bush had done even a half assed job at overseeing the country and regulations, we would not be in this mess to begin with. And Obama would not have a reason to spend our futures into oblivion. He was really in a no win situation-let the economy collapse or indebt our future generations with the current leadership’s stupidity. Personally I think we should vote all the monkeys out of office and put a different animal in its place. Just to shake things up a bit 🙂
FDIC is opening an office in FL with 500 staff to take over failed banks a dispose of their assets.
More reo to come….
been trying to keep updated on this blog while exploring this beautiful country.
Was that really Lucas? Wow, sounds more like hatred than dislike. “horrific job”,”I really think this nation is going downhill with him as pres”. Relax Lucas, you might burst a cornary. You are letting your religion get the best of you, besides you are giving the man too much credit. He is not God and George Bush and the repubs couldn’t distroy this great Nation after 8 years of complete incompentency Obama won’t after 6months. You should Stick to selling real estate instead of giving stock tips and suggesting people short stocks. If you are such a great stock picker what are you doing selling real estate? I think your recent (3 months) success is starting to get to your head. When we want to hear your opinion on the stock market and Politics we will ask someone esle for it in the mean time stfu and post something useful about MIAMI CONDOs.
Lucas,
I suspected all along that you were totally hard pressed for time. I myself had one of the worst summers in a long time regarding time and a million things to do. So no need to apologize.
Regarding Obama, I am not so sure yet. Its only been a 6 months since he took office and why judge so soon. Probably 1-2 years into the office, we can make some assumptions (I am an independent BTW).
I am not totally on board with DJ. Even if I am a card carrying rabid Democrat, I would still do business with Rush Limbaugh if he is going to get me a good deal. If some Democrats get miffed that Lucas did not like “their” prez and so they will go elsewhere means they are not rational in the first place and they will make bad choices anyway, no matter what. At the end of the day its all about money, Isn’t it?
gables,
I disagree. We have enough assholes on here expressing their opinion about everything they know nothing about. If anything we need Lucas to curtail some of that not add his 2 cents into the mix. People just got on his ass about not posting relevant info on the blog then he goes off on this tangent about real estate and politics.
Guys, I have a question,
My SOBE unit had a bathroom drain back flow and damaged a few tiles in the bathroom unit below.
The plumbers could not establish what is the reason for the back flow. I am arguing that as my tenant did not cause any blockage nor that I knowingly ignored any existing problem, I should not be responsible. There is no negligence involved at all.
The damage is minor in the unit below and they have home owners insurance too (but probably the repair cost may be less than the deductible).
1) Am I liable to repair the bathroom below? Or just sit tight.
2) What is the role of association in this regard where no one seems to know if the problem occurred in my unit or the main line of the building.
3) Is there some kind of insurance to protect oneself from such liabilities in the future? (the flood insurance it seems does not cover liability and the damage your unit causes to someone else’s prop)
I would like as many opinions as possible. Thanks.
I noticed that the Blue Condominum listing above #1701 states in the disclosure that “CHINESE DRYWALL DISCLOSURE REQUIRED”.
Does anyone know if this building has had problems with their drywall to require this? Is this part of the reasons why the prices in this building has come down so low?
AJ would you do business with someone who is know to be totally irrational?
Well that is what Lucas came of as with his rant about politics and the stock market.
It is ok to be against the president policies, hell most people are not sure if his policies will work or at least dislike some part of it. Lucas rant came off as more than healthy skepticism sounded, more like a right wing religious zealot who hold on to religious beliefs despite what physical evidence proves. If he is irrational about finances and politics can we expect him to be rational about real estate? He might be knowledgeable about Miami RE but he did a dis-service to himself.
I think this is causing a lot of heart ache. Lucas, If one of us makes a controversial post, we cannot edit it or erase it. In fact I was going to ask you about that, some blogs allow you to edit your own post within a certain time frame. What does your web guy think about that?
But as you have the control to edit and erase , why don’t you consider removing #8 as it seems to be rubbing a few people the wrong way. Personally I don’t care and I think we should not dwell too much on this.
But please chip in regarding the bathroom leak issue. I think some time in the future one of you may find yourself in the same situation and this might be of help.
Ding dong the dream is dead…One for now and one on its way…
On another note I am surprised no one has commented on the status or should I say the death of the once Heralded Miami 21 project as this definately changes everything! Adios Mayor Diaz as maybe some people in Miami are waking up…in order to have pedestrian friendly you need to have pedestrians…people not fearfull of walking out at night, shopping, spending money…I say good riddence…
The second is that Monstrocity planned for Watson Island, I mean if the billionaire cant pay his rent why even consider the project-again Wake up Folks!!!
AJ, if there is one thing that people do get irrational and bent out of shape about it’s politics….well politics and religion actually. I’m of the opinion that it’s best not to inject either into any business deal, because you never wanna turn off your partners/clients/customers who may feel strongly to the contrary.
Don’t get me wrong, Lucas is more entitled than anyone else to say whatever he wants on here, but I could imagine some posters or even casual lurkers might get turned off by anti-obama rants like that and may chose to look elsewhere when it’s time for them to retain an agent.
AJ
Review the assn’s condo docs in order to determine assn responsibilities (common areas vs unit boundaries). If the dispute escalates you or the assn will need to determine the exact cause and location in order to assess liability. So I would explore that and definitely not pay yet.
Re #3, require your tenant to purchase a renters liability insurance policy that will indemnify other tenants’ property losses for the actions of your tenant. But that is only if your tenant is deemed negligent by the insurer…if he’s not negligent (thereby not covered under the policy) and its not assn responsibility then its probably yours, unless your lease w the tenant specifies otherwise.
My guess is self-made millionaires who buy expensive condos MUCH prefer anti-Obama rants.
Aj, not sure why the tiles below would be damaged by some water if installed properly, isn’t that why they put tiles in the bathroom? You can refeuse to pay, all they can do is take you to small claims court where you will loose. I think the right thing to do is hire a day laborer and have them Killz the stain on the wall and paint over it. Do it yourself and save the cash. You can ignore them till they go away since it is a small problem. If you have a lanlord insurance policy then that sould pay for damage to other peoples property after deductables. Leak came from your apartment you should pay to fix it before they go out hire the most expensive contractor they can find then sue you for 10K worth of damages.
JL, you are probably right but the man is still wildly popular and most people still give him the benefits of a doubt. It does not make sense to potientally alienate a certain segment of your client base (even if it’s only 10%) especailly after posting about how he is trying to take his business to the next level. I’m sure most people don’t care about a realtor’s political views when buying RE but why risk it.
That wasn’t Lucas Lechuga. It was Sean Hannity in conjunction with fellow jackass Rush Limbaugh, because that it exactly who Lucas sounds like.
If you make sweeping statements that he’s “the downfall of this nation” please give some data to back up your claim. There’s no substance to your post/rant.
I’d counter and say that unscrupulous, slimy, lying realtors contributed to the downfall of this economy. Obama is just trying to clean up a mess that was greatly caused in part by your fellow “real estate professional” colleagues.
AJ – I take the back flow came up into your unit and the water seeped down to the unit below. That is, no broken pipe that could be a common element pipe? There was water from your unit that caused damage…do the right thing and just pay the $200 or whatever as a final settlement for the damage, get it writing, and move on. If you were the unit below that had sewer water (even if relatively clean) draining into your unit you’d expect the guy above to fix it. Just feel lucky that the guy below will go through the hassle to have it fixed and you don’t have to. It is part of being a floplord. Not worth the technical dispute or drama.
With respect to some of the economics. Lucas, you are right in that the markets – the collective judgments and best guesses and speculation of the future – are forward looking and many things are priced in, unless of course the numbers differ than expected. Hence, the market is no crystal ball that tells the future, it is just the collective opinion. That collective opinion can be very wrong at times…hence bubbles and irrational exuberances. That is why I love behavior economics and Shiller is so fun to listen to. I see the current administration as trying to build “confidence” to influence the collective wisdom and prevent unnecessary doom and glum becoming a self-fulfilling prophesy. However they have been using fear to push things like socialized health care…..give me a break, since when is that going to get us out of the CURRENT recession…..what a joke of an argument since it is a huge outlay now with the “hope” of lessor costs in maybe 10 years. Oh well.
With respect to debt. We had an enormous run up in credit/debt. The credit bubble burst in a potentially systemic meltdown that was averted at the time. The start of the burst was primarily in housing (although there were cracks everywhere that were being temporarily being sealed through debt hot potatoes such as trading one credit card balance to a new credit card, HELOC’s, etc.) as prices did not appreciate, the music stopped, and the absurd housing financing was exposed starting in the most absurd markets. Debt is used primarily for two things: (1) in a business, when debt is cheaper (usually by a reasonably large spread) than equity, debt financing is used and leverages the return on equity but comes with a risk that the debt service must always be met (or at least refinanced) even in the worst of time. When there are no real “worst times” for a prolonged period of time some businesses push the level of debt higher resulting in higher stock prices causing some businesses to be at the margin of being over leveraged….people can make a quick return and exit leaving others with the inevitable mess. (2) debt is also used to pull future demand and consumption into the present. We have seen consumer debt get out of control through credit cards, HELOC’s, auto loans, education loans, etc. Consumers are in the multi-year process of reversing this run up in debt. However, the fed govt has stepped in and has tried to substitute new debt for economic activity based on capital and wealth. The recent debt spending is huge and incredible beyond comprehension….when the govt BORROWS BILLIONS for the cash for clunkers program (note again, it has to borrow the money) to create demand, how is that different from consumer debt? Basically, it has created new socialized debt where the consumer was not willing to go in debt for the purchase individually. That is financial insanity. It also misallocates consumption and capital away from perhaps savings or purchases of other durable goods made entirely in the USA. We will see a spike in demand for autos as people scramble for the freebee which was perceived as limited in supply. So, you have 250,000 clunkers traded in one month when in a usual month people on their own trade in 70,000 autos that would count as clunkers anyway. Future months will show less sales since as the supply of clunkers was diminished sooner than the market would on its own. Oh well, bad economics. The bottom line is the enormous debt of the credit bubble did NOT go away….in fact, the socialized debt is exploding and now we have a fed govt credit bubble. It could seriously end in a very ugly way as the new tax burdens will inevitably put a burden on our future economy. The biggest concern is that there is no real end in sight to the expansion of fed govt debt….only the market can put a constraint on borrowing and when it does step in we will already be in a pickle.
Higher taxes, lower incomes, less after tax spending power will lower home prices. Unless we see real wage and wealth growth, home prices will continue to decline in real dollar terms for years and years. Forget the nominal dollar numbers, they are meaningless except with respect to nominal dollar debt.
MMT, that’s the only point I was trying to make. Anyway, lets move on and get back to the topic at hand….you know, Miami real estate.
Drew & MMT tks.
Drew mentioned a renters liability insurance and MMT mentioned a landlord insurance policy. Are they one and the same or different? Any recommendations as to which company I should go with? Does it include liability issues such as this and how much they usually cost (I heard $300/year?)
RT,
I am willing to do the right thing. That is why I asked this august forum for opinion. I had conflicting reports on this. One insurance guy I spoke to said ” As long as you are not negligent, you are not responsible and the other home owner will have to rectify the damage by going through their own home owners insurance”.
But if the majority of you feel that I should go ahead and repair the tiles that are coming loose down below, I will go ahead and do it, no questions asked.
One more thing I have to mention is that the lady below put tiles on her bathroom ceiling too. It is those ceiling tiles that are coming off and not those on the wall. I have an objection regarding having tiles on the ceiling and then I end up having to bear the responsibility for that silliness? It is extremely rare to have tiles on the ceiling.
Even If I pay for the repair, can I demand that there should be no tiles on the ceiling? Does Miami Beach Code say anything about this? I am also planning to call code compliance to see if there is any code regarding such issue.
AJ,
The building needs to check out the pipes with a camera make sure there is no blockage. If you renovated the bathroom or it was previously renovated w/o permits you should run to the bank and pay everybody off.
My building also has several units which get back flows.
I don’t know what he means by “landlord policy”. That is probably just a homeowners policy on your investment property. No difference. Your tenant or his property would still not be covered on one of your policies.
With a renters policy your tenant is the named insured and he will be personally covered if he’s sued due to property damage/personal injury caused by him. But a landlord receives an indirect benefit of this since liability is transferred from the tenant (who usually has no assets) to his carrier, thereby hopefully avoiding a lawsuit against you (landlord) from an injured party. If the carrier can adequately indemnify the tenant then the landlord is as less risk. They run $200-$300 year depending on levels of coverage. At lease renewal build in a lease provision that mandates renters liability coverage and require proof of coverage at time of move-in. No add’l exepense to you.
AJ – You need to have a the appropriate insurance in place as an owner and a landlord, also, the renter MUST have a renter’s policy….I have one and would NEVER lease to someone that does not. Also, the tenant below can decorate anyway they want….tile on the ceiling although is not my taste, is perfectly acceptable and you’d be liable for the damage of whatever is damaged whether the ceiling is just drywall, decorative paint, wall papered or tiled.. You ARE most probably negligent…when was the last time you had a plumber out to inspect and clean the drains??? Probably never. Moreover, there were probably indications of drain problems that you or your tenant failed to investigate. So, you failed to do proper repairs and maintenance to make sure your drains were flowing freely. It wasn’t an act of God.
Code regarding tiles on the ceiling. What the hell are you smoking AJ?
They also have codes against gaudy decorating and poor taste, I’d look into it!
AJ renters insurance is not the same as a lanlord policy. You should definately encourage your renters to buy renters insurance but a lanlord policy is meant to protect the lanlord. Not sure how it works in condos. Sounds like you may have a continuing problem with those tiles downstairs. See if you can get a backflow preventer installed somewhere on that line. don’t know if it is possible.
RT,
Your last post is way to long and booring for me to finish reading. Again you don’t base your arguments on fact. Fact is that healthcare cost is rising at an unsustainable rate that is why many who were once opposed to it are now for it. Anothe fact is that we are paying way more for healthcare and getting much less outcomes. Fact, the opponents of healthcare are the ones using FEAR of socialized medicine in their arguments. Fact, it is the consertives who oppose healthcare reform that are hell bent on disrupting the Democratic process at townhall meetings. Fact, all your prediction about the economy getting worst and the USA becoming a third world country has been wrong and thus far the president and his supporters has been mostly right. Fact, the economy is doing better. Fact, the housing numbers are much improved. Fact, stock market is up at records highs from it lows. Fact, the job market has improved.Fact, many people are still buying Condo despite your predictions. Fact, thus far I am prospering under this administration as are many americans, have 401K and brokerage statements to prove it and Lucas himself has proclaimed as much on this blog. Seems moronic to proclaim otherwise in his post #10. Fact, you guys have been wrong so your only argument left is to ignore FACTS and resort to name calling and yell socialist. I would hope you guys could come up with something better than that for college grads. Please provide some Facts to support your position.
Just the FACTS, please!
Oh, another Fact!
The cash for clunkers that many predicted would be a complete failure has been a smashing success, so much so that they have decided to double the original program.
Yea, my $1 Ford stock is looking very prosperious in mine and my wife’s ROTH IRA (tax free). I’m sure their employees might be breathing a sigh of relif right about now. Oh and many banks that took TARP Funds have been able to pay it back with a nice interest payment to the government. Not bad for a complete failure of a program? I even heard AIG made $2B in profit this Q. Doesn’t sound like America going down the drain to me, well not yet. Just another FACT
MMT in CR – Sorry, but you are wrong. Fact, the real dollar cost of things like an appendectomy are way way down. Basic surgeries are now out patient and minimally invasive resulting in tons of savings and quicker recoveries. The high costs are related to NEW and AMAZING healthcare breakthroughs. Imagine no hip replacements, bypass surgery, brain surgery…..yeah, it would be a heck of a lot cheaper not to do these things but we are on the cutting edge of amazing things…..that costs money. The other issue is end of life care management … what is appropriate for someone who has six months to live. That is a tough one and judgments are made but more often then not a lot of money is thrown at it to no avail but hard to predict.
Also, FACT, any economic activity is the result of debt spending. Heck, give me a few trillion and I will cause economic activity to expand, but it is not sustainable. Fact.
All,
Their is difference between government debt and private sector debt. Private sector debt has to be payed for by acquiring money in exchange for something – a product or service. Federal government debt and all federal government spending is payed off by issuing currency. Issuing currency for the federal government is done via the federal reserve bank. The Fed has the power to credit bank accounts at member banks. As Alan Greenspan said:
Well, I wouldn’t say that the pay-as-you-go benefits are insecure, in the sense that there’s nothing to prevent the federal government from creating as much money as it wants and paying it to somebody. The question is, how do you set up a system which assures that the real assets are created which those benefits are employed to purchase.
So the real issue is how much currency can we issue until inflation becomes a problem . Better said, how much aggregate demand in the economy do we want to create by issuing more currency until that aggregate demand results in an inflation level that is harmful to the economy. Nobody is talking about that. Both the republicans and democrats are still operating under the false assumption that the government is somehow funded by tax payers or via bond sales. Government debt’s sole purpose in the current system is to maintain interest rates, not to finance government.
Dr James Kenneth Galbreath mentioned it in his book. The Economics of Innocent Fraud: Truth For Our Time http://www.amazon.com/Economics-Innocent-Fraud-Truth-Time/dp/0618013245
Right now the private sector is de-leveraging. Getting out of debt. The irony of it all is that the only way for the private sector as a whole get out of debt and get a healthy balance sheet is for federal deficit to increase. Its mathematically impossible for the private sector as a whole to have more equity without the government loosing equity.
Yet everybody(both political parties) is afraid of this due to ingrained ignorance about government finance.
“Also, FACT, any economic activity is the result of debt spending. Heck, give me a few trillion and I will cause economic activity to expand, but it is not sustainable. Fact.”
Tell me how it is not sustainable Mr. Obama? You sound just like him. The only way it is not sustainable is politically because of the ingrained fear of running deficits.
If you want to know what our healthcare system should be like, do yourselves all a favor, and speak to a physician, who does not have debt up to his eye balls because he took loans against 5 properties and ridiculous cars. The issue is many of our doctors have acted much like the people on Wall Street have. Greedy greedy greedy. Anyone including Lucas who disagrees with Obama’s healthcare plan or atleast the change to a universal plan does not understand how medicine works. I respect Lucas’s opinions on the markets bcuz of his background on the CBOE, but don’t speak about medicine if you don’t have medicine. And if you healthcare friends disagree with me like I said they are probably one of the type that I mentioned above.
MMT, good points. People ignore facts that contradict their core beliefs. Its called cognitive dissonance.
RT, give it up man!
Next time Aetna sends me a bill for $900/month for individual coverage I’ll tell them you said the real dollar cost for apendectomy is down. Wait that’s what I was paying in 2007 plus I’m sure you know about inflation so that cost must be about $1100/month in real dollar costs.
“economic activity is the result of debt spending” Ah, duh! that was the whole idea. Many economist complained because they felt we needed a bigger stimulus package because of the size of the US economy. Many are still complaining because only a small amount of the money has actually been spent. He can’t win for losing with you guys.
Thank all for chipping in. Very informative. Appreciate it.
MMT
the cash for clunkers plan is simply cannibalizing tomorrow’s demand for sales today.
Lucas great to hear from you. Hope we see more updates as your free time expands!
As far as your comments, be careful one of these bleeding hearts may report you to the White House policy police!
It is funny how we are called right wing religious zealots or worse when we voice our frustration on what is going on with this administration. Why shouldn’t we be frustrated; higher taxes, lower wages, increased debt , 10% unemployment when we were promised 8% max, etc. A punish the middle class mentality! Of course let’s just keep blaming Bush. Where was Congress for the last 8 years?
Whoever thinks things are getting better is nuts. Several major corporations are just announcing layoffs and more will come later in the year. The healthcare sector has been hit hard and is very concerned about this so-called reform.
All you bleeding heart guys are mandated to sleep with Nancy P.! YUK!!!
“the cash for clunkers plan is simply cannibalizing tomorrow’s demand for sales today.” — jcrimes
— Yup. 100% right. Just another dumb government handout.
——
AJ — Sorry about the leak, but unless your condo has common areas between units or something odd like that, it’s about 99.99% that you’d be held liable if taken to court. It’s been settled law forever that a leak from above is the above unit owner’s responsibility.
——
MMT in CR — If you’re so big on facts, you might take note of the fact that Obama has had a NEGATIVE approval index for several weeks now; Obama’s approval is much lower than Bush’s was at the same point in their terms; and Obama’s approval is dropping at a faster rate than even Carter’s. If that’s your definition of “wildly popular,” then I’d hate to be unpopular.
——
Lucas — Glad to see you commenting more, but I cringed when I saw you say “we’re at or near bottom” and “there’s opportunity” and things like that.
The massive construction in Miami was based on Miami being a high-end market, yet there’s next to no sales movement in the high-end buildings, or among the high-end units in even the middle-tier buildings. Miami currently has a 4- or 5-year supply of condo units, and a 7-year supply of high-end units, with a shadow inventory that could add 2 or 3 years’ worth of units to those numbers. Meanwhile, unemployment continues to tick upward, and interest rates are doing the same. How can all of those facts possibly lead one to conclude a bottom has been reached?
Miami2009 — You’re exactly right. I think about 75% of the people in the U.S. — including even a lot of the so-called right-wing zealots — are still in denial about the new American reality. Most people seem to think that all they need to do is keep their head down for another year and things will be back to normal. These people are nuts.
Almost none of the good-paying jobs being eliminated will be replaced with a similar-paying job when the economy improves. The days of easy credit and McMansions-for-everyone are over. Meanwhile, the federal, state and local governments are still spending like there’s no tomorrow, Social Security is projected to be underwater as soon as 2013, and idiotic tax-and-spend politicians keep sending good jobs offshore with increasingly anti-business policies (high corporate taxes, “cap and trade,” etc.). When the government-spending gravy train stops, and surely it will, that will make the current recession seem like a walk in the park.
Bottom line, the massive de-leveraging that’s underway in the U.S. will bring with it a lowered standard of living. All this “we’ve reached the bottom” nonsense, when there are 30,000 condos in Miami still for sale, is just wishful thinking by people who haven’t faced up to reality. I don’t live in a bunker and I don’t believe black helicopters are following me, but I know simple economics, and America’s economics remain a huge mess.
Chinese Drywall at Marina Blue???
As Marky NZ points out at post # 19 the condo Blue has a chinese drywall disclaimer per the post. The developer of Blue was “Hyperion” who shortly after Blue construction is the developer of “Marina Blue”. Can we assume chinese drwall at Marina Blue if the same developer Hyperion did both projects??? Wow what a bombshell. Anybody have info or details?
Kramer,
I was actually concerned about that disclaimer as well. I spoke with a representative from Hyperion development yesterday and was told that they only purchased American drywall. Also, keep in mind that Blue Condominium was completed in 2005. If there had been any Chinese drywall then the smell would be obvious by now. The listing agent also emailed me back today stating that there isn’t evidence of Chinese drywall. The bank most likely required that the disclosure be included just in case.
Kramer, I believe chinese drywall disclosures are standard with most RE contracts on new construction down here. All they basically say is that the seller doesn’t have any knowledge that chinese drywall was used in the project/unit. Kind of a bullshit liability opt-out thing.
Wow! Congress just purchased $500M worth of private jets to fly them around the world at $65M a piece. Just saw it on the news. Must be nice!
Couple of points to ponder:
– Ask a small business owner what scares them most…the answer is not the economy. The answer is the Obama administration. Small business owners employ 70% of all private sector employees. I am a small business owner and I also work with other small business owner.
– Until we begin building wealth, there will be no movement in the economy. With small businesses employing 70% of Americans who work in private enterprise, we are facing massive wealth destruction with higher taxes, higher energy costs and employer health insurance mandates on the table. If you thought we saw an off shoring of jobs in the past, see what happens to American jobs if Obama gets alot of his “redistribution of wealth” agenda passed.
– The comment about the Clunkers program was 100% correct…it is just cannibalizing future demand. It is also using everyone’s tax dollars to subsidize new car purchases for people who either a) don’t need a government hand out or b) people who may not be in the financial position to really afford a new car. One other point for the shareholder…many of the cars being sold are lower margin cars. There may be some short term gains, but if you get a run in you car maker stock, either sell or turn around and short it because we just cannibalized $3 billion in future demand.
– As for repayment of TARP funds, keep in mind that because of financial reporting requirements, banks are required to price mortgages at the property value. The reality of their financial situation is…despite the number of foreclosures, the vast majority of home owners are not in foreclosure. Therefore, over a 30 year mortgage, they will pay multiple times more interest to the bank than the home was ever worth, regardless of a good or bad market.
– Please do not forget, the Republicans actually supported more Fannie/Freddie regulation. It was Barnie Frank, his democratic cronies and the former Democratic operatives who ran Freddie/Fannie who opposed increased regulation. Look further back to the 90’s when Janet Reno threatened mortgage lenders with federal prosecution if they did not make enough loans to people who, quite frankly, could not afford them. Please also keep in mind that decreasing taxes has been proven to increase revenue to the federal government. Federal tax revenue in the 8 years of Bush far exceeded Federal tax revenue during the 8 years of Clinton. Given 9/11, hurricanes, wars, a housing crash, a small recession inherited from Clinton and a larger recession driven by the housing crash, this fact is quite compelling evidence of how reduced taxes grow wealth.
Lucas
LOL – We have all posted here with comments that later we wished we had never divulged. Now, I have heard of driving under the influence but quite frankly blogging under the influence of Gordon Gekko (“Greed Is Good”) is a new one for me. Surely you were joking hmmmm about lulling yourself to sleep every night with the fictional villain of Capitalism. You see Gordon Gekko produced nothing, he built nothing- he took and never gave – and like Al (Chainsaw) Dunlap of Sunbeam ends up with Greed Is Good chiseled on their tombstone. How sad.You must be working so hard these days that obviously you end up falling asleep each night before the end of the movie and the moral of the story is revealed – in that Bud’s father Martin Sheen and his like are the true hero’s and backbone of our great country.
good point marty, clinton left with a budget surplus bush left us in massive defecit. What was your point again? Oh Yeah, Obama is the big spender! Please ask all the small businesses who supply GM, Ford and Chrystler where all that future supply was a few months ago when they were laying off workers and trying to keep their family business solvent Ask GM, Chrystler, AIG, Lehman, Bear Stearns and countless others about “cannibalizing tomorrow’s demand for sales today” . Tell all the businesses that has closed their doors the past year about pulling future supply foreward. I bet you they would have kissed the ground for that future supply. Sometimes it is just fustrating responding to these assanine statements. Anyone who has owned a business knows it is about cashflow and when cashflow is tight and you are on the verge of closing doors for good you can give a rats ass about cannibalizing future demand. Again all you guys want to tell me wheat the future looks like but you can’t remember what yesterday was like. Now I am to believe you are a soothsayer. Get real you know as much about the future as I do. forgive me but I’ll believe it when I see it. Again you guys just read, eer, excuse me, hear this shit on Fox news and just spit out these catch phrases without even processing it first
MMT in CR — If “yesterday” was so great, then how come so many people are broke TODAY? Can you explain how people and governments could go from being so well-off in 2006 to so down and out in 2008? The simple fact is, yesterday’s “prosperity” was, in fact, almost 100% phony-baloney, and people like you either are in denial or are deliberately misleading people.
Joe, sorry but I’m on vacation out of the country but last time I checked he was still very popular most people gave him positive approval ratings some of his policies were not as popular. His approval rating was about 20 points above his disaproval ratings. 58% – 36% Aug 2-4 Gallop. FACT! I said he personally is wildly popular his policies may not be as popular. I never made mention of any other presidens.
MMT in CR,
It’s funny that you bashed Fox News. I guess you think it’s okay for taxpayers to pay $500M for private jets to fly Congressmen around the world or for Obama to fly his wife to Paris just to have dinner. Fox News reports these happenings. They are the ONLY news station that provides a different perspective to the American people. Without them we wouldn’t have any conservative viewpoints at all. I love this country because everyone has a voice. I enjoy listening to ALL information in order to formulate my own opinion. You must have just got done watching the documentary outFOXed.
MMT in CR — Are you just making numbers up out of thin air? Obama’s approval index has been in negative territory for 2-3 weeks now. The latest Rasmussen has him at -4 (Strong Approve vs. Strong Disapprove), while Rasmussen, overall, has him at +1 (Approve/Strong Approve vs. Disapprove/Strong Disapprove). That’s a far cry from the absurd +22 you mentioned.
I agreee with you Joe, there was no real prosperity. We went form the Internet stock bubble to the housing bubble. We weren’t creating anything real we were just hyping up assets. All the real jobs were being shipped overseas and we started counting making burgers as manufacturing jobs. I am not saying yesterday was great all I am saying is that this mess has been a long time coming and most people were obvlious to it. Now that the shit has hit the fan and someone is doing the hard work of trying to fix it everyone is a damn critic and an expert and willing to tell you what is going to happen 3-5 years down the road. The time for critics were a long time ago, the help is here now and the medicine doesn’t taste good. I saw this shit hapening years ago that is why I saved up all the money they paid me, quit my wall st. job, sold my home in the NYC area and bought a home in the south and invested the rest. Everyone want to blame Obama, well shit didn’t just happen, this shit has been in the works for years and we are just now seeing it manifest itself. It’s like Lucas was saying when the news is out and everone has heard about it and are talking about it then it’s too late time to bet against the crowd. Well people are just now realizing shit and they are runing scared because they going to have to pay the price. I just happen to think what the Obama admin is proposing is the medicine Americans need and it won’t taste good but in the end we will be better for it.
No more of this sitting on your ass watching the grass grow and your house appreciate 40% a year without doing jack to it. Face it we have been Fat,Dumb and Happy Americans living in a fantasy land. If you tell me you don’t think the fixes we have in place will work then I can understand and respect your position but when you say stupid shit like you know what will happen 5 years down the road without facts to support your case then you are acting irrational and I can’t respect your position.
Lucas you have lost all credibility when you quote fox new. If you didn’t know I consider that station an entertainment channel. If you can’t see that then there is no point continuing this conservation with you. I’m waisting my time. never heard of “outFOXed” I watch fox often for laughs. Wow, congress waste money that must be news and yes that is obama fault too. Call me when congress doesn’t waste taxpayers money. If I recall obama said he will reuimburse the govt for that trip. I don’t have a problem with people questioning their elected officials and holdind them accountable. Seriously fox new is a f’ing joke, you are an educated man you should know that for yourself.
MMT,
I did say that I enjoy listening to ALL viewpoints from the media. To say that you feel that Fox News is a “f’ing joke” just because it represents a different perspective is rather narrow minded in my opinion. All I’m saying is that liberal views are shoved down our throats from every other news station. Fox is the only news network that expresses a conservative viewpoint. For that I’m grateful because it allows me to listen to all perspectives and judge for myself.
Lucas, just looked up “outFOXed” and saw a snipet of what it is about. I have never heard of it before and apparently it is 5 years old. I don’t need to see this to formulate an opinion of Fox news. Like I said before I watch fox news often and it is pretty obvious that everyone there is reading from the same script. If that is how you and the consertive right formulate their views then it is no wonder you guys are on the outside of the political system crying about the way things are being run. I feel for you my friend.
I give up! trying to reason with you guys is like reasoning with my wife when she is emotional and retaining water. Can someone explain to me that whole thingy about cannibalizing tomorrow’s demand for sales today again? I need a good laugh before I go to sleep…. lol!
MMT in CR — You play both sides of the fence so much I wonder if you’re just a troll. If you acknowledge that there was no real prosperity in the dot-com bubble and then the r.e. bubble, then why do you refuse to acknowledge that Obama’s spend, spend, spend “medicine” (as you put it) is just more of the same? When the federal government prints $2 TRILLION dollars and pumps it into the economy, that’s just the same behavior, on a macro level, that millions of Americans were exhibiting on a micro level — which, of course, is what caused this mess.
Please tell us: How is creating more debt the “solution” to an already horrendous level of debt? At least, when Bush cut taxes, federal tax receipts INCREASED. Obama wants to tax more jobs out of the U.S. while also adding trillions to the debt. It’s nothing short of economic insanity. As you acknowledged above, the good jobs are going overseas. So who’s going to pay for all of this?
Social Security used to have over 4o workers for every retiree. By 2016, that number is projected to be 2 workers for every retiree. See the problem yet? Are burger-flippers going to keep Social Security afloat? If not, who will? And now Obama wants to nationalize healthcare, and give amnesty to 30 million illegals, etc., etc. It’s crazy. And people think we’ve reached the “bottom”?
Ha ha ha ha ha.
MMT in CR said: “I just happen to think what the Obama admin is proposing is the medicine Americans need and it won’t taste good but in the end we will be better for it.”
You keep talking about Obama’s grand plans, but you never actually cite anything specific. What “medicine” that “won’t taste good” is Obama proposing? I don’t see bad-tasting medicine; I see just the opposite: I see Obama trying to tax the top 5% of Americans out of existence while trying to give free healthcare to 50 million people, and a free pass on taxes to over 60% of the population, and amnesty to 20 million or more illegals (and their families back home). That’s not tough love that will correct America’s long-term problems. That’s typical liberal Fantasyland nonsense.
Let Obama do his thing… his Kumbaya 4-year journey of self discovery will be over soon enough and America will realize that picking the most popular but least qualified person works for the Student Council but not for the Presidency of the U S of A.
This experiment in Quasi-Socialism will be enough to guarantee that Pelosi will be out; the Senate will be back in Republican hands and the House will stay stay Dem by a small majority. The next Prez will be a Conservative Democrat or Liberal Repub (ie. no Hillary or Sarah P).
And only then can this country try to get back on the right track… assuming of course our deficit isn’t 3 trillion+ by then (liver transplants for every alcoholic and lung transplants for every chain smoker can get expensive you know)
Well I’m stunned, no other word for it but “stunned”.
All of you who are now claiming to have crystal balls when what is happening even a blind man could see, endlessly mocked and derided the Ace when he was predicting this disaster over two years ago. Now that we have reached $125 per sq ft and lower all of you jump on the band wagon and state that you knew this was coming and know where it’s going.
Give me a break, what hypocrites! Ace, you been vindicated by your biggest critics and although I’m sure this no satisfaction to you it is to those of us who believed, any new pearls of wisdom Maestro?
A quote form the White House:
“There is a lot of disinformation about health insurance reform out there, spanning from control of personal finances to end of life care. These rumors often travel just below the surface via chain emails or through casual conversation. Since we can’t keep track of all of them here at the White House, we’re asking for your help. If you get an email or see something on the web about health insurance reform that seems fishy, send it to [email protected].”
And from Linda Douglas, Communications Director:
If you hear or know of anyone in your neighborhood that is sympathetic to a point of view that does not conform with the program. Please forward that information to [email protected]. As we grow the government, we will have enough staff to find these dissenters and reprogram their thinking to make them think correctly.
This administration has stooped to a new low. These statements are completely anti-American and possibly illegal! Oh yeah I forgot, it’s for our own good. Ridiculous!!!
Post #70
I have just reported you to our fascist government and it’s glorious leader Mien Fuhrer Barack Hussein Obama and the leaders of his SS Storm Troopers Rahm Emanuel, and Ezekiel Emanuel as well as his Minister of Properganda Linda Ahkim Douglas.
Long live the Riech und mien Furher.
Sig Heil!
Odd & Sods this is just too funny…LOL!!!
“I have just reported you to our fascist government and it’s glorious leader Mien Fuhrer Barack Hussein Obama and the leaders of his SS Storm Troopers Rahm Emanuel, and Ezekiel Emanuel as well as his Minister of Properganda Linda Ahkim Douglas.
Long live the Riech und mien Furher.
Sig Heil!”
Miami2009,
(In reference to comment 70 that you wrote)…That is EXACTLY why I’m speaking out against Obama. Our liberties are going down the toilet. Did you know that the government is now policing certain anti-healthcare reform websites. If you visit those particular websites then a cookie will be recorded onto your computer to track your history. God help us!
O I forgot I’ve also reported you to the Furher’s Minister for Misinformation, Nazi Poloski.
Prise be to Allah und mien Furher!
Can someone email me when the right wing nutjobs and lefty wackos are done with this little pissing conest?
This blog is getting infantile !
Lucas,
Let’s stick with real estate, ok? C’mon..
Lucas,
Glad to see you are chiming in on your blog. For the most part, I agree with your political views concerning economic policy. I think sacrificing tomorrow for the good of today is not the right way to sustain steady, long term growth. However, don’t lower yourself and get into a pissing contest with MMT in CR, it makes you look a little silly. Instead, there are usually a ton of questions on here that you could answer given your expertise in south Florida real estate.
You stated that you working on something big. Are going to expand beyond Miami and start covering real estate in downtown Fort Lauderdale? That would be pretty cool. There are a small handful of pretty upscale buildings there.
Keep up the good work. JqR
I have learned so much about Miami real estate from this blog today, that I need to know no more. Time to unsubscribe.
Just wait until all the information comes out on Obama’s mother-in-law. As you know, she’s living it up in the White House “taking care of the daughters”. Let’s see what trips she’s a hanger on’er at tax payers’ expense. Who knows, maybe illegal alien aunt Zeituni is living it up too….I mean after she socked it to the U.S. tax payer for over $100,000 in govt programs and still had the $$$ to donate to Obama’s campaign. It is far worse than Billy Carter who was just a country bumpkin and not at the public trough. Why the heck not have the most expensive inauguration in history and spend $80K of tax payers’ money to catch a broadway show in NYC…as if there are no theaters in DC. These people know no shame and are running it like a dictator in third world country. I have never seen personal consumption by a president ever…
hey guys..maybe it’s time for the ones who are really interested in discussing real estate to go to Samir’s blog.
he is always updating it with video tours, nice pics of condos..
seems like people are kinda losing the focus here..
guess this blog here is called miamicondoinvestments and not “why I like or hate Obama this much!”
Quoting from moonstruck: ” Snap out of it!”
I agree. Nobody is going to change anybody elses mind politically anyway. So, Lucas how about closing ratios and graph charts on the the number of closings or lack thereof in the last to close new condos – Icon – Infinity – Epic – Everglades – Axis??? F or the past two years you had graphs for us to see how well the new buildings coming online were performing. Why have you stopped doing that???
RenterTom,
I was just down your way last week and spent some time in Sunny Isles Beach. Really nice area and the beach was very well maintained. However, the one thing that struck me as a drawback to the area was the heavy traffic on 1A. How is the city of Sunny Isles going to deal with this issue when those thousands of luxury units in the Jade and Trump building eventually fill up. If traffic is a nightmare now, how is it going to be when thousands of new residents call SIB home?
Kramer,
according to an article published in nyt about 10d ago, only 31 unis have been sold at icon brickell.
prices have also been drastically reduced, but I am assuming they will drop even more
went for a tour at 900..nice condo..this is what I got from the sales associate..
the 1bd is going for 421k but the real price is 340..but if you over 300k we can try to cut a deal.
How bout that for a bad scenario??
Lucas has also posted that prices at epic seem to have dropped 20% ..
mistyped at last post..if you offer 300k
You monkeys fight each other while the rich get richer. Both parties don’t give two shits about you. You apes need to read up on Ron Paul and Libertarianism and Austrian Economics. The Austrian Economists are the only ones that are consistently right. You dumb apes will just keep slinging shit at each other while outsourcing and global wage arbitrage molests you and your dumb children.
Oh, listen to all the whiners. If you don’t want to comment, then don’t comment, but talking about leaving the site because of 20 politically-oriented comments is absurd. Every topic on this site has gone off-topic in one way or another.
Odd & Sods — I don’t know what blog you’ve been reading, but there have always been plenty of people here who predicted a massive downturn in Miami r.e. This isn’t a new trend that popped up a few weeks ago.
MCO, guess what this does to the people who bought at 900 Biscayne for 500K? Can you guess? They stop paying their mortgage! See, this is why the crash is just beginning. Once the monkey-investors who bought up the 33% of units at 900 will stop paying and the VICIOUS CYCLE ENSUES. Prices will fall below the cost to rent. This is inevitable. There is NO STOPPING IT.
BMW M3, unfortunately I have to agree with you.
2010 is definetely going to be much worse for previous buyers..and an execellent moment to jump in for cash buyers.
some of the units listed at icon brickell for 800 k are selling for 30% less
wait until next year!
I should be able to come to this site to find out how well these buildings closings are doing. And MCo says ” prices have been drastically reduced” – where and what specifically? Im a buyer at the right price.
well, Kramer,
i am not a realtor but just look at what you want..everything is on sale..but I would hold a little longer..
at 900, from 420k to 300k, thats almost a 30% drop.
and this is develover’s price
At Palm bay tower, a 1800 sq ft condo is pending sale for 199k..it used to be worth 1M
at villa regina, a short sale is taking back offers…was listed for 200k..used to be worth at least 3-4 times that
jesus…what happened here? MMT, if you need me to explain my initial comment, well, you’re not that sharp. in any event, i’ll make it simple…MMT…you are a DOUCHE!
was in the viceroy for a good part of the day today. pretty nice. wondering when related will flash some cash to the big promoters on the beach and have them move their sunday pool party festivals to the rooftop at viceroy (the mondarian is becoming the place to be while the shore club sunday pregnancy fest has gone thug).
I’m already getting alcohol themed emails for Viceroy. Wouldn’t be happy if I were an owner. I’m not an owner or a previous guest. I will piss in their pool one day.
jcrimes-
You made an ominous prediction in the previous thread about a condo event of biblical proportions. Can we have another hint? Are the Easter Island driveway statues at ICON made of Chinese drywall that will imminently lead to a building collapse?
jcrimes, real nice!
just proves my point. when you can’t express yourself you resort to name calling.
Who is the real moron? Now my feelings are hurt. I’ve got a lawyer calling me a duchbag. Or maybe you are just a lawyer wannabe.
I had lunch today at Eos (which is located off the pool deck at Icon Brickell). I wasn’t impressed. The views were great but the food wasn’t. I had a Flat Iron steak…ordered medium-rare. I should have told the waiter to take it back but I didn’t. I ate that crap and kept thinking to myself that I could have prepared myself a better Flank steak on my George Foreman Grill at home. The French Fries were great though.
Drew
i can’t. my source probably should have kept his mouth shut in the first instance.
MMT
get on your meds. you went on an incoherent rant, claiming my clear, one sentence statement about the clunker nonsense (yep, that’s all it took me to express myself ), was asinine (your word, not mine). thus, your “point” about ad hominem attacks, like your posts, is dubious. regardless, do us all a favor, move up to the doorway, spread your legs, put your hands against the frame and SQUEEZE. maybe, just maybe…your tiny little head will pop out of your ass.
lucas
as a general rule, you should know that you never order flank steak. it’s a poor cut. moreover, you should know never to order a flank steak at a restaurant in miami. it only exacerbates an already poor situation.
Far to dangerous for any jet setters to buy in. Miami as is now, is just a good place to be murdered. Take a leaf out of NY book. Create an area, SOB for instance and pack it with cops like in Manhattan, then you have something worth shouting about, a good location that is safe, as is now… to f ing dangerous to spend time in. South Beach for instance has thousands of homless sleeping on it at night, and every corner has a gang banger hanging out on it. The place is a joke….
miami good place to be murdered in,
You must be joking right? “Every corner has a gang banger”? Have you even visited South Beach? You must be watching too many Miami Vice re-runs.
I still dont have a straight answer to what’s going on with Paramount. That building was fully ready and all set to open in May/June but this is August already. Anyone know anything at all?
Anybody?
Just a guess, but maybe some of these new buildings are making sure people actually intend to close before they officially open the building. For new buildings, I bet no closings are better than some low % of closings, since the developer is on the hook for all of the unsold units’ HOA fees once the building opens. Better to just let the building sit there than to open it open, start the HOA meter running, and have to run an entire building for a small number of residents.
I’m pretty sure one building in North Bay Village has four owners out of a few hundred units. The developer runs it as a rental.
The developers still has to pay to insure the building and pay property taxes. Developers hope and pray they will sell units. The tiny group of owners really should get their money back.
Lucas,
You stated your beliefs about this current political climate as what you “believe” as the TRUTH. Why is the “TRUTH” so undervalued anymore?? Why aren’t your beliefs just as important to be heard as any self-proclaimed Democrat?
Lucas, Sorry to hear you had a rough lunch at EOS……we are staying at the VICEROY for ten days after finally selling and closing our apartment and have really enjoyed the breakfasts and views at EOS……Had dinner there once (Spanish Tapas, English Peas, Pork Ribs, & Potatoes with Feta Cheese, all tasty)…..you have to be careful as some of the green booths are really tiny and you can bump knees with your dining companion….The hotel has given us a great rate, room upgrade, free internet and free spa access (when you are in the jacuzzi in the main white marble room with fireplaces the ladies bring you fresh fruit and honey!)……Main pool was fairly well populated yesterday (JCRIMES you should have said hi!) and if they ever did fill up these towers it could get insanely crowded in some of these common areas……pool party today at club 50 from noon-six and think it’s $25 to get in……as an older guy (pushing 50) not really into the party scene, but last night on the pool deck of the 50th floor there was a beautiful Miami tropical breeze and the chardonnay was going down pretty easy!!
You gotta love the variety of opinions delivered here from such a diverse set. You get it all here – from the “birthers” who think Obama is a socialist (ooooh) and should be impeached haha – to sound advice to never ever order the flank steak. Now if we could only find out how many closings on the newer buildings closing ratios – Icon – Epic – Everglades – Infinity – Axis – 900 Biscayne????
How is the food and the wine list at Las Culebrinas and would you advise getting a reservation?
Swiss,
I said exactly athe same thing a while ago. With 10 units occupied in ICON, the pool area looked busy. With 150 rooms in Viceroy one day with 85% occupancy and the building 90% full, It will be an absolute disaster waiting to happen. The spa room with 2 tubs will have 20 people trying to get in (some twisted mind can think of an orgy). The smallest gym I have ever seen. The 1800 Club with 469 flats has a much larger gym and more equipment than the 1700 unit icon + 150 hotel rooms. It’s a total joke.
And Club 50 looks so ugly and dated with jarring decor. The designer should be flogged. The highlight are the views from there. Instead, what these arseholes do? They put booths all along the perimeter, with plants covering all the views. If you want to catch a view, you have to stumble and stand on a flower ledge and creene your neck out. Totally stupid.
Odds
i cannot comment on the wine list, however, the ensalad cesar de salmon is outrageous. the miami herald called it “a playful but mysterious little dish.”
as for getting in, good luck. getting a reservation there is harder than dorsia
“TRY GETTING A RESERVATION AT DORSIA NOW YOU FUCKING STUPID BASTARD! ”
-Patrick Bateman
Miami real estate investments is a specialty of DG Beck LLC, a family owned real estate investment company focused on South Florida, Miami, Broward and Palm Beach counties. We buy & sell property at 30-50% off fair market value. Join our buyers llist at http://www.dgbeck.com for email alerts of our hot properties, many before they hit the MLS.
DJ
nicely done.
Wow to #109!
I can understand politics getting a little heated and cantankerous but restaurant reservations???? C,mon people can’t we just get along.
By the way does anyone have a good recipe for Flat Iron steak?
Here you go Odds enjoy.
INGREDIENTS
2 pounds flat iron steak
2 1/2 tablespoons olive oil
2 cloves garlic, minced
1 teaspoon chopped fresh parsley
1/4 teaspoon chopped fresh rosemary
1/2 teaspoon chopped fresh chives
1/4 cup Cabernet Sauvignon
1/2 teaspoon salt
3/4 teaspoon ground black pepper
1/4 cup dry mustard powder
DIRECTIONS:
Place the steak inside of a large resealable bag. In a small bowl, stir together the olive oil, garlic, parsley, rosemary, chives, Cabernet, salt, pepper and mustard powder. Pour over the steak in the bag. Press out as much air as you can and seal the bag. Marinate in the refrigerator for 2 to 3 hours.
Heat a nonstick skillet over medium-high heat. Fry the steak in the hot skillet for 3 to 4 minutes on each side, or to your desired degree of doneness. Discard the marinade. These steaks taste best at medium rare. Allow them to rest for about 5 minutes before serving.
Anyone else getting ridiculously high FPL electric bills???
I can’t believe what I’m reading here.
Anybody know how the closings have gone at 360 in North Bay Village?
RENTER TOM where are you when we ALL need you????
kramer, what is your average FPL bill for a month? do you a/c your house 24/7?
I’d also like to know updated closing data on the Lexi in North Bay Village. I saw at least one unit recently sold as per the county records, but it doesn’t appear here. I’m closing on my unit a week from tomorrow, and some friends are also closing on their unit within a month probably. They were told by the developer that he has about 20 units left to sell. If that’s true, that’s great as there are 168 units total.
When does the property taxes start kicking in for a new building? Does the meter starts ticking as soon as they recieve TCO or even earlier? So is that the reason Paramount is avoiding opening so that they do not have to pay prop taxes on unsold units? How long can they hold off opening a finished building. At some time doesn’t the city come knocking on the door?
Also if they keep delaying the closing for no valid reason other than for the developer to save on prop taxes and HOA on unsold units, is that reason enough for the investors to demand the deposits back citing breach of contract due to an inordinate delay in delivering the flat?
Hey Miami property owners, gett ready to get ass-fucked you clowns. The next leg down is coming and it’s going to be big.
Regarding 360 in North Bay Village, besides any closing info I’d appreciate any observations regarding the amount of rental activity in the building. if I recall, a couple people on this blog live in 360.
Paramount Bay Site: 2066 N. Bayshore Drive, Miami, FL 33137
Amount due if paid by
November 30 2008 : $455301.24
December 31 2008 : $460043.96
January 31 2009 : $464786.68
February 28 2009 : $469529.40
March 31 2009 : $474272.12
2066 N BAYSHORE DR
Amounts due if paid by 08/31/2009 in U.S. funds
2008 Taxes $ 509842.53
E-check payment option is not available for properties with tax bills greater than $200,000.00.
Jl, are you looking to buy/rent in 360? If so, have you also checked out the Lexi?
#122
I’ve been living @ 360 for 2 years as a renter. Most residents are renters. If I had to guess I’d say about 65% occupied. Developer still selling units. http://www.lennar.com/.
My Landlord is in foreclosure. After not paying rent for a few months -in order to get my last month + deposit back- I’m only paying 1K per month now. However, my landlord has broken our agreement by not paying the HOA fees over the past few months. Now I am contemplating paying the HOA myself directly and paying my lying landlord nada.
JL:
I rent in 360 in NBV. According to the data on blockshopper (based on public records but better format), most of the units here did close.
It seems that there are only 10 units that have no recorded deed transfer. There are a number of other units that have suspect transfers to various LLCs but in many cases it is difficult to figure out whether it is investors or the developer that are engaged in such shenanigans. I would also check the delinquency rate here though. As you can see from the purchase prices linked above, most people who did close here are deeply underwater. Last I checked (~ 2 months ago) around 20% of the building was in some stage of delinquency and my guess is that there is a lot more to come. There is one foreclosure that finished recently and the first deed transfer to a bank is scheduled for September.
Rental activity has been significant here from the beginning and the most common 2 bedroom floor plan was being leased for around $1800 in 2007. The current floor for rents in similar units seems to be hovering around $1600. Both those are asking prices and not actual rents. Neither of these amounts is even close to break even for those that purchased the units so I expect prices to drop significantly. However, there have been no legitimate transactions recently than can be used to gauge the correct clearing price. Also, a few weeks ago I received a letter that the association was petitioning to have a court appointed receiver collect the HOA fees directly from renters in those cases where unit owners were delinquent on the fees but the unit was actually rented out. Hope this helps.
DJ:
I count 80 units with no recorded deed transfer. This is about the same as when I posted a couple of months ago saying that the closing rate in the Lexi was around 50%. Perhaps the developer has rented out 60 of those units but they do not seem to have sold them.
360 is the second building on NBV that is petitioning to have a court appointed receiver collect the HOA fees directly from renters. Owners in Miami don’t like to pay HOA fees. They also don’t pay taxes. Luckily for the county the taxes are still be paid by the banks.
Petronius, thanks….I’m assuming that that is the case, and the developer was talking about vacant units, ie, not rented or sold.
Wild Bill,
So these are monthly rates for the whole building or the accumulated entire taxes? So the building starts accruing taxes even before it becomes finished and inhabited!? Why should an unfinished building pay prop taxes except for the land value? Even if that is the law of the land, don’t the developers negotiate any tax abatement until the building is fully ready and habitable?
All this is new to me.
Lucas, as a so-called proponent of freedom (including free speech) I noticed that you or someone removed a post that was right above Joey Myers #115 this morning that was very critical of you, your profession and your ideology.
If this is an open, free forum then how and why do you remove comments that may be critical of you, the site’s owner. By making your earlier opiniotated comments you opened the door to criticism and outside opinion. Now to remove those same critical comments seems like communism, on the complete opposite side of the political spectrum you claim to occupy.
If you choose to express your opinion you should expect and allow others to do the same, even if they do resort to taking personal shots against you. In this forum, you assume that risk.
Drew,
I don’t tolerate the use of profanity or comments that bash a particular individual. I have removed a ton of comments in the past directed towards AJ, Lara, etc. Having an opinion is one thing but being hateful to someone is something that won’t be tolerated here.
900 Update…
Several interesting developments at 900 are worth mentioning: The developers are now offering lease to buy contracts on their units. One of the sales girls at a recent social event was trying to explain how it works to me but I had too many glasses of wine and was too busy staring at her jubblies to remember the terms.
The team at 900 is making every effort to re-invent and re-energize this building. Movie nights in the theater every week. The past two weekends have featured a DJ on the pool deck, 1$ per minute massage treatments, food by a company called Cafe Creme that has set up shop on the 15th floor bistro. Last Thursday was the launch of Cafe Creme with a wine tasting, free cigars and the sales team doing their thing. It seems that the developer team realizes that many of their residents are renting and are making every effort to turn them into buyers.
Lots of people (mostly young professionals) are showing up to these events and it was refreshing to scope out the talent because since I moved in i’ve been looking over with envy at the Marina Blue sky beach scene until now. 90% of people I met at 900 are renting. This place is prob 50% closed and from my estimate of window lights and building activity 15 % occupied (about 80 units out of 516 total). It will be interesting to see what the effect of new building opening have on these numbers (again – my own rough estimates).
The first retail space opening at 900 was last Friday with Botequim Carioca. Most of the people who showed up were 900 occupants or staff but it was good to see the place showing signs of promise. Service was respectable. Caipirinha was strong and tasty (and free for 900 residents). Picanha was delicious (have the yucca and not the french fries). Feijoada was disappointing because the meat was dry and overcooked and not falling off the bone as it should in this Brazilian black bean stew.
After dinner got possessed by a sense of adventure and walked over to Bayside marketplace. There was a moderate amount of traffic for a friday night – no droves of people but it wasn’t empty either. An indian family was booking helicopter tours. Most of the bars and restauraunts at 20-30% capacity. Checked out this ridiculous looking barge with palm trees and tiki huts on it – Called Tiki Beach and talked to the owner. They’re new to the area and doing fairly well from what it seems. It was so over the top and cheesy-looking that I’m sure it will be a great time if you get alot of people to go. There’s a traditional circus going on at museum park and I’ve counted about 150 cars there everynight – approx 600 people nightly for an estimated capacity of prob about 1000. A sign of the times, no doubt.
AJ,
My post was confusing. Sorry.
The county is saying that Paramount has not paid its 2008 taxes which were due by March 31, 2009. It could have paid early to receive a discount. If they paid in November 30, 2008 they would have owed just $455301.24. Now they owe $ 509842.53.
The county website will automatically adjust the new rates based on the month you’re paying.
Paramount appears to be paying based on land value of around $20 million. Not entirely sure if it is an occupancy certificate that starts off the new individual valuations.
They currently own the same as a twenty million dollar house on Star Island.
Blowfish:
I take issue with your comment about greedy physicians. Doctors dedicate the bulk of their young lives to studying and clinical training and typically don’t get a real paycheck until their early 30s. We graduate with an average educational debt of $105,000 and are required to re-certify every 10 years. I doubt your trade or vocation is held to anywhere near that standard. You want to talk about health care reform and curtailing costs? Talk to me about tort reform because that’s the 800 lb gorilla that nobody in this administration has mentioned. I happen to like Obama because it seems to me like he’s busting his ass trying to implement long-term solutions in what has been a very short-sighted government of late – but I think neglecting to address tort reform in a dialogue about cutting health care costs is totally ignorant. Just my 2 cents.
the Tiki Hut bar has been operating out of Miami Beach for many yearswhile very cheezy a great time for corporate events as this is the capital cheez city isnt it!..
Lucas,
You may want to check the links to some of your condo pages. In particular i noticed the Mark on Brickell is not working-no units listed which I think is probably incorrect. Seems like i recall seeing a couple of other links not valid, but forget which buildings.
Thank you gables. I just emailed my website developer to have him correct that. I also sent him an email yesterday concerning a few other building pages.
To Post #130
Drew,
The most famous blogger of all time on this site as everyone will attest is none other than the “The Ace” better known as Peter Shift who often had his posts removed to the point where I’m sure he felt that it was no longer viable for him to get his point across on this blog. And while I’m a great supporter of Lucas I did not agree with his censorship either.
As a believer of free speech it reeked of the tactics of Barrack Hussein Obama or the American Physco Peter Bateman.
shwin
tort reform is a non-issue. doctors and republicans make a big deal out of it as if doctors are being sued for hundreds of billions of dollars annually. it’s a complete fallacy and more importantly, a complete abrogation of the legal system. you commit negligence, you pay. if you hit me with your car by accident, i can sue you and recover if you acted unreasonably. same concept applies to med mal.
if you really want to complain about it, then the real issue is with the state court legal system itself, with its budgetary woes and incompetent judges who are too chicken shit to rule on the papers and instead they let everything go to the juries with no guidance thus, forcing everything to go up on appeal.
Wow Lucas,
I found your website and was an avid follower from before you got sued, back when you were more willing to give an objective view of the Miami real estate market and its direction. Even when your circumstances compelled you to skew your view to a less impartial stance (you really don’t believe we are near the bottom, do you?), I still visited regularly, as the comments continued to provide the valuable information that I wanted to track the market, even if your actual posts were a little light in that regard. I was even set to use you for when I felt ready to finally lay down my cash later this year on a unit I had been eyeing at 900 Biscayne for quite some time now…but after learning of your viewpoints in matters other than real estate, I can honestly say I am disappointed. And I’m afraid I could not in good conscience consider doing business with you. It’s one thing to express a different point of view, but it’s another to convey them in such a way as to alienate other people, especially potential clients. I certainly wish you well in your endeavors, and I thank you for the information you have provided to me these last couple of years, but as PJ stated in post #79, I think I’ve learned all I can from here.
AJ
I have a couple of reports friends family with typical 3/2 single family with their last few FPL electric bills at approximately $600. per month.
Jcrimes:
You are way off base. If I am negligent as an employer and an employer get injured, the employee’s damages are capped by Workers’ Comp, even if the employee dies (granted, I might be fined by the government if I negligently ignored safety laws). Thus, you won’t find many workers’ comp cases on the docket at the local court house. There is a reason why they call it “practicing” medicine…it, by no means, is an exact science. Furthermore, the interesting thing about our whole system is that the same juries who award outrageous sums, are the same people who complain about their medical costs. At the end of the day, medical malpractice insurance is a fixed cost with massive increases every year for medical practitioners. There is no denying that the cost of this insurance and thus the cost of our healthcare, is largely driven by the trial lawyers and the runaway juries who award unheard of sums of money. Oh…by the way, the trial lawyers also happen to be one of the largest contributors to the democratic party and to Obama’s campaign.
Aaaaaaaaaaaaaaand, post #140 is exactly what I was talking about before.
Tort reform is needed not because of the direct dollar impact from judgments but rather due to the SIGNIFICANT indirect impact from defensive medicine.
You can find reputable studies that peg the cost of defensive medicine in the $100-$200 billion annual range. Due to the legal environment, Defensive medicine has morphed into “Medicine” so it’s really hard to draw the line and put a precise price tag on it.
There’s no way to bring healthcare under control unless you scale back a lot of the testing, imaging and 2nd opinions that are done to just cover one’s ass in Medicine.
To understand how bad it is out there and how much fear of lawsuits is affecting some specialties, you just have to look at Pennsylvania and their lack of Orthopedic surgeons under 40 in Private Practice. If you are a recently minted Ortho, under no circumstances will you go to Pennsylvania… NONE. If you can comprehend the level of fear of lawsuits that is needed to dictate where you practice, then you can understand why costly “defensive” medicine has become normal medicine.
Dani #140, why does it matter what political views Lucas has when it comes to business? If Lucas can get you the best possible deal who really cares if he is republican or democrat??? I have family members that have different political views than myself, my uncle is a member of the parliament and belongs to the socialist party in a European country. So what’s the point? Do you really think conservative and liberal law makers don’t play golf on weekends? Soon there will be another republican president then another democrat, etc. Come on people get a grip!
Thanks for the comments regarding 360/North Bay Village. What I find odd is that it seems most of the building is out of Developer’s hands yet there aren’t that many listings for resale. In a shaky building that does not have much remaining developer inventory, I would have expected to see more than 33/279 condos listed for resale. Any thoughts on that?
…and Petronius, is there a way to access the below info online? Thanks
“There is one foreclosure that finished recently and the first deed transfer to a bank is scheduled for September.”
jcrimes although I tend to agree to most of your posts as you certainly are a wealth of knowledge…Post #139 was spoken like a true attorney!
Hey, we all have our own interests at heart.
Concur with Miami2009 #145. Business is Business.
360 seems massive has anyone looked at Bridgewater or Space01? Lexi also looks like a better bet.
straying off topic on the healthcare issues. caps should be in place to control legal costs. but the medical profession could also do itself a great favor, and strictly enforce its licensing matters. from what i understand, a significant amout of malpractice tends to results from a select few, often repeat, offenders in the medical profession. grow some balls and go after your coworkers who are bad, and you will help to clean up the profession and control malpractice costs. deny a license to the losers and you will be better overall as a profession. quite often fellow physicians are afraid to bring down the hammer.
gables, I agree there does seem to be a “code”, if you will, amongst physicians. Not unlike many other professions I guess.
JL 146:
On the resale issue, I think most people feel trapped. They don’t want to lock in their loss and know there is little point listing a unit near the price level they paid in today’s market. Those that have resigned themselves to the loss incurred in the initial purchase are entering default or trying to arrange a short sale (there was a short sale unit at $190k for a while and I’m not sure how it was resolved). Some others may simply be trying to wait it out although their carrying cost for ownership is much higher than comparable rents. But there is still a lot of denial out there and reaching a clearing price will take longer.
To access the foreclosure info, I used the county clerk standard record search for party name “360 condo” and document type “CVP” from the beginning of this year. If you sift through the 30 or so results there are a number of recorded final judgments of foreclosure with a date set for when the clerk will hold a public sale. The initial lis pendens filings for some of the units that are coming through the foreclosure process just now are almost two years old; not sure if this is the fault of the banks dragging their feet or the courts.
Miami 2009: Bridgewater is no better than 360 in getting foreclosures settled and has only a few reasonably priced listings. I have not kept up much with Space 01 since I am not a fan of the format of those units. The building in NBV that is furthest along in coming down from housing bubble levels is Blue Bay Tower. It is one of the higher end buildings, similar to the Lexi, but it has been around a couple of years longer and people went into default sooner on account of that. There have been seven bank sales in that building this year from a total of 35 units and the most recent price point has been at $170 per sq ft. Distressed prices in the other recent NBV buildings are probably headed toward the same level if not lower, with some adjustment for relative quality.
Petronius , great info thank you.
Marty
There are many ways to solve the issue you raise. I have no problem with the idea of a specialized med mal docket where the jury consists of practitioners. Nor do I have an objection to the idea of limiting the use of both defense and plaintiff side professional expert witnesses. However, the idea that you can close the court house door to a potential victim is decidedly un-american. Tort reform effectively does that.
wtf is “tort”?
saywhat – A “tort” is an area of the law that is in essence a person wrong….where one person wrongs another causing damage. A battery on a person is a tort (injury to person, civil claim—with the fun of also being a criminal matter too, and probably an intentional tort depending on circumstances based on intent), taking a baseball bat to your neighbor’s car to put dents in it is a tort (intentional tort). not de-icing your front porch in the winter even though you shoveled it causing a slip and fall to a guest is a tort (in this case negligence against invitees). Basically damages to the person or their property is a tort. It is separate from say contract law although there is some overlap that is called “contort” by some.
should say …. “in essence a personal wrong”
Oh, and defamation is also a tort…..damage to one’s reputation. You have to prove liability and then of course the amount of damages….
jcrimes — Tort reform wouldn’t close America’s courtrooms to anyone. All it would do is prevent slimy lawyers from suing doctors for $100 million in the hopes of extorting a $5 million settlement from the MD and/or MD’s insurance carrier.
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thanks for the explanation RenterTom
Wow Lucas,
I found your website and was an avid follower from before you got sued, back when you were more willing to give an objective view of the Miami real estate market and its direction. Even when your circumstances compelled you to skew your view to a less impartial stance (you really don’t believe we are near the bottom, do you?), I still visited regularly, as the comments continued to provide the valuable information that I wanted to track the market, even if your actual posts were a little light in that regard. I was even set to use you for when I felt ready to finally lay down my cash later this year on a unit I had been eyeing at 900 Biscayne for quite some time now…but after learning of your viewpoints in matters other than real estate, I can honestly say I am disappointed. And I’m afraid I could not in good conscience consider doing business with you. It’s one thing to express a different point of view, but it’s another to convey them in such a way as to alienate other people, especially potential clients. I certainly wish you well in your endeavors, and I thank you for the information you have provided to me these last couple of years, but as PJ stated in post #79, I think I’ve learned all I can from here. – WRITTEN BY DANI
I have to 100% agree with Dani, I am sorry Lucas, you have also lost me as a future customer and no doubt a few others. It stands to reason that once you touch,taste a little success, it can go to your head and you have proved this point. Please reflect on how you come across after all this is your site and in effect your worldwide platform. I am a reader from the UK.
I found this site interesting, but after being away for a few months, to come back to the comments I have read, sorry this is so unbecoming it stinks.
Oh and it appears Ace was right all along…….. Not on all points but the main one being price of a condo!
I will write a counter-point. Lucas’ political views do not impact my continuing to do business with him in the least bit. He is both honest and competent which are my criteria for a real estate broker. Lucas helped me lease a unit (I agree with Renter Tom strategy for the short-term) and I will use him to buy when I am ready.
I happen to be an independent but think Obama has done a fantastic job. Although everybody is entitled to an opinion, I would recommend for Lucas to consider curtailing such impassioned political discussions because he might (1) lose business (but not mine) as evidenced by other posts and (2) detract from the primary purpose of his blog.
Just reminded me of my friends from Lyon and Marseilles. After the Iraq invation, they vowed never to step foot on America as long as Bush was prez. Finally they came back this year all happy and giddy and congratulating us (Americans) for showing the World how forward thinking we are!
Euros love Obama more than the Merkels, Browns or the Sarkozys. So between the Liberal and progressive Europeans, Canadians and the US North Easterners, that is 50% of the RE buyers in Miami to say the least (or it could be as high as 75% too, who knows!)
One has to be careful in taking sides.
I also a bartend often and I get into sticky situations when my customers ask me if I am a Yankee Fan or Mets fan. I try to get out of it saying that I don’t play baseball and I like hockey. They usually leave me alone. I dont want to lose any Yankees fan as a customer if I ever tell them I like Mets 🙂
After searching and searching for a home and not finding what I want for so long I feel like I could be a Realtor if not for my lack of license and heavy flow of work! I gotta say that this business is everything but easy money and you have to be really smart and well informed in order to have any success, so congratulations to all of you!
I wanted to ask you guys what you thought of the Infinity Brickell Condo… I know that they offer 5% commission to brokers and I wouldnt want to be dragged there just because it pays good to the intermediary…
Whats the deal with this Condos that are FannyMae approved? Is the developer selling by itself right now? I wish I could know more about this building and / or others in a similar situation! THANKS FOR YOUR HELP!!!