Another Miami Condo Lawsuit
CBS4’s correspondent, David Sutta, reported tonight about yet another lawsuit involving a Miami condo developer. The lawsuit was filed against the Related Group of Florida by contract holders who decided to walk away from their 20 percent deposit at 50 Biscayne. Apparently, the contract agreement stipulates that contract holders are entitled to 25 percent of their deposit money if they decide not to close. The lawsuit was filed because this money was never returned.
From the details that I’ve heard about the lawsuit, the plaintiff has a strong case against the developer. It seems to be a simple oversight in not including certain language that may have otherwise protected the developer. We shall see if condo litigation specialist, Beck & Lee, will be successful in getting their clients their money back.
Say It Aint So “O”
Yahoo News! reported earlier today that there are rumors that Shaquille O’Neal will be traded to the Phoenix Suns. I hope these rumors don’t prove to be true but it does sound like the Miami Heat will part ways with Shaq in the near future. I think everyone will agree that Shaquille O’Neal has been a great addition to the Miami community. He will definitely be missed.
Shaquille O’Neal’s Miami luxury home on Star Island, is currently on the market for $32M. There were rumors on November 1, 2007, from the South Beach Real Estate Blog that Alex Rodriguez was looking to buy Shaq’s humble abode. I heard from other sources that the deal fell apart because Alex Rodriguez’s wife wanted to be closer to her family in Coral Gables.
I haven’t fully thought this out yet, but I may, (still need to think about this one), consider stepping outside of my own personal boundaries of only listing condos and consider listing a Star Island luxury home like Shaq’s if his listing agreement expires before his home gets sold. Don’t hold me to this though because I am only contemplating it. I’m a very niche-oriented person so if I don’t return your phone calls Shaq, don’t hold it against me. I need a few days to think this one through.
Prime Blue Grille and Il Gabbiano Are Just What Downtown Miami Needs
Miami needs high-end restaurants, grocers, hair salons, pharmacies, book stores, cafes and department stores. These services exist today in Downtown Miami but they likely wouldn’t be considered “high-end” by the standards of most who inhabit the newly constructed $350-plus per square foot condos that surround the eastern exterior of Downtown Miami.
This is something that will one day become a realization. However, restaurants and other establishments aren’t going to jump to acquire the empty commercial spaces, which abound at the bottom of these newly built condo high-rises, until they feel that there are enough year-round residents to justify such a commitment.
Case in point is One Miami. This is a condo development that began delivering its condos at the very end of 2005. Closings began at a time when the real estate market was questionably still going strong. However, it wasn’t until the fourth quarter of 2007 that two fine restaurants, Prime Blue Grille and Il Gabbiano, decided to open their doors to patrons in the commercial spaces found at the bottom of One Miami. Two years! Summary of the story is that it will take at least another two years for the commercial spaces found at the bottom of the new condo developments to open their doors to patrons. Once they do, however, Miami will slowly start to become a true urban city.
By the way, Prime Blue Grille is an excellent restaurant! I highly recommend it if you’re looking for an enjoyable fine-dining experience. Prime Blue Grille is a steak and seafood restaurant. I’ve heard nothing but great things about Il Gabbiano, an Italian restaurant, but I’ve yet to dine there myself.
Miami Condo Construction Update
Super Bowl Sunday afternoon, I decided to walk around Brickell, Downtown Miami and Park West to provide those who reside outside of Miami a construction update for various condo developments. Below, you’ll find various pictures that I took during my walk:
500 Brickell looks to be about 2-3 months away from being finished.
Epic Miami looks to be almost topped off.
Icon Brickell appears to have topped off one of its towers and close to topping off the other two.
Met 2 will be comprised of two towers. One will be a 47-story high-rise comprised of Class A office space. The second will be a 42-story signature hotel called Marquis, a JW Marriott Collection Hotel.
Asia is located in Brickell Key. Probably another 2-3 months until this luxury high-rise is ready to begin closings.
Met 1 is the white tower located in the center with the Wachovia building hovering directly behind it. Met 1 is complete but I’ve yet to hear for when the first closing is scheduled. Has anyone heard anything?
Marina Blue, 900 Biscayne Bay, Ten Museum Park and Marquis. Marina Blue is just about done and should begin closings very soon. Gotta love the architecture and glass on Marina Blue! 900 Biscayne Bay will probably begin closings sometime within the next 2-3 months. Although closings at Ten Museum Park began in the Summer of 2007, the amenities and spa are far from being 100 percent complete. Hopefully by July we can file it away as being completely finished. Marquis still has quite a ways to go before being topped off.
Click on the following link to view a slideshow of other pictures that I took during my short walk in Miami:
