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What a horrible floorplan.
Can you elaborate? What makes it a horrible floor plan?
There is no flow, there is no separation between public and private spaces, the room proportions are odd, there are too many irregular angles. There is no symmetry or balance.
It is a lot of square footage but poorly utilized. It looks like two units poorly combined into one. A lot of wasted space in hallways.
The living room is small for a unit of this size. One should enter into a gracious entry and it should lead into dramatic living space, not to the too small bedrooms and past the kitchen.
Ceiling height is nice and views are great.
PHB and PHC have logical floor plans and there are other available units at better prices than your feature. Sorry.
The living/dining area is too small… probably because the Master Bedroom space is way too big…
If you take that area south of the private lobby/elevator in the floorplan (which is pretty much the Master BR + laundry), it looks to be 2x the Living + Dining area. 1x would be more in line.
Also, I’m not fond of foyers where you enter and have to make a 90 degree right or left turn. Right away, it would make me feel that it’s not a prime unit.
I didn’t want to be the first to say something negative, but I agree with BillP. For $1.5 million, there should be some “wow” factor when walking in the door, but this unit, as BillP said, opens to a small maze (foyer + kitchen hallway).
I might like this unit at $200 or $250/sq. foot, but not at almost $500/sq. foot. Prices like this are why I’m sure the Miami market has a long ways left to drop.
Before looking at the pictures I was studying the floor plan and was trying to figure out the flow of the unit and I must agree with the other comments, this condo lacks an easy walk through flow with balance. Why the two laundry rooms? Is this an opened concept or not?
Why the two bathrooms on either side of the office? Why the cramped living room/dining room area? At the asking price of almost $1.5m, I am expecting much more……….
Who would pay $1.5 million to live in an area that has homeless people everywhere? The price is still way too high! Look at all the other buildings in that area. There have been no closed sales in that price range. I checked out this building already. There are beautiful units over there. But then I walked behind the building and in front of the building into the park. The area is just depressing. There were just so many homeless people. I would be scared to walk my dog around there at night. The views are great from the units. But as soon as I started to walk around the neighborhood, I felt like I was going to get mugged and that was during the day. I agree with Joe, the prices need to drop down to $200 -250 /sq ft. Im sure they are having trouble getting these prices. They need to get realistic about where the current market is. At almost $500 /sq ft you can get a beautiful unit at the beach in a great building.
The main reason we didn’t move to 900 was the lack of usable space. The units were nice, but the angles used and small extra rooms just wasted a lot of space. Our secondary reason was the neighborhood.
Ahh the neighborhood-Park West or should we call it the hood @ Camillas West as its just amazing how many of our cities homeless live in this million dollar neighborhood-Nothing better than the people mover as a rain shelter-
Too bad soo sad as so much hope so much hype and so many promises yet to be realized-Museums, plaza, restaurants? Three years later now and still nada-oh sorry an empty Brazillian place that will soon close and a soon to open Brick oven Pizza concept which will only look to feed the homeless the left over slices that dont sell for lunch-maybe they should make a deal with the city-Walk your dog-are you kidding-unless its a rotweiller think wee wee pads as you’ll only be walking in “it” anyway once you hit the street at least you know where and what you are stepping in…as you already stepped in it if you bought and or are thinking of buying in Park West!!
I agree with the above posters. For such an enormous price and a seemingly large unit, there is such a waste of space. How much laundry do you really have with (at most) 4 people living here to utilize 2 W/Ds. The powder room is a waste when you have a bath next to the office and a bath in the 2nd bedrm. So much closet space which normally I would love, but even I cannot think of what I would use all that closet space for. If you’re living in a 3 bdrm home, you can’t have that much to store. And the living, dining, kitchen, and masters seem small to me for that amount of money. Seriously, for $1.45M, I’d rather have a nice big home.
Yeah I would agree. Thumbs down on this unit. Poor layout.
Hate to pile on Lucas, but unimpressed.
The chopped-up unit, the neighborhood, lack of shops/services nearby….For that kind of money, I’d buy in the Grovernor House in the Grove…
If I was a Miami condo owner attempting to sell, I would make sure to tell Lucas NOT to post my unit info on his site, as it clearly is a Deathwish.
This looks like one of those placemat mazes your get at Denny’s.
I live in a nearby building and the neighborhood is not good. I’m accosted when I go to fill gas at the BP. I can’t jog in the area and I can’t walk my dog. I would never live here permanantly. There is no cohesive feeling or sense of community. Just these 4 structures sprouting out from a surrounding wasteland. I feel totally disconnected from the rest of Miami. I wish I moved into a Brickell or Miami Beach condo… I feel sorry for people who bought units in my building. The lack of parking spots is absurd. Second spot costs hundreds of $$$ for valet. Not even a designated spot. Spots are cramped and oddly placed . One guy has to bust a hard right in between two concrete columns to get in.
The views look nice but the first time I saw the floorplan I had trouble figuring out how it would be “livable”. As others have posted, the floorplan is choppy and awkward. Must have been two units combined into one. With a creative designer I’m sure it could look nice but seems overpriced.
I think State Income Tax has a good assessment of the area. Things I wished I would have done before renting a condo downtown:
1) drove from the ground to the assigned parking spot
2) walked the route from parking spot to/from unit
3) visit the building for a full day to see any trouble or permanent problems
4) meet the building management and assess their competency (I swear there are some really dumb people that 5 minutes of conversation can bring to light)
I know things can change, but agents have a great way of disguising things or picking the best time and route to get you there. And coming to the building and just valet parking while looking at units sucks if you have a nice car and need to drive.
lucas
the floorplan apparently sucks.
Ok… besides the fact that the floorplan is strange, $1.45 Million for 2,754 sf in an unfinished unit translates to $526/sf.
The question is: ARE YOU F$#$@@ SERIOUS??? Who would pay that for this unit at this location? Besides the fact that it probably needs at least $100k to make it livable.
You can get an oceanfront unit with similar square footage at MEI or Mosaic for that price… and wait until Caribbean hits the market.
Lucas… I know this is your site and that it generates business for you, but you need to be obective with these postings or no one interested in using you as a buyer’s broker will take you seriously.
I would have to agree at that price I would look at something on the beach.
The MCI was quiet for many days with no posts and suddenly 20 posts on one day. And I knew why! This unit is bringing as much consternation as ICON thread did a while ago.
But in all fairness, Lucas never claimed it the “Best Deal or best price or most beautiful” and so on. He called it “Unique” and unique it is. That maze of a floor plan will leave you with a headache. After negotiating miles of labyrinths, the prize is to reach a bedroom with a view?
If I were the owner, I would knock down all those walls of office cubicles/jail cell type rooms and enclosures just when you step off the elevator. Even then, you will not get a wow factor when you enter as the living room is still invisible and cannot be incorporated into a large area due to the kitchen being smack in the middle and the views are obscured too.
I know that people have called my unit in 1800 “Cookie cutter”, “Not big enough (at 1222 sf)” etc etc. But one thing that is going for my ” Small, Poor” house is the wow factor. When you open the door, the wall to wall, floor to ceiling glass reveals a brilliant sunshine and spectacular infinite water views that actually makes the unit feel larger than it is. Visitors can’t take their eyes off of the view and everything else in the flat becomes secondary.
Unfortunately, this particular unit failed to take advantage of that one single most important factor and ends up looking cramped even with almost 3000 sf of space. The design is poor such that you cannot even have a party for 20 people as the living room is not big enough and the terrace is disjointed.
I hate to ask the HOA on this flat. That would probably make anyone’s head spin.
Everyone else ranking on Park West area, I don’t know what you guys are talking about. I lived there April and May and did not experience anything remotely what you guys described. Since when are you guys afraid of homeless people mugging you? I have only seen a handful of homeless people there. The max happened to be about 5 and they were hovering near the Mary Brickell Village Metro mover stop and not at the Park West or 11th st station. Go figure. If you want to go to beach to escape homeless people, I have news for you, you will be slammed with 10 times more homeless people on the beach. At least in downtown, they can go to Camille house to rest, relax or refresh, on the beach they piss all over the place. In fact one reason I like downtown area more than SOBE is because homeless are less visible in downtown than on SOBE. You can gasp in disbelief but it is what it is. Los Angeles is supposed to have 60,000 homeless people, the majority of who live in Downtown. Compare that to Miami downtown. Just 422 as counted by some agency, which of course I will not believe but you get the point. The number is very low compared to other major cities.
When ever you invoke homeless problem, you have such a feeble excuse as you run out of all other vitriol to deride Park West. Park West is a convenient location, quite livable right now and has even great future lying ahead.
At $526.51 per square foot that’s one hell of a price to pay for bathrooms with Bidets and an extra washer/dryer. I’m sure most of us would not know what to do with either one of them. This madness cannot continue and here is why:
Foreclusures and unemployment continue to rise to record levels with no end in sight despite government intervention and loan modifications. In the short run the plan will keep some homes out of foreclosure and appease voters, who will be able to continue the delusions that they still have home equity. Also, the plan might create some false hope, thereby slowing down the adjustment. However, over the long run, which may happen sooner then many politicians naively believe, the plan will make mortgages even harder to get, and ultimately lead to even lower home prices and more foreclosures than might have been the case without the plan.
The best thing is for the government to stay out and let the lenders work this out with the borrowers without any outside interference. In many cases foreclosure is better then keeping people in homes they cannot afford that are worth less then their mortgages. Let investors buy these properties, put up real cash, have some equity, and rent them out.
As many of you here on this Blog are real eatate investors I thought I would test your knowledge by asking a simple question:
What are the three most important words in real estate investing?
The Ace – Nice post. I know most people say location….but really it is price since at the right price it cures all location problems.
I would say timing comes first, then location and price
The Ace — Either “price, price, price” or “cash-flow positive.”
LONG LIVE “THE ACE” where have you been ACE????
5108 sold for $333 per square foot. That would put this one at $925,000.
We aren’t being negative. With our broad cross section of knowledge and honest feedback, we are helping Lucas do his job, either as buyer’s agent or seller’s agent.
You would have to be insane to spend over a million dollars on a condominium in Miami.
I impact glass will not block the sound from the street level gunshots.
Woman shot in parking space dispute near Miami club
http://www.sun-sentinel.com/news/local/breakingnews/sfl-miami-club-shooting-bn090809,0,208257.story
Wow, what a bunch of naysayers on everything! This is the best of urban living in an incredible building with stunning common facilities (you can have a party for 100 in the lounge with music or a screening in the theater with food and drinks right in the attached cafe.) The view from the 58th floor is world class–you don’t loose the “wow factor” just because you have to turn to the left to get it. The main living area is not small. It is just that the Master bedroom is huge–I would move the bed to the far wall as you come into the room and make a sitting room or desk area to the other side. And who is complaining about “too much closet space??” Are you kidding? Most people in cramped apartments would kill for the extra closets. I know I would. The price might be high, but we all know that everything is negotiable today. The new Brazilian restaurant is jammed every night and I hear there is a Japanese opening soon at 900 and pizza place opening next door at Marina Blue. Where is your foresight, fellas? This is an end user apartment, not an investor unit. Cash-flow positive? This is not an apartment building–it’s a home! I show this building and I’m with Lucas. I guess you had to be there.
Wow Judy….it was pretty clear from your cheering leading that you are a Realtor®, no need to actually have to tell us. Ignore the price since “it’s a home!”. I sure hope you’re not a buyer’s agent.
Judy…Judy…Judy….READ…LISTEN…and if you can….TRY to UNDERSTAND…..you cannot sell something that 19 out of 20 readers do not agree with YOU! Change your attitude or go work at McDonald’s……
Good to see you back Ace and excellent post by the way. We look forward to your answer as to the three most important words in real estate.
As to Post # 30 I have to agree with Renter Tom, for her reply was the most blatent self serving (give me my 6% and screw you) diatribe I have ever read, even on Company Real Estate Websites. To pay more than $400 per sq ft than it’s worth ($526 divided by the Ace recommended wholesale price of $125) just because their is a Brilzilian resturant close by is absurd.
Lady, the days of realtors conning unsuspecting house buyers are over, I know because “Suzanne” research it! LOL
For all you mathmaticians, I meant to say “minus” not divide
I knew Judy was a Realtor ™ as soon as I saw the phrase “the best of urban living” in her first sentence.
I don’t know enough about the Park West area to know if it’s as bad as some people say, but it’s sure as hell not “the best.”
With Miami’s screwed-up r.e. market and the City’s screwed-up finances, a person would have to be an idiot to buy into these downtown buildings based on the promises some r.e. people are spouting of “big development coming soon.”
Ace nailed it with his comments on leave the market alone. The problem we are seeing today with the burst housing bubble eminated from the perceived need of the Democrats to provide housing for all, regardless of their ability to make the payments. And the sleazy banks with their teaser rates that literally eat your lunch after a few 2% pops. Really showed those guys that they should be more honest and forthright in their loan practices by making them take all that TARP money w/ no strings attached… huh?
But I agree with the 19, that the layout is a bit messy. The architect should have consulted with some double wide designers. They make things flow and sometimes fly, depending upon the weather conditions, of course.
This is a very interesting board. Some of the commentators have some unique perspectives.
I would love to trade my house in Naperville, IL, for one of those $500K condo’s down on South Beach or vicinity. It is getting to become cooler up here already and not just by the lake.
Below is an somewhat interesting article from MNT regarding suicide jumpers from local condo towers. Another reason to not to buy a condo right now: if you live on a lower floor, your balcony may become very messy with splattered human body parts.
http://www.miaminewtimes.com/2009-09-10/news/legends-of-the-fall-suicide-by-jumping-from-miami-condo-buildings/
Drew – Sadly I have heard of other suicides in some of these new condos. Now, there are always suicides so don’t know if there is an increase or not but probably at least some increase due to economic stresses (as I posted long ago there are real consequences to the economic downturn….people die, divorce, etc.). My compassion goes out to these poor souls.
Why didn’t we think of this before, it’s no wonder that there are so many foreclousures and HOA dilinquents in Miami. Its because the owners are skydiving from the Miami skyscrapers without parachutes. Perhaps Obama can bail them out with a stimulus “Cash for Chutes” program.
What a joke this blog has become.
Please, would anyone care to comment on the new “Contiuum”? I would like to rent there this winter. Thanks, joey from NYC.
Continuum
Judy! Judy! Judy!
Prey tell how one can afford a party for 100 people with an underwater mortgage of $1.45M?
This unit has bubble written all over it. The entire neighborhood is a monument to stupidity.
Donzi, go there and if you like it, rent it. Since you’re not buying it, there’s not much you need to think about.
How is 900 doing anyway? Closings-wise?
Donzi — I might be wrong, and condo owners are known to break their own HOA rules when it comes to rentals, but I believe the minimum rental term at Continuum North is 6 months (and might even be 12 months). There’s no shortage of available rentals listed there, though, so YMMV.
Check Craigslist to confirm illegal rentals. Look under vacation rentals. Contiuum owners are still offering hotel rentals. Hope they are paying bed taxes.
In total, there is a six percent (6%) tax collected on the rental amount from any person who rents, leases or lets for consideration any living quarter accommodations in a hotel, apartment hotel, motel, resort motel, apartment motel, rooming house, mobile home park, recreational vehicle park, single family dwelling, beach house, cottage, condominium, or any other sleeping accommodations rented for a period of six (6) months or less. If the rental is for more than six (6) months, a bonafide written lease must be provided in order to be exempt. The 6% tax is made up of the following 3 taxes:
*
Three percent (3%) Convention Development Tax (CDT) collected throughout Miami-Dade County, with the exception of the cities of Surfside and Bal Harbour. Two-thirds (2/3) of the CDT receipts are distributed to Miami-Dade County, and one-third (1/3) is used to fund the Miami Arena (excess one-third (1/3) receipts go back to Miami-Dade County).
*
Two percent (2%) Tourist Development Tax (TDT) collected throughout Miami-Dade County, with the exception of the cities of Surfside, Bal Harbour and Miami Beach. Sixty percent (60%) of the TDT is distributed to the Greater Miami Convention and Visitors Bureau, twenty percent (20%) to the Miami-Dade County Department of Cultural Affairs, and twenty percent (20%) to the City of Miami.
*
One percent (1%) Professional Sports Facilities Franchise Tax collected throughout Miami-Dade County, with the exception of the cities of Surfside, Bal Harbour and Miami Beach. This one percent (1%) tax is used only for debt service payments on county debt for professional sports facilities.
Can I assume that the private lobby and the little hallway area to the left when you come off the elevator are included in that 2754 square foot number? So its probably closer to 2000 square feet of actual interior space.
Sorry to go off topic . . .
I’m looking at a condo : Brickell Townhouse (at 2451 Brickell Ave). I was wondering if anybody had any experiences or info that they could share regarding this building.
Stability? Reputuation? etc. . . .
Any and all advice would be hugely appreciated! Thanks!
From feds, more than a MILLION foreclosures coming
http://finance.yahoo.com/news/Treasury-says-millions-more-rb-1620457917.html?x=0&sec=topStories&pos=1&asset=&ccode=
Talk about having no vision! This group must be hiding under their pillows all day long. I completely agree with Judy. It’s funny, the exact same thing was said about South Beach and Lincoln Rd in the 1980s and 1990s when Tony Goldman, Bruce Eichner and Joe Comras were buying up all of the real estate in site (all 3 of them were New Yorkers at the time – so maybe it takes a little bit of distance to see the forest through the trees). People thought they were crazy. You couldn’t walk through SoHo in NYC in the 1980s without fear of being shot for your watch. But then something happened that looks VERY similar to what is happening in this neighborhood. And they all made hundreds of millions of $. You can trash Judy’s comment all you want, but she seems to be the only person on this blog with an interesting (and different) opinion. Do me a favor and someone post a link to a condominium in Miami or Miami Beach that is 3 bed/3.5 bath with 2,700 sf, 11ft ceilings, east and west unobstructed views, on a high floor in a building with amenities comparable to 900….. I would LOVE to see the price per square foot that is comparable….. Thanks!
Fred-
There’s a big difference between large-scale commercial property investments in an “up and coming neighborhood” vs. an end-user buying a single condo unit in said neighborhood.
If you buy now in Park West (Overtown) you’ll be dead from old age before that area becomes truly relevant. The only reason to move there at this time is if you hang out at Club Space and Goldrush all weekend.
Comparing a resort destination with a downtown area is an awful comparison.
I think that downtown and Design District have a lot of potential for the right price though.
I’d say the Park West area will be one of the last to get revitalized, if it even happens. Think it’ll be at least 8-10 years before that happens.
Think other areas such as Brickell, Pace park area and then downtown (in that order) are better bets investmentwise…
Fred in NYC – Maybe you too are a Realtor®, but regardless, for every redevelopment success stories there are many many more failures. Plus with the net out flow from Florida and the downsizing of finance and banking jobs, Miami is not on the verge of a renaissance. I wish it were, but wishes don’t make reality. With respect to that unit, really was looking at the chopped up layout … it looks forced and you walk into a long narrow canyon before getting to those views. But then again, it does have the double laundry….
Fred in NYC- the complaints on here are about how bad it is to live there. As an investment, it doesn’t look so good, but buying this for an investment will be costly with taxes and HOA. If this was 800K, that would be a good deal for an investor. But for somebody buying to live there in the next couple years, I wouldn’t want my family there.
Keep in mind the city of miami and miami-dade county are so far under budget they are slashing salaries, jobs, and services to the community. This is a big deal this year and from the looks of it next year will be the same.
Until the city and county can start paying for parks, police, and other programs 900 will be an unsafe area to live.
“Best of urban living”? “No vision”?
Please, someone take the keyboards away from the Realtards ™.
Wild Bill — Holy hell, you’re right. At least one owner at Continuum North — someone on the 23rd floor — is renting their unit on a daily/weekly/monthly basis, just like a hotel.
How the hell can the Continuum North management allow this? Most Continuum North units are still priced at $1,000/sq. foot or more. Who in their right mind would pay that kind of money only to have God-knows-who renting in their building for as little as a day at a time? This is unbelievable.
Joe – It is when it goes to 1/2 hour rentals that you need to be concerned…. LOL
AZ88,
Totally concur with your #56. You can also add Midtown to the list. Will it be placed before or after Park West on the list could be a point of debate.
But of course, instant gratification is not the order of the day for Park West. Right now it is a great place to live for activities at the Bayfront and centennial park and going to clubs in the back of the building. In 10 years, it will be a fantastic place to live all around.
Fred of NYC,
Look at this listing.It belonged to Mark Zilbert and he dropped the price from 1.895 million to 1.295 million. It is over 3000 sf in Murano Grande, completely finished and with great views and the Wow factor.
http://www.zilbert.com/images/brochures/M1328774.pdf
Sorry Lucas, it was not my intention to promote another Realtor listing on your site but Fred threw an open challenge to show a comparable unit and so I decided to provide the link to a similar prop. Please feel free to take it down if you like, I wont be be offended.
AJ – In 10 years…….. LOL Like you know! Also, that fantastic Murano Grande unit reduced by $600K from $1.895M to $1.295M is no bargain even with a few nice fixins’…..it sold in 8/2003 for $865,000. But gooo ahead and pay $1.295M for the used furniture included unit afterall…”Lower offers will not be accepted.” What a f-ing joke.
Did that unit at Murano Grande actually sell? Zilbert’s ad said “one-week sale,” “cash buyers only,” and “must close on Aug. 31, 2009.”
This would have been an audacious sales pitch at the height of the r.e. boom. I’ll die laughing if Zilbert got some sucker to fall for that shameless nonsense now. (Every time I think I’ve seen it all with Miami’s r.e. agents, along comes another one with even less shame. It’s unreal.)
RT,
I didnt say it is a good deal. I only said it is a comparable unit to the one on this thread. If I had 1.295 lying under my mattress, I still will not be buying any flat that will cost me $2300 in maintenance and $16,000 in taxes.
Joe,
I laughed at this mad sales pitch too. Zilbert gave a similar spiel regarding another Setai unit he was trying to off load a few months back. Yes it is a joke. But we are not here debating if the Zilberts unit is a good buy or not. I think you know what I am talking about.
Zilbert is showing 3 units in Murano Grande had foreclosure sales recently in 6/2009. I don’t follow the building too closely but I don’t recall ever seeing any foreclosures for sale. If I ran across it, it would have jumped out at me so I’m wondering if these foreclosures were ever made public. Does anybody recall seeing a foreclosure opportunity in the Murano Grande (not Short Sale) back in May/June?
Renter Tom and Joe maybe you two are HOMELESS PEOPLE® using your neighborhood library’s Internet connection.
For all those proclaiming what a great lifestyle it is to live here I challenge them to walk a day in my shoes. Park in my garage, live in a comparable unit, try to go for a run, fill gas at the BP, try to walk your dog. I hope you take lots of spare change with you on any excursion outside.
This blog is a joke – Well your posts aren’t a joke, they’re just stupid.
AJ — I know you posted that Murano Grande as a comp, and not as a “good deal.”
Do you, or anyone else, know if it sold?
That floorplan is horribly confusing. Terribly inefficient. No need for a 2nd laundry and bidets are largely useless in america and take up precious bathroom space.
I apologize for the fact that my comment is totally unrelated to this posting, but does anyone know what’s going on with Paramount Bay?
Like everyone else, I’m trying to figure out what’s going on with that floorplan and I just dont get it.
Fred must be the owner of the unit.
Interesting…
“Apartment demand remains weak in Miami-Dade”
http://www.bizjournals.com/southflorida/stories/2009/09/07/daily32.html
State Income Tax, you said “Park in my garage, live in a comparable unit, try to go for a run, fill gas at the BP, try to walk your dog. I hope you take lots of spare change with you on any excursion outside.”
I assume you live in either 900 or MB or TMP. OK Lets see
1. Park in my garage: I have not parked in your building, but I assume a lot of buildings have similar problems as you mentioned. Nothing extraordinary
2. Live in a comparable unit: Same as above.
3. Try to go for a run: Done it many times ( mostly walk actually), from Pace Park to the end of Bayfront park. Usually I do that on the Centennial park side of the Park West. Most pleasant experience. I enjoy it as much as I enjoyed walking on the South Pointe Park. What are you trying to say here?
4. Fill gas at BP: Done it a zillion times. Good gas station, reasonable price gas and with a well stocked convenience store. What is the problem?
5. Try to walk your dog: Don’t have one but if I do, I will be upset that there is no dog run like Pace Park nearby. Other than that I can take the pooch to dump anywhere and pick up after.
6. I hope you take lots of spare change with you on any excursion outside: I guess you are talking about an occasional bum accosting you. If that ever happens to me, I just say “sorry man, no change or sorry, cant help you”. 100% of the time they have never ever bothered me because I have not given them some change. If you are so afraid that the only way you think a bum will not harass you is by giving them some change is completely false and naive. Bums are an eyesore but are not muggers or violent people. But if you are very scared of them, you should not be living in a city.
http://spotcrime.com/fl/miami
Looks like crime is actually getting worse in this downtown area.
My peeps in the area told me they were going to *uck up the wealthy people. I never doubted them.
The Miami-Dade Tax appraiser may have been very prescient -for the county- by not including foreclosures as comparables in property tax assessments.
“Miami-Dade, Broward foreclosures up-
New foreclosure filings rose 18 percent in Miami-Dade County and 14 percent Broward between July and August, according to data released Thursday by RealtyTrac”
I kept wondering if the layout had a nanny suite which might have made sense.
Southbeachsand says ” Bidets are largely useless in America”. LOL – Not quite sure what to make of this but that is the funniest post ive seen in here in a long time.
Btw rentertom – Meredith Whitney quoted today saying there is another (Ouch) 25% downside in home prices and another leg down in the stock market. So, Lucas hang on to those (ouch) puts you recommended we purchase a few weeks back if you can stand the pain in the meantime.
The puts expire in December so I have time.
Lucas – why did you delete my comment? So it looks more and more like the pessimists are allowed to shit all over this blog.
Well Lucas i sincerely hope your right. Im leveraged on the downside also but with “SDS”. Options are a tough way to go with the time decay. Might be better off granting the calls in stair step fashion.
Don’t worry “Renter Tom is a Joke and a Homeless Person®” the unit has a bidet to help you clean up… And if the buyer pays that price well, he/she will need the bidet for sure…
Kramer,
SBS is right. People in this country don’t wash their arses after going (they only do while showering). They just dry wipe it. If they at least use wet wipes, it would have been hygienic but unfortunately that is not the case.
In some Middle East and Asian countries, they have a running water gun hung next to the toilet. You aim and press the trigger for the cleanest rear you can ever have. That is the best solution for a clean bum, even better than a bidet or a wet wipe.
I tried to have them installed in my home here but cant find it anywhere in Home Depot or Lowes. I will buy them and bring it back the next time I visit that part of the World. The pipe thread and diameter may not match but I guess I can find adapters.
If anyone know where to buy arse water guns in this country, please let me know.
RENTER TOM or anyone else…….PLEASE give me a little insight and ADVICE on purchasing in “UPTOWN MARINA LOFT’S” in Aventura.Do you have any info. that would be useful in helping me make a purchase decision? I am considering a unit in that Building shortly. Any info. from anyone would be very much appreciated.
Here is a bum gun on ebay. It does not look like a good quality one I have seen before and not long enough, but you get an idea. Looks like it came from Thailand. It has 1/2″ connector. The plumbing dia. in NY is much smaller than that.
http://cgi.ebay.com/Kitchen-Bathroom-Toilet-Water-Sprayer-Hose-Gun-Pipe–_W0QQitemZ110432270157QQcmdZViewItemQQimsxZ20090907?IMSfp=TL090907185002r9858
just in case you are wondering what to do with it, here is a write up by an American in Bangkok.
http://www.associatedcontent.com/article/1877917/how_to_use_the_bum_gun_toilet_hose_pg3.html?cat=5
AJ – Based on the size of most Americans….you’re gonna need a bigger gun.
can’t agree more!
Your too funny AJ. Did you just get home from the club : ) ?
Sadly….these numbers are going to rise. There are several reasons why foreclosure actions have been delayed despite long term delinquencies.
Miami-Dade, Broward foreclosures up
New foreclosure filings rose 18 percent in Miami-Dade County and 14 percent Broward between July and August, according to data released Thursday by RealtyTrac, a foreclosure tracking firm. Compared to a year ago, new filings were up by 116 percent in Miami-Dade and 19 percent in Broward.
In August, roughly one of every 109 homes in Miami-Dade and one in every 79 in Broward were in some stage of the foreclosure process in August, up 19 percent and 24 percent from July respectively. Those figures include homes that have received a notice of default, have been scheduled for auction sale and were repossessed by lenders.
Banks took back 699 properties in Miami-Dade and 1,414 in Broward in August, RealtyTrac reported.
— MONICA HATCHER
Kramer, I am serious. A clean rear is not a laughing matter!
http://southflorida.bizjournals.com/southflorida/stories/2009/09/07/daily50.html
Wind by Neo faces ANOTHER foreclosure suit. I remember several years ago when Neo principal Lissette Calderon was hailed as a genius for her Neo Loft development. I guess her decision to spend $30M for 1.8 acres downtown was not the wisest
—–
Jcrimes (if you’re reading), I know we discussed J Perez/ICON Brickell several weeks ago but I recently heard an interesting rumor that Perez did in fact sign a personal guaranty at ICON Brickell and that the note is due very soon. Do you have any knowledge of this rumor?
This blog is great. You can get advice on anything here, from buying real estate to washing your asshole. LOL!!
I had not idea bidets were such a strong subject. They are just rarely used here and I would rather see a double sized stand-up shower with 2 shower heads, than a bidet that most americans don’t use.
In other news, did anyone see the bath (no pun intended) that Corus Bank took on Caribbean in Miami Beach?? $127 million note sold for $50 million, with only 13 units sold so far.
when i was in argentina i started using the bidet and frankly, i’m hooked. i will have one in my next home. it’s just…a. great. idea. throw in some nice two ply, and yes, it’s safe to say, pooping has never been so much fun.
okay, on to pertinent stuff…drew, i’ve been told specifically no guaranty with icon. perhaps he has something on the hotel side of the project, but that’s me guessing. i thought the loan came due over the summer. frankly, i don’t think it makes much of a difference (i.e., guaranty, maturity of the loan). i’m pretty convinced the lenders will work with jorge. the friendly foreclosure of his project in west palm is a harbinger of things to come. the banks’ mindset is that if they have to be on the island with any miami developer, jorge would be their first (and probably only) choice. love or hate him, jorge has enough credibility in this town to stand up to the banks and try and get his way.
lucas – i can’t get into details, but, the short of it, you would be amazed who reads this blog. one of your posts was printed out (including comments) and was placed in a file that crossed my desk.
drew – one point of clarification. he probably had a performance guaranty with respect to the construction, however, that usually goes by the wayside as soon as the project/construction is completed
Your answers to the question “What are the three most important words in real estate investing” were varied and important but all incorrect. Words such as price, luck, timing and of course the old NAR propaganda favorite: Location, Location, Location was there, Long Live the Ace which is four words and not correct either but I thank the author for his effort and sentiment.
The correct answer is:
Homework: For if you do your homework you will already have found the right location and know what the price should be.
Cash: Cash is king in any real estate deal. Many of you may recall my extolling everyone to “keep your powder dry” when referring to cash.
Walkaway: This is the most important word of the three for if after you’ve done your homework and have made the correct cash offer and it is not excepted then just walkaway, do not let emotions sway your decisions.
Realtors make their living by preying upon the emotions of others that is why you’ll hear them spot such nonsense as Location, Location, Location and why your buying a home and not a house, and the most idiotic and annoying realtor phrase of all “Now is a good time to buy” Although this is true it is not true in the sense that a realtor will tell you for they wear spewing this garbage two and three years ago when I was warning everyone NOT to buy. However, if you follow the three most important words in real estate investing now is in fact a good time to buy.
Good luck and happy investing for as we say in the military “this is a target rich environment” and will get richer with the millions of looming foreclousures coming our way.
LOL, Ace is a tard. Thanks for the “advice”. Do homework, have cash ready and walk away if your offer is not accepted. Did this come from an Armando Montelongo seminar?
“He that knows not, and knows not that he knows not is a fool. Shun him.”
I have a bidet. I’ll probably never use it, but it’s cool to say you have one….kinda like a seperate shower/tub, lol.
JL @ Post #103
I suppose you are one of the emotional set that buy into the notion that the three most important words in real estate are: location, location, location. As a real estate investor I happen to agree with the Ace.
DJ – You can always turn it into a coy pond….I’m sure that will and at least $100K in value. LOL. Actually the automatic washers built into a toilet make the most sense especially for freeing up space for say a separate shower. Tub/shower combos are completely gross….in order to actually use the tub you have to make sure it is clean clean clean….and most showers get at least a little bit dirty after a week or so. Moreover, tub/showers are dangerous given the fact that it is a wet environment with slopes that you have to climb over….many people have slipped and fell resulting in death in the tub/shower combos (talk to people that are EMT’s, they will tell you)….seriously, and many more are injured and for the elderly a major bone break can domino to death fairly quickly. I just can not imagine designing a place with a tub/shower combo…..just get rid of the tub part if there is not enough room. And then there is the really stupid stuff….tub/shower combos with a jetted tub…..most of those tubs are sooo small and to add jets is just a gimmick. We’re in Florida….there is the ocean, plenty of pools and hot tubs to relax in if you don’t have a tub.
I also find it humorous when sellers and realtors try to discount the importance of a “distressed” sale sold price. A short sale that has been on the market for months and months has had plenty of price discovery opportunities. It is a sale, period. It is a comp, period. The real nonsense prices were the sold prices during the bubble…those are the irrational prices not tied to any fundamental such as the value of utilized shelter or the incomes of purchasers. Unless you are talking about 1990 nominal dollar prices, I would say a lot of sales are what a near normal market is. Have we over corrected yet? Doesn’t appear so just yet.
The bottom line is PRICE fixes 99.99% of everything in real estate. It accounts for the location, the quality, the emotions (or lack thereof), etc. If they dropped the price by 50% on the Trump Towers they would all be sold within 30 days.
Condovulture, make sure to do your homework and buy low, sell high.
Whatever happened to the story that Trump was only selling a temporary naming license to the Trump condo in Sunny Isle? It would eventually expire and they would have to take down the name, unless they paid another fee. Is that true and still a concern?
“Words of wisdom”
There are over 100 Posts to date on subject of 900 Biscayne Bay and Miami Condo Investments all of which except two have been utter nonsense and useless information although some I must admit have been humorous. The two exceptions have been the informative and expert contributions by the Ace – Posts Nos 23 & 102 . I can personally vouch that by listening to the Ace over the past three years when he was one of the very few that predicted this housing debacle has saved me at a minimum $300,000!
Keep the words of wisdom coming Ace, my hat is off to you.
Corus went down, down, down…… Hello MB Financial Bank.
southbeachsand – Yep, that will be a tricky thing going forward. I think there was a Mexican development that Trump took his name off of. It may just end up being a name that ends up being synonymous with the condo real estate bubble.
UPTOWN MARINA LOFTS……….any info.anybody????? PLEASE Thankyou
Sorry JR, don’t know anything about the Marina Lofts.
One thing I have been hearing more and more recently are comments from condo owners that they just want to get rid of these things and move on with their lives. These comments are from people who can afford to hold out too. They just don’t want the continued burden, don’t want to be reminded of their mistakes, and shake their heads that real estate should not go down in price and that we are in a once in a lifetime real estate depression beyond their possible prognostication. Meanwhile, these people are a step behind following the price declines down. A few others are willing to take the haircut but not below the mortgage balance since even though they have the wealth they lack the liquidity to bring the cash to the closing table to sell their condos without having to upset some of their other assets. It is interesting to listen to them as they complain about the “prison” they are in when in fact they have their own cell key.
Better off buying a bidet adapter for a toilet. If you have a electrical outlet best bet is to get one of these puppies.
http://www.youtube.com/watch?v=Ag0Qpq_kim8&feature=related
These Miami condominiums have cheap finishes for properties that are asking over a million. Toto makes some nice lids.
http://www.totousa.com/Default.aspx?tabid=113
People in condominiums need to invest in soft close lids. Very annoying for your neighbors to hear your slamming toilet. Men also need to sit down when they piss. Every Miami condominium I’ve been in I can hear when men are pissing upstairs.
Thank you RENTER TOM.What you say does make a lot of sense.It’s just that prices are so good right now…less that half what they were sold for.It is a nice location for us ..can these units actually go DOWN in price more than they are now???Do you think we are near the bottom?? Thank you again RT.
the bottom is in when it is cheaper to buy than to rent over the period of time you are looking to live in said unit. Use the NYT rent vs buy calculator. Doesn’t take a genius to understand this.
JR HEWITT — The price is no more than half the issue right now when it comes to So. Fla. condos. At this point, IMO, the major issues moving forward are the monthly HOA fees, the likelihood and amount of special assessments, and what looks to be higher and higher property taxes.
Compared to the boom days, a lot of these units look like “good deals.” But then, when you see that 10%-20%-30% (or more) of the people in some of these buildings are behind on their HOA fees, that’s a big problem that could hit a new buyer right in the checkbook. (More and more So. Fla. condos are ending up in receivership because they don’t have enough cash flow to even pay the water or air conditioning bills.)
Moreover, by their own admission, a lot of these condos already were charging artificially low HOA fees — i.e., teaser rates meant to increase sales rather than to properly fund operations and reserves — so on top of the delinquencies that will need to be recouped, owners likely will see higher monthly fees just to get buildings back on the right track.
And then, last but not least, you’ve got Miami-Dade County “leaders” passing the buck on anything resembling financial/budgetary sanity, so you can count on higher and higher property taxes (on top of what are already artificially high property taxes, given that prices have dropped 50% from the boom but assessments dropped only 9% this year).
I know I get bashed for being a pessimist, or a homeless guy, or for living in my mother’s basement, but I’m just calling ’em like I see ’em. As I’ve said what seems like a hundred times here, I still hope/plan to make SoBe my permanent home. But the Miami r.e. market and Miami government are still so out of whack, it’s hard to pull the trigger.
If you’re a buyer who has substantial cash reserves, and can afford higher HOA fees and/or a sudden $10,000 HOA special assessment, and aren’t planning to resell in the next few years, then none of this might matter. But if you’re like most people, and you’re trying to buy the best-possible unit on a limited budget, there are still some serious (and potentially disastrous) storm clouds ahead.
I’ve often heard that it takes about 3 years after closings for a condo to settle in on an accurate HOA which is usually around 25%+ from the original.
Corus finally closes. Page 2 has a nice list of the outstanding condo loans.
http://www.bizjournals.com/southflorida/stories/2009/09/07/daily74.html?jst=b_ln_hl
These Apartment Hunters Are the Happy Renters
http://www.nytimes.com/2009/09/13/realestate/13HUNT.html?_r=1
“And a purchase won’t be for an investment either, she said. “It will be a place where we want to live.”
The piece is not really about owning versus renting… it’s more a discussion of buying for an investement versus buying something you want to enjoy. It’s a good read.
JL
Great article and good list…
Was it AJ that said that Paramount Bay would sell at over $400/sf as it was an “ultraluxury” product? Wait until someone buys that note at 20% of their value and you get these units on the market for $200-$250/sf!
Tao will be a blood bath… you will definitely see units selling there for $100/sf… that’s when you will get international buyers interested in buying a unit in the middle of nowhere so they have a place to crash when they visit.
I know that Artech in Aventura is coming out with new pricing soon of approximately $200/sf, which is down from the $600-$700/sf that they had signed contracts on…. That is a HUGE drop in pricing.
Wait and see… the failure of Corus bank will put tremendous pressure on pricing… just a matter of time!
Corus’ demise will definitely impact the condo market in Miami. The note for a relatively major building in Miami was purchased yesterday. It was a Corus building. I’ll spill the beans once I get more details.
Another sale besides Caribbean?
Corus deserves what they got. They were completely reckless with their lending when nearly everyone else pulled back.
Yes. Another building besides Carribean. I’ll announce it soon.
Here is the list:
Based on a recent check of public records, Corus has outstanding loans to the following projects in South Florida:
– Jade Ocean Condominiums, in Sunny Isles Beach. The 256-unit tower by an affiliate of Fortune International got a $288.1 million mortgage and has sold 26 units.
– Paramount Bay, in Miami. The 346-unit project by Royal Palm Communities got a $216 million mortgage. It is under construction.
– The Mint at Riverfront, in Miami. The 602-unit project by Key International Development got a $191.8 million mortgage. It is under construction.
– The Trump International Hotel and Tower, in Fort Lauderdale. The 298-unit condo hotel by the Roy Stillman Organization got a $139 million mortgage. It is largely completed but unoccupied.
– Quantum on the Bay, in Miami. The 698-unit condo by Terra ADI got a $145 million mortgage and has sold 621 units.
– Infinity at Brickell, in Miami. The 459-unit project by DYL Development Group got a $140.3 million mortgage and has sold 49 units.
– The Ivy, in Miami. The 489-unit condo by Key International Development got a $130.4 million mortgage and has sold 193 units.
– Artech Residences at Aventura. The 235-unit project by Fortune International got a $130 million and has sold 54 units.
– Edge Condominium, in West Palm Beach. The 307-unit project by Wood Partners got a $117.2 million mortgage and has sold 217 units.
– Artecity Governor, in Miami Beach. The 202-unit project by Wave Group Development got a $60.3 million mortgage and has sold 41 units.
– Sole on the Ocean, in Sunny Isles Beach. The 250-unit condo hotel by WaveStone Properties got a $47.3 million mortgage and has sold 91 units.
– Dolcevita Luxury Oceanfront Condominium, in Palm Beach Shores. The 35-unit project by ATM Holding Corp. got a $34.5 million mortgage. It hasn’t been completed.
– The Millennium Tower, in Miami. The condo hotel and residential project by Terremark Brickell II got a $112.5 million mortgage that was modified in July with $5 million outstanding. The developer owns six units.
Lucas – I had heard various rumors about Jade Ocean needing major financing. With the demise of Corus, it might get interesting.
ANYONE …..know whats going on with ARTECH in Aventura?? That is a beautiful building .$200 a sq. ft. would be amazing…has anyone else heard that?It only shows 3 listings……….
JR – I had heard that Artech was built as a high end rental building (could be wrong info)….didn’t even know you could buy a unit Artech. Have heard great things about it too….. Worth looking into for sure.
lucas
i know the building. i wouldn’t characterize it as a major purchase though. small dollars when compared to corus’s other loans.
jcrimes,
I agree. I didn’t mean that it was major in the sense that it was a large development. I meant that it had name recognition.
JR HEWITT
On ARTECH, I saw the new price list that some broker circulated a few weeks ago where I saw prices ranging from $190/sf-$211/sf.
You are correct that it is a nice building. Good finishes and great ammenities, but the HOA fees are very high, which us probably one of the reasons why pricing has gone so low.
Lucas…. what is the building? It seems that the cat is out of the bag…
Thank you HUGO P for your info. on ARTECH.I remember that once upon a time reading that you were interested in a condo in Aventura I believe.was it Atrium? How do you like the area? We are only looking to buy and use it 2-3 months of the yr. now and hopefully more later.Artech seems like a great deal if HOA’s are not going to be too high.Any other info. from you or anyone else would be greatly appreciated.I am thinking about looking next month and buying.
“great deal if HOA’s are not going to be too high.”
To be prudent, take the stated HOA now and add 25%
Now that Corus Bank is out of business i repeat what i said 3(trhee) years ago and everybody was telling me that i was crazy!!!!!. ONYX ON THE BAY is not wirth more than $90 a Sq. fT. Who is Kennedy Funding???,a company that lent over $8.000.000 to Onyx O2(when the land is not worth more than$1.000.000???); do not tell me that THAT is not CRAZY!!!.WHERE IS THE SO CALL due diligent?????????????????.Increadible.
OUCH!!!!!!!!
Kennedy Funding is a hard money lender/scammer/loan shark. They have been sued and are being sued all over the country (esp in NJ) for fraudulent lending practices.
Anybody have any background information on why Oasis on the Bay was shelved. It’s a Related project that was slated for a 2006 start and 2008 finish so I would think it would have at least started since we are talking pre-bust.
The current vacant land is 79th street right on the Bay above the JF Kennedy Cuaseway (ie. the bridge that takes you thru North Bay Village).
August foreclosure stats posted. Looks like july #s were revised about 900 up.
I’ve been on vacation this past week but it’ great to be back in Miami and it’s ever more fantastic to see that the Ace is back! Your two post Ace were terrific and extremely insightful and informative as always, you’re the man when it comes to real estate investing.
Nice to learn that you now consider this a good time to buy as I’ve been following your advice for a number of years and held off buying. You have saved me literally a small fortune and if possible my wife and I would like the opportunity to buy you dinner the next time that you are in Miami?
Ace is the man!
http://realtytimes.com/rtpages/20090915_housingbound.htm
I think it will be interesting for you to read and proves that we really do not know anything
Lara:
Regarding your linked “story”,
1. This is a fluff piece written by realtors for realtors.
2. I guess you’ve never heard of the phrase “All real estate is local.” In other words, housing in Canada has nothing to do with houising in South Fla and trying to correlate the two is meaningless.
3. Why should I give any consideration into what these guys say? #1: they are realtors, #2: they are Canadians. Canadians are generally the least business-savvy group of people in the developed world. And they’re extremely gullible. Ask anyone who regularly does business with Canadians and they will agree with me.
Where Home Prices Are Likely To Rise
http://www.forbes.com/2009/09/14/cities-home-prices-lifestyle-real-estate-homes-cities.html
Children’s Health magazine’s ranking of “The 100 Best (and Worst) Places to Raise a Family.”
Miami named among the worst cities to raise a family.
98. Orlando, FL
99. Miami, FL
100. Detroit, MI
Wild Bill…..how did Miami compare to Three Mile Island ?
I would have thought that Detroit would have made the top 10.
I think that DREW is a discrace to this site for talking down to our CANADIAN neighbours.What nerve he has to talk about a subject that he knows NOTHING …NOTHING about!!! SHAME on you DREW.
Drew, did you read my post carefully? The main idea of this article is that everyone predicted prices and sales falling and they went up. It is a miracle even for local realtors. So the main conclusion is that market sometimes behaves unexpectedly. That’s all. Has nothing to do with Canada. It could happen anywhere.
Drew,
I take strong objection to you disparaging Canadians. They are one of the nicest people in the World. Just because they are nice and courteous, do not confuse that with being gullible. They are very very knowledgeable about the the World (unlike the ignorant Americans, whom 4 out of 10 cannot locate the state of New York on a US map). Unlike some (many) boorish and loutish Americans, Canadians are very pleasant and giving. That country is a gods gift to mankind. If it isn’t such a Tundra for 10 months a year, I would live there in a heartbeat.
Just finished digesting a five Guys Burger. It is huge, it is sloppy and a grease bomb. But I loved it though. Not impressed with the cajun fries.
Oh, BTW Flamingo lost the case with Miami Beach. They are opening up the baywalk. So for now it will be one continuous stretch from Capri to Waverly. Eventually they will build a cantilever walk from waverly to Floridian/Bentley bypassing Bay garden manor, bayview terrace, Mirador, south gate towers and south bay club to make a one continuous baywalk. That is good news.
DREW IS A LIL SCUMBAG!!!!! JUST LOOKING FOR A CHANCE TO BLOW OFF HIS BIG MOUTH
“Oh, BTW Flamingo lost the case with Miami Beach. They are opening up the baywalk. So for now it will be one continuous stretch from Capri to Waverly.”
The Baywalk idea is pretty trippy.
Lucas — You might be reading that list wrong. They ranked the 100 best places to raise a family, and Miami ranked #99 (in other words, Miami is the second-worst city on the list) and Detroit ranked #100 (the worst city on the list).