Miami Condo Rankings Page Goes Live
July 21, 2008
by: Lucas Lechuga
For quite some time, I’ve been wanting to launch this new addition to my site. I think part of me was a bit timid about publishing the Miami Condo Rankings page because I knew that there would be a lot of criticism about my rankings. It’s important for everyone to realize that this is only my subjective opinion. I felt it necessary, however, to publish these rankings to provide nonlocal Miami buyers with a way to sift through the various condo developments here in Miami in order to narrow down their choices. Besides, I’ve received a number of emails from people suggesting that I provide them with this sort of information. The link to the Miami Condo Rankings page will remain towards the top of this page underneath the header.
When creating the Miami Condo Rankings, I tried to be as unbiased as possible. The rankings are based on my experience of viewing the various condo buildings and condo units throughout Miami in order to arrive at the stated figures. Everyone is going to have a different point of view, however. My Miami Condo Rankings aren’t set in stone. I will be revising them over time and adding new condo developments as I get the chance to view them. For example, the risk adjustment category will be adjusted periodically once I feel that the risk for buying in a particular condo building has changed.
I’m a firm believer in democracy and rarely delete comments. I appreciate everyone’s input on various topics and, although I may not agree with certain opinions, I do believe that visitors to my site should be able to read a variety of opinions. Therefore, you will all have the ability to submit your personal rankings for any or all condo buildings. This came as a suggestion from my website developer and I loved the idea. I want everyone to view not only my feelings about the various condo developments in Miami, but also the opinions of the general public as well. I just ask that everyone try to be as unbiased with their scores as I have been. It doesn’t do anyone any good if you give your condo building all tens for each category, or if you give another condo development all zeroes just to make your own condo building look good. You can also submit your thoughts about the various condo developments in the comments section towards the bottom of the Miami Condo Rankings page so everyone can learn about other aspects that aren’t transparent in the five included categories. There are a plethora of other factors that, in reality, also play a role in someone’s decision to choose one condo development over others such as parking, floor plans, balcony space, etc. I tried to keep it as simple as possible, however, and highlight the most important contributing factors. The Miami Condo Rankings page is to act as more of a guide to nonlocal buyers. Nothing is cut-and-dry when buying real estate.
Below, you find some determining factors that I took into account when deciding on the score for each category for the Miami Condo Rankings:
Location
- It’s important to note that the scores for the location category were determined based only on Miami. I did not take Miami Beach into account. Obviously, because of the proximity of the beach, restaurants, and nightlife, Miami Beach buildings would have received higher scores. I may include Miami Beach condo buildings at a later date and adjust the scores for the location category of each condo development throughout Miami. I know that a lot of people who frequent this site are very attached to their neighborhoods and may feel that their neighborhood deserves a higher score. Please feel free to contribute your comments so others can view what you have to say. Proximity to restaurants, grocery stores, shops, nightlife and the overall quality of the neighborhood played a determining factor when creating the location scores.
Views
- I based my scoring for this category on the average views offered in the condo building. Most condo developments provide the best views to the 3 bedroom units (or 2 bedroom units if 3 bedrooms aren’t offered). Obviously, if you’re in the market for a 3 bedroom and the condo development that you might have your eyes on only has a score of 6 then you’ll need to make the adjustment for yourself. Again, the score for views is based on the average views of all of the condo units in the building.
Quality
- Of the 5 categories included in the Miami Condo Rankings, this was the most difficult to determine. This category was the reason why it took so long for me to publish these condo rankings. There were so many factors to take into account when calculating these figures. First most, I took the quality of the building into account along with the amenities offered. Second, I wanted to factor in the average quality of the units. This was difficult because some of these Miami condo buildings have been around for over 20 years and some of the condo units have been completely upgraded. As a result, age of the building played a role in determining the scores. Some people love the stability, larger floor plans (in most cases) and historical significance of older condo buildings. Meanwhile, I think most people, at least the buyers I have encountered, love the freshness of a brand new building. If you’re the type of buyer who appreciates the positive aspects that an older building affords, then you’ll definitely want to adjust my score upwards for this category as well.
Waterfront
- This was the easiest of the 5 categories to determine scores for each condo development even though it wasn’t as simple as one might think. If a condo development is located directly on the waterfront then I gave it a score of 10. If it isn’t waterfront but resides across from a city park or other unobstructed piece of land with no other future use then I gave it a 7.5. If it is a riverfront condo development then I gave it a 5 and if it was completely landlocked then it got a score of 2.5. I did make an exception for Four Seasons Residences, however. The condo units at Four Seasons Residences begin on the 40th floor. Even though it is a landlocked building, I gave it a 7.5 because it offers gorgeous views and I don’t think any nearby buildings will impede on these views any time soon.
Risk Adjustment
- There’s definitely risk associated with buying a condo in Miami. The risk varies from condo building to condo building, however. I calculated my risk score for older buildings based on how many foreclosures and short-sales there currently are in the condo building. The score was determined for newer buildings based mainly on how well the condo development is presently doing with their closings. The risk adjustment score will periodically be adjusted to reflect any changes in risk. I’m hoping that these scores will eventually be close to a score of 10 within 3-5 years. We shall see. It is important to note that risk isn’t necessarily a bad thing. With risk comes reward (in some cases). Jade at Brickell Bay currently has a risk adjustment score of 4. It’s a gorgeous building but there are a ton of foreclosures, hence the score. With recent closed sales near $400 per square foot, I think prices have fallen in line with what the market is dictating. Regardless, the building does have a lot of foreclosures so there is risk.
I also added a few other columns to the Miami Condo Rankings page. You will find Year Built, Developer and Architect included on the page. These columns weren’t used to create a final ranking but they are important to note. I hope the Miami Condo Rankings page helps nonlocal and local Miami condo buyers in their search for a Miami condo.
Kudos Lucas – this is a great add to your web portfolio. Glad to see that while others are “looking for new adventures” and leaving the REI world, you’re sticking it through and bringing enhancements online. Nice work!
Now, can you work on some enhancements to your Property Search? I get very inconsistent behavior on there. And free form entry of SQ Footage would be nice. Also, how about older condo complexes too – it seems like there is much focus on the new complexes being put up around town, but there are some older gems out there too.
EXCELLENT addition LUCAS. you’re certainly starting to set yourself apart … this will definitively work out for you in the future. real nice job.
on a sidebar, did you or anyone on this site see this?
Miami Herald:
July 21, 2008
Report: Criminal records in Fla. mortgage industry
Florida’s chief financial officer is calling for the state’s top mortgage regulator to step down after a newspaper report found that thousands of people with criminal records were allowed to work in the mortgage industry.
In addition to Don Saxon’s resignation, Florida CFO Alex Sink is also calling for an executive order to stop issuing and renewing mortgage broker licenses to convicted felons.
On Sunday, the Miami Herald reported that more than 10,000 people with criminal records were allowed to work in Florida ‘s mortgage industry. Of those, more than 4,000 cleared background checks despite committing crimes that state law requires regulators to screen, including fraud, rackateering and extortion.
cyrus
my question is was this a surprise? i mean, isn’t the herald reporting on something we , albeit tacitly, knew already?
Lucas,
awesome addition! i would like to request however specially for those of us who are not as familiar with the miami buildings to perhaps have a link from the name of each building to some details about them such as location on map, some pictures if possible, that would certainly save from searching about that building individually….Thanks.
Lucas,
This is a great idea and I’m glad you did it. Is is possible that each building could have a hotlink on it for individual discussion? Seeing raking numbers is great, but actual dialog on a building someone is interested in would be a fantastic addition.
Also, I realize you specialize in Miami area condos, but I’m sure a lot of your readers are also interested in the Ft. Lauderdale area. Do you think you could make a section for new buildings in those surrounding areas for individual rankings and discussions? It wouldn’t require any work on your part other than putting in links. The interested users could give their rankings and opinions.
Thanks
Hi Lucas,
I just tried accessing the condo ranking page using safari (mac) and is not showing properly. Not sure if you need to do some adjustments.
thank you
jorge
Jorge,
I think the Safari Browser looks good now. Nice!
If you are able to leave comments on each building then it could be like a forum, that would be really good especially if the perspective is from residents of those buildings
The Miami area is in a recession. Could you imagine what would happen to this area if we took away all the money funelled into the community from real estate, mortgage, medicare, political fraud and drug dealing? It would be ten times worse than the Great Depression, for this area.
Lucas,
As you intended, this is a great resource for out of state people like me. One thing that might make it even nicer is to link each condo to the units for sale. For example, it would be interesting to easily see the average listing/sale price per square foot next to the rankings to see if they match up.
Good job Lucas–it could almost lend itself to becoming a wikapedia style list where people could add facts to each property.
jcrimes,
just posting an article. maybe it’s a surprise to some and obvious to others. personally i thought 10,000 criminals was a high number but nothing new for south florida as a whole.
I think we’re all asking a bit too much from Lucas. Fort Lauderdale? Wikipedia?
He’s just one man for Godsake!
Cool feature Lucas but could you make the property names linkable to their listings? I had to search thru your site to find out where Santa Maria is…
cyrus
not shooting the messenger (you). i was just under the impression that folks viewed mortgage brokers on the whole as a suspect group of folks and the herald’s “groundbreaking” review is much ado about nothing. really, cutting to the chase, i just think the herald sucks…that’s right cote – bring it!!!
lucas – i like the addition. i guess the only criticism is that i think everything should be relative rather than absolute. for example, blue arguably has the best views for the arts district and thus, everything should be compared to it in that hood.
on a sidenote, i’ve changed my tune – give the truckers their damn tunnel (regardless of whether they want it). biscayne was atrocious this morning.
“Cool feature Lucas but could you make the property names linkable to their listings? I had to search thru your site to find out where Santa Maria is…”
No way!! You actually had to search thru the site!!! Shame on Lucas
All kidding aside, good job Lucas. I like the new addition.
Lucas, great job again. I noticed that there are a a couple of buildings missing like Star Lofts and Onyx. Or maybe they wouldn’t score. I’m curious as I follow them in tandem with Quantum, Opera, and Cite.
Lucas Maybe you can link the page so I can tag pictures and videos to the buildings from my iPhone! You should also be able to comment and everyone should be able to upload pictures, also we should get streming live video and place webcams in the Lobby ahajajajaj im just kidding, poor Lucas stop asking for so many things!
The building names will eventually be linked. I still have a lot of other new ideas for the site that you’ll see in the coming months. The changes take time to roll out though.
I am hoping someone here can help…
I have been living in a rental unit for the past 2 years and my landlord told me yesterday that because the unit has dropped so much in price (40%), he is actually upside down on the mortgage (owes $80k more than what the unit is worth) and therefore wants to stop paying the bank to try and negotiate.
I was thinking on moving out by December, but what should I do now? I am afraid that the bank will kick me out. How long does the process usually take? Should I move out now or can I wait until December?
Help!
rental
if a foreclosure hasn’t been filed…no need to worry. it’s taking about 120 days for an uncontested foreclosure.
as for your landlord, if he already has last month’s rent and security deposit, i’d be very careful with how much you give him going forward
@Moretroops. Yes I know it might take a *little* more effort to add a few links to buildings in Ft. Lauderdale and hotlink the buildings for forum discussion. But that would be it – just the list of buildings and forum links. The rest would be reader supplied. I’m sure lots of readers on here are considering purchasing a unit either in Miami or a little further north. It would be a great resource, since I haven’t found condo rating forum anywhere on the web.
Thanks again Lucas.
Rental Problem,
I would be careful. You might get process servers coming to your apartment and putting notices on your door at any given hour in a day. Foreclosure, especially in this market, can take a lot of time especially if owners keep postponing the inevitable. I would also be very careful of your deposit and getting it back. So if you have last months rent and a deposit with the landlord you may just want to tell him that you are no longer paying him and move into an apartment where the owner is not upside down. I am a realtor and I never put clients and any suspicious units where I know owners are upside down.
Thank you for your help!
How do I know if a foreclosure has been filed? He said he is current up to July 31st, but how do I know?
rental problem, go to the clerk of the court website to see if a case has been filed in circuit court also,, look up the owner’s name in the public records portion of the clerk’s website under mortgages to see if you can find the lender name although the mortgage is usually sold and the new mortgagor does not file
Lucas, hats off to you for all you do here, hope it brings you business — you deserve it
Try and get your deposit back if you can and dont worry if the foreclosure just started they will give you time to pack your stuff especially if they are trying to negotiatie a short sale and they keep extendeding the sale date. If he stops paying this month it will be at least 3-4 months until you get a notice of Default and a Lis Pendes is filed.
You should always check to make sure that the apt you rent is not in foreclosure, many times I have seen apartments that are asking 1 month to move in and they are priced very low and when I look into it it is because they are in foreclosure and they are trying to get a tenant in immediately so they can get rental income while they loose the property…
Seems like a surprisingly honest landlord.
What a great website!! Your information has been so helpful. I have been searching for Miami property through a site called property maps. Your information has been a great addition to it.
I would like to know what nightlife there is in Brickell. Sleeping? Watching TV?
just closed on a unit, the building is usuing a cable company named “primecast” any one ever heard of them? any good?
Renter–would be very tempting to stop paying and ride out the foreclosure for free–banks claim they hate vacant units and the owner must have his own place.
Brian,
I live on Brickell, don’t forget reading and playing video games which is pretty much what my husband and I do…heeeeeeee, we’re crazy that way! We just got Wii fitness! And I’m addicted to Wii tennis! Can you handle it!
Oh and reading Lucas’s blog of course!
From what I hear, my more hip friends go to Segrafedo and Novecento…that’s pretty much it…
Did I spell Segrafedo right?
shit, i didn’t’! Segafredo:)
JR–A lot of new buildings seem to sign up with a middleman for cable–I am sure its a profit center for the developer. Actual service is regular cable company or satelite.
There’s a surprising amount of of new nightlife on Brickell, actually. Segafredo is bumpin’, plus Badrutt’s Place, Transit Lounge, the entire Mary Brickell Village Scene (incl. Blue Martini), the new Irish pub at One Broadway, Centro and Novecento. It’s a far cry from the wasteland of just a year or two ago.
Actually the IPhone will be old hat. Two months from now the wrist watch phone is coming out and I hope your website works with it.
Why don’t you do a review on each cell phone and how it works for real estate hunters. I just bought the iphone killer for example the instinct by samsung. Later on your could have a discreet section to order, get some revenue off this website 4 you.
I like the suggestion for a forum on each building, could talk about some of the issues with buildings such as airconditioning not working, leaks, perhaps do a link (or offer to condo association) also develp software for bidding on your cell phone for live real estate auctions.
Okay, that’s enough for now. You owe me a deal on a condo if any of this helps you have more revenue coming in, and improves your website.
That is more nightlife than downtown and the arts district?
I don’t know how Brickell can be considered a 10 in location. What if I want to dance, where do I go? What if I want to go to see a concert, where do I go? What if I want to see the Heat, where do I go? If I want to see Art, where do I go?
Not Brickell…
I mean, is Brickell’s nightlife that much different than Coral Gables?
Give me downtown or the arts district. Which are more fun, and closer to the beach, than Brickell.
Where do you guys think price will bottom out at the jade? I recently saw an apt at the Jade Corner Unit 1 bed plus Den 2 bath 1293 SqFt on the corner but low floor but you see the bay drom the balcony. I havent gotten the pricing from the lender yet but its coming at around 200K if I had the cash I would pick it up at 200K that would be $154 a Foot for Jade
Alejandro, price is very good, but don’t forget to add $750/month maintenance fees. With building’s foreclosure notoriety and corresponding budget shortfalls, possibility of fee increases and assessments have to be factored in.
Other than contacting the condo association, is there a publicly available resources which tracks condos’ fees and assessments?
I was walking Brickell at 5:30am this morning going in to the office early, and I couldn’t help but notice how many early-risers there are at 501 Brickell and Axis. How ambitious those residents must be! there were as many lights on in those buildings at 5:30am as at 10pm! Unlike the lazy bastards in the surrounding, more-established buildings, which generally had only small number of lights on at that early hour.
probably to cynical,
That is the funniest damn thing I have ever read on here, albeit, I inadvertently made large “donations” to both.
The only “lazy bastards” that will be getting their wake-up call will be the paper shufflers at RCRS!
The Plaza has Primecast. I had not had any problems. I have the basic cable that is included plus I pay 34.95 for internet (less than what I paid AT&T at my old place).
Excellent article about condo associations problems with lender foreclosures, references Bentley Bay, and the steal at the Bath Club.
http://www.law.com/jsp/article.jsp?id=1202423176300
What is the easiest way to determine the financial health of a condo association? are income statements, balance sheets, fees per sq ft, or special assessments publicly available?
EXTRA! EXTRA! READ ALL ABOUT IT!
“The Hypocracy of Jorge Perez”
http://beckandlee.wordpress.com/
perez
assuming the ass’n is operating in a cash positive manner, in my opinion, reserves are by far the best indicator of financial health.
Un-related — the author of the article you linked is an attorney who is known to bring a condo suit or two. So take it with that in mind. And btw, the author talks about the hypocrisy of of Perez, but what about the hypocrisy of the condo flippers, who sue to get out their contracts simply because the market has turned. They were more than willing to abide when the market was up. Just sayin.
I agree with moretroops completely. Un-Related it is not Jorge’s fault you made a bad investment. You signed 2 contracts thinking you could flip the units. He kept his end of the bargain and delivered the units as described, you’re the one asking for your money back.
Juan,
OK smart guy, where do I state I want “my deposits” back? The highest expectation I have is that Related honor it’s own damn contract and refund the 25% of the deposits, as specified in the contracts.
(This lawyer you mention has had to file suits on behalf of 50 Biscayne contract holders for the return of the same 25% because Related breached their own contracts!)
I would have taken my losses a year ago if the ARTIFICIAL minimum “re-sale” prices set exclusively by RCRS weren’t fixed at Purchase Price + 7.75% in order to prop-up the 2005 pruchase prices.
Then, when you “walk” and do not close, they send party invitations. When you call and write about them honoring their contracts, they go “radio silent”.
Jorge delivered the building. We could not obtain reasonably financing to close. Contract says what it says, they wrote it.
That’s one reason why people hire what Jorge calls “ambulance chasers”. Maybe if he slowed down, turned off the siren, and honored his contracts people wouldn’t sue. Ya think?
I agree with that stament:
I would have taken my losses a year ago if the ARTIFICIAL minimum “re-sale” prices set exclusively by RCRS weren’t fixed at Purchase Price + 7.75% in order to prop-up the 2005 pruchase prices.
It’s total BS by RCRS resale prices. What a scam. The funny thing is I called the other day and they are still trying to sucker me into paying top dollar fro something that is already selling by owners at a much cheaper price. I mean not even close to true market pricing. That’s why I dislike RCRS..they are so full of shit. Don’t BS to tell me that their product is worth so much more than the same multiple sellers in the same building selling at a cheaper prices.
The most ridicoulous thing I heard was when I mentioned their competitor developers was that their buildings offers a parking space..”something that other developments don’t have” I was like really….yeah so what! Evey new construction in downtown has an assigned space with the exception of their budget LOFTS buildings.
So yes i would liek to buy and yes the buildings are nice/decent but don’t play me for a stupid fool and try to sell me a same unit for 100 – 150k more than the others and tel me yours are special because it had an assigned parking space…so do all others!
Shame on you RCRS. Not to blame or accuse “all” of their reps but they sure do got alot of airheads on their staff or sales staff just ready to stab really hard an unsuspecting buyer who don’t know much about Miami.
I am not affiliated with this firm, but I can tell you I have had several good experiences with this firm. They are honest, upfront, and don’t overbill (which is a rarity these days) They also have been successful getting deposits back.
http://www.mllawfl.com
Also, saved me a bundle dealing with a crooked real estate agent who was trying to get a kickback from a buyer.
Un-Related- I complete agree with you 100%. The fact is they artificially raised prices thus adding to the buying frenzy which ultimately ended in this bust. Regardless what your listing price was the units were re-priced to their minimum. You’re actually luck they allowed you to list at cost plus commission one of my units in Trump Tower 1 was listed 50% over what I actually paid for it despite my price which was hundreds of thousands below. It added insult to injury when they wouldn’t return the 25% that’s clearly stated in the contract if the buyer defaults.
On another note of course as prices were rising buyers turned a blind eye to things that weren’t done to contract but just because they choose to let things slide doesn’t mean it was ok. Why would anyone else accept these material and adverse changes in a downward market, it’s only logical buyers will expect the building to be as sated in the contract and not worse
Un-Related please email me at [email protected] thanks.
i just have a quick question… we have two units at Icon Brickell at preconstruction prices… they gave us all the pamphlets and so forth with the floor plans labeled A-G but they dont correlate to any unit numbers… how can I this information out? the unit numbers are 1611 and 1710 in tower 2…
again, another early morning walk through Brickell and more surprise at just how many residents of Axis and 501 Brickell are up at 4:30am! Virtually every single light that was on at 10:30pm was on again at 4:30am! (Looks like some residents at Wind have caught on and they are getting up really early, too!) I had no idea Miami was so full of early-bird A-type go-getters! (but why do they all live in the same new buildings?)
I guess all these people up so early at Axis and 500 Brickell must work at that office-thingy built in front of Latitude. (does that thing serve any purpose but to block views at Neo Vertika?)EVERY SINGLE light in that building is on at 5am!
Uh Lucas – your condo deals page is broken. Says there are no deals right now. Maybe there aren’t, hehe. Price drops coming?
probably too cynical,
i think the developers leave lights on to make it appear as if the buildings are being lived in…
…or the people who bought there now have 2 jobs to support the payments so they work around the clock! (hehe…sorry i just had to..)
Rob Roe — You don’t know what you bought??? No offense, but I sure hope you don’t get any of my tax money to bail you out…geesh.
Noise at Brickell Financial Centre under construction: 6th St/Brickell
I live in a condo next to this u/c office building and awoke this morning to construction noise starting at 5AM. I subsequently called the police about a violation; however, was told that the site has all permits to do the work at this time. The police said to contact code enforcement and zoning. I was also informed that work would be beginning overnight. Help!
To my knowledge, this seems to be completely unacceptable and in violation. Does anyone know how this insanity can be stopped? How to proceed?
I am just shocked at how quickly people will just stop paying their mortgage to force the hand of a bank or mortgage holder. Grow up and take responsibility for the debt you incurred. I hope banks, etc. hold each person personally liable and I hope the FBI puts a bunch of the crooks on both ends in prison. If you made a contract, then honor it. What if a bank decided to not honor the contract and kicked you out of your home even though you were current on your mortgage? You’d scream bloody murder. Well the same goes for you, pay your damn mortgage like you are supposed to. Just because home prices have fallen, doesn’t mean a darn thing, it is the same house you bought and if you don’t have to sell right now (such as job loss, etc.) then stick with it. No bailouts!
Renter Tom rest assured we’re keeping both units… we don’t need tax money or any kind of help to bail us out… thank you very much…
Rob Roe try zilbert’s site. He has floor plans and a building plan.
AZ88,
If you live at 500 Brickell, you should insist that Related send Big Jorge down there at 6:00 AM so he can point out that he is the self-proclaimed “Donald Trump of the Tropics” and either they shut down, he buys them out, or he pays off the City Commissioner to have them shut down!
If you are at Brickell on the River II, you probably relegated to buying some earplugs.
Sorry, just trying a bit of humor!
thank you but i found out all the information necessary… btw i love this blog… especially your comments renter tom (that wasn’t meant to be sarcastic)… i’ve learned alot from hours of reading different viewpoints and comments…
lucas keep up the great work, have been following it for about 6 months now…
Rob Roe – No problem. Glad to hear you weren’t a reckless flipper. BTW my second post wasn’t directed toward you. I had just read where in the proposed housing bailout bill billions of dollars will be spent toward rehabbing foreclosed homes. Geesh. They will just fall right back into disrepair again since the situation is worse now then before. Absurd! The bailout is absoultely ridiculous and will only caused more people to decide to keep cable movie channels instead of paying the mortgage. The federal government can’t afford it…who will bail them out? 1/3 own without a mortgage, 1/3 rent, and 1/3 own with a mortgage… why do we need any sort of bailout at all???
One of the biggest rules in the Forex market is to not invest any money that you cannot afford to lose…
In my opinion the same should be said about those expecting to flip the units during the boom.. Like I say, expect the best but be prepared for the worst…
The truth in real estate is you make money when you buy it, not when you sell it. When you buy real estate you make two decisions: (1) Do I want to participate in real estate now? (2) What price do I pay? When you sell you most likely will not have control over when to sell let alone what the market is at the time. Hence, don’t get in if you can’t get a good price. Just a little pearl of wisdom. There is very little reason to buy right now since prices are continuing to decline and probably will through at least 2009.
moretroops,
Didn’t they shut Centro down like a year ago? How’s that Irish pub at One Broadway?
Lucas,
Nice new addition to your site but I have some issues with some of your criteria. I couldn’t post earlier as I am down in LA looking at some props in Santa Monica. I will get to LA another time but first,
1. I have an issue with the fact that you gave 8 and 8.5 for locations in Brickell and 5.5 to Pace Park! I know it is your opinion and your prerogative but come on…
2. I completely disagree with your criteria to award 7.5 to buildings that abutt a park before the water. In a scale of 1-10, I would award 12.5 to buildings that have a park in front before the water. That is like getting 2 for 1. In fact the park sealed the deal for me with regards to 1800, compared to many other buildings which directly abutt the water. For example, I looked at star lofts and onyx and did not even go inside after I saw that the building is next to water. What kind of advantage is that?
If for a minute I imagine that the Q and 18 are on the waters edge and there is no Pace park in the front, I would be treating them with the contempt I reserve for every other mediocre building. This is not just my opinion and many others I spoke to expressed the same idea that the park in front and not just water makes these props more valueble and desirable. You should rethink your deductinhg 2.5 points for buildings with a pak in the front.
3. I have no idea why in the views column, 18 has an unfavourable rating compared to Q. 18 has 5 direct bay view lines, 4 partial bayview lines and 5 city view lines. Compared that to Q’s 2 or 3 direct bay view lines and the rest being partial or city view.
4. In the risk category, I do not understand why you were so kind to Blue when half the building is on sale and it is a no no for many.
5. Why did the Motel on the Highway (Blue) got 10 for water front, I have no idea. What water front are you talking about? Anyone not familiar, please check the gogle maps to see the end of 195 (Julia Tuttle Causeway) to see what I am talking about.
For whatever skewed reasoning, Blue ended up ranking higher than 18 and same as Q!!!! That is a travesty. In my opinion, Blue is the worst mistake, hyperion ever made. In your rankings, it should get Zero for location, Zero for water front, 5 for views, 6 for quality and really should be assigned a high risk.
AJ says: “In a scale of 1-10, I would award 12.5 to buildings that have a park in front before the water.”
If I didn’t know you from this board, AJ, I would think this was a joke. 12.5 out of 10! How outrageous!! But nope, alas, you are a shameless promoter of any property you own, and will stop at nothing to convince us readers that 1800 and its ilk are hallowed ground.
Not buyin it dude. Stop the incessant sales pitch, please. Otherwise I enjoy your posts, as misguided as I think some of them are.
Bender — yeah, I guess they did shut down Centro. Good riddance. I hear the Irish Pub is set to open in September. Good times!
more troops,
I believe your budget is 250K, you can only get a city view 1/1 for that in 1800. You are better off buying a 2/2 in miami river buildings.
What sales pitch? I have nothing to sell. I am just proud of my building and my neighborhood.
One more thing, stop being lemmings.
Other than Brian, I don’t see anyone else questioning the mode d’employ for the rankings.
I know Lucas is very wise but wise people also can make mistakes sometimes. I just pointed out why giving 10 for Blue for waterfront is an affront to my sensibilities.
I am sorry, if I have to explain to you that in a scale of 1-10, park/waterfront buildings deserve a 12.5.
That means offf the charts for the uninitiated. If you read the whole post, I asked Lucas not to penalize a building for having a park in the front of water. If you don’t want to give aditional marks for that, at least do not deduct any points. That is the gist.
If I am not mistaken, Lucas would actually appreciate a lively discussion on this to iron out such kinks in the condo ranking page. That way it will be truly a condo ranking page and not just a one mans opinion and will be oneday treated as a gold standard and will be referred to by people. It will be like a zagat rating of sorts. If Lucas does not take serious inputs from concerned readers, the ranking page will be in the danger of becoming irrelevant.
And why would anyone think that I am shamelessly promoting one particular building? If Lucas incorporates my proposal, not only will the Q and 18 benefit, even Marquis, TMP, 900 and MB will also benefit. Look at the big picture.
AJ,
READ lucas’ post – he said some people may not agree with his rankings. it’s his site and his opinion! keep your panties on…
AJ, where did you get my $250k “budget” from? I’ve never suggested that I was in the market, let alone that I had a “budget.”
Anyhoo, which is a word I use to annoy you, no one believes that you’re in it for the “big picture.” If you could even see the big picture, you wouldn’t have purchased a condo in a bubble market. You’re in it for your investments, period.
Which is fine.
this was on marketwatch today if anyone is wondering why mortgage rates are shooting through the roof while both the 10 yr and 30 yr bonds exploded up today.
there’s certainly a divergence between the 2 markets (mortgage mkt and the free trading bond markets). i think one way to fix the issue is that IF the mortgage markets are going to diverge w/the 10 year bond market (which it’s supposedly correlated with …) then fix mortgage rates for a while (don’t let it float) … until the market stabilizes and brings in some demand.
this MAY resolve many issues across the board.
(1) banks don’t have to worry about rates moving around so they may be more inclined to lend to qualified buyers … right now even qualified buyers are having a tought time borrowing. banks won’t lend if they know that rates in the near term are going higher … which is what’s happening right now.
(2) everyone benefits in the short run … yes, some crooks may get some help also … but it will help a much larger amount of people.
(3) it could bring back some buying as many are on the sidelines … and if they believe things are stabilizing, they may finally buy in …
(4) stabilization of the housing market will have a HUGE effect on the securitized markets of mortgage products since they are highly leveraged. housing stability will dramatically help that market which has been bottomless for over a year now … combination of deleveraging and stability can quickly improve the overall system.
just a thought …
whooops…forgot the article … here it is (the entire article is at marketwatch.com):
Mortgage rates spike
Inflation fears send 30-year rate up sharply; ARMs jump even more
By Steve Kerch & Deborah Levine, MarketWatch
Last update: 1:00 p.m. EDT July 24, 2008Comments: 71CHICAGO (MarketWatch) — Mortgage rates spiked this week on inflation fears, with the benchmark 30-year, fixed-rate loan soaring more than a quarter percentage point to a national average 6.63%, its highest level in nearly a year, Freddie Mac said Thursday.
AJ,
i think 99% of everyone who reads this site wants to only have Lucas’ input as far as rankings. you mentioned if there’s no outside input, then his ranking system could become ‘irrelevent’.
i would say most readers would find it irrelevent if people like you (totally biased) had input on any ranking system. please remeber this is HIS site and not everything should be dictated by every single reader.
Cyrus,
I think I have more invested in this site than you are and I am a well wisher of Lucas. If you read my post carefully, I have said (to Lucas), It is your prerogative to rank the buildings the way you see it fit. But if this ranking has to become a industry wide gold standard that people would refer to (like a FICO score for a building), he has to take the input from his peers, buyers, sellers and so on. If not the rankings would be a one man’s opinion and would lose relevence.
Great Job Lucas! Your hard work into the site is very much appreciated. I’m “almost” feeling guilty that you do all the work and I/we can take advantage of it. I believe it will only be a matter of months before you start charging for your site, I see it coming. Which I wouldn’t blame you… and yes I would subscribe.
Lucas,
You have given 10 for MB for average views. That is the highest, any building has got as far as average views go. It is very perplexing to me.
1. Lines 1 and 12 have very mediocre views.
2. Even though it is supposed to be a flowthrough builiding, the views for the second bedroom are either non existing or hideous at best. How can it get a perfect 10?!
Cyrus,
Yes I read Lucas’s initial disclaimer stating that some people may disagree with his rankings.
Other than Brian, I do not see a single input from anyone, why they disagree with the rankings until I let my mind be known. What are you afraid off or you don’t have anything to say with reasonable justification.
I am letting it know why some criteria needs to be reconsidered. I am fully aware that it is Lucas’s prerogative. He is at liberty to take my recommendations or ignore them. But you and many other silent spectators are not doing either Lucas or the rest of us any favor by being coy and quiet.
AJ,
You’re correct in that I do want everyone to provide their own input. This is a big reason for allowing you each to submit your own scores for any or all buildings. Everyone has their own reasons for wanting to be in a certain building or neighborhood. Share your thoughts with everyone and feel free to critique my scores.
By the way, Marina Blue received a 10 for views because it offers direct water views from every unit in the building. Have you been inside the 01 and 12 lines? They offer gorgeous water views. You may not have a water view from the second bedroom but they offer sunset and sunrise views.
AJ,
I agree with you 100% that a building with a park in front should get just as high, if not higher a rating as a building set right on the water’s edge. That’s a HUGE FREE amenity at your feet.
It’s good to hear some feedback on Lucas’s ratings. I was wondering why it hadn’t happened sooner. We needed you to get the discussion going. Thanks AJ. Don’t listen to the others, let your passion show!
Oh and with a park, your view will never be blocked, it makes the view more interesting at night…
Lucas,
Just curious why Marina Blue got a 10 on views and 900 got 9.5? I really like both buildings.
Good job Lucas… Keep it coming. I think you need to revisit the view rating at 50 Biscayne 🙂
http://www.miamiurbanlife.com/video/video/show?id=1256554%3AVideo%3A127063
Alex,
I’ll have to revisit the view rating the next time you have me over for drinks. After a few, you might be able to convince me that my score needs some adjustment.
Thanks La La.
Alex,
thats a great footage of the fireworks (minus the moans and growns ofcourse). Unfortunately the view of the the bayside marina fireworks from 1800 gets blocked by the bloody Grand.
Does anyone has the Miami beach fire works footage?
Another anamoly that I noticed; One Miami water front ranking is 7.5. According to the criteria, it should be a 10 as One Miami is Bang on the water front. It can’t get any better than that. In fact One Miami’s water front is better than Santa Maria’s water front or Jade’s water front. I some times take a walk along the One Miami’s water front promenade and it is really really beautiful.
(More Troops, I do talk about all the buildings, for good or for bad. Not just promoting my building as you suggested)
HAHAHA… Lucas, now I see how you may have come up with the view ratings at some of the other buildings.
Strange, but the pool deck on the 10th floor has a MUCH better “view” than the 50th floor…. 😉 Does that give weight to the overall score??
AJ, Here’s the view from 50 Biscayne during the day (minus the “moans and growns”) The balloon is no longer there so the score should also go up since you don’t have peeping tom tourists looking at you with binoculars. LOL
http://www.miamiurbanlife.com/video/video/show?id=1256554%3AVideo%3A8118
Alex,
Nice view. I am convinced, but the catch is to get Lucas to agree.
I just think that the location category should be slightly revised. As it stands, it rates overpriced restaurants as worth more than art, concerts, arenas, clubs, bars, AND overpriced restaurants.
If you included, “don’t have to deal with bums” as part of the criteria, than it would make a tiny bit more sense.
Oh, and Downtown is closer to the airports and South Beach.
So, depending on how valuable it is to be able to bike to South Beach, that might or might not weigh into the criteria I would think. On the bright side, in Brickell, there is a Supermarket and Restaurants.
Brian,
How about the overall infrastructure of the neighborhood, however? Where does someone shop for groceries if they live in the Arts District or Downtown?
Well, I thought about commenting, but I think that Lucas was obviously talking about a building as a whole and hence the reason why he gave some brickell buildings a higher rate than, for example, the buildings in pace park. AJ, if we take an apartment by apartment approach then its all very different and therein lies the rub. The particular views from your apartment are absolutely breathtaking yet the ones that face the west in the pace park neighborhood, well… are sub par at best. That is my rationale for always insisting on a water view… it makes all the difference. I couldn’t agree more with lala as at night a water view is completely dark and a park makes all the difference. This is a big advantage that the four mega structures on biscayne across the park will have, but I really believe that that neighborhood has a lot of gentrifying to do before I would feel comfortable there. It is still all too convoluted and raw for my taste and would in fact rather live in Pace park or in brickel in that order respectively… (in five years who knows, but I am referring to today) oh and I own condos in both of the aforementioned neighborhoods and don’t live in any of them so its just an honest unbiassed opinion.
Publix, Target, or Walgreens usually.
I guess if you’re desperate there are the local grocery/convenience stores.
How’s parking at Mary Brickell Village?
Oh, and what is planned for the future in Brickell? Anything major like the Omni or City Square?
Isn’t there another supermarket planned at the Omni?
I mean, at the end of the day, I think it’s bad to ignore the near future and the plans for the area. If buyers are going to be investing in a property, they might be interested in what is going to be happening in 2 years.
When Pace Park residents have a supermarket, movie theatre, park, bay, causeway access within 5 blocks, arena, performing arts center, walmart, other retail, and more… at least Brickell will have some restaurants and a supermarket.
Yes, it might be risky, but 5 years from today, that area has a great chance to be one of the most uniquely nice places in the Country. Then again, there will still be a supermarket in Brickell.
Brian,
I agree that future plans for the various neighborhoods should not be dismissed. I think that the Arts District, Park West and Downtown Miami have great potential. However, where should the cut off be? 2 years? 5 years? 10 years? I think most end-users buy into a neighborhood for what it is today. Investors are more prone to buy into a neighborhood with good future potential but, even then, their holding period varies greatly. I actually toyed with including an “Investment Potential” category but I felt that it was better to instead provide periodic updates for the neighborhood category over time as plans start to become a realization. I think most savvy investors already know about the future plans for the city of Miami.
A 1 bedroom foreclosure at Vue at Brickell just hit the market for $118,900. Wow! $161 per square foot for a unit built in 2004. How low will those prices go?
I see it coming to $150 to $175 a sq.
Granted the Vue is cheezy and full of problems but still it’s the determing factor in making a case that prices need to go lower.
Hi Brian,
I am with you completely. If it were to me, I will give a big fat zero for location to every building in Brickell. They have just one road access to the outside world. If the bridge opens on the river, they might as well curl up and die. Oh, wait a minute, some times even when the bridge is not an issue, an event in AAA will bring them to their knees. You and others like me will be having the last laugh when Iconians and Plazaites are sitting in traffic and fretting and fuming trying to get to SOBE, we’ll be wetting our feet at the Nikki Beach.
Lucas,
I think jcrimes pointed out once that the average holding time is 7 years. So you can take the developments and future possibilities in the pipeline 2-3 year period.
If you do not account for this, your out of town and out of country clients, who do not read Miami Today or Miami Herald maynot be able to decide for themselves, what the future holds for their investment.
I think that something very important is being neglected in everyone’s analysis of what constitutes a “great” building. The new developments, i.e. 900 biscayne, marina blue, plaza etc. have MASSIVE amounts of common space. Two story lobbies, huge pool areas, long corridors on each floor etc. These spaces will be fairly utilized by virtue of the sheer size of each building, 400-500 units. The result is that fees will inevitably be increasing rapidly in these building simply to maintain the spaces. My criticism of the condo rankings and general sentiments is that although two story lobbies look nice, although massive pool decks seem attractive, they COST a ton to keep up. It makes more sense to building something along the lines of TMP, where, you have minimal common spaces, almost no corridors (6 units per floor) and a more modest lobby. Sometimes less is more, particularly if you are interested in sustainability.
AK,
That is a great point regarding association fees that are sure to trend upwards because of the maintainence of common spaces. Also, buildings like the Continuum on South Beach have the outdoor common areas. As beautiful as they are, the maintainence coast are very high and probably going higher.
Even with the Flamingo, nothwithstanding the failure to condoize the whole property, a friend of mine at Aimco’s HQ told me that about $200 per month of the high rents charged there went for maintainence of the buildings and the 15 acres of outdoor improvements.
Another point, we have not had a hurricane since the completion of any of the buildings discussed here. Where will the tens of thousands of gallons of water from the “rooftop” pools end up in a 100+ MPH wind? That and remember what happened to Bentley Bay’s deck glass after Cat 1 “Wilma” when the City of MB made them replace all of it on three buildings. After a hurricane, the associations’ insurance will skyrocket even higher……if they can even buy coverage.
Look at that “Tiara” building on Singer Island which had to be evacuated for 3 years and just recently reopened. It cost owners at least $100K in “special assessments” per unit AND three years rent while waiting!
I know it’s a stretch but how many buyers have included these contingencies in thier calculations. “Investors” surely didn’t.