Contact Us
Call Us At: 305-428-3860
Hablamos Español
MESSAGE US
OR EMAIL US
"*" indicates required fields
Global Settings
language
currency
units of measurement
Ha ha ha ha ha ha ha ha ha ….
Is it April Fool’s Day already?
I repost under the new thread
Ace,
How much would you pay for Sunny Isles new construction on the beach and older buildings across the street?
Anybody know what’s happening at Infinity?? I’ve heard from a number of people that put in offers months ago that the developers haven’t lifted a finger. I think it’s a great building with very attractive prices but i’m a little sketched out from what i’ve bee hearing.
Sky Palace? Sounds great! Where can I get a preconstruction contract and when is the grand opening party? Only 10 units left!!!!???
Who is the developer? Must be the Stupidest Man on Earth. Someone go please tell him he’s about a decade late.
What’s the pricing?
And where exactly is the financing coming from?
and why right now???
The project doesn’t look like it was toned down at all from its previous incarnation as Skyline.
Who would buy in that location when there is so much available further east? If they must build, they should just throw up a rental building there and be done with it.
Bulk sales, mechanic liens, and developer bankruptcy is scheduled to being first quarter of 2012.
This must be a repost from 2006
If anyone knows what drugs these people are on, I’d like a few doses myself. Unless this is being financed by drug money, I’m absolutely baffled that new condo construction could find financing in Miami right now (or, for that matter, in 2010 or 2011 or even beyond).
Untold millions of dollars that banks could have recovered from the sale of distressed Florida homes have instead been pocketed as profits by a new breed of property flipper.
Read the full story here:
http://www.heraldtribune.com/article/20091115/ARTICLE/911151083/-1/NEWSSITEMAP
Properties in the 1920s were bought and sold up to ten times in one day. These aren’t a new bread of flipper. They are decedents of Miami greatest bust. Flipping is in their DNA.
Test
AJ:
Great article! Thanks for the post!
scriv
What makes these arrogant prix think their development is so much better than all the other ripoff nonsense out there that’s just going to have the living dead crawl out there like zombies and line up in the streets 24/7 with their checkbooks?
The architecture of the building looks really tacky.
This project is so strangely similar to the Los Olas stuff in Fort Lauderdale. That didn’t turn out too well.
And the insanity continues!
Do you mean those Condo conversions that were built in the early 70’s on Collins ave?
I agree with MOST of the other posters…….this is INSANITY!!!!! What do you think LUCAS????
Ace,
Some in 70s like Oceanview/Oceanreserve. Or newer, 2003 like Porto Bellagio
Thanks
I agree with the majority – – it is insane to launch a project like this at this point in time. Granted, having spent time at mary brickell village – – I have been dreading the day when they would commence construction of this development.
But to do it now? Really? Anyone know who is financing this project? One would think (pardon my importing logic into the discussion) that the current debt to equity ratios at the big banks would make getting financing for yet another condo in an already saturated market difficult.
scriv
Computer Consultant Post #21
This really is a question for Lucas, one because it’s his site, two because he is the expert realtor and three, I’m just a much maligned savvy investor. However, it is comforting to know that their are some of you out there that have heeded my advice and by doing so I’ve no doubt that you have saved not $10’s but $100’s of thousands of dollars.
Ace,
Thank you for reply. I just wanted to know your opinion.
Sky Palace? Completely insane unless there is something shady beneath the whole thing. This is Miami It’ s possible.
I must say that the politicians in Miami aren doing much to help the distressed real estate situation. Did you know that in Italy where I originally am from they do not apply taxes on your first home? They beleive that everypne is entitled to own a first home and that they should not pay taxes on it.
Computer Consultant:
My opinion would not be worth much as I have done no research on the properties that you mentioned nor do I intend too as they do not interest me or my associates at this time.
I can however advise you to do your own homework if you have an interest in one of these properties but ignore the comps as they are completely worthless in Miami. Once you have established what you believe to be the market price make an offer and if it’s not accepted walk a way and never look back.
Dear bloggers,
I need your opinion about Infinity at Brickell. I can get a deal in this building now for the price below of what the developer is offering right now. The unit has East views and it is 1bd loft with 20ft. height.
All you opinions will be very highly appreciated.
Before you buy at Infinity, make sure you actually develop a floor plan layout for your space that you are happy with.
RKM, would you please explain what you mean. I think layout is done by the developer.
Am I wrong?
AJ good article
Short Sales, Flippers and regulation. We have a big problem here in South Florida. The same problem that drove our values 30%+ a year and crashed the market.. Fraud and very little oversight regulation.
Government agencies (FBI), The Department Of Professional Regulators, Local Realtor Associations and Miami’s Task Force On Fraud did nothing to stop the wide spread fraud during the boom and now with all of these short sale scams still are not doing anything. Like I have wrote in posts almost two years ago ” get caught with a bag of weed in the park or steal a $10 item at CVS and your going to be arrested that day, on the other hand steal tens to hundreds of thou$and$ of dollars in a real estate scam and just enjoy your dirty rewards”.. Yes, there have been arrests for mortgage fraud but only a very small percent of those who have committed the crime are ever prosecuted.
I have reported clear fraud to all of the above agencies a couple years back and just recently reported new cases of short sale fraud..Little (well nothing) was done then and nothing is being done now.
Lucas – Take a look at your condo rankings page , in particular the MCI User Ratings, and let me know if their is a calc error or sombody is playing with you . They are off the charts – e.g. Wind with you giving it a 4 and users are up to a 50!
Long time poster here.
Ace, you were right about the market. Congratulations Here’s some news though: So were a LOT of other people. I’ve been predicting $150 sq./ft for at least two years now. And I’m definitely not the only one. Hell back in 2007 there were enough “condo bust” websites (remember Housing Panic?) to keep me occupied all day.
So, please. Enough of the referring to yourself in the third person and patting yourself on the back.
You didn’t have to be a genius to see this collapse coming.
It’s ironic, The Ace has been maligned for nigh on five years and now that I’ve been proving correct everyone is coming out of the wood work to take credit for predicting the housing bust. Where were you clowns when I was being told that I was a complete idiot and its not possible for Condos to revert to 1999 prices.
The Ace and Peter Schiff stand alone with our heads held high while all others had them up there ass or in the sand.
Famous quote by the Ace circa 2004: $125.00 and not a penny more!
Mr Waverly;
Where is the problem with these short sale flips? I mean, really now?
Call me old fashioned (I’ve been called worse) but short sales are just another tool for getting properties back out on to the market. The banks/lenders don’t want to own these properties — – and they are not in the business of doing so.
I have little sympathy for the banks/lenders as the majority of these loans (arguably) should not have been made in the first place – – for a variety of reasons. That there is a subsequent bona fide purchaser for value out there that they don’t know about strikes me as crying over spilled milk as the banks are only entitled to receive what they negotiate for – – nothing more. Absent additional facts – – this is not fraud. The banks may not like it – – but I say: “Tough cookies!”
What is important here is that the property is back on the market and in a condition (hopefully) that a real buyer (as opposed to another idiot investor) would actually buy it for. Right?
It seems to me that the reason that south Florida real estate values have and are plummeting is because they were artificially (and unrealistically) inflated. Now that supply has out-paced demand, they are finally (FINALLY!) correcting.
scriv
I can’t speak for anyone else but I’ve been reading this blog for a couple of years now and I’ve seen the ace post his warnings. I for one can state unequivocally that having listened to his warnings in early 2008 when Realtors where touting a bottom I turned down the opportunity to purchase a Condo for $363.00 per square foot which was $92.00 below its previous sold price. That Condo today went into foreclosure with an opening bid of $201K or $182.00 per foot with no takers.
My hat is off to you Ace, you saved me from catching a falling knife and close to $200K!
Mo is still trying hard with his surrogates Ace, more troops and other funny handles to set the trend for sales in Miami! Sometimes you are such a cute bimbo! But you sure get points for trying.
Old Fashion..(aka scrivner) I too have little sympathy for the banks.. they screwed us on the way up and now they are screwing us on the way down. That aside, moving these short sales is very important to getting back to real value. As long as short sellers and the banks are dumping properties we are not going to be able to set a real value. So move them. My issue with certain short sale flipping is the fraud now involved. Seller’s asking for money on the side to accept a contract or sellers accepting a low offer contract from insiders (supported by undervalued appraisal) then continuing to shop the property for a higher contract, accepting the higher contract, closing on it and defrauding the bank of the difference. That’s exactly what the Agent who has the listing on Waverly 1114 is doing. The Lender negotiating the lower priced first contract and not having any knowledge that there is a second higher price contract to close simultaneously is FRAUD.
Artificial inflation was cause by giving to many people to much money. If every has access to a $250,000 mortgage why would anything ever be priced lower than that.
As a Realtor I have seen all sides of this BS.
Ace, I too was maligned for years when I predicted (and continue, to this day) to predict further precipitous drops in the market.
The only difference between me and you is I know when to shut the f*ck up about it.
Prices fell. Many folks, like me and you and the people who listened to us, saved their future bankrolls. Many did not. Rightly or wrongly, they are suffering right now.
Again, it did not take a genius to understand that the housing market in this country would utterly collapse. So stop acting like one. Peter Schiff? The fact that you would compare yourself to Schiff is laughable on a lot of levels. For one, Schiff doesn’t refer to himself in the third person. Douchebags do that.
Mr Waverly:
Thanks for the well reasoned (and thoughtful) response. But I guess I have to take issue here with your characterization of these secondary sales as fraud.
It seems to me that we have two transactions. The first is the short sale by the banks. The purpose of the transaction is to get the property back on the market and, hopefully, reset the property’s value to something representative of fair market value as opposed to the bogus values that properties were selling at during that great ponzi/pyramid scam that was the housing bubble. The banks may not like having to take a big loss – – but then again, the loan probably should not have been made in the first place: particularly the NINJA/”liar” loans (No Income, No Job or Assets = NINJA)
The second transaction is merely a sales transaction between a willing buyer and willing seller. Nothing more, nothing less. That the bank could have or would have recovered more had the short sale price been the higher price paid by the second purchaser is not evidence of fraud. It is evidence of a properly structured and timed transaction and, honestly, poor negotiation by the bank. There is a substantial difference between being sly and being a fraud.
I note here that if this second transaction was affected by fraud (see, e.g. Taylor v. State Compensation Insurance Fund, 175 Mont. 432, 913 P.2d 1242 (1996)), there would be a lot of people being sued as the fraud could be construed as occurring during the bargaining process.
Fraud in the inducement – – the bank(s) would argue and they’d be right – – makes the short sale contract voidable by the bank. WHAT A MESS: the bank voids the contract, ownership reverts to the bank, the value of the property slips back into limbo – – kicking, eye-poking, yelling, screaming, hair pulling ensue. Cats and dogs, sleeping together: it would be mayhem, chaos and pandemonium rolled into a tight ball; surrounded with rice and sea weed; and served cold with a glass of really stale sake. MMMMM…delicious? Nobody wins here.
Bottom line: life is hard, buy a helmet and knee pads. If the banks are offended by such transactions, they owe it to themselves to inquire during the proposed short sale negotiations if the owner of the property has lined up a subsequent purchaser – – aka. policing the deal/due dilligence. If the banks are truly offended by such transactions, they are free to modify the terms of their short sale agreements (that is what lawyers are for!) to include, for example, a damages clause where by if the property is sold for a higher amount within x-days (replace “x” with a number of your choice) the owner shall remit the difference to the bank.
That’s just me, I could be way off.
scriv
scriv,
While many short sales are legitimate I thinks it’s obvious that these are not the cases in question. These are not simply two legal transactions if the first transaction is to artificially deflate the value of the property. Whether someone is colluding to increase or deflate the value of the property it’s still wrong.
The banks ask an agent for a Broker pricing opinion (BPO) and that agent gives an extremely deflated value. The agent then rejects all other bids to the property. Then after the bank agree to the short sale at the deflated value the agent turns around and aranges a sell between the new owner and another owner 30 min later for a $100,000 increase promising everyone involved (except the bank) a cut of the $100,000. How is this not fruad?
Gixxer 1000:
On the facts you presented – – well, ok maybe. But then again….maybe not.
Could one also argue that the deflated value quoted to the bank includes all the information about the property currently available in the market place – – which does not include the as-of-yet undisclosed fact that another purchaser for value exists? The deflated value, as you put it, was proffered to induce the bank to enter and close the short sale transaction – – to free the property from the banks potential foreclosure action – – not to mislead or defraud.
And if the problem is the independence of the agent providing the BPO, isn’t that the banks’ problem? (Note: I have excluded my diatribe on ethical standards and knowledge of real estate agents) IIf so, then aren’t the banks defrauding themselves by not getting competitive BPO’s (assuming that this is possible) or one BPO from an independent agent? Maybe they should be borrowing ideas from SOX 404 (Sarbanes–Oxley)?
scriv
Not to sound like a smart @ss but you should read or re-read the article. Assuming the information presented in the article is correct it seems to answer you questions.
“Could one also argue that the deflated value quoted to the bank includes all the information about the property currently available in the market place – – which does not include the as-of-yet undisclosed fact that another purchaser for value exists?”
Last time I checked the majority of the market place IS what another willing buyer is willing to pay. How can anyone legitimately tell a bank that the value of a house is $300k when they have a buyer standing by willing to pay $400K for the same property? And at the same time blocking any other offers from going to the bank?
I agree the banks should be doing more to protect themselves. I mean how much does an appraisal cost. Why not spend $350 instead of $60 to save yourself from being ripped off for $100k. But even with good a appraisal that still doesn’t bring them a willing buyer. As you said the banks need to get these properties off the books and back onto the market. But it’s hard to do that when people are colluding together and blocking other offers from going to the bank.
“On behalf of a friend, business partner or straw buyer, the agent starts by reporting a low value to the bank, allowing the related party to buy the property for less than the fair-market value. While the bank considers the offer, the agent can put the property “on ice, ” ignoring higher bids or turning away potential buyers.”
Also what about the other willing buyers trying to put in an offer for higher than what the bank is willing to sell it at. They will not have the opportunity to buy the property because the agent is colluding with other people.
Then you have to look at the fact that these sales will be used as comps. The final buyer gets the house at $400k but also got a kick back from the realtor for $40k (of the $100K). Now how do we know that $400k is the true market value? Maybe a willing buyer would only be willing to pay $370 without receiving $40k upfront.
It seems the U.S. DOJ feels that this is fraud as well:
http://www.thomasheimann.com/wp-content/uploads/2009/11/us-doj-short-sale-fraud-case.pdf
Sometimes I think Sharia Law isn’t so bad–at least its swift and the penalties are sure to deter most crime. Cut the hand off the thief–maybe a finger for the CVS gum.
Just adding my 2c.
I’ve come across a couple listed short sales in the past where the listing broker will not take/return phone calls and it’s not a dead listing (meaning after I tried arduously to get in contact, afterwards I see the listing update info like price… but I never hear back from the seller/realtor).
This being Miami and not Preoria, what’s happening is that a realtor gets in cahoots with a homeowner who wants to stiff their bank… makes the appearance of trying to shortsale the house on the open market while in reality does not want to take offers. Flash forward a couple months, the original homeowner/realtor submits a “shortsale” offer to the bank via a proxy and gets a nice discount on the house that he never had any intentions of selling in the first place.
That’s the fraud that’s going on and this being Miami, no doubt we are leading the nation in the shenanigans.
Post # 38 – Moretroops:
The Ace is Peter Schiff you moron, I’ve long suspected it because of the fact he often refers to himself in the third person and in a recent post whereby he actually refers to himself (Peter Schiff) for the first time ever confirms it.
You’ve got my vote Pete for your 2010 Senate race even if I have to leave Miami and move to New Jersey in order to vote for you, that or I’ll have Acorn enter my ballot on your behalf.
Either I’m right, and The Ace isn’t Peter Schiff — pretty solid bet considering Schiff is an well known market analyst who regularly appears on television and is running for US Senate in Conn.
Or, your right and The Ace is actually Peter Schiff in disguise — a guy who, apparently, enjoys surreptitiously takes pot shots at hapless investors with self-serving declaration of superiority (in the third person no less).
Yeah, I’m gonna go with me on this one.
I think the homeowner who is selling a home on a short sale has to pay taxes on the amount the bank has forgiven. So is it possible that they really are in cahoots with the Realtor flippers?
In other news, Chinese drywall is on the news all over again.
More update on the Miami Art Museum:
But the design for the Miami Art Museum is not a regurgitation of outmoded historical forms. Instead it breaks those forms apart and then pieces them back together to create something wholly new. It’s as if the architects had stepped back to contemplate the long arc of museum designs — including their own — before moving forward again along the evolutionary chain.
The $130 million building project has been overseen by Terry Riley, a former head of the Museum of Modern Art’s department of architecture and design who helped plan that museum’s expansion, and who was the Miami museum’s director until his resignation last month. (Mr. Riley is returning to his architectural practice, but he will continue to lead the Miami project as a consultant. Financing comes largely from a $100 million local bond issue. (The museum is still raising money for an endowment to help pay for operating expenses and acquisitions.)
The museum is to face Biscayne Bay to the east and a vast public park, scheduled to begin construction next year, to the south. It is intended to be part of a cultural development that also includes a planned Science Museum by Grimshaw Architects.
Full Story:
http://www.nytimes.com/2009/11/24/arts/design/24mam.html?hpw
A rendering of how the exterior of the museum will look.
http://www.nytimes.com/imagepages/2009/11/23/arts/24mam_cap1.html
Good for the Park West residents who soon are going to be the envy of rest of Miami when the entire Museum Park project will be completed in the next 5 years.
“It seems the U.S. DOJ feels that this is fraud as well:” -Gixxer 1000
NICE FIND! THEY RAN THE SCAM USING AN LLC AND A TRUST LOCATED IN ANOTHER STATE? VERY COOL! Greedy, stupid….but cool nonetheless.
Thanks for the great link! I am leaving town for the holidays and this is going to make great travel reading!
Unlike the hypothetical situations you and I have been kicking around, in this case the required intent is rather blatant. See, e.g., paragraph 9: “…made material misrepresentations to financial institutions…” This certainly locks in the intent element.
Hopefully the charge will stick because this transaction lacks business purpose and these characters have no honor.
Thanks again.
scriv
I think the homeowner who is selling a home on a short sale has to pay taxes on the amount the bank has forgiven. – AJ
See: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation: http://www.irs.gov/individuals/article/0,,id=179414,00.html
scriv
I highlighted 5 cases but there but there are easily over 50 if you look through the map shown on that article. The same buyer/agent combination and they keep miraculously finding another buyer in less than a day for 20-40% more than what they paid for it???
“Byrne, Wright and Rodriguez have closed 14 flip deals in the three months leading up to November, their most active three-month period to date.”
Address: 3111 Fileder St., Tampa FL
Seller 1: Joseph Wright Jr
Buyer 1/Seller 2: Florida Home Deals LLC (Kevin Byrne)
Buyer 2: Lauren Goldberg
Sale date 1: Sep 29, 2008
Sale date 2: Sep 29, 2008
Days apart: 0
Sale 1: $287,000
Sale 2: $425,000
Price change: $138,000
Closing agent: Chris Rodriguez
Address: 8824 Brookfield Ter, Bradenton FL
Seller 1: Dev D Dabas
Buyer 1/Seller 2: Florida Home Deals LLC (Kevin Byrne)
Buyer 2: Marek Nye
Sale date 1: Apr 13, 2009
Sale date 2: Apr 14, 2009
Days apart: 1
Sale 1: $250,000
Sale 2: $280,000
Price change: $30,000
Closing agent: Chris Rodriguez
Address: 4012 27Th St Se, Ruskin FL
Seller 1: Estela Teresa Sanchez Ramirez
Buyer 1/Seller 2: Florida Home Deals LLC (Kevin Byrne)
Buyer 2: Duke Stanley
Sale date 1: Mar 05, 2008
Sale date 2: Mar 06, 2008
Days apart: 1
Sale 1: $110,000
Sale 2: $155,000
Price change: $45,000
Closing agent: Chris Rodriguez
Address: 1896 Paradise Lane, Clearwater FL
Seller 1: Melissa A Dublin
Buyer 1/Seller 2: Florida Home Deals LLC (Kevin Byrne)
Buyer 2: William D Vanjelgerhuis
Sale date 1: Dec 27, 2007
Sale date 2: Dec 28, 2007
Days apart: 1
Sale 1: $147,000
Sale 2: $211,000
Price change: $64,000
Closing agent: Chris Rodriguez
Address: 3406 G-7 Ranch Rd, Gibsonton FL
Seller 1: Jeffrey S Hills
Buyer 1/Seller 2: Florida Home Deals LLC (Kevin Byrne)
Buyer 2: Nancy L Cunningham
Sale date 1: Sep 30, 2009
Sale date 2: Sep 30, 2009
Days apart: 0
Sale 1: $245,000
Sale 2: $335,000
Price change: $90,000
Closing agent: Chris Rodriguez
Drew post #4- “the man” isnt a man at all its a woman behind the project and she is very experienced in delivering finished units all over the country-and she has been working this one for a few years so she knows what she is doing-
They have sold off many units at preconstruction and have secured the loans on the rest again she is a very savy businesswoman with deep contacts-a large percentage of the project is sold which allows the construction-she was smart to “sell” before even hiring a contractor-
AJ-
who are you referring to the “homeless”??? …and think it will be done in 5 years?? Thats what they preached 5 years ago when they first pitched the Park West neighborhood-maybe the new mayor will get shit done but until then..just more wasted money!!
Money has been secured and final clearances are given. Construction beginning next year. Coming up to the ground breaking is the most difficult part of the navigation. After that it is just a matter of time. I am very confident and optimistic that the museum park will be ready by at least 2014 (the scheduled finish time is 2013).
I’ve got to side with Condo Vulture on this one for I’ve seen Peter Schiff on TV discussing real estate on a number of occasions even though he is a finance guy. Everything I’ve ever read the Ace post on this blog fits exactly with what I heard Peter Schiff say on TV concerning real estate. So the only possible conclusion is; when you eliminate the impossible, no matter how improbable all that remains is that they have to be one and the same.
Condoswindler-
So the “Sky Palace” developer is a WOMAN? Then the project is really destined for failure.
The only woman on a development team should be the interior designer (and secretary).
Who named it “Sky Palace”? That’s terrible. Sounds like the name of a crappy casino or a theme park ride.
The Ace isn’t f*cking Peter Schiff folks. Jesus.
AJ
Your right. The new MAM will get built. I’ve been following this project for a long time. And it is an architectural gem. The only issue I have is how it is being sited within the park. They have it planted in the north end of the park abutting the McArthur Causeway and too far away from the water edge. The result is that this building could have done for Miami what the Sydney Opera House did for Sydney Australia. You wont be able to admire the design driving down Biscayne Blvd. You wont be able to see it driving west on the McArthur Causeway. It’s actually hidden from any meaningful view that would help people identify the MAM as synonymous with Miami where people would say ah yes thats’ Miami. The Sydney Opera House on the other hand is set directly on the waterfront and conspicuously visible as you drive or walk over the Sydney Harbor Bridge and where all of those gorgeous photos of the building come from. Should have been planted front and center in the park directly on the water and raised up on a bluff of sorts where it would sparkle for visitors and residents as you drove west on the McArthur, from the incoming cruise ships and would then be visible as you drove up or down Biscayne.
I just saw a new listing for a SoBe condo listed at almost $1,600 per square foot, and the first sentence of the listing reads: “BEST DEAL IN ENTIRE BUILDING.”
Really? At $1,600 per square foot?
Beware, folks. The realtards are still out in full force.
Hi Kramer,
Check this link. It looks like it is set on the water. But ofcourse pictures and artists renderings can be deceptive.
http://www.miamiartmuseum.org/museum_park.asp
Scriv, thanks for the link.
AJ, Kramer. Thanks for the dialogue about the up-coming Miami art museum. My qualm is that our city leaders, in all their wisdom, chose to outsource the design of this project to a foreign architecture firm when there are plenty of solid firms in Miami that could have done an equally good job (Revuelta, Arquitectonica come to mind). Why wouldn’t you support your own, local economy with the funds that you allocate? This lack of local pride by the designers is probably why placement of the structure on the property may not have been given much thought and may not provide as grandiose a vista from cruise ships or the surrounding roadways as otherwise. It’s just another nice job by our homegrown Miami officials – no pride in the city, no civic sense, no feeling of community in the very heart of Miami’s downtown –sad.
shwin,
why only blame the pols. Half the bloggers in this site behave like enemies of Miami. They deride everything about this city, they sneer at any development, run down this city to the ground with their ….. (hate, jealousy or ignorance?)
With people like this who needs adversaries. Looks like we get the pols and officials we deserve.
AJ & Schwin
No AJ – that rendering is incorrect. Miami Art Museum will sit directly underneath the Metro-mover station which is not near the water as depicted. And Schwin your correct – it did come down to politics. First was Miami Neighborhod United – a coalition of various neighborhood associations – a poorly attended association with a few condo commandos for lack of a better word . This one member name Steve Hagen and a Judy Sandoval if memory serves me – browbeat the MAM board arguing for a passive all green park with NO buildings and they compromised by moving both the MAM building and the Science Museum tucked up next to the north side of the McArthur Causway with six lanes right behind you and end up with no views of MAM from anywhere unless your standing directly in front of it inside the park. Then a PAC board member named Parker Thompson promised to kill the whole deal if MAM as proposed, blocked his precious little view of the water when standing in the lobby of the Miami opera house so it was moved further from sight. When I was in Sydney a few years back I did the Opera House Tour and the history of its lengthy debate about where the Sydney Opera House would be located and then a brutal battle over the original architects design which you can imagine at the time, i think in the 1960’s, was considered outlandish and an abomination. But the design after a ten year battle, thank god, prevailed and in my opinion the decision to site the Sydney Opera House directly on the water ,which lends to its prominence, put Sydney on the map and till this day draws millions of visitors worldwide just to see the Sydney Opera House. Quite a feat considering that it is such a bear trying to get there from here or anywhere. I spent i think about 26 hours getting from Miami to New York to Hong Kong then another eight hours from Hong Kong to Sydney to see that baby. Miami on the other hand rushed the whole process and allowed a very few shortsighted nitwits to prevail. So we end up with in my opinion a beautiful design that will be our signature building. Too bad nobody will see it.
Kramer, All this Sydney talk Reminds me of the good times I had in Sydney, Melbourne and Brisbane. But that aside, can’t agree with you more. What do you expect from pols who did not have the foresight to leave any waterfront area in Miami for public use? We have the most beautiful waterfront of any city and except Pace Park, There is no decent public park/land next to the water in Miami. Oh well.
“maybe the new mayor will get shit done” lol
shwin,
Architectural projects like MAM you do not give to local firms, You create a competition where the best wins.
I agree 100% with Lara’s last comment. Assuming this project was put out to bid, or that an open design contest was held, things like this shouldn’t just be handed to a local for the sake of giving it to a local.
(Of course, knowing Miami, the pols might have offshored the job in order to make the kickbacks tougher to track, but I’m feeling charitable and I’ll give them the benefit of the doubt.)
I’m hearing a lot of similar whining about the new Marlins stadium. Firms are griping that lower bids from non-Miami firms were accepted over the locals’ higher bids. Gee, imagine that?
As for AJ’s snarky comments, Miami has a lot of major problems. Since pretending problems don’t exist generally isn’t a good way to solve said problems, some of us talk about them. I guess AJ prefers to pretend there’s no crime or corruption or homeless people in Miami. (But then again, I believe AJ still lives in NEW YORK, so it’s easy for him to think of Miami as fantasyland.)
I’ve been on the inside for these bids for major projects in Miami. Its completely insane how much strong arming goes on to insure local bidders get preferential treatment, despite being less qualified.
Local workers here are qualified for painting walls, hanging insulation, screwing in light bulbs, etc; but NOT for designing stadiums, underground tunnels, or art museums.
The MAM reviews talk about it floating above its site, shame it wasn’t floating along the coast and extending into the bay… an edgy marriage of land, water and stylistic modern space which is what Miami is at its best. Then we’d have an international icon that could not be replicated because it is inline with the Miami brand. Is a site positioning change out of the question?
Well said NJDave. I think the site positioning issue is late to the party. I was at the 9/06 public meeting which ended in the selection of Herzog & de Meuron as architects, which i agreed with and they produced a brilliant design. At that meeting i brought up the site positioning and argued for a more prominent siting but was shot down by both Terrence Riley Director and Chairman Aaron Podhurst. They had just fought a lengthy battle with the people I mentioned above from Miami Neighborhood’s United and I was shouted down by this small group. I took the concept to both Manny Diaz office and commissioner Mark Sarnoff office they both scoffed. My concern then and still is that Bi-Centennial Park when originally designed back in 1976 was a 29 acre tragic mistake in design and failed in that you had the green passive park that within 5 years became a derelict and dangerous haven for crack addict, homeless alcoholics. The new “Museum Park” has 8-9 acres set aside for the two museums crammed into the north side abutting McArthur Causeway. In my opinion the 20 acres passive green portion remaining is isolated from the museums. With both the parking garage and the Metro-Mover adjoining the two museums you can expect that people will visit the Science Museum – then walk next door to the Art Museum then hop back in their car or the train and leave. There is no reason to venture into the 2o acre green space – there is nothing to draw them in – especially in our hot climate. If the original 28 acres in 1976 was lost to the homeless drug addicts, then why would an isolated 20 acres not suffer the same fate. The solution was – is so simple. Why not place Mam directly on the east water bank as NJDave suggested and raised high Acropolis like and give it the visibility it deserves. Then place the Science Museum far away on the west side fronting Biscayne Blvd with all of your green passive 20acres or so in between the two buildings forcing people to walk to and fro between the two. It’s that flow of people back and forth between the two museums that creates it’s own security. As i argued with Terrence Riley – the park as they have set up currently will be isolated from the museums and that as the park goes so goes the success of the museums. Why take that chance? Haha – nobody else saw it that way. We shall see.
Kramer, Hats off!
For those who want to know what is going on with the Biscayne Blvd redo, please read this site:
http://www.savepalms.com/
There is a public hearing on the 10th to decide the fate of the Royal Palms etc. This is the email I got:
From: Sean-Paul Melito
Date: Wed, Nov 25, 2009 at 6:59 PM
Subject: Final Public Hearing on Biscayne Boulevard Royal Palms is December 10, 2009
To: [email protected]
Hi Everyone,
Please be advised that the Miami City Commission has set Thursday, December 10, 2009 as the date for their next meeting. The Biscayne Boulevard Scenic Transportation Corridor issue is on that agenda. If you are interested in showing your support, by attending this moment in Miami history, please mark your calendars.
Miami City Commission
Date: Thursday, December 10, 2009
Time: 6:00 p.m.
Location: Historic Miami City Hall map
Thank you for your continued support over the past three years. Your support has been instrumental in bringing this moment to light.
Have a happy Thanksgiving,
Sean-Paul Melito
600 NE 36th Street
Miami, FL 33137
(305) 776-0194
http://www.SavePalms.com
working to save the boulevard palms
Kramer – Placing MAM on the water’s edge is opportunity #1 (wasn’t there a bandshell on the water recently restored that demos on-water placement?). But #2 is a green space opportunity of vision and is sensitive to how people could use this park before and after museum visits. The park’s green space should be inviting, active and trafficed by all citizens. Shopping malls use large stores as anchors at either end, Washington DC spaces out memorials and museums on the national mall, both encourage heavy foot traffic between anchors. The opportunity is the park space between MAM and the science center… are we going for grand green space or spending the big bucks to create a small green alley?
Dubai is fcuked. How sweet is it? Now lets see all those Brits, Saudis, Iranians, Pakis, Indians who bought in Burj Dubai and the Palm Islands with a rotten egg on their face.
AJ – It is NOT sweet, it is unfortunate to all involved. Why would you gloat about their troubles when you always complain that others are gloating about the collapses in Miami (even though they aren’t, at least I’m not)? Let’s just hope this doesn’t cause a wider systemic issue.
Dubai was built on greed, pure speculation, and fraud, just like Miami. So, it is a little fun to watch. Even with dozens of empty condo towers and foreclosed houses all over the Palm islands (losing 50% of their value), they kept breaking ground on new buildings and new islands.
Dubai World = one more nail in the real estate coffin.
RT, I knew someone would raise this question. But let me answer, yes I am gloating as I despise everything about Dubai. Unlike Miami where about 50% of the flats were bought by investors and the rest by those who want to live in or who want to make it as a second home, in Dubai, 99.9% flats are bought by speculators. There is very little indigenous population in Dubai or the Emirates. You cannot get a citizenship there. You “buy” the flats on a 99 year lease. And most of those who bought the flats have questionable source of income from around the Middle East and Asia. Dubai is the biggest money laundering center for all kinds of activities including drugs and terrorism. The Emirate is now running low on oil and now this. i couldn’t be happier.
Regarding, if this would affect the World markets, I am not so sure. Dubai World and Nakheels debt is between 60 to 80 billion dollars. So its effect on the World economy is limited even though its effect on Dubai would be disastrous. How sweet is that again?
AJ – Running low on oil, really??? 99.9% of flats bought by speculators, really??? Apparently you have super human knowledge or you just make stuff up (as usual). Dubai in the end won’t “not pay”. And we should be grateful that that will be the case since it is unclear what a large event can cause…the risk of a cascading event is real so the fewer such hits the better for everyone in the world. As I had posted 1.5 years ago, this economic downturn has real consequences….people will die (suicides, third world country diseases not treated and starvations, etc.). It is sad and not a time to gloat.
RT – I don’t agree with AJ’s comments about Dubai necessarily, but he did get one thing correct – they haave no oil reserves or production in the actual Emirate of Dubai. It is their sister Emirate Abu Dhabi that has the oil wealth and will have to step up and bail its wayward sibling out.
Wow…just, wow. After researching a little bit more on Dubai I am shocked and sickened by what has (and still does) go on there.
As much as I am very often disappointed and worried by the caliber and/or ethics of both private and civic leadership in Miami, AJ is right…Dubai is an entirely different situation all together and most investors there certainly don’t deserve any pity for the collapse. In fact, it seems they so very deserve it. Granted, there is plenty of greed and corruption right here in America…but the sheer lack of respect for simple human rights and dignity in Dubai propels it like a rocketship to a totally different level.
http://news.bbc.co.uk/2/hi/south_asia/4249223.stm
http://www.independent.co.uk/opinion/commentators/johann-hari/the-dark-side-of-dubai-1664368.html
http://news.bbc.co.uk/panorama/hi/front_page/newsid_7982000/7982356.stm
http://www.guardian.co.uk/media/greenslade/2009/apr/21/press-freedom-wallstreetjournal
Isabel, Dubai itself isn’t an oil producer…..but to say “The Emirate is now running low on oil” is wrong. So, no AJ was not right about that.
A new kinder and gentler Renter Tom!?
What next, are we going to spot him serving soup to the down and out in Camillus house?
The Dubai News is great. Maybe Hotwire will be running an ad in the future…. get a 7-Star Hotel, at a 4-Star price
KRAMER, Thanks for fighting on behalf of your city and it’s residents…..as an owner at Marquis the new Art Museum is very important to us…….not sure it is a done deal yet…..Regalado was lukewarm on it in a Miami Today interview recently, the private funding is not in place & Riley’s resignation speaks volumes…….Steve Hagen & the neighborhood resistance would honestly rather have an empty park filled with homeless drug addicts than a remodeled park with museums and other buildings that normal people could actually use, and they put up a TON of misplaced resistance……..if there are meetings in the future and you think it will help, count me in……
Renter Tom – STFU. We see right through your bleeding heart.
Kramer, Hats off!
For those who want to know what is going on with the Biscayne Blvd redo, please read this site:
http://www.savepalms.com/
There is a public hearing on the 10th to decide the fate of the Royal Palms etc. This is the email I got:
From: Sean-Paul Melito
Date: Wed, Nov 25, 2009 at 6:59 PM
Subject: Final Public Hearing on Biscayne Boulevard Royal Palms is December 10, 2009
Hi Everyone,
Please be advised that the Miami City Commission has set Thursday, December 10, 2009 as the date for their next meeting. The Biscayne Boulevard Scenic Transportation Corridor issue is on that agenda. If you are interested in showing your support, by attending this moment in Miami history, please mark your calendars.
Miami City Commission
Date: Thursday, December 10, 2009
Time: 6:00 p.m.
Location: Historic Miami City Hall map
Thank you for your continued support over the past three years. Your support has been instrumental in bringing this moment to light.
Have a happy Thanksgiving,
Sean-Paul Melito
600 NE 36th Street
Miami, FL 33137
(305) 776-0194
working to save the boulevard palms
AJ & SwissLuxury
Swiss i will keep u apprised if i hear anything more on the park and museums. My guess is that the current plan will go forward, albeit at at a slower pace. If it does get derailed because of finances we may be able to go back in and fight for a better siting of the art museum.
AJ thanks for that article on the Royal Palms on Biscayne Blvd. I’m usually well plugged in regarding many downtown issues but was unaware that they would even consider replacing the Royal Palm with “shade trees”. I mean c’mon – Biscayne Blvd with no royal palm trees? Then I remembered how disappointed i was with the landscaping redo of the stretch from the Freedom Tower north to the Marquis tower. Cheesy Yellow Tabulia trees and inferior palm species that saved money but will disappear in the next Cat 3 or 4 hurricane. Royal Palms are a majestic species of palm indigenous to both South Florida and Cuba. Yes more expensive, but have proven to be hurricane resistant. The only three species of tree that were still standing after Hurricane Andrew’s Cat 5 storm of 150 mile per hour sustained winds were the Florida Royal Palm, Gumbo Limbo, and the Live Oak tree not the Laurel Oak tree. The reason is the deep deep root systems of each.
Well also the Royal Poinciana tree is hurricane resistant but is not a native Florida tree.
Kramer and other like minded citizens,
Please attend the 6pm public hearing at the Miami City Hall on 10th December if you can and voice your opinion against the removal of the Royal Palms.
Biscayne Boulevard will never be the same with out those majestic and beautiful palms. Tks.
Quick question: Aside from AJ, does anyone else in Florida call a condo a “flat”?
AJ thanks for the Biscayne Blvd meeting info but I will not be in town, did just sign the petition at savepalms.com for support – I’m amazed they don’t see them as assets. Adding to the plantings is fine but removal makes no sense.
AJ,
Are you going to attend the meeting? I plan to attend and would like to hear about your thoughts about the pace park area.
Joe,
I can call it what ever. Condo, flat, pad, crib.
Because I have one.
Those who cant make it to the meeting can sign an online petition or send an email to the commissioner Marc Sarnoff.
Here is the link to the online petition:
http://www.savepalms.com/Petition.html
And here is the email to Marc Sarnoff:
[email protected]
Thank you AJ. I already signed my petition.
Dubai world owns 50% of Miami Fountainbleau
AJ, Thanks for the info. Petition signed!
Anyone see this article on 900 Biscayne:
http://condovultures.com/en/home/3753-900-biscaynes-construction-loan-sells-to-caribbean-investor.html
Miami’09, Thanks for the article (and signing the petition, Lara too.)
One thing caught my eye in that piece is:
“Greater Downtown Miami’s unsold inventory as of Sept. 30, 2009 totals just under 8,500 units, a 20 percent decrease from a year earlier when there were nearly 10,600 developer units available, according to a recent CondoVultures.com report.”
That is a very good trend. Just 8,500 flats in the larger scheme of things – for a lack of better word, is insignificant.
I used to predict that by 2013, each and every unsold developer flat in downtown would be sold.
I want to revise that date. By 2012, there will be no flats left to be bought from the developer. Just resales by individual investors. So the $200/sf flats that were coming to the market in some buildings off late will be a thing of past, once these remaining 8500 units are gone. As it is, certain buildings that opened prior to Jan 2008 have no inventory left at all and developers are not discounting any remaining handful of units. Combined with the fact that there are zero buildings under construction and none will be coming on line until even 2015, 16 or 17 things are not looking that bleak anymore for the downtown RE.
Or another way to think about the numbers is:
It took going from $400 sq/ft to $200 sq/foot to drop downtown condo inventory from 10,600 to 8,500 units.
What drop is it going to take to sell the next 2,000…. then the next 2,000… then the next 2,000…
… and that’s also making a big assumption the recent low end buying has follow through
Call me a skeptic, but I tend to hate all tree hugger positions after I get a chance to look into the details.
What’s the counter argument of the petition?
I’m assuming there’s a strong reason FDOT doesn’t have the plam trees in their proposal and of course the petition doesn’t shed any light on the reasoning.
If we plant the trees, do we have to underfund schools? Fire some cops… or just run a larger deficit. What’s the real deal here.
Good grief, AJ — 8,500 unsold units is “insignificant”? Do you actually believe this nonsense, or do you just enjoy coming here and playing a troll?
At the current sales pace, there’s something like 4 years’ worth of unsold LISTED inventory in downtown Miami, and perhaps another 1-2 years’ worth of shadow inventory being kept off the MLS.
The only thing that’s “insignificant” about the Miami r.e. market will be the price appreciation over the next decade.
JL – Agreed it’s best to make informed decisions. While they are just trees they are linked to the city’s identity of being a vacation destination plus a viable city that happens to be in the tropics, which is unique for the continental US. Out of respect for something that was purposely planted 80 years ago we should listen to both sides before a clear cutting.
Said in another way if each full-grown tree is worth $4-6k and were replacing it with a $20 item from Home Depot’s garden department then we are not getting our money’s worth.
Once cut you will not see the same benefit in your lifetime. This may be a “shovel-ready” project but be cautious in killing this investment.
Before signing the petition, spend an hour or 2 clicking on the links on the petition site… it’s not so clear cut as “saving Palms”
JL,
2600 flats got sold in an year during the most wretched recession in 80 years. That is a major feat in itself. Really speaking, only 260 flats should have been sold in the past year considering what has happened. I am very gratified that the actual numbers are stunning, never mind even if they are sold at $200 to $250/sf. And just to put the record straight, not every flat sold for that amount. Just a few bulk deals and selected buildings such as Brickell on the river.
This is not a mathematical formula for interpolation regarding your $400 and $200/sf theory. You are a smart lawyer and you know that very well yourself.
If they sell another 2800 flats a year, this inventory would be gone in 3 years or by 2012. The shadow inventory when it comes out will be the traditional 6 to 12 months supply. That so called shadow inventory will be the only saving grace from 2012 to 2017, the period during which there wont be a single new flat added to the inventory by the way of new construction.
What is saving the palms got to do with being a tree hugger? Those palms are stunning. Very few cities in the World have such palm lined boulevards. It identifies our city. Can you imaging cutting down the signature trees of Beverly Hills or Rodeo Drive or the Cherry Trees of DC? The hare brained idea to replace them with shade trees is laughable. You want to provide more shaded sidewalks in Miami, go ahead by all means but leave the Biscayne Boulevard and the Arthur Godfrey road alone!
AJ — I guarantee you there’s more than “6 to 12 months’ worth” of shadow inventory out there right now. Go on the Miami-Dade tax assessor’s site and take a look at the owner names. In some of these new buildings, there are at least twice as many investor-owned units as there are units listed for sale on MLS for those respective buildings. (And that’s just counting the obvious investors — e.g., 123 Biscayne LLC — and not investors who buy under their own name.)
I’m not trying to always beat you up here, but some of your comments lately have been wholly divorced from the current realities of the Miami r.e. market. There’s a solid 3-4-5 years’ of inventory right now in Miami when 6-12 months (or less) was always the norm. (And there’s even more inventory in the “luxury” segment of the market, which hasn’t really seen steep price declines yet. There are some high-end buildings n which 40-50 units are listed for sale and zero units have sold in the last 60 days. There seems to be a huge standoff in that market segment.)
AJ, the tree hugger analogy is because you/the petition site are making it sound way more simple than the actual situation. Like most tree hugger campaigns, the message is if you’re against us, then you’re against the preservation of mankind.
Preserving Palm trees is a no brainer. EVERY moron in South Florida is for that 100:1 So when something has a lot of support to go counter to that OBVIOUS position, then you must ask yourself why… and it doesn’t take a genius to know the answer isn’t about shading coefficients of Oak versus Palm.
Does anybody know where Renter Tom is recently??
What’s the real deal here. – JL
An excellent point! What IS the real deal! The .pdf file cites a May 19, 2003 report. The report is almost seven (7) years old! Is that the best they can do?
Equally relevant is why are we incurring this cost now? The US economy is recovering from a recession. Florida’s economy is in perpetual free fall down the proverbial sewer pipe. Why is it important to do this now? Or is the money allocated to this project burning a hole in someone’s pocket.
Why not wait until the economy improves? Alternatively, why not wait for a hurricane (sorry folks, I had to use the “h-word”) to decimate the trees first and then replace them as they get wiped out? Alternatively, why not do this project in block-by-block phases as the trees get wiped out? Let Mother Nature do the demolition?
What is gained by replacing these trees? What does it profit a municipality if it gains all the world and loses but its soul? (gotta love Bonfire of the Vanities – – such a versatile movie)
Where is the funding for this measure coming from? Anyone? Anyone? Misappropriated/diverted stadium funds? Misappropriated/diverted tunnel funds? Funds from a Ladies Aid Committee bake sale? Smoking ban penalty funds? (the last is just a joke)
Or is this just another unfunded mandate that taxpayers will have to shoulder?
Bueler? Bueler? Anyone?
scriv
Smoking ban penalty funds?
How come Florida could very well be the last last state in the union to enforce smoking ban in public areas and workplaces? FL has never been a trailblazer for anything and a laggard follower of good programs initiated elsewhere. sigh!
I’m all for smoking bans, but in an area with 500,000 illegal immigrants and massive crime and corruption and a general lawless attitude, I’m OK with smoking-ban enforcement being low on the list of priorities.
scriv
Some level of job creation is allowed in this business climate, just don’t destroy a good thing, amending the current trees with additions works. As far as hurricanes are concerned – those trees apparently weather the big storms best which means lower replacement costs so just leave them alone.
Up in the midatlantic states there’s a local college that is removing 50 year old female ginko trees that produce vomit smelling pods, apparantly only male trees should be publicly planted. It was a mistake that is being corrected after 50 years, but I still would like to understand the problem with the current 80 year old royal palms.
NYC’s original Penn station is gone because people didn’t realise what they were losing, and in it’s wake it took Jackie O to then save Grand Central station. Some things are worth saving.
If we didn’t have cigarette butts, what would we lay down on at the beach in south beach?
I can’t just sit there on top of plastic cups, beer bottles, and discarded trash.
Renter Tom has been traveling and unable to spend much time on the laptop even when on the phone or catching up on the news (of course things would be different if a certain iPhone app was available….hint, hint… Renter Tom was looking to buy something…and still kinda is…but there is no rush as Renter Tom sees continued price stagnation as the most optimistic of scenarios for owners/sellers as more and prolonged unemployment results in more real estate opportunities and of course the continuing large number of foreclosures will continue unabated. Renter Tom might even be interested in a SFH although Renter Tom likes living on the beach …. where by the way, a while back, Renter Tom quite stealthily moved to a new place (that is one of the advantages of being a renter)…..a penthouse condo on the beach with direct ocean and unobstructed views for miles and miles including all of the Miami skyline. The new owner’s love Renter Tom and would really like him to be a long long long term resident. Renter Tom’s old landlord was quite sad to learn he wanted to move … to a better place for a bit less money. We will see, but since renting is cheaper than owning….that might be the case. Enough of the third person stuff… Renting is still where it is at folks unless you can find a very good deal in a stable building in a place you want to own for a minimum of 5 years.
We are going to be bouncing around this bottom area for years to come in south Florida…esp when you consider prices in real dollar terms. I dislike the weak US dollar by the way……..
Renter Tom – living in your mother’s attic does not count as living in a penthouse condo.
900 Fan – Funny. Wouldn’t that get kinda warm? Actually, I found the rental while researching and looking at a couple of units for sale that I was interested in. Those units were still listed at about 20% over what they should be and the sellers need some time on the market before they would agree to my cash offer price. Someone else in the building hooked me up with the owners of this PH unit since it wasn’t listed anywhere and the owners really weren’t concerned about leasing it. We talked, came to an agreement, and I moved. Renter Tom only rents from owners that don’t have a mortgage. Moreover, Renter Tom is wealthier than any of the last two owners….perhaps that is because I rent! 🙂 Although, at the right price (about 10% above the Miami-Dade appraised value online), I’d buy the unit I am renting…..it is great…but renting is still much cheaper than owning.
RT
I still don’t get the appeal of SIB. And those miles and miles of ocean views become boring because the second and third mile look exactly like the first mile then at night the view is a pitch black view of nothing. The view of the Miami skyline from 10 miles away haha thats a good one. Why not live in the skyline? Anyway just the name Sunny Isle Beach creeps me out.
Kramer, I’m with you on SIB, but to each their own.
BTW, can we get a new post up in here, Lucas?!
Dear Insightful,
To those bloggers above who question the reasons why a Developer would make such a bold move I ask, “Why Not”.
Skyline is a trail blazer…Skyline is unique…Skyline is a survivor…With a history that expands over 3 decades, a developer who has delivered over 120 building nation wide and has more experience than most of those others that entered the market as phantom… Should we not consider the possible as just that, A POSSIBILTY! Skyline developer of SkyPalace is ready to make a monumental change in the S. Florida Real Estate Market and I for one applaud and stand behind its powerful movement towards future development and rebirth of real estate economical development.
Do the research and look at the facts. A great percentage of 22,000 vanilla box condo delivered over the past 18 months have been absorbed by cash investors at rock bottom prices and are either up for resale or rent at prices matching those of 2002 2003 (affordable levels). SkyPalace is not for everyone and until you have scene it first and you just wont understand and cant judge.
Come and see for yourself at the re-launch of SkyPalace ~ Grand Event taking place on Saturday Dec 12th, 2009 at The Shops at Mary Brickell Village. See for yourself front stage and center why Skyline and SkyPalace is the a premier leader in the industry, delivering unsurpassed quality, differentiating itself from all others.
CURIOUS!
For more information email [email protected]
Isos Stamelos-Monroe
Vice President
SkyPalace at Mary Brickell Village
305-285-7272
First off, why assume my new place is in SIB?
Second, the views are great and always with activity…the beach with beach goers, the ocean with ships, etc. No city noise as the waves make nice soothing sounds and the breeze carries the inland noise away. So relaxing.
Third, with high unemployment continuing through 2010 and quite possibly into 2011+ home prices will need to come down. Combine that with eventual higher interest rates and home prices will stagnate at best for years to come. In the more immediate term, high levels of foreclosures will persist. We will be bouncing around the bottom for quite some time, at least through 2010. If you find something you like, get it at a good price, and plan on living there for at least 5 years, makes sense to buy. But there is NO RUSH whatsoever. Do your homework, especially with respect to condos and be sure to research the condo association….as for the “investment” aspect of condos, probably safer to put your money in a CD and avoid the hassles. But for making a place your home, that you will actually live in, go ahead and buy if you find the right one.
That’s it….over and out. Good luck and best wishes to all!!!
Heads up folks! There is a particularly interesting case before the Supreme Court. I provide a link as well as the text of the article. Sand, beach, property rights, takings clause….NEAT STUFF!!
http://news.findlaw.com/ap/a/w/1154/12-02-2009/20091202002008_14.html
Beachfront property dispute at Supreme Court
By MARK SHERMAN Associated Press Writer
WASHINGTON (AP) – The Supreme Court is wading into a new property rights dispute over who owns the sand the state of Florida dumped onto a stretch of beach to control erosion.
The justices are being asked to rule for the first time that a court decision can amount to a taking of property. The Constitution requires governments to pay “just compensation” when they take private property for public use.
Six homeowners on the Gulf of Mexico are challenging a Florida Supreme Court decision that ratified the designation of the new sand along nearly seven miles of storm-battered beach that stretches through the city of Destin and neighboring Walton County as public property, depriving them of the exclusive beach access they previously enjoyed.
They say the ruling “suddenly and dramatically changed” state law on beach property and caused their property values to decline. The homeowners want the state to pay them undetermined compensation for “taking” their property, which Florida law had long recognized as extending to the water.
The Obama administration and 26 states are backing Florida in urging the court to reject the challenge.
The state says it did not touch the homeowners’ existing beach property and undertook the sand-pumping project to preserve the area’s attractiveness to tourists, but also to protect the homes and the beach in front of them.
The homeowners still have private beachfront and can use the new stretch of sand paid for with taxpayer dollars, the state says.
Some of the homes are already near beaches with public access, meaning beachgoers could walk to a part of the sand that was previously deemed private.
scriv
#120
Skyline is a “survivior”? Survivor of what?
And if you want any credibility maybe you should check your spelling/grammar. Most of your post is non-sensical.
Lucas, how about a Tiger Woods post? Come on! I heard that Tiger leased several units at Jade Brickell and used them as a sex lair.
Re: #120
The glitzy condo pitch and glamours party to promote your project no longer work. Even in Miami and especially now, people are smarter than that and find it insulting that talk of Skypalace as “unique” and a “trailblazer”. I know you are trying to sell a project, but you are in a severe recession and people want practicality, not glitz.
Right off the bat, you are in a B or C location. Mary Brickell Village is half empty and is very poorly managed. Also, your building fronts the Metromover and Metrorail. This will make for the building being extremely loud and I find it a very difficult sell for anyone.
Secondly, the area is full of homeless people. I work in the immediate area and am accosted by homeless people daily asking for handouts.
Third, the architecture of the building is not unique. Uninspiring. Lots of wall and stucco. Not enough glass. Small windows. Metal railings…cheap. Building is out of scale to MBV project, way too big. Parking I can only image will be a huge nightmare. There is nothing “unique” or “trailblazing” about this project I can see…..If prices from $100 PSF, then I would see this project as “unique”.
Lastly, to have the money to come up with a project with little to no credit lines available reeks of something fishy or corrupt. People are going to find out. Who are your lenders? What kind of bank would support this kind of reckless lending with year upon year of unsold inventory currently in the market.
AZ88:
Wow! Brilliant!
scriv
http://www.buybeach.com/recent_sales/data/con1109.htm
For your info. November closings.
Awesome….thanks Lara!
Lucas really needs to update his site, the sales data hasn’t been updated in months.
Someone with such poor English language skills can become the vice president of a firm! Is that the state of the nation or just Miami?
RT, have you moved to Ft, Lauderdale?
Lara — Thanks for the link. For all the talk, it looks like the high-end Miami market remains dead, dead, dead. Some of the best buildings in Miami and Miami Beach — including buildings with 40-50 or more units on MLS — had zero sales last month. (And some of those buildings have gone 60 to 90 days without a single sale.)
This is another development to flood the market. They think they are different than everyone else. I feel back for the suckers that got in this deal. Developer could of walked away, but I guess decided to continue. I hope people bought for around $200sq ft. That is the current prices right now. Anything above that, everyone will just walk away. Let’s see. Another arrogant developer.
As much as I would agree the $200/ft number while may be reality its still a bulk figure for downtown-as recent conditions (ie starwood) will certainly keep this figure the norm. MBV while still a work in progress is not a failure as i know many people prospering from this development, hence we forget that this neighborhood was a depressed crack infested community of shacks, and chicken coups 10 yrs ago-look at the Lincoln road model as MBV is well on its way based upon true reality from one who was there for both reincarnations-believe me developer was not walking away as she had a plan…..
yes High end is Dead, as many should rethink reality in value and sell to sell….
Ok so as far as site…yes lucas site has greatly deteriorated over the months…where are recent sales posts, the graphs the figures …yeh you know all of the things that made your site worth visiting-you are allowing others to compensate for what you brought to the table which I may add I used to my advantage when working the market…Time is time and we want the stats, thought you hired help??? whats up maybe your just too busy selling prop for KWR??? U tell Us, but I think my thoughts are justifyable….
Hats off to LARA again as the only means for non-professionals to provide us with what the active market is really doing. Thanks Lara.
AZ88 – Good one. Skyline hehe. Reminds me of about 2 years ago INFinity developer had a chance to cancel groundbreaking but instead paid for a full page ad in the Herald yapping about their foresight and determination to forge ahead – blind to the impending crash.
DJ – Wondering how your property tax appeal is coming along ?
Hey Lucas,
Just wanted to give you a friendly suggestion. With Art Basel in town, I thought that it would be a great time of the year to possibly devote a posting to the Arts District neighborhood, specially Wynwood. This is a neighborhood that is unknown to many outsiders yet is vibrant with culture and progression.
During this time of the year, with Art Basel in town there are tons of events circulating around the neighborhood that might be foreign to out of towners and even probably to many locals. With world class art shows, gallery openings, and parties happening in the area it would be a great time to focus on this growing community and show your users a side of Miami that has been sheltered and concealed for many years.
I encourage you all to visit Wynwood this weekend and get to know the neighborhood that it really deserves to be. Bringing a side of Miami that many people have never seen before.
From Lara’s November closings:
It appears that for Brickell/Downtown the market appears to be 200. per sq ft on the low side and 250-300 per sq ft top side. Interesting that Epic came in with three closings at about $ 500. per sq ft ( Arms length ? ) One Miami appears to be collapsing with most of their sales either REO or short sales. One closing at Plaza at about $240. per sq ft. Nothing for Icon – 50 Biscayne – Marina Blue – 900 Biscayne – Ten Museum. Finally one closing for Ivy. Nothing for Infinity or Axis.
I wish I could get credit for compiling closing info but all I did is just shared what I receive every month from one of Miami realtors. Thank you anyway. I like hats off as well.
I would like to respond and support post #133. I hope that everything this person writes about Wynwood is true. I have a lot of friends who are artists, actors, writers. Obviously I am not indifferent to Miami arts scene. There was a lot of hype and promise going on about Design District at the peak of the market and I was very excited about it. I visited Miami once in 2005 during ART Basel. Was dissapointed a bit about the quality of art work but at the same time realized how much it helps development of Maimi arts and business.
So I am just wondering if the potential of Wynwood has been realized or still in the process or completely depressed?
So I would kindly ask the writer of post # 133 to share with us some info about the area and what’s going on there. If he(may be she) put some strees on real estate aspect of design district it would be very much appreciated as well.
It’s 2/1/2010.
There’s not a crane to be seen…no construction activity here…
Doubtful that this project will be done by the end of 2011 or whether financing is even complete.
Maybe another developer could take over???
As of 3/11/2010, there is still no construction. Looks like the announcement to start construction in December is just another marketing scheme and lie by this developer that thinks so highly of herself….
Fools to believe in this project…I pity the buyers…and yes, the developer’s ego is way too big for anyone’s good
Well the lawsuits are about to fly in the next few months if construction does not start soon
May 5th and no cranes in sight. I doubt this project will be completed before 2011 as promised by the developers. The developers need to stop lying a return the deposit money to thise who put money down on this project and now have waiting more than five years fro the project to be build
Latest according to the Miami Herald (6/4/10)…They got a Colorado-based hedgefund investor to finance construction. Do some research on hedgefunds out of Colorado…they are more ponzi scheme scam artists that latched onto this developer, who is probably desparate for financing and may now be taken for a ride.
Oh yes, they got some poor buyers who put 20% down and they now do not want to give their money back. Uisng this poor souls funds to get a ponzi scam going. I wonder what kind of building they are going to build if they ever do. The feds should investigate them .
The developer is going to have to refund the deposits. It is clear that she cannot meet the outside completion date of Dec 2011. Per the contract, she must close on units no later than one year from that date. If she is truly a reputable developer,she will do the right thing and request an addemdum from her current buyers or refund their deposits. Lets see what kind of women she really is.