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I hope we keep these posting’s …all about REALESTATE …..NOT politics sex and other nonsense such as recipe’s…if you want recipe’s …watch the BAREFOOT CONTESSA!!!
It looks like some ASSHOL* is posting under MANY different ALIAS’S on here again.I am sure you are aware of these IDIOT’S LUCAS.Don’t worry about a low life time waster that couldn’t afford a cardboard box.WE ARE ALL WITH YOU LUCAS…..KEEP UP THE GOOD WORK. There are people that appreciate your hard work and effort on here. Thank you
Do be honest, I’m not impressed as not one of these deals is below $125.00 per sq ft which is the bench mark to avoid a falling knife.
Lucas,
Empirically, have you noticed if it’s getting easier to push through short sales? About 6 months ago, I thought the prevailing wisdom was they are a total waste of time but it seems like more and more short sales are going through now. Also, is there any way to tell if these successful short sales have been mostly bank pre-approved short sales?
some of those deals are not bad. unless the HOA goes into a freefall, several units are probably justified at the prices around $150 sf. Not expecting many deals nearing $100 sf, unless we have an additional collapse in the economy.
JL,
Overall, my answer is yes but it still depends on the bank that you’re dealing with. I’ve found that Bank of America still takes forever to respond but most of the others haven’t taken so long anymore. JPMorgan Chase recently responded within 3 weeks which was pretty surprising.
I do think for foreclosures, this is still a high $/sqft. These are reasonable prices in general for a condo compared to a couple years ago. I would expect that a foreclosure (most require some amount of work) to be <$150/sqft. I have been saying for over a year that average $/sqft (house/condo) in Miami for resale should be ~175/sqft and foreclosures 15-25% less than that.
This is definitely good data, thanks Lucas
Elvis should stick to bag check out at Publix for where does he come up with the bench mark of $150 when we are already way below that. Peter Shift set the bench mark at $125 per sq ft three years ago and we are now at or below that.
Invest in a property at $150 and you will be already below water at closing. I hope you snow birds (boring Canadians) and sun birds (South American peasants) brought your snorkels and lots of extra air tanks because you are going to need them.
We savvy Americans Psycho’s know when the time is right to buy. Just ask Patrick Bateman whom I ran into last week at the Dorsia, he assured me that $125.00 per sq ft was in fact the cut off mark, so enthusiastic was he that he produced a meat cleaver to emphasize his point.
Flat Iron Steak anyone?
How come only Brickell is on sale? That too 2nd tier buildings in Brickell. In all the deals posts that Lucas posted, I have not seen a single flat with direct water view in Brickell, Park West or Pace Park on these deals.
Wild Bill,
Thanks for clarification. Now it all makes sense. They are still paying the taxes on land value which is approx half million per year. So I guess they will start paying taxes on individual flats once the TCO is issued.
Shwin,
Thanks for the update on 900. Are you planning to sign up for the rent to buy scheme? If you do, will they credit your rent for the past few months towards the downpayment?
I 100% agree with you on tort reform. Some times I just want to run away from this country, not because I am afraid that I will cause an accident or do some such thing but living has become almost impossible as you have to fucking insure every action of yours in this country and it is becoming cost prohibitive. No other country in the world do you live in such fear at every minute of your life. I am in the entertainment biz. Like the docs being socked out of business as they can no longer pay $200K insurance premiums, we can no longer insure bars/clubs and taverns. We are right now fighting a scammer bitch trying to get free money from one of our establishment, claiming a fall (a total lie). If we give in , one claim on the records and no insurance company will touch us.
The best (or the worst ) part is that the fucking lawyers taking that bitches case know that the ho is totally lying.
jcrimes, please tell us that you are not one of them, ambulance chasers.
Kramer,
That is too much ($600) bill per month. Do they keep their entire house at 65 degrees and their pool at 87 degrees 24/7? I don’t understand how the FPL bill can be so high?
is it my name that gets my post removed?
anyway, my point was, miami needs better security to attaract investors, it has sun and beach and guns. one component is the problem….. NY is safe as can be in manhattan, Miami does that for main areas and it would be much better. just 2 streets of South beach it starts getting dangerous…. no police… gang bangers….
ps, dont know about internal state of USA, but Obama stopped USA being the enemy of the entire world and is trying to undo a mess W spent 8 years making after Clinton gave him a booming economy….
Sounds like the Mondrian might be in trouble…loan came due August 1 and they are having to rework the debt instead of repaying it off.
AJ
my legal career was never in the realm of ambulance chasing. was a corporate m&a type.
however, the ill that tort reform is supposed to cure is way overblown. as i said before, blame the state court system for failing to keep up with the times.
The Mondrian should be in trouble.
Hotel: Not many people come to Miami and want to stay on West Avenue and rely on cabs for the beach/restaurants/clubs. Its too far from the action at that price point.
Residences: Sure, sell me a 500sf studio in a building constructed in the late 70’s that was formerly known as Mirador Apts and Forte Towers prior to that. In the famous words of the Stupidest Woman on Earth (Sarah Palin), the Mondrian is “lipstick on a pig”.
Drew
Mondarian was banking on the idea that folks with boats would stay there b/c of the marina. Frankly, I find the business model laughable.
Regardless, once the hipness factor fades (the Friday happy hour is still ridiculously awesome and the Sunday pool party is supposed to be the new “it” place), the place will become second rate. However, I don’t think the property will fold. The current owner of the property is ridiculously wealthy (unlike some other developers) and will carry it for some time until he gets a palatable exit strategy.
JCrimes,
Any news on NoBe?
ahh, yes..”the marina model”: kind of like the now apparently defunct Watson Island developers who planned the mega yacht deepwater marina whereby Miami would rival Monaco for yachting enthusiasts. Instead on Watson Island we just have the Miami Children’s Museum, whatever the hell is in there.
lara
i haven’t heard anything. the lack of sales in peer buildings (bath club and mosaic) has to make the bank’s stomach reel. this particular market segment – intro luxury is getting crushed (once you factor in SIB, hollywood and hallandale). it also has to be equally painful the bank to know that there is still significant construction expenditures that must take place inside the structure before you get the CO. the end strategy is to partner up with a developer. only problem is that there are really no developers down here who are ready to take this project on (these guys are trying to survive right now).
regardless, i’m convinced this will be one of the best deals (if not the best) coming online in the next year or two. sure, you may have to spend a little more upfront on finishing out the unit (any developer will cut costs and do the bare minimum to get the CO). but the price should be reflective of that reality. on the back end, you have ocean front property in mid-beach in a new building at a steep discount.
For the record, I made a little joke about Sarah Palin in post #20 that was mysteriously edited out of the comment. Lucas, you’re setting a dangerous precedence by selectively editing parts of postings. If that’s your game, then you’re better off redacting the entire post rather than cutting/pasting so that the posted comment may not be what the original writer intended to communicate.
I don’t know what is more ridiculous: you arbitrarily editing comments with no notation in the comment that you’ve done so, or the fact that you found a joke against Sarah Palin so offensive to warrant removal from the site.
In the very least, you should let your bloggers know that you have given yourself the authority to manipulate these comments as you wish and they shouldn’t be alarmed when their posts differ from what they orignially typed.
Drew,
That’s a flatout lie. I don’t even remember reading a comment about Sarah Palin. I’ve only deleted comments with profanity directed towards others on this blog. For the record, I’m not a fan of Palin but keep making up lies Drew. It would have been so much easier for me to delete your comment than to have to pull off the side of the road and waste 5 minutes of my day. For that I thank you Drew.
Well then who did it????? One of your site adminstrators???? Why would I lie about something like that? Either you’re lying to me or someone with access to your site is editing comments without your knowledge.
AJ
i wouldn’t be so harsh on tort lawyers. they fill a role, just like white collar lawyers do at white shoe firms. and frankly, tort lawyers, when they hit big, hit bigger than any other lawyer including the masters of the universe at wachtell, simpson or sullivan.
JCrimes,
Thank you for your response. I guess we’ll watch what’s going to happen.
Lucas, apologies.
A flurry of comments and multi-tasking at work led to my mistake. If you want feel free to remove my post #22 to avoid confusion. Sorry bout that
Drew,
Apology accepted.
Drew,
Your Sarah Palins comment #17 is still on board. I just read it. Unless you wrote another Sarah Palin comment in another post.
jcrimes,
I knew all along that you are not a tort lawyer. But I am glad you confirmed it too.
My friend who is from Harvard and Georgetown and a corporate lawyer himself always used to say “only the dregs become tort lawyers after they cannot be good at any other kind of law. These scum are the ones that come to general public’s mind when they think of lawyers and it gives a bad name to all lawyers”.
kramer,
You mind find this interesting:
This is a welcome news. They reduced the investment threshold from $1 mil to 500K which most rich people have in other countries. Basically America is selling green cards for half a million dollars. But if Miami is benefiting from that , I am all for it.
Lucas, I have a real estate 101 question: If a unit is advertised for sale as a short sale, is the asking price negotiable or one fixed by the bank?
jcrimes,
more often than not, tort lawyers take any case that comes to them even if they know that the case has no merit or when the litigant is blatantly scamming and lying. I object to such unconscionable behavior especially as I am at the receiving end of such scam. All that these lawyers are thinking about is their 33% cut of the proceedings. They just don’t care if they are harassing innocent people.
I think they will not win this case against our establishment. But the amount of harassment and headaches this case is causing is not to be dismissed lightly. Are there some Erin Brockovich type lawyers out there? Yes. But most tort lawyers are blood sucking leeches.
Anyone know anything positive or negative about Oceanview/Ocean reserve in SIB?
Looks like they just raised HOA fees.
Aj, you’re right, all lawyers are scumbags. Now DJ’s on the other hand…
Hi lara re #34
I believe this is a 40 year old rental that catered to retirees originally and was then gussied up like the proverbial Sarah P related animal-lol and remarketed as condos.
The maintenance could be high if the building INCLUDES ac electric and hot water in the HOA fee so you would need to receive a high rental to cover it.
I have lived in buildings engineered that way and dampness /humidity was an ongoing problem in the unit.
While prices might have fallen sharply you would have to find a great bargain to hope to make $ on the upside if/when the RE market turns.
The “action” -if we are still alive to see the next BIG upswing-will be in newer buiildings
not retreaded places.
Meantime you are competing for a renter who can likely find something nicer for a similar rental outlay.
Caveat emptor?
sorry AJ, but it generally doesn’t work that way. as a tort lawyer, you have to be very careful with the cases you take. the opposing side will fight, draw you out and force you to take a massive financial risk. thus, most tort lawyers will be pretty careful in what cases they decide to take. typical life span of a case from the date of filing suit to the end of appeal can be years…and in that time you’re not getting paid shit. yeah sure, you have the car accident guys that do the PIP bullshit, but that’s a creature of a horrible Florida state law.
something i should have mentioned before…most big firm lawyer types (including your friend) secretly admire tort lawyers. yeah, the big firm lawyers went to better schools and have more impressive credentials on their resume, but at the end of the day, all that matters is the scratch in your bank account. and good tort lawyers CRUSH the corporate types in that department. and work less in getting there.
a comment re: these sales
it seems that mid-tier stuff in brickell is moving toward the $150 sq/ft range. presumably that puts first tier stuff (excluding the bristol towers and santa marias of the world) below $275 sq/ft. if you think about it, prices have nearly dropped in half from peak brickell prices (sales closed and not asking).
Jamie,
Yes, the asking price of a short sale is negotiable. However, in most cases, the bank is completely unaware of the asking price when it is set. If the price looks too good to be true then it is highly unlikely that the bank will accept even a full price offer.
jcrimes,
yes, it is tragic that the tortillas rake in big bucks. But so are so many dishonorable professions.
As far as your statement “typical life span of a case from the date of filing suit to the end of appeal can be years…and in that time you’re not getting paid shit” maybe true. But in most cases like the one my establishment is fighting, The plaintiffs lawyers are throwing a case and hoping it would stick. What they are hoping is that we would avoid headaches and decide to settle. But we are not settling. This is when they might realize that it is not worth their time and drop the suit which has no merit in the first place.
But I am a stubborn bastard and I am willing to take it to the next level. But what about so many ordinary small biz owners who are not very legal savvy nor has the resources to fight? They might settle. That is exactly what these SOBs are hoping. And unfortunately they succeed most of the time.
So your argument that they will only accept an iron clad case is not true. They may stick their neck out for an iron clad case and draw it out to conclusion but at the same time they accept any con that walks into their office and try to intimidate ordinary people into settling a non merit worthy case.
AJ – Don’t you have liability insurance to take care of this customer injury case? If the insurance company wishes to settle and make the payment, let them — in fact depending on the insurance contract language you may be obligated to allow the insurance company to settle, for them it is a simply business decision about $$$. If you are a stubborn bastard then you will soon part with a lot of money in legal fees if you’re paying this yourself. If you don’t have business liability insurance (and of course millions of personal liability coverage too), then you have silly exposures for being in a business that serves alcohol. You also need to make sure the business entities are set up correctly to shield against any possible personal liabilities and of course to separate one business from another so if one falls it doesn’t take down the others and of course yourself. Personal liability is a biatch. Good luck, but you have certain premises liability since you have a physical place of business that people come to…it is what it is.
Exactly RT, I don’t know what the hell AJ’s talking about. If he has insurance, they pay for the defense costs and settlement/judgment. I’d imagine if he has a general liablity policy he probably has $1 million limits. If he doesn’t have insurance, well then that’s his bad and it will teach him an expensive lesson about being properly insured.
If I ran a business with exposures such as serving alcohol, I’d have a lot more than $1M in my business liability policy or I’d have no capital in the business and be just a passive investor using a legit shell company as the partner or member. Otherwise, $5M-$10M would be more like it since one good alcohol car wreck and poof. But then again, I don’t think AJ requires his tenants to have a renters policy nor am I confident he has sufficient insurance for being a landlord either…..AND he brags about only having one mortgage on only one four properties which means those assets could easily be attached and used to pay off a judgment. Ouch.
It seems that a lot more short sales are closing these days in Miami.That’s good news to see people avoiding foreclosure. I have some questions about this process and you all seem to know how things work down in Miami.
-Is Florida a recourse state? If so, do banks usually pursue the deficiency of the seller when approving short sales? I’ve done a lot of searching and found that its less likely if its the seller’s primary residence and there is only 1 loan. Any truth to this?
-Are short sales moving along any faster these days?
-If you agree on a price with the bank, how long does it usually take to get everything in writing, and how long usually to close?
-Do short sales or foreclosures result in reassessed property appraisals for tax purposes?
I’ve been searching all over and have had very little success. If anybody has any insight or personal experience, I would really appreciate it!
Thanks,
dave
Dave,
I might be able to give you a little info since I’m actually closing on a short sale one week from today.
In my case, the bank is not pursuing a deficiency judgment against the seller. He lives in California, so this obviously isn’t a primary residence. He also has substantial assets from what I’ve been told, so I’m not sure why the bank is agreeing to it in the first place, but I’m not complaining. The seller had two loans on the property, both with Chase Bank. The second lender (even though through the same bank they were treated sperately), finally approved the sale yesterday (although the seller is contributing a pretty hefty amount to pay them off ).
It was anything but fast. Althouh we finally got the approval yesterday, this was 4 months since I put the offer in. The waiting sucked. The first lender approved about a month ago, and then more waiting on the second.
We didn’t agree ahead of time on any price with the bank. In fact they hadn’t approved of the short sale (or even knew about it), when the property was listed as a short sale. I guess that might be why it took so long. I’d imagine if the bank pre-approved it would have been much faster.
Anyway, I got the place for about 40% less than what the seller paid for it, so both he and the bank took a big hit, but I’m happy. I consider it to be a good price for property taking the market into account. The assessment should be based on the new sale price, so taxes should definately be lower.
Hope this helps.
Yes. Thanks DJ that was a huge help.
Did the bank ask for a seller contribution, or how did that figure into things?
Yeah from what I understand, he owed too much on the second loan and the bank knew he had assets, so they asked for a contribution. They asked me to kick in some extra cash too and I was like fuck that.
haha good call. well good luck next week!
RT and DJ,
You cannot operate with out liability insurance in the state of New York. Your thinking is exactly what the scumbag lawyers are hoping for. And in 90% of the cases they get what they want. They arm twist the owner into settling by coughing up money.
You have no idea how the Restaurant/Tavern (the name for all bars and nightclub) insurance business happens in New York.
Firstly there are just a handful of companies underwriting the bars/nightclubs. They are extremely nervous about these kind of situations.
If I go to my insurance company, they will settle and then immediately drop me. The other 2 or 3 companies will either refuse to cover me as there is a claim or they will charge me an astronomical premium, making no sense to keep the doors open any longer. That is why most businesses with a claim sell off and reopen with a different corporation name. I am not going to do that for a biz that has been established for 7 years. So I will fight these small time crooks (the lawyers) who are no different than the local Mafia in extortion and shake down. Thanks for your advice anyway to tell me to go to my insurance company. I am not going to do that.
AJ,
Find out where the lawyers live and hire some kids to drive by blaring Tiesto day and night.
PI lawyers are a hideous bunch. Definitely a pariah in the Legal Profession.
DJ: did the “second” bank ask for contribution as a condition to approve the short sale or because legally the owner has to pay back the loan (cross collateral with his other assets)?
This site is like its own telenovela. First Drew accused Lucas of being a douchebag who deletes posts, and then, when shown to be wrong, Drew *asks* for his post to be deleted so he doesn’t look like a douchebag. LOL.
——
jcrimes #36 — You keep contradicting yourself. If tort lawyers make more money than other lawyers and do so with a lot less work, then why is tort reform such a bad idea?
Also, are you aware that Obama and a bunch of Democrats in Congress are trying to change the tax laws so tort lawyers can deduct all of their expenses for contingency cases UPFRONT? Legislation to this effect is advancing as I’m typing this, and if it happens, there will be a massive increase in contingency tort cases.
——
Re: the local r.e. scene, it’s clear the Miami market is stagnant and far from bottom. There are like 30,000 condos available right now, and we’re supposed to be excited because there were *43* distressed sales last month? At that rate, Miami has about 25 years’ of inventory remaining. Some of these buildings — including high-end, brand new buildings — with 50, 100, 150 units for sale didn’t have a SINGLE SALE last month. How anyone could think this is the bottom is beyond my comprehension.
Watcher, I have no idea.
daveg – With regard to short sales….I think the lender has many years to pursue the difference later unless of course the short sale includes a settlement agreement not to. I think a lot of people will be in for a surprise down the road as banks pursue the difference esp absent an agreement such as in a foreclosure.
AJ – Perhaps you are in a business that does a lot of damage to other people which is why the insurance costs are so high. Just like building a home on the beach in a hurricane prone area….the risks are higher and so are the insurance premiums to cover such risks.
Joe- all true.
Sometimes I wish my employer blocked access to Miami Condo Investments. Trying to post comments and do actual work can sometimes cause confusion.
Drew — LOL. I was only giving you a hard time. I would, however, bet that a reality show with the people on this blog would be much better than the current Miami-based reality-TV show everyone hates.
Geez, you can see that the second home / vacation home market is a depression everywhere…. “signs of improvement” hahaha pricing are still falling but perhaps not totally cliff diving – Miami-Fort Lauderdale-Miami Beach FL -33.1% YOY
Home prices fall a record 15.6%
Year-over-year prices may have fallen at a record pace, but there are signs of improvement.
http://money.cnn.com/2009/08/12/real_estate/record_home_price_fall/index.htm?postversion=2009081210
Joe,
et tu Brutus! You watch that hideous show too? I record it, pause it on all the nice and beautiful HD shots of Miami and fast forward when the lowlifes start talking.
Never have I seen anything as miserable as Miami Social.
Instead of these losers talking shit about their useless lives, they should have a show about Miami RE agents buying and selling props and showing those props. That would be very interesting. In fact the only time I do not FF my DVR is when the lone RE agent in the show is going around and showing different houses on the Venetian Islands.
Speaking of reality tv, I thought that the funniest segment was of Kathy Griffin submitting an offer on the house on Star Island, $1,750,000 all cash for the $17 million dollar home. The reaction on all sides was priceless, including the listing broker proclaiming “this is a f***ing waste of my time!”
HAHAHA……hopefully we’ll get an appearance from that douchebag Ariel.
joe
sorry, but there’s no contradiction in my statement. the fact that there are tort lawyers who are wildly successful in what they do, doesn’t support the notion that plaintiffs should now have the doors to the courthouse shut to them.
Ummmm…..this is going to end badly:
“47 percent of South Florida homeowners underwater on mortgages”
And it seems to be getting worse. Can you say 60% by by the end of 2010? Note, this is only for homeowners WITH mortgages (does anyone in S. FL not have a mortgage???) but then again it doesn’t apply to RENTERS!!! hahahahaha 🙂
Plans to build nuclear plant in Miami???
The CRASH CONTINUUUUUUEEEESSS!
RT, 47% is very bad but I think that some will go away. The majority I think are not going to go away if they can handle monthly payments. It is not about negative equity. It is about being able to make monthly payments
Come on Lara….you gotta be more honest on this one! 47% not bad??? Come on….it is historically a disaster by any measure. Absent a government program, there is no way any of these under water home “owners” could refinance. The re-default rates are high too. Moreover, what bank will refinance if you don’t have say 10% or 20% equity in your home??? I bet the stats go over 75% if you looked at all mortgaged home owners with less than 20% equity. Making payments affordable doesn’t save you from your neighbor who can’t pay their mortgage and goes into foreclosure or the foreigner with a green card who decides to just go back to their home country and walking away from their mortgage (they don’t care about their credit score…I have met several people that plan on doing exactly this after not paying anything to anyone – mortgage, taxes, HOA – for a year and pocketing the cash). Seriously, the full ramifications of all this will drag out for years and years.
Come on Lara, admit this is a disastrous stat!!! LOL
For home dwellers, it’s about being able to make the monthly payments. For RE traders, it’s about negative equity.
What % of these mortgages are held by dwellers vs. traders.
Note, for the Miami Herald/Zillow piece, condos are not included in the analysis.
JL – Good point, the condo “owners” would be far worse. Even dwellers will bail then be burdened with $100K+ in negative equity….haven’t you heard about the people doing a short sale to buy a smaller home in the same town? The govt missed the boat….
jcrimes — If tort law is so profitable, then how would some common-sense tort reforms “lock people out of the courthouse”?
Also, I noticed you had no comment on Obama’s and the Democrats’ plans to allow tort lawyers to write off contingency expenses UPFRONT, which is essentially a TARP plan for tort lawyers.
Das Fuhrer Barrack Hussein Obamba ought to put down the Koran and pick up the United States of America Constitution a copy of which is attached:
THE CONSTITUTION OF THE UNITED STATES OF AMERICA, 1787
We the people of the United States, in Order to form a more perfect Union,
establish Justice, insure domestic Tranquility, provide for the common defence,
promote the general Welfare, and secure the Blessings of Liberty to ourselves
and our Posterity, do ordain and establish this Constitution for the
United States of America.
Article 1
Section 1. All legislative Powers herein granted shall be vested in a
Congress of the United States, which shall consist of a Senate and
House of Representatives.
Section 2. The House of Representatives shall be composed of Members
chosen every second Year by the People of the several States,
and the electors in each State shall have the qualifications requisite
for electors of the most numerous branch of the State legislature.
No Person shall be a Representative who shall not have attained to the
Age of twenty five Years, and been seven Years a citizen of the United States,
and who shall not, when elected, be an Inhabitant of that State in which
he shall be chosen.
Representatives and direct Taxes shall be apportioned among
the several States which may be included within this Union,
according to their respective Numbers, which shall be determined
by adding to the whole number of free Persons, including those
bound to Service for a Term of Years, and excluding Indians not taxed,
three fifths of all other Persons. The actual Enumeration shall be made
within three Years after the first Meeting of the Congress of the
United States, and within every subsequent Term of ten Years,
in such Manner as they shall by law Direct. The number of
Representatives shall not exceed one for every thirty Thousand,
but each State shall have at least one Representative;
and until such enumeration shall be made, the State of New Hampshire
shall be entitled to chuse three, Massachusetts eight, Rhode Island
and Providence Plantations one, Connecticut five, New York six,
New Jersey four, Pennsylvania eight, Delaware one, Maryland six,
Virginia ten, North Carolina five, South Carolina five, and Georgia three.
When vacancies happen in the Representation from any State, the Executive
Authority thereof shall issue Writs of Election to fill such Vacancies.
The House of Representatives shall chuse their Speaker and other Officers;
and shall have the sole Power of Impeachment.
Section 3. The Senate of the United States shall be composed of
two Senators from each State, chosen by the legislature thereof,
for six Years; and each Senator shall have one Vote.
Immediately after they shall be assembled in Consequence of the first Election,
they shall be divided as equally as may be into three Classes. The Seats of
the Senators of the first Class shall be vacated at the expiration of the
second Year, of the second Class at the expiration of the fourth Year,
and of the third Class at the expiration of the sixth Year, so that one third
may be chosen every second Year; and if vacancies happen by Resignation,
or otherwise, during the recess of the Legislature of any State,
the Executive thereof may make temporary Appointments until the
next meeting of the Legislature, which shall then fill such Vacancies.
No person shall be a Senator who shall not have attained to the Age of
thirty Years, and been nine Years a Citizen of the United States,
and who shall not, when elected, be an Inhabitant of that State
for which he shall be chosen.
The Vice-President of the United States shall be President of the Senate,
but shall have no Vote, unless they be equally divided.
The Senate shall choose their other Officers, and also a President
pro tempore, in the Absence of the Vice-President, or when he shall
exercise the Office of President of the United States.
The Senate shall have the sole Power to try all Impeachments.
When sitting for that Purpose, they shall be on Oath or Affirmation.
When the President of the United States is tried, the Chief Justice
shall preside: And no Person shall be convicted without the Concurrence
of two thirds of the Members present.
Judgment in cases of Impeachment shall not extend further than to removal
from Office, and disqualification to hold and enjoy any Office of honor,
Trust or Profit under the United States: but the Party convicted shall
nevertheless be liable and subject to Indictment, Trial, Judgment and
Punishment, according to Law.
Section 4. The Times, Places and Manner of holding Elections for Senators and
Representatives, shall be prescribed in each State by the Legislature thereof;
but the Congress may at any time by Law make or alter such Regulations,
except as to the Places of chusing Senators.
The Congress shall assemble at least once in every Year,
and such Meeting shall be on the first Monday in December,
unless they shall by law appoint a different Day.
Section 5. Each House shall be the Judge of the Elections,
Returns and Qualifications of its own Members, and a
Majority of each shall constitute a Quorum to do Business;
but a smaller Number may adjourn from day to day,
and may be authorized to compel the Attendance of absent Members,
in such Manner, and under such Penalties as each House may provide.
Each house may determine the Rules of its Proceedings,
punish its Members for disorderly Behavior, and, with the
Concurrence of two-thirds, expel a Member.
Each house shall keep a Journal of its Proceedings,
and from time to time publish the same, excepting such Parts as may
in their Judgment require Secrecy; and the Yeas and Nays of the
Members of either House on any question shall, at the Desire of
one fifth of those Present, be entered on the Journal.
Neither House, during the Session of Congress, shall, without the
Consent of the other, adjourn for more than three days, nor to
any other Place than that in which the two Houses shall be sitting.
Section 6. The Senators and Representatives shall receive a Compensation
for their Services, to be ascertained by Law, and paid out of the Treasury
of the United States. They shall in all Cases, except Treason, Felony and
Breach of the Peace, be privileged from Arrest during their Attendance
at the Session of their respective Houses, and in going to and returning
from the same; and for any Speech or Debate in either House,
they shall not be questioned in any other Place.
No Senator or Representative shall, during the Time for which he was elected,
be appointed to any civil Office under the authority of the United States,
which shall have been created, or the Emoluments whereof shall have been
increased during such time; and no Person holding any Office under the
United States, shall be a Member of either House during his Continuance
in Office.
Section 7. All Bills for raising Revenue shall originate in the
House of Representatives; but the Senate may propose or concur with
Amendments as on other Bills.
Every Bill which shall have passed the House of Representatives and
the Senate, shall, before it become a Law, be presented to the
President of the United States; If he approve he shall sign it,
but if not he shall return it, with his Objections to that House
in which it shall have originated, who shall enter the Objections
at large on their Journal, and proceed to reconsider it.
If after such Reconsideration two thirds of that house
shall agree to pass the Bill, it shall be sent,
together with the Objections, to the other House, by which
it shall likewise be reconsidered, and if approved by two thirds
of that House, it shall become a law. But in all such Cases
the Votes of both Houses shall be determined by Yeas and Nays,
and the Names of the Persons voting for and against the Bill shall be
entered on the Journal of each House respectively. If any Bill
shall not be returned by the President within ten Days (Sundays excepted)
after it shall have been presented to him, the Same shall be a Law,
in like Manner as if he had signed it, unless the Congress by their
Adjournment prevent its Return, in which case it shall not be a Law.
Every Order, Resolution, or Vote to which the Concurrence of the Senate
and House of Representatives may be necessary (except on a question
of Adjournment) shall be presented to the President of the United States;
and before the Same shall take Effect, shall be approved by him,
or being disapproved by him, shall be repassed by two thirds of
the Senate and House of Representatives, according to the Rules
and Limitations prescribed in the Case of a Bill.
Section 8. The Congress shall have Power to lay and collect Taxes, Duties,
Imposts and Excises, to pay the Debts and provide for the common Defence
and general Welfare of the United States; but all Duties, Imposts and Excises
shall be uniform throughout the United States;
To borrow Money on the credit of the United States;
To regulate Commerce with foreign Nations, and among the several States,
and with the Indian Tribes;
To establish an uniform Rule of Naturalization, and uniform Laws
on the subject of Bankruptcies throughout the United States;
To coin Money, regulate the Value thereof, and of foreign Coin,
and fix the Standard of Weights and Measures;
To provide for the Punishment of counterfeiting the Securities
and current Coin of the United States;
To establish Post Offices and Post Roads;
To promote the Progress of Science and useful Arts, by securing
for limited Times to Authors and Inventors the exclusive Right
to their respective Writings and Discoveries;
To constitute Tribunals inferior to the supreme Court;
To define and punish Piracies and Felonies committed on the high Seas,
and Offenses against the Law of Nations;
To declare War, grant Letters of Marque and Reprisal,
and make Rules concerning Captures on Land and Water;
To raise and support Armies, but no Appropriation of Money to that Use
shall be for a longer term than two Years;
To provide and maintain a Navy;
To make Rules for the Government and Regulation of the land and naval Forces;
To provide for calling forth the Militia to execute the Laws of the Union,
suppress Insurrections and repel Invasions;
To provide for organizing, arming, and disciplining, the Militia, and for
governing such Part of them as may be employed in the Service of the
United States, reserving to the States respectively, the Appointment
of the Officers, and the Authority of training the militia according
to the discipline prescribed by Congress;
To exercise exclusive Legislation in all Cases whatsoever,
over such District (not exceeding ten Miles square) as may,
by Cession of particular States, and the Acceptance of Congress,
become the Seat of the Government of the United States, and to
exercise like Authority over all Places purchased by the Consent
of the Legislature of the State in which the Same shall be,
for the Erection of Forts, Magazines, Arsenals, Dockyards,
and other needful Buildings;–And
To make all Laws which shall be necessary and proper for carrying
into Execution the foregoing Powers, and all other Powers vested
by this Constitution in the Government of the United States,
or in any Department or Officer thereof.
Section 9. The Migration or Importation of such Persons as any
of the States now existing shall think proper to admit, shall not
be prohibited by the Congress prior to the Year one thousand eight
hundred and eight, but a Tax or Duty may be imposed on such Importation,
not exceeding ten dollars for each Person.
The Privilege of the Writ of Habeas Corpus shall not be suspended, unless
when in Cases of Rebellion or Invasion the public Safety may require it.
No Bill of Attainder or ex post facto Law shall be passed.
No Capitation, or other direct, Tax shall be laid, unless in Proportion
to the Census or Enumeration herein before directed to be taken.
No Tax or Duty shall be laid on Articles exported from any State.
No Preference shall be given by any Regulation of Commerce or Revenue
to the Ports of one State over those of another: nor shall Vessels bound to,
or from, one State, be obliged to enter, clear, or pay Duties in another.
No Money shall be drawn from the Treasury, but in Consequence
of Appropriations made by Law; and a regular Statement and Account
of the Receipts and Expenditures of all public Money shall be
published from time to time.
No Title of Nobility shall be granted by the United States;
and no Person holding any Office of Profit or Trust under them, shall,
without the Consent of the Congress, accept of any present, Emolument,
Office, or Title, of any kind whatever, from any King, Prince,
or foreign State.
Section 10. No State shall enter into any Treaty, Alliance, or
Confederation; grant Letters of Marque and Reprisal; coin Money;
emit Bills of Credit; make any Thing but gold and silver Coin a Tender
in Payment of Debts; pass any Bill of Attainder, ex post facto Law,
or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
No State shall, without the Consent of the Congress, lay any Imposts or Duties
on Imports or Exports, except what may be absolutely necessary for executing
it’s inspection Laws: and the net Produce of all Duties and Imposts,
laid by any State on Imports or Exports, shall be for the Use of the Treasury
of the United States; and all such Laws shall be subject to the Revision
and Controul of the Congress.
No State shall, without the Consent of Congress, lay any Duty of
Tonnage, keep Troops, or Ships of War in time of Peace, enter into any
Agreement or Compact with another State, or with a foreign Power, or
engage in War, unless actually invaded, or in such imminent Danger
as will not admit of delay.
ARTICLE 2
Section 1. The executive Power shall be vested in a President
of the United States of America. He shall hold his Office during
the Term of four Years, and, together with the Vice President
chosen for the same Term, be elected, as follows:
Each State shall appoint, in such Manner as the Legislature thereof may direct,
a Number of Electors, equal to the whole Number of Senators and Representatives
to which the State may be entitled in the Congress: but no Senator or
Representative, or Person holding an Office of Trust or Profit under
the United States, shall be appointed an Elector.
The Electors shall meet in their respective States, and vote by Ballot
for two Persons, of whom one at least shall not lie an Inhabitant of
the same State with themselves. And they shall make a List of
all the Persons voted for, and of the Number of Votes for each;
which List they shall sign and certify, and transmit sealed to
the Seat of the Government of the United States, directed to the
President of the Senate. The President of the Senate shall,
in the Presence of the Senate and House of Representatives,
open all the Certificates, and the Votes shall then be counted.
The Person having the greatest Number of Votes shall be the President,
if such Number be a Majority of the whole Number of Electors appointed;
and if there be more than one who have such Majority, and have an equal
Number of votes, then the House of Representatives shall immediately
chuse by Ballot one of them for President; and if no Person have
a Majority, then from the five highest on the List the said House
shall in like Manner chuse the President. But in chusing the President,
the Votes shall be taken by States, the Representation from each State
having one Vote; a Quorum for this Purpose shall consist of a Member
or Members from two thirds of the States, and a Majority of all the
States shall be necessary to a Choice. In every Case, after the Choice
of the President, the Person having the greatest Number of Votes of
the Electors shall be the Vice President. But if there should remain
two or more who have equal Votes, the Senate shall chuse from them
by Ballot the Vice President.
The Congress may determine the Time of chusing the Electors,
and the Day on which they shall give their Votes; which Day
shall be the same throughout the United States.
No Person except a natural born Citizen, or a Citizen of the United States,
at the time of the Adoption of this Constitution, shall be eligible to
the Office of President; neither shall any Person be eligible to that
Office who shall not have attained to the Age of thirty five Years,
and been fourteen Years a Resident within the United States.
In Case of the Removal of the President from Office, or of his Death,
Resignation, or Inability to discharge the Powers and Duties of the
said Office, the Same shall devolve on the Vice President, and the
Congress may by Law provide for the Case of Removal, Death, Resignation
or Inability, both of the President and Vice President, declaring what
Officer shall then act as President, and such Officer shall act accordingly,
until the Disability be removed, or a President shall be elected.
The President shall, at stated Times, receive for his Services,
a Compensation, which shall neither be encreased nor diminished during
the Period for which he shall have been elected, and he shall not receive
within that Period any other Emolument from the United States, or any of them.
Before he enter on the Execution of his Office, he shall take the
following Oath or Affirmation:–“I do solemnly swear (or affirm) that
I will faithfully execute the Office of President of the United States,
and will to the best of my Ability, preserve, protect and defend the
Constitution of the United States.”
Section 2. The President shall be Commander in Chief of the Army
and Navy of the United States, and of the Militia of the several States,
when called into the actual Service of the United States;
he may require the Opinion, in writing, of the principal Officer
in each of the executive Departments, upon any Subject relating to
the Duties of their respective Offices, and he shall have Power
to grant Reprieves and Pardons for Offenses against the United States,
except in Cases of impeachment.
He shall have Power, by and with the Advice and Consent of the
Senate, to make Treaties, provided two thirds of the Senators
present concur; and he shall nominate, and by and with the Advice
and Consent of the Senate, shall appoint Ambassadors, other public
Ministers and Consuls, Judges of the supreme Court, and all other
Officers of the United States, whose Appointments are not herein
otherwise provided for, and which shall be established by Law:
but the Congress may by Law vest the Appointment of such inferior Officers,
as they think proper, in the President alone, in the Courts of Law,
or in the Heads of Departments.
The President shall have Power to fill up all Vacancies that may happen
during the Recess of the Senate, by granting Commissions which shall
expire at the End of their next session.
Section 3. He shall from time to time give to the Congress
Information of the State of the Union, and recommend to their
Consideration such Measures as he shall judge necessary and expedient;
he may, on extraordinary Occasions, convene both Houses, or either
of them, and in Case of Disagreement between them, with Respect to
the Time of Adjournment, he may adjourn them to such Time as he shall
think proper; he shall receive Ambassadors and other public Ministers;
he shall take Care that the Laws be faithfully executed, and shall
Commission all the Officers of the United States.
Section 4. The President, Vice President and all civil Officers of the
United States, shall be removed from Office on Impeachment for,
and Conviction of, Treason, Bribery, or other high Crimes and Misdemeanors.
ARTICLE THREE
Section 1. The judicial Power of the United States, shall be vested
in one supreme Court, and in such inferior Courts as the Congress may
from time to time ordain and establish. The Judges, both of the supreme
and inferior Courts, shall hold their Offices during good behavior,
and shall, at stated Times, receive for their Services, a Compensation,
which shall not be diminished during their Continuance in Office.
Section 2. The judicial Power shall extend to all Cases, in Law and Equity,
arising under this Constitution, the Laws of the United States, and Treaties
made, or which shall be made, under their Authority;–to all Cases affecting
Ambassadors, other public Ministers and Consuls;–to all Cases of admiralty
and maritime Jurisdiction;–to Controversies to which the United States
shall be a Party;–to Controversies between two or more States;–between a
State and Citizens of another State;–between Citizens of different States;
–between Citizens of the same State claiming Lands under Grants of
different States, and between a State, or the Citizens thereof,
and foreign States, Citizens or Subjects.
In all cases affecting Ambassadors, other public Ministers and Consuls,
and those in which a State shall be Party, the supreme Court shall have
original Jurisdiction. In all the other Cases before mentioned, the
supreme Court shall have appellate Jurisdiction, both as to Law and Fact,
with such Exceptions, and under such Regulations as the Congress shall make.
The Trial of all Crimes, except in Cases of Impeachment, shall be by Jury;
and such Trial shall be held in the State where the said Crimes shall
have been committed; but when not committed within any State, the Trial
shall be at such Place or Places as the Congress may by Law have directed.
Section 3. Treason against the United States, shall consist only in
levying War against them, or in adhering to their Enemies, giving them
Aid and Comfort. No Person shall be convicted of Treason unless on
the Testimony of two Witnesses to the same overt Act, or on Confession
in open Court.
The Congress shall have power to declare the punishment of Treason,
but no Attainder of Treason shall work Corruption of Blood,
or Forfeiture except during the Life of the Person attainted.
ARTICLE FOUR
Section 1. Full Faith and Credit shall be given in each State to the
public Acts, Records, and judicial Proceedings of every other State.
And the Congress may by general Laws prescribe the Manner in which such Acts,
Records, and Proceedings shall be proved, and the Effect thereof.
Section 2. The Citizens of each State shall be entitled to all
Privileges and Immunities of Citizens in the several States.
A Person charged in any State with Treason, Felony, or other Crime,
who shall flee from Justice, and be found in another State,
shall on Demand of the executive Authority of the State from
which he fled, be delivered up, to be removed to the State having
Jurisdiction of the Crime.
No person held to Service or Labor in one State, under the Laws thereof,
escaping into another, shall, in Consequence of any Law or Regulation therein,
be discharged from such Service or Labor, But shall be delivered up on Claim
of the Party to whom such Service or Labor may be due.
Section 3. New States may be admitted by the Congress into this Union;
but no new States shall be formed or erected within the Jurisdiction
of any other State; nor any State be formed by the Junction of two
or more States, or Parts of States, without the Consent of the
Legislatures of the States concerned as well as of the Congress.
The Congress shall have Power to dispose of and make all needful Rules
and Regulations respecting the Territory or other Property belonging
to the United States; and nothing in this Constitution shall be so
construed as to Prejudice any Claims of the United States,
or of any particular State.
Section 4. The United States shall guarantee to every State in this Union
a Republican Form of Government, and shall protect each of them against
Invasion; and on Application of the Legislature, or of the Executive
(when the Legislature cannot be convened) against domestic Violence.
ARTICLE FIVE
The Congress, whenever two thirds of both Houses shall deem it necessary,
shall propose Amendments to this Constitution, or, on the Application of
the Legislatures of two thirds of the several States, shall call a Convention
for proposing Amendments, which, in either Case, shall be valid to all Intents
and Purposes, as Part of this Constitution, when ratified by the Legislatures
of three fourths of the several States, or by Conventions in three fourths
thereof, as the one or the other Mode of Ratification may be proposed by
the Congress; Provided that no Amendment which may be made prior to the
Year one thousand eight hundred and eight shall in any Manner affect
the first and fourth Clauses in the ninth Section of the first Article;
and that no State, without its Consent, shall be deprived of it’s
equal Suffrage in the Senate.
ARTICLE SIX
All Debts contracted and Engagements entered into, before the Adoption
of this Constitution, shall be as valid against the United States
under this Constitution, as under the Confederation.
This Constitution, and the Laws of the United States which shall be made
in Pursuance thereof; and all Treaties made, or which shall be made,
under the Authority of the United States, shall be the supreme
Law of the Land; and the Judges in every State shall be bound thereby,
any Thing in the Constitution or Laws of any State to the Contrary
notwithstanding.
The Senators and Representatives before mentioned, and the Members of the
several State Legislatures, and all executive and judicial Officers,
both of the United States and of the several States, shall be bound
by Oath or Affirmation, to support this Constitution; but no religious
Test shall ever be required as a Qualification to any Office or public Trust
under the United States
ARTICLE SEVEN
The Ratification of the Conventions of nine States, shall be sufficient for the
Establishment of this Constitution between the States so ratifying the Same.
Done in Convention by the Unanimous Consent of the States present
the Seventeenth Day of September in the Year of our Lord one
thousand seven hundred and eighty seven and of the Independence of the
United States of America the Twelfth In Witness whereof We have
hereunto subscribed our Names,
Go. WASHINGTON–
Presid. and deputy from Virginia
New Hampshire
John Langdon
Nicholas Gilman
Massachusetts
Nathaniel Gorham
Rufus King
Connecticut
Wm. Saml. Johnson
Roger Sherman
New York
Alexander Hamilton
New Jersey
Wil: Livingston
David Brearley
Wm. Paterson
Jona: Dayton
Pennsylvania
B Franklin
Thomas Mifflin
Robt Morris
Geo. Clymer
Thos FitzSimons
Jared Ingersoll
James Wilson
Gouv Morris
Delaware
Geo: Read
Gunning Bedford jun
John Dickinson
Richard Bassett
Jaco: Broom
Maryland
James Mchenry
Dan of St Thos. Jenifer
Danl Carroll
Virginia
John Blair–
James Madison Jr.
North Carolina
Wm. Blount
Rich’d Dobbs Spaight
Hu Williamson
South Carolina
J. Rutledge
Charles Cotesworth Pinckney
Charles Pinckney
Pierce Butler
Georgia
William Few
Abr Baldwin
Attest:
William Jackson, Secretary
I would love to get some feedback from the group, especially Lucas ,regarding Mark on Brickell. I have a contract on a unit there, but both Bank of America, Prospect Mortgage and another national lender have declined to approve a mortgage (30yr fixed at 20% down). The decision not to approve the mortgage is based on the fact of the location of the property and has nothing to do with my personal credit worthiness.
I may be now be forced to make a cash offer because lack of a mortgage lender.
Questions:
1). Any particular reason that mortgage companies are declining to lend on a unit at the Mark on Brickell or is a more of a reflection of the crisis on Brickell?
2). Based on a cash purchase, is $100/sq ft a reasonable offer on a bank owned unit? Unit has nice bay view and average condition (no significant upgrades).
Feedback from the group and Lucas would be greatly appreciated.
Thanks!
Ken, even with 30% down, they won’t do it?
Lucas, BTW, your sales/rentals link for Mark on Brickell is coming up empty
FWIF,
It doesn’t seem EPIC is putting their inventory on the MLS, but you can find some of their inventory from 111 days ago below. Lucas recently had a twitter post about EPIC dropping prices 20% further so I guess what you see here (-) 20% is what they are currently asking.
http://greathomesanddestinations.nytimes.com/sales/miami-fl-usa/CONDO-type/NEW-CONSTRUCTION-alt/PRICE-HIGH-sort/0-p
So, if in the near future you suddenly strike it rich and find yourself in the market to purchase a condo and you want a sublime locale to lay your head near the ocean, Frap Island Condos are just your ticket.
I thought this was an interesting read. I didn’t realize this was allowed… commission kickbacks based on a %. “Saizan pays Movoto 30 percent of commissions from clients it sends his way. But that’s just one site among many where his listings appear.”
Homebuyers gain an edge with Internet searches
On short sales, i am beginning (just beginning) to look at them. I have a few questions if anyone can help.
1. When they say “bank approved”, does it mean if you pay up the offer price the deal will be done quickly? Or listing agents lie about the price being ‘approved’ by the lender? Or perhaps the lender approved a sale but not the price?
2. Is it easy/difficult to find out if there are other liens attached to the property? Is a buyer allowed to walk away from an offer if he finds out there are other liens?
3. Anyone heard anything about Mosaic? Someone made a reference to it in one of the postings above, kinda implying the building is in some kind of trouble?
Has anyone heard anything about the nuclear plant in Miami other than what i posted above?
Will real estate prices drop even more once it is approved?
Lucas,
Can you ask your website developer to update the sales pages.
Thank you
Ken,
I have been keeping an eye on Mark as well, as it seems to provide a nice combo of location and price. But I also have concerns regarding the building, since I see quite diverse activity in types of sales. It appears the HOA in the building is a bit uneven, dues are based upon particular unit rather than average sq ft. Anybody else have feedback?
Is there a stop in sight for these kinds of news????
http://www.calculatedriskblog.com/2009/08/report-record-foreclosure-activity-in.html
Joe
no comment on the proposal since i don’t know anything about it. that said, it’s not the first time congress has catered to special interests.
you’re equating the profitability of tort law (and the lawyers who practice it) with what plaintiffs recover. two different things.
End of recession??? The bottom in housing??? LOL
– Record foreclosures in July (and going higher, cheaper condos coming)
– Retail sales decline again in July (oh, but I’ll buy a condo though!)
– Hotel RevPAR still in the dumps (if you won’t commit to a hotel stay, why would you commit to buying a condo?)
– Weekly unemployment claims increase (sooo, I don’t have money for a condo!)
The work I have been waiting for is finally going to start. The $16 million project to revamp, redo and beautify Biscayne Blvd from 15th st to 35th st is starting this month and will finish in 2 years time. This stretch of BB will look fab after that.
AJ – re: post 84. Where did you find this news? I’d like to know more about the plans for the project.
I have the pdf file from fdotmiamidade. I do not have the url to post it here. But I can forward you the entire email message with the pdf file attached. send me ur email to [email protected]
Recession ends in France & Germany, return to growth in 2nd quarter
AP
LONDON – Government programs to support the auto industry helped Germany and France return to economic growth in the second quarter, rebounds that stoked hopes the recession in the wider 16-country euro area may also end sooner than thought.
Europe’s two biggest economies each saw growth of 0.3 percent from the previous three-month period, surprising analysts’ expectations for equivalent declines and technically ending their worst recession in decades.
The French and German increases marked a stunning turnaround from the previous quarter, when Germany shrank by a massive 3.5 percent and France contracted by 1.3 percent.
The unexpected increases in Germany and France meant that the 16-country euro area contracted at a sharply reduced rate of 0.1 percent, much less than the 0.5 percent anticipated in the markets.
Gables,
The HOA at Mark seem to be a nice crew and from what I can tell, the HOA dues correspond with sq footage (obviously you’ve seen info to the contrary). The main problem with the Mark is that it is not Fannie Mae approved; therefore, a fixed rate mortgage apparently is not available for units in that building. I have had three national lenders (Bank of America, Prospect Mortgage and First American Mortgate) that they will not lend on this building. I found one other lender that may lend, but only with ARMs, which I am not interested in.
Lucas et al …
Is there a listing of Fannie Mae approved condos in Miami?
Ken
Ken check out link….but more importantly for a mortgage the condo needs to have FHA approval…which is why lending is at a standstill…here is that link to check as well-oh and your all welcome!!!
Here is the updated list of the Condo projects approved by FannieMae
500 Brickell East
500 Brickell West
50 Biscayne Condo
900 Biscayne Bay
Artech Residences at Aventura 1027 only
Brickell on the River South Tower
Colonnade at Dadeland SE
Colonnade at Dadeland SW
Coronado at Doral
Everglades on the Bay North
Everglades on the Bay South
Iconbrickell Condominium No. One
Infinity at Brickell
Quantum on the Bay Condo number one
Quantum on the Bay condo North
Sapphire
The Ivy
The Shores Condo No 2
This is HUD approved FHA which is real indicator for Mortgage approval for a condo as you saw in the above mentioned posts (“even with 30% the Mark will not get financed as its not a HUD approved building”)…Wake up people why do you think financing is based on cash!!!!!!
https://entp.hud.gov/idapp/html/condlook.cfm
Ken,
Browsing through the listing you will see the same line and square footage with quite different HOA fees in Mark. Variations seems to be more than the general deviations seen by unethical realtors who provide false info on the HOA for the unit. That does happen quite a bit, and its amazing how quickly they put on the “dumb” look regarding the issue! Also, others have commented on this board regarding how the HOA varies in that particular building. This is why I raised the point. Are they keeping the grounds and building in good condition at Mark? Any insight into the stability of the HOA funds?
Personally, I think it should be illegal for any Realtor ™ to post a listing without accurate HOA and property tax info. It seems about 90% of the time, one or both are either missing or wildly inaccurate. It’s ridiculous. One more reason to hate realtors.
Joe,
I couldn’t agree with you more. I always call the association to verify the HOA fee or at least ask the owner to look at his/her latest HOA bill. All it requires is a 1-2 minute phone call at best. 90% is a bit of an exaggeration though.
Moving into the new condo in 5 days. I seriously can’t wait, but trying to pack up all my shit sucks. I’ve been using the 1 box, 1 beer method….pack a box, drink a beer, repeat.
I was just on my balcony and saw an ambulance pull up to 1800 club. They wheeled a stretcher inside and certainly weren’t in a hurry so I’m assuming someone died…who knows.
Speaking of which, maybe a month or two ago I was in bed at around midnight and I heard a bunch of noise coming from the street below (I live on the 20th floor of the building next to 1800 club). Went out on my balcony and there were probably 10-12 cop cars with all the streets blocked off and tons of cops searching the area right outside of 1800 with flashlights. There were huge crowds of people watching too; maybe 100 or so onlookers standing outside of the building. Been wondering what happened for a while, so anyone knows, post it up.
Sorry AJ, not trying to diss your building or your hood, just geniunely curious. I’ve never seen a police response like that to anything down here. Oh, and it definately wasn’t that homeless guy that got killed in the park….that was like 4 months or so ago and this was way more recent. Thanks.
DJ,
June 25, 2009. The same date that Michael Jackson died. A female jumped to her death from a balcony on the south side of the building. She wasn’t, however, a resident in the building. She lived in South Beach but was visiting her boyfriend. I don’t believe it was ever reported in the newspapers.
RT, you misunderstood me. I wrote to you that 47% is BAD. I also mentioned that if people can handle monthly payments they can survive.
AJ, how are you. I hope you have my e-mail. Please send me this article about works on Biscane. Thank you.
Lucas, wow….thanks for solving the mystery. I hate hearing stuff like that, so sad. Reminds me of Tom Petty’s “American Girl” just hearing the story.
She probably committed suicide after realizing what kind of neighborhood her investment was in!
Anyone who thinks midtown is up and coming is smoking some serious crack rock. Probably rock that they bought from some thug living down there. That little motel-condo on the south side of the building had people cussing and throwing glass bottles at the people walking below on Monday. LOL. My well behaved dog was attacked by 3 unleashed (MANY DOGS UNLEASHED) vicious dogs. Had to watch my step to avoid the steaming piles of dog crap (this even after they provided free bags and trash cans!). All 3 times I have gone there the area smelled like a dirty sewer.
Regarding Fannie Mae Approved Condos,
Although not 70% (maybe 51% in reality???), isn’t there any minimum requirement of units being pre-sold (closed or under contract) before a condo can be Fannie Mae approved? For example, how are Developers for Icon and Infinity getting around this as it appers in reality they have very few units “SOLD”. Are contract holders getting cancellations strung out to keep the “SOLD” level of the building above 51% or some other number? Is there any Fannie Mae required number?
http://online.wsj.com/article/SB124562533240635581.html
Fannie Mae officials say the new rules haven’t been as taxing as some claim. The mortgage company said the 70% rule doesn’t apply to loan applications submitted through an underwriting program used by major lenders, and that hundreds of projects submitted through that program since March 1 have been approved even though their sales levels are below 70%. Developers are also able to apply for exemptions to the new policies for loans that are manually underwritten. Both Fannie and Freddie say they are preparing a response to the lawmakers.
Hi Lara,
I will send it to you. The project while not only be beautifying Biscayne blvd between 15th and 36th st, it plans to make it pedestrian friendly. They are “stealing” 1 foot of road on each side of the blvd and making the sidewalks wider, grassy with park benches etc. They want retail establishments/ restaurants on both sides to resemble an open air mall.
Work is starting on Aug 24th and expected to finish July 2011 for $16 million, Just in time to coincide with the opening of Bayview market, and Sonesta Mikado. 2011 will be a great time to be living in OMNI/Pace/Midtown. The paramount mall and the waterfront piazza should be fully occupied and functional by then and also all the buildings should be nearly full. If anyone should get a great deal in Biscayne plaza, Gallery art(ex Mondrian) and City 24 buildings along Biscayne blvd, they should take it. There is a great potential for that entire area, not 5 or 10 years down the road but in the next 2-3 years. I myself am moving to Miami for good in April 2011. So I have a lot to look forward to.
I don’t want to look like I am repeating myself. But this news is all over the World and it is nice to get some good news finally. So what the heck, I will post it again, this time taken from an Asian Magazine:
Six of world’s top 10 economies out of recession
14 August 2009, 01:35am GMT
Some light showed up at the end of the recession tunnel on Wednesday as France and Germany announced unexpected returns to the growth path, which
means that four of the world’s five largest economies and six of the top 10 are now not in recession.
Adding to the sense of optimism, the US Federal Reserve left rates unchanged, saying that the world’s largest economy was showing signs of levelling out. Both France and Germany had been predicted by most economists to face a decline of about 0.3% in their GDPs for the second quarter (April-June) of 2009, but they surprised themselves and the rest of the world by announcing that they’ve actually recorded growth of 0.3% each.
Among the five largest economies of the world, measured in purchasing power
parity (PPP) dollars — which is more of an apples to apples comparison — China and India are already growing at healthy rates, although lower than their own pace for the last few years. Japan too has climbed out of recession and so has Germany. These economies and the US account for 47% of world GDP in PPP terms.
The Eurozone as a whole is also now projected to have contracted by just 0.1% compared to the 2.5% fall in GDP in the first quarter (January-March). The growth rates reported by Germany and France may seem like nothing to get excited about, but considering that German GDP shrunk by 3.5% in the first quarter and France’s by 1.3%, it is quite a smart turnaround.
Among the world’s other large economies, Brazil is also now no longer in recession having grown by 1.5% in the second quarter.
Among the world’s large economies, UK, which is the seventh largest and Italy, the tenth, remain in recession, like the US. The UK economy shrunk 0.8% in the second quarter, while Italy’s was down 0.5%.
Unlike in the UK, however, economists in the US believe the worst may be behind them. ‘‘It’s quite possible, though not certain, that retrospectively, we’ll say that the recession ended in July or August, may be September,’’ Nobel laureate Paul Krugman was quoted as saying.
There is evidence that his is not undue optimism. The pace of job losses in the US slowed more than forecast in July and the unemployment rate dropped for the first time in more than a year. US GDP also shrank by just 0.3% (equivalent to an annualized 1%) in the seconnd-quarter after a 6.4% drop in the previous three months.
That explains why US Federal Reserve is willing to bet that the nosedive the economy had witnessed in recent months is behind it. Over the last two years, the US has witnessed its worst financial crisis in decades, but that could be ending, which is good news for the world since it accounts for a fifth of global GDP.
No offense, but I’ll believe the recession is over when people start finding good jobs again, and not because Obama and his cronies — who, only months ago, warned we’d exceed the Great Depression if his bailout plans weren’t passed — say it’s over.
Gables,
Thanks for your feedback.
In regard to your question: “Are they keeping the grounds and building in good condition at Mark? Any insight into the stability of the HOA funds?”
The grounds and facilities are in very good condition. I’ve spoken with several residents and they are happy with the building. According to the Management office, they will begin to build a “sea wall” in Sept. After the sea wall is completed, they anticipate that their HOA fees will decrease. Personally, I don’t believe their HOA fees will drop!
Condoswindler … thanks for posting the updated list of the Condos approved by Fannie Mae and HUD link!
If they required an ARM for financing, why not get a 10-year ARM? 10 years is a long time and you can always refinance when happy days return again.
An ARM is not for everybody. I think it depends on your financial situation, your age, your career path, etc. etc. etc. Personally, I’m not interested … too risky.
I’m sure you guys are going to have a field day with this article:
Due to its high volume of sales and the fact that forclosures make up such a tiny portion of the market, Miami is the “Best City for a Housing Recovery” – Forbes (8/13/09)
http://www.forbes.com/2009/08/13/recovery-cities-homes-lifestyle-real-estate-housing-recovery-cities.html
Out of recession……ummmmm the phantom economic activity is based on DEBT, MASSIVE DEBT spending. Heck, I can spend money I borrow too….but it can’t last since you can only borrow so much wealth. The stimulus is an illusion at these debt levels….it is not real economic activity anymore than the $800K homeowner with a $1M mortgage, $120K in credit card debt and another $100K in auto debt with no savings is wealthy….. Puff.
A recession is meaningless to many. Government can spend it’s way out of a recession. Give money away to banks, car companies, and tax payers through additional stimulus.
http://www.usgovernmentspending.com/us_20th_century_chart.html
On a side note. Suicide jumpers are not reported by the press out of respect for the families.
Forget ARM’s forget Fannie approval forget the FHA-its all about greasing the wheels that make the world go round-including the recent stimulous monies for the improved biscayne improvement…BFD..we would be better served cleaning up Park west as I just drove by and was astonished I felt as if Jail had just released a hundred drug addicts and they set up camp!!! Forget Bayfront Market, forget Miami 21, lets realize a real camillas house away from Multi million dollar projects, lets not forget that while these improvements are made that one lane in each direction for two years at minimum will kill whatever growth the area had-for god sakes ask anyone who lived and or owned a buisiness over the past few years Just North of the city on 95 and Biscayne thru 125th…look at all the “dead” buisiness, the available real estate, and the reality of it all…Good luck getting home to that area with one lane in each direction in the height of Rush Hour-heck I may just start a water for sale business or a window washing business in the area as thats all the biz that that area will be doing…
weak
The midtown area is still regarded as overtown by the people at city data forum Miami. What is up with the building directly south of 1800 club that looks like a crackhouse where people shout and throw glass? Is that normal? Is that cool?
Oh, and why does that area smell like an open sewer? Miami Beach is infinitely better.
SHUT THE FUCK UP already BMW M3. You have nothing to contribute to this blog. You don’t own anything. You never will. You will always stay with your parents. And you will always talk shit about a city you have never visited in your life. Just SHUT YOUR FUCKIN FACE ALREADY YOU DOUCHEBAG! No one gives a shit about your opinion.
And you don’t own a BMW M3 like your handle implies. You own a pinto.
I am a DOUCHEBAG!
Move out of my house already you deadbeat!
How many balls does it take to move into an ocean front building that formerly sold for 1,000 dollars a square ft, and most recently 64 dollars a square ft?
Answer: TWO
That is what happened at The Regent At One Bal Harbour. That is a return of 6 cents on the dollar!
With the Regent leaving and no branded luxury marqee, HOA will fly through the roof,
at One river Place.
Seriously someone needs to investigate the sham condo-hotel sale. Why isn’t the New York Times or Miami- Herald all over this. Where are all of the great journalists? In hiding? Paging inspector closseau!
I was told recently that the condo-hotels (51) that sold for 64 dollars a square foot and formerly 1,000 dollars a square ft, are now back on the market for $120,000 for the smallest unit. This are the units which WCI sold for on average $64,000.
I was also informed that both condo-hotel and One Bal Harbour home owner dues will at a minimum double. That would bring it just under 2 dollars a square foot for the condo side and just under 4 dollars a square foot for the condo- hotel section.
All of the Regent Hotel employees were fired and replacements wewe hired. The new One Bal Harbour Hotel And Spa now rents it’s rooms for $220 a night which is cheaper than the Meridien Hotel at Sunny Isles Beach.
I bet those one bal harbour owners are ready to slit their throats, and sue someone.
WCI two days ago just emerged from bankruptcy, which brings up the argument did they committ fraud?
Miami Herald and NY Times won’t piss off real estate and travel advertisers.
This section of the paper is most important for revenue.
http://newspaperads.miami.com/SS/Page.aspx?ptype=SS_TILE&secid=64110&pagenum=1&facing=false
Real Estate & Rentals – Condominiums & Townhomes
http://newspaperads.miami.com/ROP/Subcat.aspx?cat=3336&subcat=3460
Real Estate & Rentals – Houses & Homes
http://newspaperads.miami.com/ROP/Subcat.aspx?cat=3336&subcat=3462
$2 and $4 per square foot? A person with a 1,000-sq-foot condo at that building pays $2,000 or $4,000 per month in fees? Are you kidding?
Joe
If there was only a way to channel a Jim Mora “You kidding me” in your post…it would’ve been infinitely more entertaining. Lucas – please get your website administrator on this!!!
as for OBH, not sure the mnt fees are that high, but even at about $1 sq ft, the monthly nut is huge. and with the st. regis coming online in a few years, you can be assured that shit will only get worse in that area.
Renter Tom:
This one goes for you….
The New American Dream: Renting
http://online.wsj.com/article/SB10001424052970204409904574350432677038184.html
which one is better investment, high rise condo or townhouse?
Lulu – I have owned homes in the past, but since moving to Florida, just been renting since I couldn’t put a value on anything plus not knowing exactly where I wanted to live anyway. In due time…..but for now, renting is great…..come on Ana, Bill and the next great hurricane. What do I care, I just rent!!! 🙂
“I was also informed that both condo-hotel and One Bal Harbour home owner dues will at a minimum double. ”
Why would the condo HOA be affected by the Hotel change? Especially a 2x change? Was the Hotel supporting many of the common areas? FWIW, Continuum seems to be around $1 per sq/ft HOA.
Hey lucas, what ever happened to editing comments that directly insult and use profanity?
What a hypocrite!
So anyways, I drove by Midtown again, and the people that hang off their balcony in that slumhouse south of 1800 club were not there this morning. I think they wait until the evening to start shouting profanities and glass.. 900 fan, you’d fit right in with your foul mouth.
oops, throwing glass…
Lulu
it really depends where you’re looking.
townhomes on the beach are great assuming you want to stay under $600k. you can find some stuff in the 1200 to 1800sq ft range. mnt is pretty reasonable (when compared against a home). go to normandy isle and your options expand (avanti is not too shabby) and the prices go down.
move to the mainland, and homes are the better option. there’s a lot of interesting inventory in the miami shores area.
jcrimes said: “FWIW, Continuum seems to be around $1 per sq/ft HOA.”
I’ve seen units listed at Continuum North with fees = $1/foot, units with fees at $0.50/foot, and units listed at $2/foot. Does anyone know what the deal is with Continuum North’s HOA fees? Thanks.
Depressing article in today’s Times…
http://www.nytimes.com/2009/08/16/weekinreview/16cave.html?_r=1&scp=1&sq=miami&st=cse
“Why would the condo HOA be affected by the Hotel change? Especially a 2x change? Was the Hotel supporting many of the common areas? FWIW, Continuum seems to be around $1 per sq/ft HOA”
Yes. Actually it is more complicated than that. WCI was keeping the prices artificially low, and was subsidizing the carry charges and taking care of giant losses. This was done with a hoped for revenue stream through the Regent which never materialized. Unfortunately the Regent never averaged more than 20 percent occupancy and was a total flop. Thus the Regent left, WCI declared bankrucpy and the subsidized HOA costs now fall on top of the head of the owners at both the hotel-condo and condominium of One Bal Harbour.
Prices have tanked at the condo-hotel area because of the much higher unknown cost per square ft. The prices before the tanking were already sky high and were priced that way so that the condo-hotel carried much of the carrying costs. Now without a branded hotel, and continued lower rates, these costs will be a challenge to absorb.
I might add that WCI has emerged from bankrupcy and it is my opinion that WCI comitted fraud by stealing several owners deposits. I know of several homeowners that were told they could close (while in the process of negociating a lower price) and then they reneged on the deal and sold to another client at a higher price. They retained (stole) the money from the client after they said they could close, then proceeded to go bankrupt. In any country that is considered fraud. The contract holder then is left holding the bag and cannot successfully sue a bankrupt company. WCI knew this and stalled many into believing they would close, then took the money.
My own opinion is this is called “fraud” and my other opinion is that several people will go to jail over this fraud.
Thoughts?
Two Balls
Certainly an interesting convo here. Is there any info regarding continuum 2? I like that building.
Is there any reason the HOA costs at OneBalHarbour should be dramatically more than Continuum (Assuming Continuum averages $1 per foot)? Assume the Hotel part does not contribute any revenue.
…Conversely, is there any obligation on the Condo side to contribute to the Hotel besides upkeep of common areas? I’m assuming they are fairly independant entities/budgets.
When Miami Dade tax assessments come out in a month, is the tax payment due in another month? It could be a foreclosure tipping point for properties on the fence right now.
The Miami Herald had an interesting article about tax appraisals. Contrary to Broward county:
“Miami-Dade Property Appraiser Pedro Garcia has decided to disregard foreclosure sales — homes sold off by banks after foreclosing on the previous owner — when determining a neighborhood’s taxable values.”
JL – Good point….the tax payment issue will get interesting and I am certain will come as an unpleasant surprise at the extent of the non-payment for the local government. A tippy point, most certainly. It would be interesting to see a chart on real estate property tax delinquencies over time…..I’m betting it will be a tad parabolic.
BMW M3 – Sorry to disappoint ! Why don’t you STFU again!
LOWER TAXES??
Anybody see the 2009 tax assessments? If you do a search, you will notice that many apartments have market values for half of what they were estimated to be worth last year!
I’m not sure if these properties taxes will be half of what they were last year, but slashing the property taxes on these condos will make them wayyyyy more affordable!
If property taxes are indeed slashed in half, what could this mean for the real estate market?
Search the property appraiser site, what do you think?
Yo, it’s bone and biggie over here in downtown! Nonstop thuggish ruggish bone! 900 fan knows what I’m talkin’ about! Thugfest 2009! WOOOHOO!
If a foreclosure is a legitimate arms-length sale, then how the hell can these corrupt scumbags in Miami get away with ignoring them when calculating property taxes?
Shameless, shameless scumbags. With “leaders” like this, Miami has no long-term hope. The only thing that bails out Miami are the once-per-decade spending booms, but I don’t see the next spending boom even remotely on the horizon.
There should be huge tax cuts and tax incentives for people who live in urban high-rises, but instead, condo owners are getting raped coming and going. It’s a joke.
daveg, your property tax bill can still go up even if your home assessment is dramatically lowered. No municipality can operate with a dramatically lower budget year over year so property taxes will NOT drop significantly… if at all.
http://www.miamiherald.com/news/miami-dade/communities/story/1166968.html?storylink=mirelated
“And new homeowners who thought they would get relief from sharply lower property assessments may still end up paying more taxes because their communities are considering steep property tax rates.”
Joe- Its a real insult to many homeowners. On the one hand, you have a property appraiser not counting foreclosures (his rationale is absurd: he assumes that many foreclosed sales don’t represent true market value since appliances/cabinets/fixtures may be missing); and on the other hand, a typical seller’s market value is lowered since the foreclosure next door is selling for substantially lower than what the typical seller wants to sell for- he just can’t compete with a bank. So the owner can’t sell his home and his taxes don’t decrease. Thank you very much Miami-Dade- at what point do I pull down my pants and bend over?
We have to keep those taxes high so we can some of our police officers up to $200,000 per year plus benefits!
Daveg,
“Search the property appraiser site, what do you think?”
Do you have the link?
Thanks!
thanks for all the replies. yes i have the link, and i see 2008 appraisals at 240 that are assessed for 150 this year. i assumed this meant taxes would be lower, but how much can the tax rate increase to cancel out this reduction?
Miami Dade tax Appraiser link (Property Search is on the top left corner):
http://www.miamidade.gov/PA/
U.S. credit card defaults stabilize
– 19 mins ago
NEW YORK (Reuters) – The rate of U.S. credit card defaults showed signs of stabilizing last month, an indication that American consumers are in better financial shape than feared despite job losses and the housing slump.
AJ #146 – Nonsense. Delinquencies in all areas of the economy are going parabolic….and the recession is over??? Nope, just a lot of debt spending by the fed govt, not the creation of real wealth and productivity. Residential real estate, commercial real estate and credit card/consumer loans…..doing very very very poorly.
http://www.calculatedriskblog.com/2009/08/fed-delinquency-rates-surged-in-q2-2009.html
ooh sorry ken, didn’t realize you were asking for the site.
so do you think taxes will be lower on these?
The renters here are destroying the building. By the time the investors get in here and try to enjoy the building it’s going to be a shell of its former self. The tenants in the downtown buildings look like members of Bone Thugs N’ harmony!
Oh AJ….meanwhile the FDIC lost over #3.7 BILLION over the weekend when five more banks failed….yep, sounds like good news doesn’t it!?!?!?
By the way, you can quote Reuters and AP all you want (big whoop, a lot of people can write for the wire services) but stop cherry picking and trying to pretend the economic pain doesn’t exist. It does and as I posted a long long time ago, the worse economic impact will be on those with the least education and least resources. Oddly, that is what put Obama over the top, now fast forward 10 months and who is getting screwed for a decade or more by Obama’s policies??? This thing could take a half generation to shake out. Moreover, the concept of each generation building on the other assumes there is something the current generation built up. Sadly, for the bottom 15%-20% on the economic ladder they are getting slammed worse than ever. The Obama polices are a socialist disaster…just wait for the effects to unfold. Heck, if the republicans had to lose, at least they could have chosen the politically vindictive Hilary over the capitalist destroyer Barack. The funny-bad thing is that when retailers and manufactures aren’t willing to give a discount or rebate including first home buyers (the least economically stable versus existing home owners with no or low mortgages), clunker cars, etc…. why the heck is the fed govt stepping in to give away tax payer money as a rebate instead of letting the companies cut into their margins instead…..let the damn companies do the discounts and rebates. My god, we’ve gone total government intervention and control…and insanity… We got off on the crazy land stop.
Time to protect one’s hard earned wealth…….
RT, I quote Reuters and AP and you quote a blog. Calculated risk site is just a blog, a blog by definition is unsubstantiated information. Anyway to each its own.
Here is another piece of news:
U.S. builders upbeat, manufacturing shows some life
By John Parry John Parry – Mon Aug 17, 4:19 pm ET
NEW YORK (Reuters) – More signs the U.S. economy was exiting its worst recession in 70 years emerged on Monday with reports showing confidence rising among homebuilders, factory activity perking up in New York state and credit card defaults slowing.
Does anybody have any info on Brickell Townhouse? I was very impressed by an apartment I saw there. Its an old building, but seems really well maintained, fully occupied, and well-located.
Brickell Townhouse is at 2451 Brickell Ave.
If you have had any experiences with this place, it would be a huge help to hear from you.
Thanks!
RT, not cherry picking. It just so happens that there has been a steady stream of good news off late. The bears were gleefully referring to all the bad news that came out from Money, Forbes et all in the past. Why cant I feel good about the same agencies reporting better news? I am not apologetic at all.
Meanwhile CNN reported that Japan came out of the recession. I am 100% sure that when the numbers come out, US will be out of recession in the IIIQ.
Joe, you said “you will believe the recession is over when jobs start getting created”.
The jobs and economy lag the stock market by 6 to 9 months on the downslide and similar on the upswing too. As the stock market bottomed out in March 2009, the jobs and economy will also bottom out sometime between september to december 2009.
The big debate is the angle of recovery. Is it going to be steep or more horizontal. I don’t have answer to that and we just have to wait and see.
JL, I did not see 2009 taxes on the dade county website only 2008. where did you see them?
you can’t find the 2009 taxes, only the assessed values for properties in 2008 and 2009.
I was just pointing out that it seems that the 2009 appraisals were about 40% lower than 2008 on several condo units I looked at, so I was wondering if those units could expect a decrease in taxes.
Meanwhile…on the home page of the Miami Herald:
“Fla. shows first population decline since 1946
Florida’s population has declined for the first time in 63 years and economists blame the recession for empty classrooms, plunging tax revenues and a slowing of people moving to the Sunshine State.”
With a decreasing population, who is going live in these homes?
Yep, we’re out of the recession….. The fed govt spending is using debt, it is an illusion of real economic activity like I had said several times before. Even Roubini has picked up on it calling it a phantom economic recovery.
Condo Vultures bulk buyers are going to buy every empty unit in Florida.
AJ — I’ll repeat what I said above: I’ll believe the recession is over when people start finding good jobs. Whether or not unemployment and hiring rates are lagging indicators vis-a-vis the strict definition of a recession is almost wholly irrelevant. Almost every area of the U.S. still has 12-24 months’ of housing inventory, and foreclosures aren’t expected to reach their peak until late 2010, but “builders are confident”? Give us a break.
Bottom line, desperate people have a tendency to grasp onto any bit of good news, and that’s what we’re seeing with all of this “green shoots” nonsense sprouting up in the media. (That, and the media is 99% pro-Obama, so it’s no surprise they’re so quick to sensationalize the least bit of decent news.)
People might not want to believe it, but we’re in a New America, or at least a new American economic reality. Unemployment is at 10%, and underemployment is at something like 25%. Anyone who thinks the good old days of easy credit and McMansions for all are right around the corner are really naive.
The ending of the recession is no big deal. After the collapse which occurred in the economy and GDP, it takes very much less activity to keep the economy from falling today than it did a couple of years ago. I feel good that the recession, for all purposes, is probably over. But that in itself is not a recovery. Ending the recession just stabilizes us at the latest economic activity level. A recovery of any growth at all is likely not to appear for a while. Recovery is really what people should be gleeful about, and it could take a while. The end of the decline was inevitable just based on the math. The end of the recession will have very little benefit to the collapsing RE market. Only a robust recovery will help the RE market.
gables,
I have no argument with that. Lets hope, we have a good recovery with new technology coming up.
If GM Volt is really true and gives 200+ miles/gallon, I am sure, the Auto industry (just for starters) will be completely shaken up and unrecognizable. It will be like discovering the Internet all over again. The whole industry will be anew and can take the US GDP growth a full 2 to 3 points every year on its own for the next 10 years when Millions of people will be switching to the new cars and technology. There are more such revolutions on the horizon and I am not so skeptical as many on this blog of our future.
Last week one monumental news went quietly unnoticed.
The World population hit 7 Billion. In the shortest span of the 12 years, Earths pop went up from 6 billion to 7 billion. In another 20 -30 years it is slated to hit 9 billion with the US alone having 1/2 a billion of them. Where are all these people going to live?
another one:
Housing report keeps recovery hopes alive
^DJI 9,220.13 +84.79
^GSPC 989.65 +9.92
^IXIC 1,955.47 +24.63
By Lucia Mutikani Lucia Mutikani – 1 hr 15 mins ago
WASHINGTON (Reuters) – Ground breaking for new U.S. homes fell in July, but a fifth straight monthly rise in single-family home construction kept hopes alive the economy was poised to recover from recession.
Interesting, apparently the new construction Downtown condos are starting to sell out at $200 sq/ft to mainly individual foreign investors. 1060 Brickell, Brickell on the River, and the Ivy were mentioned.
Investors Snapping Up Downtown Miami Condos
http://cbs4.com/local/miami.condos.condo.2.1133338.html
My takeaways from the article:
“…price point which is roughly $200 a square foot. That’s really the magic number,”
“…On the one hand, investors may be bailing out downtown Miami, renting out their units and bringing life to the area. On the other they could be making another bad gamble which could lead to another wave of downtown foreclosures. “
AJ – I have previously posted my educated estimate that battery operated, electric cars are the future….not the combustion engine, not hydrogen etc. But rechargeable and swappable batteries. Can you image going into a parking lot and not seeing all those oil stains or stepping in them? That the vehicles would not generate all the heat standing next to them. Quieter, no direct emissions from the vehicles (the power plants are another story but at least the problem would be at a few places that can have scrubbers, etc). It is the future. The Chevy Volt on the other hand…..the mileage number is really truthful since it is only miles per gallon of GAS, not counting the other energy source of electricity. Regardless, it is a start. The new ultra high capacity lithium ion batteries are the future….or at least until capacitance batteries are perfected.
The real “tell” of the housing market, as I have previous said, is new home starts. That tells you if there is any profit to be made….that is, is demand high enough that builders can command a price where they actually can make some money instead of losing money. Right now, with such low starts, the answer is clearly no. But fewer starts helps to get the existing supply absorbed….we got a long way to go.
The head of Pulte homes (which bought Centex) said the only bottom in real estate is in DC….because of the MASSIVE expansion of the fed govt…..now that is scary, very scary.
JL – We need END USERS to own these properties, bulk investor purchases don’t impress me…they are just another knife catcher.
By the way, GDP reported in nominal dollars doesn’t mean much. We have economic “growth” through inflation alone…..and that isn’t “real” nor is wealth actually being created. It is “The Illusion of Prosperity”® (just copyrighted that phrase LOL).
Curious if the investors would be new investors or old-timers. New investors tend to wildly overestimate rent potential. Anyway, seems like a lot of rent deals in Brickell are coming down the pike.
1060 Brickell, Brickell on the River, and the Ivy.
Is there any reason for a developer to NOT advertise their reduced prices on the MLS when trying to close out the buildings around $200/ft?
It appears that they try to “hide” the new pricing but I fail to see what there is to gain by this approach.
AJ … You’ve made an astute observation … lots of new mouths to feed. I work in tropical agriculture … most of those new mouths (which by the way is a new Bogota EVERY month) are in Africa, south Asia and southeast Asia. Obviously, all of these new souls on the planet will NOT be buying condos in Miami.
so nobody ever heard of Brickell Townhouse?
its not a townhouse, actually 20 stories.
if you have any info, I would love to hear your advice.
computer consultant – It could be worse, incomes could be going down. Oh wait, they are. And higher property taxes will be due soon too…. Gotta love The Illusion of Prosperity built on debt.
July foreclosure numbers were just released, no end in sight
Ken, didn’t you hear? all those new babies being born are offered a miami condo mortgage at birth. Since condo ownership is such a cash cow it takes care of two problems. It’ takes care of all these new babies’ futures and it absorbs the supply.
I’ll buy at marquis for $175. I thought $125, but after seeing the finishes, I think $175 is a decent price. But not a penny more. For you paupers buying at 1800 club and brickell on the river, have fun with that. My dodge stratus is going to have one neato parking spot. And no thugs with timberland boots in my building!
Can a condo institute a dress code such as no crips/bloods thugwear? No rocca wear, pelle pelle, timberlands, pants sagging!
daveg #170 Brickell Townhouse
Older building and recall it had a high -HOA .
What does it include?
Buildings of that era-guess early 1960s -can have costly ongoing property upgrades .
You must do some due diligence by first asking the realtor about assessment history-ie how often do they clobber unit owners at year end with special assessments etc
then if you still have a serious interest then go talk with the building manager .
Finally I would question owners as you walk around the property .
thanks george!
seems to be about .60/sq ft.
not sure how that stacks up.
everyone who I asked had only good things to say about the place, seemed almost too good to be true. we asked 15 residents, and only 1 had a complaint . . .
thanks again, i really appreciate it.
Renter tom #164
Are you aware of Shai Agassi the 40 yo Israeli guy who held a top job at German based SAP then left to found Better Place in California to develop electric car recharging stations.
Found the article in inflight mag CNBC European Business jan/feb 2009.
At that time claimed he was developing lithium ion batteries AND 500,000 charging stations in Israel which is a small space and has a population of app 7 mln: would NOT be a bad place to wean itself from oil.
Renault-Nissan is to produce the electric vehicles.
No-do not know if agassi is the tennis guy’s cousin-lol.
BMWM3-Think again The’ll be there and just you wait until the white party…memorial day weekend…Winter Music Fest…and all the hippies in january…you’ll be lovin the thuggs, the Rocca wear and all the way to small halta tops with the boots and the fur….afta all this MIA FLO R IDA…
Buy bulk at SOLE on the Ocean in Sunny Isles. The developer is broke.
Juliana – Wouldn’t surprise me…..I walk by there on occasion and it is dead dead….they finally got a sign up and looks like parking is has lifts to double up…..argh.
If you guys want the low down on condo’s in Manhattan from a guy that used to sell and live in South Florida….., then follow “CondoKidNYC” on twitter