Trey Songz Is Losing His Miami Condo To Foreclosure Over $1,700

Trey Songz view from Brickell Key condo

It looks like Mr. Steal Your Girl needs to take a break and concentrate on becoming Mr. Pay Your Bills, because Trey Songz is about to make a big real estate mistake. After trying unsuccessfully to sell his Brickell Key condo, he has stopped paying the maintenance and is now faced with a foreclosure lawsuit from the private island’s master association over $1,700.

Court records show that the association placed a lien on the property in January, demanding payment of the monthly dues dating back to October of 2016. Apparently, the crooner and pop icon failed to make his $584.48 monthly payment to the association since October 1, and is now being slapped with late fees and 18% interest. After he failed to respond to their demand, the association has upped the ante and filed for foreclosure. If he still fails to pay, they will take possession of the condo he purchased in 2010 for $437,000 and recently had listed for $795,000. The property has since been removed from the market, but you can see the photos here.

This turn of events also makes me wonder the fate of his new condo at the brand-new Brickell Heights, which is scheduled to open May 1. The developer has not disclosed the purchase price of his new place, but buyers in the development are required to pay half of the final purchase price as a deposit during construction. If he fails to close in May, he will lose that money, which I imagine to be at least $750,000 (the penthouses were sold around $1.5 million).

What do you think is going on here? Could it be that one of the highest paid singers in the country cannot pay a $1,700 bill, or is he pulling a fast one on the condo association?

Can Glen & Cristy Rice Sell Their Brickell Condo Before They Lose It To Foreclosure?

Neo Vertika Condo with Cristy Rice via BravoTV & Glen Rice

Can someone please buy Glen & Cristy Rice’s Neo Vertika condo before the foreclosure gavel takes it away? It seems that despite the fact that he once made an estimated $35 million during his 15 years in the NBA, and she once held a position on BravoTV’s “Real Housewives of Miami” show, they aren’t able to pay for it.

The 1,113 square foot 2 bedroom with 2.5 baths and both east and west views is currently on the market for $330,000. That amounts to less than $300/square foot, which is a great deal in Brickell! The average price per square foot in the neighborhood is currently $459/square foot. Sure, the kitchen is original from 2006, but the building is trendy and cool, and a rental investor could expect to make around $2,200/month as-is, or up to $2,350/month if they gave it new appliances and a fresh coat of paint.

According to association’s lawsuit, the ex-pair is so broke that they are unable to afford their $675/month condo association dues. They haven’t paid in so many months, they now owe $20,000! They also missed their $4,700 property tax bill for 2015 and their lender has already won a $275,000 judgment on the unit for the mortgage they took out when they initially purchased it. In order to make sure all previous debts are paid from the closing, an investor would need to bring an offer relatively close to the asking price.

But is this a sad story, or a Miami story? What are they up to when they aren’t ghosting the Neo Vertika Condo Association and the Dade County Tax Collector? Everything was going great for them up until 2011, when money troubles started to wear the relationship thin and Glen caught Cristy shacked up with another man. He beat the man senseless and ended up arrested. Since that night, they’ve gone through a bitter divorce and then headed along their separate ways.

After her stint on Real Housewives of Miami, Cristy founded a line of bikinis that celebrate her Cuban heritage. She hasn’t really been linked to anyone since her divorce, and seems to be doing well.

Glen went on to have a total of 6 kids. He had a paternity dispute with a woman in 2011, but had a change of heart and married her in April 2016. They had a lavish wedding at the historic Vizcaya Museum and Gardens, with the rehearsal dinner being at the Four Seasons Hotel in Brickell. The bride wore a Monique Lhullier gown and then they jaunted off on a European honeymoon. Given the fact that the wedding happened after Glen and Cristy stopped paying their bills, I really don’t think they care about the foreclosure.

Two REOs Hit the Market at Brickell on the River North Tower

Brickell on the River North Tower bathroom

Since yesterday, two REO condos at Brickell on the River North Tower have come onto the market. The first is a 3 bedroom/2.5 bath condo on the 35th floor with 1,513 square feet of interior. The asking price is $ 314,000, or $208 per square foot. The second condo, also located on the 35th floor, is a 2 bedroom/2 bath condo with 1,157 square feet of interior. The asking price is $222,750, or $193 per square foot. Both condos face west, come with one parking space and have tiled flooring throughout the living areas and marble in the bathrooms. Both condos are well priced and should receive offers from multiple parties. Contact us at 305-428-3860 if you have an interest in either or both condos at Brickell on the River North Tower.

Top 5 Distressed Condo Sales Closed in October 2010

Below, you will find what I believe to be the five best condo deals of the 71 distressed condo sales that closed in October 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. This should give everyone a good idea of the kind of deals that can be obtained in the Miami condo market at this time. Of the 71 distressed condo sales that closed last month, 39 were REOs and 32 were short sales. I feel it’s important to note that 25 of the 39 REOs sold at or above asking price. Time and time again, we try to emphasize to clients that the majority of well priced REOs in condominium buildings of interest will receive multiple offers and sell at or above asking price. It may be difficult to believe but bidding for condo foreclosures in Miami is very competitive. For example, unit 1601 at Solaris at Brickell was a foreclosure that we discussed on one of our video shows in August. The condo was listed for $168,300. At that price, we felt that the condo was grossly under priced. Last month, the condo closed for $230,000, or about 37% above asking price. It’s important to recognize good value when it becomes available and to have the ability to act quickly. As a side note, in the example above, our recommendation at the time to potential buyers was to bid up to $200,000.

Solaris at Brickell #1204 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $165,100, or $144 per square foot, on October 21, 2010. REO
Brickell on the River North Tower #3417 – 2 bedroom/2 bath (1,157 square feet) – This unit sold for $215,000, or $186 per square foot, on October 1, 2010. Foreclosure
Blue Condominium #2004 – 2 bedroom/2.5 bath (1,158 square feet) – This unit sold for $180,000, or $155 per square foot, on October 8, 2010. Foreclosure
Neo Vertika #2519 – 2 bedroom/2 bath (1,113 square feet) – This unit sold for $159,000, or $143 per square foot, on October 4, 2010. Short Sale
Cite on the Bay #119 – 2 bedroom/1.5 bath (980 square feet) – This unit sold for $136,000 or $139 per square foot, on October 20, 2010. Short Sale

Parc Lofts Foreclosure – $132,000

Parc Lofts

A 1,169 square foot foreclosure hit the market yesterday at Parc Lofts. The bi-level loft has 20-foot ceilings, concrete floors and exposed piping and ductwork. The unit comes equipped with stainless steel appliances, a stackable washer/dryer, one assigned parking space and a balcony. The asking price is $132,000, or $113 per square foot. The area immediately surrounding Parc Lofts is far from appealing but the unique spaces have drawn the keen interest of artists, photographers, videographers and video editors. The spaces at Parc Lofts are unlike anything you’ll find in Miami and many would say are the only true lofts in town.

For those investors looking to crunch the numbers, the HOA fee is $657 per month. Taxes are approximately 2 percent of the assessed value. I would use $250 per month as an estimate. The unit would rent for $1700 per month. Conservatively, $1600 per month which comes out to a 6.3 percent cap rate. Try finding that elsewhere in Miami. Contact us at 305-428-3860 if you would like more information about this foreclosure at Parc Lofts or if you would like to schedule an appointment to view it.

Short Sales 101

We get a lot of calls from people who are interested in buying a short sale condo but aren’t exactly sure what a short sale is or what the short sale process entails. On yesterday’s show we answer several frequently asked questions regarding short sales and also discuss how a short sale differs from a foreclosure, also known as an REO or real estate owned. At the beginning of the show, we discuss three Miami foreclosure condos that came on the market recently: One Miami #1426, Courvoisier Courts #203 and Solaris at Brickell #1601. This is our longest video to date but a lot of good information is provided.

Four Great Condo Foreclosure Deals on the Market Now

In this video segment, we highlight four condo foreclosure deals that are available at this time. These condos reside at 900 Biscayne Bay, Blue Condominium, The Club at Brickell Bay and Icon South Beach. Give us a call at 305-428-3860 if you would like to learn more about these opportunities or other foreclosure deals now on the market.

$12.9M Penthouse Foreclosure at Santa Maria Hits the Market

Santa Maria Penthouse Foreclosure

Earlier this afternoon, a penthouse foreclosure at Santa Maria came onto the market with an asking price of $12.9M. It’s a two story condo with 10,000 square feet of interior and has a rooftop terrace with a large hot tub.

Update: As I was writing this blog post, I received word that the penthouse has already gone under contract. Word is that the accepted offer price was $11M. Geez, that was fast!

Icon Brickell Developer Agrees to "Friendly Foreclosure"

Yesterday, The Related Group and its lenders agreed to a “friendly foreclosure” for Towers 1 and 2 of Icon Brickell. This video provides our commentary as well as the details pertaining to the agreement.

Atlantis on Brickell 3 Bedroom Condo Foreclosure

A 3 bedroom/3 bath condo foreclosure at Atlantis on Brickell came onto the market last Thursday. It’s an 01 floor plan with 2,149 square feet of interior and a direct view of Biscayne Bay. The condo came onto the market at an initial list price of $544,500, or $253 per square foot. I visited the unit last Friday and had a chance to take several pictures. This is only one of two 01 units that are currently on the market at Atlantis on Brickell. The other, unit 1401, is listed for $599,000 and is located two floors lower than the one in the pictures below. Contact me at 305-428-3860 if you have an interest in viewing this 3 bedroom foreclosure at Atlantis on Brickell in person.

Maintenance fees are $1198 per month.

Living Room