Contact Us
Call Us At: 305-428-3860
Hablamos Español
MESSAGE US
OR EMAIL US
"*" indicates required fields
Global Settings
language
currency
units of measurement
Just curious, what was this unit offered at? Was it one of those “$700 sq/ft… But Ok, we’ll take $250.”
Now THAT’S a deal.
Cooooool. I like it! Great refrigerator(s) too. Looks like a deal to me.
JL,
Asking price was $1,895,000. It sold for $1,350,000.
Developer is CRAZY if they want $300/sf in a bulk sale in that building. Needs to cut that price in half.
Big deal think about how long this unit has been on the market??? How much the building lost in maintenence that the developer had to cover…the monies it took to finish unit as it was first offered as designer ready-you can clearly see there is tile, window treatments as well as a Kitchen Island which again not in original plan…so a loss of $500 k for three years on the market, in these conditions is NO BARGAIN-so certainly $300.00 is a joke think $200 or lower and you will have no inventory left after sitting sooo long….
It’s going to be difficult to justify that amount when a penthouse just sold for $250 per square foot-Lucas
The larger the area, the lesser per sf. It is the first maxim in RE. A studio per sf rate is higher than a 2/2 or 3/3 per sf.
Anyway, TMP is afflicted with a location disease. It has the worst grounds around it among all the Park West buildings. Isn’t it not too long ago, many disaffected TMP owners started a blog to fight the developer? I heard the HOA is the worst of all buildings. Can anyone say how much is per sf HOA?
Great buy! Just goes to show that you should make an offer even if you or your agent feel it is extremely low, you never know what can happen……As a neighbor (We bought at MARQUIS) it is nice to see these buildings get actual residents (We look down on their private pool and we prefer to see blue water not filthy green neglected areas) and the $700-1,000 PSF days are over, even in “luxury” buildings so the quicker develpoers, banks and even individual owners that bought at the wrong time get real in terms or price the better off Miami will be.
AJ,
That maxim does not hold true for penthouse units. Under normal conditions, penthouses sell for the highest price per square foot. Your book probably didn’t mention that. If you compare studios, 1 bedrooms, 2 bedrooms and 3 bedrooms that aren’t true penthouses then the studios will sell for the highest price per square foot. When you throw in penthouses, however, the situation changes.
Lucas, Good to know. Thats why you sell RE and I sell a good time!
Swiss Luxury, Congratulations on your Marquis purchase. You are a quiet warrior I might say for closing a big deal without making a big deal. Can you share more info about your new Marquis flat? Have you started living there yet? How is life in Marquis in general?
“20-foot ceilings” “private dipping pool on the roof”
AJ, that’s all you need to see to know why you can’t compare Non-PH units to PH units (as long as they have the true PH perks)
As Condoswindler mentioned, this unit appears to be finished out. Custom closets too?
A finished out PH unit ( we are talking 5,394 sq ft of interior to finish out) with “20-foot ceilings” and a “private dipping pool on the roof” at $250 sq/ft versus an unfinished “normal” loft at $300 sq/ft.
Let me think about this one….
It appears the predicted upswing in distressed sales/foreclosures in the high end is really starting to play out. The median may or might not move much, but something tells me the “great” $1mill deal a year from now is going to make this look average.
$500K is the new $million 8 )
Good Eveing All! We are in the process of building out our unit at MARQUIS on the 60th floor and won’t be able to move in until late December or early January……This is a place that we expect to live in for awhile so we are going the extra mile in terms of interior buildout (drop ceilings, motorized shades, custom Italian doors, new lighting design, limestone, HD audio video, smart home tech, security, etc)….it is NOT an investment per se except in terms of lifestyle…..It was a hard decision to make on whether to close or not as I was the HUGEST real estate bear this side of RT (shorted the crap out of Lennar, Countrywide, New Century during the bubblicious years) & I absolutely expect the psf to move lower for the next couple years in almost all Miami Condo’s. However the folks handling the closings were reasonable (thanks ALBY!!), the bank holing their paper gets it, and in life not everything is about the last nickel……We love the property and are in the highest level for a 3 bedroom which has walls of glass on three sides of the unit……LOVE the private elevators that open directly into the unit and are the fastest south of NYC…….I have not seen a better view of Downtown Miami from any other condo……..Also, we wound up with around one million dollars liquid from property sales in Laguna Beach & at JADE Brickell and no longer felt all that safe keeping it in US Dollars that pay a whopping 1% in CD’s……I own some gold, but that has moved from $300 to $1100 and it is no longer a risk free holding either…..Hopefully, with either lower pricing or indeed a crashed USD (You don’t really believe TIMMY G’s “Strong Dollar” rap do you?) , the downtown Miami corridor will fill up with nice people who enjoy urban life and we will enoy our time at Marquis………
Swiss congrats on your purchase. You did good!
I actually toured Ten Museum a few times and actually like the building. Prices early on were way too high. Since this PH sold for $250/sq-ft I would expect all other units to sell for less, especially the west facing 2 bed room units. Although I have shifted my focus to the beach, I may have to look into this building again…Interesting.
Museum Park is a great building. Its an alternative to the large buildings that have 300+ units. This is a boutique building with very unique floor plans that cannot be matched. Its definitely not for everyone, but for those who enjoy living in a smaller building and dont mind living in a more creative floor plan, its the best alternative in Miami. I toured a few units a couple of months back and fell in love with some of the layouts and the ways some of the units had been decorated.
At below $250psf I think this is a great option for those of you who want something completely new and be able get a little creative with the decoration and floor plans of your unit!
Kinda blows when your penthouse dip pool can be viewed from nearby neighbors. Swiss sounds like a deserving candidate for a “life is good” tee shirt.
SwissLuxury.Com congrats…..sounds nice especially since you bought it to LIVE IN!!! 🙂 If you have no plans on selling in the next ten years (which obviously you don’t intend to sell) you’ll enjoy it and hopefully if you used financing you got a historically low rate.
I still haven’t found “the unit” that I want yet. I review the condo buildings once I find a condo candidate…. I had found one that was a possibility, but not as the main house, and it had already been under contract (was listed for over a year and the recent price reduction attracted attention before I knew about the unit at all) but wasn’t exactly what I wanted.
Take some pictures of your view and send them to Lucas to post…..CONGRATS!
Maybe I’m just a lazy bastard but I don’t see the logic or appeal of these 2- and 3-story penthouse units with the huge staircases. I’d much rather have the whole primary living space on one floor, with maybe the guest rooms upstairs or something like that.
Otherwise, this looks like a nice unit. Assuming the HOA isn’t a disaster, $1.3 million for over 5,000 (interior) sq. feet seems like a nice deal for the long term.
I showed this property to two of my clients two weeks ago and I had to say this was one of the best properties in Miami. It had some very impressive features and the roof top pool was a great feature. However the floorplan was a bit tricky and the tax record shows this apartment at 4327 sq ft which is a problem with the miami-dade county tax record. Both of my clients didn’t think this condo was 5300 sq ft. They also didn’t think it was 4327 sq ft. But it was somewhere in between. Nonetheless what the final data is this was one of the best deals to be made outside of Miami Beach.
ok. let’s face it…TMP seems to be a cool building, with not so many units, bla bla bla..
however, it seems line no one pays attention to the neighborhood! Just leave biscayne blvd and you have over 100 homeless people right behind your building at any time of the day. Not to mention the area is filthy and in need of complete reno.
Biscayne blvd is looking cool, but how can you possibly pay all this money to live around homeless people? after all, you do not live grounded in your luxury condo.
As someone posted above, the residents at TMP also started a website in regards to the extremely high HOA there.
Another point to mention is the awful trafiic any time they have an event at AA arena.
In terms of $/sqf, was it a good deal? Maybe. But if you consider your ghetto hood, it should be like 100 usd/sqf.
Seems that with these prices, we’re better off across the causeway.It does not matter how much they have dropped since everyone knows previous prices were delusional.
We have to remeber rule # 1 in RE: location! that’s why regardless of the quality of these buildings, they are not located in sofi, if you know what I mean.
Do not get me wrong..I think the buildings are really cool, especially Marquis, however..
Go figure how Paramount claims they will charge !M for a 2 bd in that s* area!!
Careful, FHA. I’ve been making that same point all year and been bashed as a “SoFi elitist” because of it. LOL.
It simply boggles the mind that people plunk down six and seven figures for allegedly “luxury” units in downtown Miami, and pay tens of thousands of dollars per year in property taxes, when they have homeless people and/or drug addicts roaming the streets outside their front door. If property taxes are meant to pay for services, then it seems something is way out of whack in huge parts of the downtown Miami condo market. Miami-Dade is taxing people like it’s a luxury market/area while allowing it to fester as a ghetto. (And that homeless/drug addict colony has been there for 5-10 years or more, so it’s not like a problem that snuck up on Miami’s “leaders.”)
rather buy a house
FHA and Joe – The solution to the homeless/addict problem is simple……in one word RICKSHAW! Just has Kramer and Newman… 🙂
Thank you..some people with good sense here.
Please do not get me wrong..the buildings are great and biscayne looks a lot better.
I just think that unfortunately people have forgotten the number one word in RE: LOCATION!
What’s the point in leaving in a high-end building surrounded by misery?
Downtown views are great as well as the buildings ! But do you stay 247 locked in? Do you live on a view?
Maybe people who have never had a waterview are bedazzled by the water when the get into these units, but if you have ever had one, you know it is there but you simply do not spend your whole life out in a balcony or in your unit looking at a waterview. Trust me: after a while, you will not even notice it is there.
It is just not a smart trade-off.
How can the spa there ever be expected to survive with this kind of limited access?
http://www.nbcmiami.com/around-town/archive/Meet-the-Never-Opening-Clinique-La-Prairie-Spa-.html
depends on your time frame, if you believe the area will be much improved i 3-5 years maybe its worth it,
i seem to see alot more homeless and druggies in south beach been to starbucks ???
in the best real estate deals were in the worst areas like the east villiage
bought for almost zero later worth million
with all the areas to choose from at depressed prices (soon to be 20 % lower)
why the facination with biscayne
drew299
not saying you won’t see homeless in sobe..however, the number is not the same at all..you don’t see a swarm of homeless people right at your door.if you live in one of these buildings looking west, you pay to live in a cool building looking at a shanty town..I know what happended to NYC, but the prices are not a bargain at all considering what they are still asking
I do agree with you on the biscayne issue
I guess people are drawn by the great views and cool buildings and forget what comes with them
I’ve said it a million times. Park West does not have a crime problem, view for yourselves.
http://spotcrime.com/fl/miami
Be careful about the spotcrime map, that particular map is focusing in a very particular location they call “Miami”. You can’t make any inferences to SouthBeach and other areas visible on the map (ie. like North Miami) with light spotcrime activity because those are errors.
ie. They mean to only show their limited crime data for “Miami” but they are making errors showing some crime points outside of “Miami”
None of what you see on the map is comprehensive though, just a sampling of the crime that is reported.
Swiss,
Congratulations on your 3BR skyflat. Lots of luck too.
Good you quit Laguna Beach. I was at Laguna and Huntington Beaches a couple of months ago and didn’t like it at all. Ofcourse nothing will look good after you see them through the eyes that are used to seeing the most beautiful city in the World – Miami.
Samir,
If your estimate is correct and the flat is 4327 sq ft instead of 5300 sq ft., then the price per sf will be well over $300/sf.
This is a game most owners play. For eg., while I was looking at the Floridian, each corner unit is listed at a different sq. footage and hence a different price per sf. I confronted one of the listing agent and he said, there is a lot of grey area and room for interpretation. WTF? I dont like anyone playing number games with me and I can sniff out such bullshit instantly. But a lot of unsuspecting people in this country fall for those tricks and manipulations.
Lucas,
Unlike regular flats in a particular line, PH sq footage is very confusing and unique and very differently interpreted as it has no other peers and no similar comparative. Even the original architect who drew the pre-con plans may give a different figure if asked about the present area under A/C.
If the sq footage of this unit is indeed interpretable in different ways, then you may want to either yank this post’s headline or issue a disclaimer regarding the same. After all, the price per sf of this unit may not be $250 at all. You don’t want the developer and the remaining unit owners to come on top of you like a ton of bricks for single handedly beating down their prop values.
AJ,
Lucas is just relaying what the seller posted as the sq footage so it’s the seller’s problem.
We talked about this topic a while back if I remember, about measuring sq footage correctly. ie. on the inside wall of drywall versus in the middle of the wall, etc.
PS. Did you ever measure your condo?
Homeless population is certainly an issue in Park West. The back of all the four buildings is lined with homeless people. Does anyone know if they ever moved Camillus House?
JL,
I did not measure my condo. But from what I heard, In 1800 it is the area under the A/C (actual carpet area) and not including half the walls and some common elements.
But the most important thing is that when they said my flat is 1222 sf, it does feel like 1222 sf. In fact my flat feels larger than some 1300 sf flats I have seen. So I never doubted that I got shortchanged on my Sq footage.
But 2 of Samirs clients thought that the PH in TMP does not feel like it is 5300 sf. Perception is everything too. Instead of $254/sf the buyer might have paid $312/sf if the seller played with the sq. footage numbers.
But the bottom line is , is the buyer happy and thinks that the flat is worth 1.35 Mil and to hell with the sq. footage. If the answer is yes, then everything else is secondary.
We are all splitting hairs here regarding the price per sq. foot as we want to establish the future price for the remaining units in that building. Purely academic.
Miami2009,
That is not true. When did you see homeless people “lined up” behind those buildings?
I always drive through the second avenue and also go to the cluster of clubs behind these buildings. I have not seen any bums like you described. May be one or two in the 11th st station or park west station or the freedom tower station of the metro mover. There are more bums in SOBE than anywhere else I have seen in America.
Usually I ignore when anonymous guys talk shit about Downtown locations with out knowing the diff between their arse to their elbow, or simply out of ignorance or just plain jealousy. But when you do make a false statement like that, I have to jump in and respond as you I consider you one of the responsible guys on this blog.
You said that you moved your search to SOBE. Once upon a time, you looked at Brickell/downtown for a pad. Are you now trying to convince yourself that you made a good decision to shift your focus to SOBE by telling yourself again and again, about a non issue such as bums in downtown? Don’t cheat yourself out of a great life in Downtown for the rest of your life because of silly reasons. If being next to the beach (I mean right on the beach or 1 block from it) is your thing then go to SOBE, but for every other aspect in life, Miami mainland is the way to go.
AJ has a remarkable ability to see things others don’t see, and to not see things others do see.
As for the square footage issue, how the hell is it possible that the architect wouldn’t know the exact square footage of a unit? That makes no sense. Square footage isn’t “up for interpretation” any more than 2+2 is up for interpretation.
In related news….a man near 2nd Avenue was shot and killed last night behind. Great timing.
behind 10 Museum and 1800 Club. Just a short walk away.
Joe,
Its easy for you to talk. But you never go the extra mile. You’ve been excruciatingly agonizing over the past year+ about looking to buy. But all I can see is more talk and less action. There are deals out there even better than when the market is going to bottom out. But some people just belong to the NATO (No Action, Talk Only) group who just like to talk.
DJ, Swiss found their pad of choice for a price of their liking and they bought it with less fanfare. Now we have all these talkers supposedly with a lot of money in the bank but all they do is – just talk. As someone said before, all the MCI readers are just window shoppers. No one is serious or has the money to buy a flat in Miami. Just a bunch of wishful thinkers. But their inane chatter does makes for an interesting reading. So no complaints.
The only way to measure TRUE sf is to hire an engineer to provide an independent report. Usually the architects are in bed with the developers so the developer calls the shots on sf measurement, directing the architects to use fuzzy math to make units appear larger than they are.
Most Fla condo marketing materials contain a disclaimer that sf for marketing purposes may differ from sf for purposes of determining common element allocation. So the developer’s brochure may state that a unit is, i.e. 3000sf but if you check the condo docs it may in fact be only 2700sf due to a different standard of measurement.
I’m amazed at how loosely developers, sellers and realtors throw around sf stats that are way off base and buyers just accept it w/o scrutiny. By nature, realtors are not very detail oriented (and vague and prone to embellishment), so you can only imagine how much they inflate sf figures.
Hire an engineer, show the seller the discrepancy and negotiate a more fair price.
“I’m going to go out on a limb and say that the east-facing units at Ten Museum Park will be selling 10-15 percent above where they are now by year’s end.
You will see that in future months there will be a premium paid for these units versus other units, not only in this building, but other buildings throughout Miami as well. I’ve already seen a lot of demand for these units in the past two months as some have been discounted due to original buyers not wanting to close. I think by the end of October the discounted units at Ten Museum Park will be nonexistent. The discounted loft units will be long gone by the end of September.”
The above statements were copied-and-pasted from Lucas’ post dated August 31st, 2007. No offense, Lucas, you seem like a good guy but this is why realtors should not make predictions about future values, especially on a blog.
if the advertised sq ft is different from the county records then there is an issue. I have seen this on places that I have placed offers on and pointed this out while looking at ‘approved’ floorplans and a recent appraisal that showed much larger sq ft than actually existed (order of 600 sq ft). A tape measure goes a long way in verifying stuff.
For example the condo I live in has a rounded balcony. This creates rooms that have one side with an arc. The floor plans outline something like 11×17, but in reality the 11 is the longest point from door to balcony which means the shortest point is a few feet less. Then taking the other dimension 11′ into account it includes the bathroom as well. All in all, the bedroom is really more like 120 sq ft (+ ~50 for the bathroom) vs the 187 advertised.
I have found that going by the county records to be much closer to accurate and a good place to start for sq footage.
Drew 41 and Elvis 43, totally concur.
I also believe this units true sf must be closer to what the county records show, which is 4327. We can safely say that this unit sold for $312/sf and not $254/sf.
AJ — I’m not sure what you meant by “go the extra mile” in #40 above. If you’re implying that only people who have bought condos this year in Miami are entitled to voice an opinion here, that seems quite dumb. I’m very happy for the people who found units this year, but to suggest all aspects of the Miami market have hit bottom is silly (and since all aspects of the market *haven’t* bottomed out, a lot of us remain on the sidelines). And unless you’ve become a full-time Miami resident in the past few months and I missed the announcement, it’s also silly for you to keep claiming to be an expert on crime and homeless situation in the downtown corridor when people who *actually live there* keep coming into these threads and commenting about it.
AJ,
I FULLY RESPECT YOUR DECISION TO STAND BY AN AREA YOU APPRECIATE YOURSELF, BUT SAYING THAT GENERALLY THERE ARE 1 0R 2 HOMELESS PEOPLE BEHIND THESE BUILDINGS IS INSANE. EITHER EVERYONE ELSE IN MIAMI IS DELUSIONAL OR YOU NEED YOUR EYES CHECKED. ON SATURDAY AFTERNOON, THERE WERE OVER 200 HOMELESS PEOPLE BEHIND THE MARQUIS-MB CORRIDOR IN JUST ONE OR TWO BOCKS.I DROVE THERE MYSELF. JUST FYI.
AJ,
Actually I have seen more bums behind the Park West buildings, Marina, Ten, Marquis, 900 than Pace Park to be quite honest. I am not really knocking downtown but you can’t tell me that you have only seen 1 or 2 homeless in that area. My question was regarding Camillus House, has it been moved?
Oh and yes, I have shifted my purchase plans to the beach but not because of the bums, but because prices have been coming down.
Joe, Do not misquote me. I never said Miami bottomed out. We could bottom out sometime next spring or autumn. But What I said was that there are deals out there, which are better than what you might get when the market eventually bottoms out. It is a big fallacy that you are going to get a better price when the market hits bottom than you would right now.
For eg. The Emerald unit that went under contract for around $110K and even this PH in TMP which sold for $312/sf will not get any better, pricing wise when the market hits bottom.
In fact what might happen at that time is that you are unnecessarily competing with everyone and their mother who were waiting on the sidelines all this time. You will also run the risk of higher interest rates (not by much but by 1 or 2 points of APR) in 6 months from now.
Also you do not know when the market will hit bottom. When the DOW hit 6500 in March (stock market bottom), people were still predicting a DOW 4000 on this blog! So by the time the media and the others declare that we have hit a bottom, you are already 4 to 6 months behind the curve. Only the uninitiated wait for the others to tell them what to do. Smart people make their own informed schedule.
Miami 2009,
Wish you luck in your search. Looks like you might be changing your handle yet once again 2008 to 2009 to Miami2010 though! But its all good if you can get your dream flat for the price you are comfortable with.
Well, first time home buyers still get a $8000 credit which is nothing to sneeze at and the existing owners if they had not owned a home in the past 3 years will get $6500 credit until April. That should be a good incentive to buy especially in the 1 BR segment as the percentage discount the government is giving will work out to be substantial.
AJ
You’re completely lying if you think only 1-2 homeless people are in this area.
Use Google Street maps and go up and down the streets. I found at least 50 bums in 1-2 minutes just now. One block behind 10 Museum Park. The pictures don’t lie.
I meant use Google Streetview.
50-go at dinner time more like 500….
One of my biggest concerns about moving into 900 was the homeless situation. In the 5 months I have been living at 900 I have never seen 200 bums anywhere near the building. I will agree that 50 is about right. Those 50 are mostly located behind Marina Blue and on the block directly east of Camillus house. I have yet to see many homeless persons in front of 900 or even directly behind it. The few times I have seen one they are quickly ushered away by the 900 security staff ( I have personally seen this twice).
Also, the police have started doing more stop and frisks in the immediate area of these buildings in what appears to be an attempt to keep the homesless crowd from getting too close (this was confirmed to me by a PD friend of mine). They do not arrest the homesless person unless they have probable cause but they do stop them and question them. This is probably why they stay on the block close to Camillus house and most do not venture too far from there.
**For the record Camillus house has not moved yet. I suspect the homesless situation in this area should improve dramatically once Camilus house is gone***
Hi Lucas,
Would you be able to post closing statistics in Brickell, Downtown, Arts District and North Bay Village Areas? It does not mean that you have to cover all these areas at once. Just one by one. The same way way you did in the past. I am sure that a lot of people would appreciate it. IT helps to know the situation in each building in order to make a right decision in re to purchasing and negotiations.
Thank you.
AJ — Your posts are getting more delusional by the minute. If the Miami market, in your words, might not bottom out until “spring or autumn 2010” — up to a year from now — then how the hell do you figure *today’s* deals are somehow better than the bottomed-out prices a year (or more) from now? Do you not understand what the word “bottom” means?
I have no doubt there are some nice deals right now, but they’re still the exception rather than the rule. And no one said anything about trying to market-time the *exact* bottom, but when a lot of buildings are still 50-plus percent investor-owned, it’s safe to say we’re not at the bottom yet.
If you want to proselytize for downtown, that’s your business. But please try to stick within the confines of reality.
Any of the “steals” you see in the $700K+ range closing right now will look kinda average in a year.
I hate to say that I told you so but “I told you so”
Nov. 16 (Bloomberg) — Goldman Sachs Group Inc. sold 158 condominiums in a foreclosed project in Miami for about $113,000 each, roughly one-third the cost of land and construction.
A partnership of Armco Capital Inc. and Southwest Properties Ltd. paid $17.9 million in cash for the apartments, a seven-tower residential and retail development.
“They took a big haircut,” said Peter Zalewski, principal of Condo Vultures LLC, a real estate brokerage and consulting firm in Bal Harbour, Florida, that reported the transaction on its Web site. A spokesman for Goldman Sachs confirmed the condo sales and declined to comment further.
Condo prices in the Miami area fell 37 percent from a year earlier to an average $137,900 in the quarter ending Sept. 30, the Florida Association of Realtors reported. The number of condo sales rose 43 percent to 1,763 units.
The Goldman Sachs sale comes to about $109 a square foot, compared with building costs of an estimated $250 to $300 a square foot, according to Zalewski and Jim Spatz, chairman and CEO of Southwest Properties.
$125.00 per square foot is now paying too much.
Condovulture (or The Ace)
You using this article to prove your point is ridiculous.
I agree that prices in Miami should be lower than the $200 psf “bottom” some people are calling, but this article of the GS deal at $109/sf is for units in Downtown Dadeland, not Downtown Miami!
Not to mention that they bought 158 units at a time!! Do you really think an individual buyer would have gotten that price?
Burn rate is more important figure than price per square foot. You guys are stuck in 2006. Vultures were already were run over by 18 wheelers.
The Dadeland deal is good news. The sooner the banks realize their losses on these projects and move on, the better for all parties involved. Get the condos into the hands of the end users and allow real price discovery to occur.
Dadeland is definately not downtown Miami and at that price they still overpaid-their stupidity but hey there is a buyer for everything at any price…and whom do they think will rent there…Mall employees-good luck!!
Hey Condo Vulture thanks for the post. I saw you in Michael Moore’s movie. (with the other millions) You sounded and looked like a COMPLETE ASS. It would have been better if you only looked and sounded half as bad as you did. Michael Moore did not have to look far to find someone who sounded so crass and was capable of vomiting on himself just like a vulture. (ur line)
The only way you could have outdone yourself is where pink pants and no shirt. You should right a book, “How To Make An Ass Of Yourself and Act Like a High Profile Drip” alternate title, “My Shit Does Not Stink, Because I East Shit”
The 900 note has been sold. Let’s see how the new “lender” wants to play. Regardless, expect fractured ownership for years to come.
Lets not get confused here for as you all know I have long advocated that $125.00 per square foot is the correct price to pay for a Condo. And while Condo Vulture states that paying $125.00 is too much he is indeed correct if he refers to Condos such as the ones that recently sold in Dadeland.
My friends, $125.00 is the maximum you should pay for a “luxury” Condo with Ocean views such as the one above so well highlighted by Lucas. While many of you think that $250.00 per foot is a steal I firmly believe that they paid $100.00 per foot too much and next years prices which are projected to fall a further 40% in Miami will back this up.
$125.00 per foot and not a penny more.
Good article
Ace,
How much would you pay for Sunny Isles new construction on the beach and older buildings across the street?
Mortgage applications for purchases are lowest since 1997
http://www.realtor.org/RMODaily.nsf/pages/News2009111802?OpenDocument
Older buildings in Sunny Isles should be a maximum of $500 to $1000 monthly burn rate assuming the unit is paid in cash.
Wild Bill,
This is where they are now. HOA 500-700 and taxes about $300.
don’t think, that it is real… How can I contact you?
Don’t kid yourselves–Club Space is insane. There is no actual roof. Hurricane glass will not save you from dealing with this and it just gets “rockin” at 3 in the morning and goes well into regular morning every week-end and on special occassions, such as Thanksgiving, instead of the Macy’s Day Parade, we in The Corridor are treated to the very American sounds of (insert here what this noise actually is because it’s not music so much as thudding). It will also not save you from the idiots who stumble into their cars and drive off. Back to Thanksgiving morning and I just watched someone being backboarded into an ambulance right in front of 900 Biscayne after a car wreck–kudos to security for their part in handling the scene but folks, building security is only going to get you so much security. I also saw the CSI of last week’s 6 am fatal shooting on the route most of us take to 395/95 hoping to see a film crew and have it all be scripted (old LA habits are hard to break given it was a white Bronco type vehicle surrounded by police was hoping it was just a harmless chase with OJ). To hear the thudding of Club Space amid the aroma of the sewage station on the east side at 10th. I’m not sure what therapy you’d need at your neighborhood Swiss Spa to remedy this life of luxury as truly splendid as some of these units actually are. Prices are an imperitive part of real estate but as neighbors, developers, real estate agents, investors, and decent human beings with a few neurons of common sense not thudded out of our heads, we need to unite to fix the location, location, location. Sofi is so great because they are actively involved in keeping their neighborhood a residential area first and foremost amid being one of the most desirable commercial districts on the planet. To make this area truly livable, it’s going to take the same effort.
AJ,
Re: “You will also run the risk of higher interest rates (not by much but by 1 or 2 points of APR) in 6 months from now.”
You touch upon a risk I have difficulty quantifying. What happens when the economy does “take hold” and interest rates begin to return to “fair market”?
If mortgage rates increase but the recovery is tepid to moderate, won’t that put enormous pressure on housing prices? It would seem, unless incomes increase substantially, there will be renewed pressure.
Your take?
Snowball
What do you think about Park Ten overall? Should I buy there and what should I pay per sq ft for a 2 bedroom?
DO NOT BUY HERE!
I live in this building (on the side that doesn’t overlook the ghetto). There are no ameneties to speak of. Nothing is a la carte, they don’t even greet you when you come in 1/2 of the time. The employees all have bad additudes and the building is poorly maintained. The front desk area always smells like old garbage because they don’t have garbage pick-ups often enough. The power on the pool deck has been shut off more than once for failure to pay. The spa is full price. The spa is a joke. Steam room, big woop. The pools are tiny and you get to smell sewage unless the wind is heading west at 20mph. We have to pay for our guests to park. $5 for 1-4 hrs $10 for 4-8hrs $15 overnight. we have to pay $150 a month per extra car we own. The valet doesn’t greet you with a smile. The elevators look aweful. The maintainence people spray scented cans up and down the hallways rather than using a vacuum. The side of the building is rented out as an ad. The power outlets are too far away from eachother so you need to either tear up the floor and put your own or run an extension chord up the middle of the room to use a lamp. The trash chute doesn’t work 1/2 of the time. People leave their trash in the hallways. The management is useless. For $1700 a month in maintainance. It’s not even close to being worth it…. glad I rented… unlike the morons that bought this place for a million dollars… haha…
this 2 br/2.5ba 2 floor 2,000sq ft apt isn’t worth 200k.
Wait, you’re getting bad, unfriendly service in Miami?
I’m shocked — SHOCKED!
(Sorry for your misfortune. I’m sure similar stories will be popping up in more and more condos.)