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
I think that Uptown Loft is a good deal.
I think there’s going to be a lot of similar deals at Uptown Lofts in coming months. I spoke with a loan officer today who revealed that 70% of the condo owners there are delinquent on their HOA fees. If that’s true, cash buyers are the only ones who will be able to buy condos in that building for a while.
Hi! some of my clients moving to Miami prefer to buy reasonable priced condos that they can convert like a DIY project or something. I will definitely check you out from time to time for reference. thanks!=)
I CANT BELIEVE I AM SAYING THIS….
THAT UPTOWN LOFTS IS A GOOD DEAL!!!!
That is the Miami Real Estate market I remember back in 2000. I remember Condo’s such as the uptown lofts unit selling for about 100 bucks a sq foot.
If I had cash on hand, I would totally pay that price for that unit.
Just want to say that as far as I am concerned, the guy who bought that unit is the first person in Miami to actually get a true real estate bargain since 2002.
Good show!
Lucas , what happens to the other owners in the building when 70% of the owners are NOT paying their HOA’s? It may be a good deal…but is it really a safe bet?Thank you and look forward to your comments.
only speculation – The building could be totally screwed. Will the HOA be able to comply with simple things like trash service, fire safety systems, electric bill, etc.? What if a major building item like an elevator goes out and needs replacing early? 70% is a very scary number at almost any price….. Again, owning a condo is like being in a lifeboat with all the other owners….the deadbeats will just weigh you down and when there is 70% deadbeats the lifeboat may sink! $84K is nothing, but having to pay 3x’s the HOA dues each month to make up for the rest is tough…I suspect many many many more foreclosures in the building……
yeah overall it looks like a good deal. would the new amendment have an impact on condo resale values?
Thank you RENTER TOM…..that is why I’m afraid to make that move at the moment.
I’m working on a concept called webstakks and it just dawned on me that it’s particularly suitable for RE listings like discussed in this topic. This webstakk took me a minute to make.
Will the uptown lofts cashflow positive if you paid all cash for it? Cap rate?
You know the tax assessor will probably say its worth 200K or something so taxes will
be about 350 per month then you have HOA @ possibly 400 . So, can you rent this thing for over 750 per month.?
AJ is about to call bottom on the market 🙂
Taxes are 4757 ($397/month, possibly going down) maintenance is $430/month (and likely going up).
With NO allowance for maintenance, vacancy, special assessments, etc., $900 monthly rent gives you a 1.1% return. Not a good investment from a cashflow perspective.
The listing says monthly HOA fees are $430. Since 70% don’t pay….this unit (assuming they pay) will be paying $1,433 per month to make up the difference assuming all units in the building are assessed the same $430 per month. And special assessments will cost this unit owner 3.33x’s as much too. Scary. Probably a very decent price, but again, the entire building needs to be maintained and someone has to pay for it…
The listing says monthly HOA fees are $430. Since 70% don’t pay….this unit (assuming they pay) will be paying $1,433 per month to make up the difference assuming all units in the building are assessed the same $430 per month. And special assessments will cost this unit owner 3.33x’s as much too. Scary. Probably a very decent price, but again, the entire building needs to be maintained and someone has to pay for it.
– For some reason my posts won’t post under my name Renter Tom….so using RT
IF people are not paying their HOA fees I guess they can be foreclosed. I am not sure. All I know if the rest 70% of the apartments could be sold for similar prices they will be bought within 1 week and HOA situation will be resolved
Also if you look at recent rentals in Uptown Lofts they are $1,250 for similar apartments. Even if you reduce rent to $1,100 it is still a decent deal but HOA situation is very risky.
lara, exactly. We have to conclude this is a good investment by anticipating that other units will foreclose and sell for around 90K. You can write off the depreciation as well. But the opportunity costs is probably too high. Corporate bonds are probably a better bet. Perhaps even high quality municipal bonds.
Where do you guys come up with the 70% number? Is there any official information on this?
This is strange. Lucas, For some reason, my JL ID is being blocked from making posts. I was unable to make the post below. I had to change the Name, Mail and Website fields to be able to post again.
——–
How can you evaluate a good/bad deal when the HOA situation is so unstable in a building?
Since AJ seems unable to post, I’ll do it:
BOTOM!!! YEPEEE!
BUY NOW OR BE PRICED OUT FOREVER!!!!
[scratches stubble of a beard, readjusts his haunches on his seat, and thinks “the fools…$85-125 psft, are they insane?! Don’t they know that Ocean front property around the World goes for $1000 /foot…. Fools all of them.” scratches crotch, thinks of going to the fridge.]
JL,
That’s weird because I haven’t made any changes to the settings in months.
What about the VUE? Is the building getting better? What about noise since there is bar in the first floor?
Lara, now you can see the issue related to fannie backing out of these buildings. great credit risk folks exist, but may not have $100k available in cash. but those folks could easily afford a $100k mortgage-life would be great. but since they cannot qualify for loans in that building, the train wreck will continue. deeper pockets may buy the unit in cash, but they will be investors who let any person rent to cover the costs. the building would be much better off if true end users could be the occupants. end users like myself will end up shying away from such buildings because of the rental issues which will eventually surface.
Lucas, this might be diagnostic for your tech guy. Using the old “JL” ID, I tried that simple post last night, it seemd to submit fine and the page refreshed but the post did not show up. I tried making the post again then got an error page about a “duplicate post” although the original post never showed up.
I tried making a short 2nd differently worded post and the same error above happened.
I tried changing username, but I was still having the same problems. Only after I changed all fields (Name, email, website) was I able to post again.
JL,
I just figured out the problem. A lot of your comments as well as Renter Tom’s comments were being picked up by the spam filter. My guess is that it’s doing that because of the email addresses that you guys are using are obviously not valid. You may want to try an email address that “appears” to be valid so that they aren’t picked up by the spam filter.
Gables,
I completely agree. The prices in these troubled condos are finally falling to a point where people in Miami can afford them. However, they are being shut out due to their inability to acquire financing as a result of the new Fannie Mae guidelines. I’m discovering that the vast majority of the buildings with short-sales and foreclosures have over 15% of the homeowners who are delinquent on their HOA fees more than 30 days. The Fannie Mae guidelines have essentially eliminated end-users from being able to buy in many of the condo buildings in Miami (especially those that are most affordable).
Lucas,
How do we get these buildings filled up with people and successful? The prices are coming down but people can’t get financing. Do we need more bulk buys? If we do get more bulk sales, HOA fees may be paid but the buildings will fill up with renters. Not terrible, but not great if you are an owner or potential buyer.
Interesting article on the meltdown in Dubai real estate. Just like what I have heard about foreigners fleeing the U.S. to return home leaving the U.S. with a mess and of course without the cash! Just leave the car at the airport and write a nice note too….
http://business.timesonline.co.uk/tol/business/markets/the_gulf/article5663618.ece
Maybe AJ can fill us in while he is on the lam, er I mean vacation, about real estate in Dubai if that is next on his stops as a uber successful DJ and real estate mogul….
Miami2009 – We really need END USERS. Bulk buyer won’t be living in those units…..maybe will rent them but that will create its own set of problems too such as why buy when you can rent for less and no commitment.
The Smart Money always said that should the price per foot drop below $125.00 then we would apologize.
Uptown Lofts – unit 502 – 1 bedroom/1 bath (775 square feet) – This unit sold for $84,000, or $108 per square foot, on January 15, 2009. Foreclosure
We apologize.
The Smart Money.
I know that someone asked before about Valimur Lofts in Miami Beach. What’s your opinion about this building and the situation in it. Lucas , in your condo deals there is 2bd loft short sale for $310,000. I think it is a good area of Miami Beach, very qiuet, good for families with small kids and directly on the ocean. What do you think? I value all of your opinions.
This webstakk for the 5 properties took me a minute to make. It may be of interest to RE types. It’s a project I’ve been working on.
Did we really hit bottom? Unit #3302 at the Waverly in SOBE just sold for $652K. How is that possible? I understand that is the best line in the building but for a condo where the average sale price was about $375-400K, and where the last 01/02 line units have sold for an average of $550K last year , a sale price of #3302 doesn’t look like the bottom. It seems very atypical if not fishy. What happened? Only Mr Waverly can make sense of this one. Where are you Mr Waverly???
“The Smart Money always said that should the price per foot drop below $125.00 then we would apologize.
Uptown Lofts – unit 502 – 1 bedroom/1 bath (775 square feet) – This unit sold for $84,000, or $108 per square foot, on January 15, 2009. Foreclosure
We apologize.
The Smart Money.”
—
And, just to show you guys, if it falls substantially bellow $85.00. I too will apologize.
(The above offer does not include the Vue , Club or Neo Vertika)
The Muir
lara
i’m a huge fan of that area. as for vilamur (along with vilasol, vilazul and ocean blue), they’re alright buildings. look nice from afar but upon closer inspection, the construction is a little shoddy inside and outside. that said, location is great (right on the beach) and you’re ten minutes tops from south beach. there is another building on normandy isle (bayview lofts?) where there are some potential great deals. same situation in terms of the quality of the building.
i saw the 310k unit at vilamur. not sure if the bank is onboard at that price. unit is nice but the floorplan is a little peculiar.
Here I am.. Yes, the unit did sell for that amount. I have not checked on public records but I did talk to the seller who moved into a rental unit on the same floor. He says the unit went into contract in early December.
The market still had a bit of steam in it then but in my opinion the sale was on the high side. The Buyer wanted what he wanted and he was willing to pay for it. There were a couple other sales recently that sold for higher than I expected they would.. One was unit #1007, selling at $460K ish., For a lower floor, north side of the buildings I was surprised they got that price.
There are positive things about the building and I will be a buyer of another condo unit again soon..
In December I bought the commercial space where Athena sales office was located and also the commercial office units on the 4th floor where the management offices are located. I do see some wicked times ahead for real estate but do feel Waverly will be come through OK.. Great building, great waterfront location and many recent improvments.
BTW,, unit 2501 sale has the smell of rotten fish.. That unit should have never been sold that low. I had Buyer that would have paid $150K over the sale price. There are other Agents that also wanted to make offers but somehow, wome way, someone got a deal.
Thanks Mr Waverly! $657K for Unit #3302 was very high!!! I thought there was a double unit (i.e., double the square footage) in a high floor that sold for around $600K. I don’t know…Apparently someone that already owned another unit at the Waverly bought #3302 so he/she should have been very familiar with the depreciating value of the units in the building. The purchase price just doesn’t make any sense…what does it these days anyway??? I heard it was a cash purchase. I like the Waverly. Are buyers facing problems with financing at the Waverly? What’s the delinquency and foreclosure rates in the building these days? Are there any impending assessments??? What’s the renters/owners ratio? When will that painting/railing work be finished? I know… lots of questions…
Jcrimes,
Thanks for your opinion. It is for one of my close relatives. They have a bit of conservative taste. They really like Naples but I am trying to convince them to buy in Miami. They have 2 small kids and do not want huge building. They are not interested in
noisy active area.I thought that Vilamur is a small building, modern(may be too modern for them). They want privacy, safe area, yet beautiful and on the ocean. I would like to find for them a very good deal in a safe good quality small building. It will be a second home for them and they will for sure qualify for financing. They also need tax deduction
as much as possible. All your suggestions and opinions are appreciated.
lookingtobuy,
The Waverly was built out with a lot of cheap finishing (cheap laminates), some owners will gut the unit completely and redo both bathrooms and the kitchen and add in flooring. I dont’ know what/if anything was done to Unit #3302 but it’s a possibility it was made “right” which would cost some coin.
RT,
I am surprised you actually read international news and websites. Is it a new found passion? You were flummoxed by the Zimbabwe currency too. If you were abreast of happenings in the World all along, you would have known that the Zimbabwe story has been repeated many times over around the World.
If and when that happens in the US, I will just pay off my mortgage with the gold chain around my neck 🙂
Looking to buy,
Are you a cash buyer? If so, keep your powder dry and your ducks in line.
Contrary to what these blokes say, these bulk buys are the best thing that happened and happening to Miami. Basically what they are doing is to take the inventory off the market. The bulk buyers are fully aware of the fact that they cannot resell in the next 2-3 years. They are OK with that. With most inventory siphoned off like that and recalcitrant home owners (at least those who can afford to ) hanging on to their prized pocessions for the next 2-3 years, don’t expect any dramatic drop in prices.
A good option for people like you, gables, miami 2009 etc is to pick a ripe and delicious foreclosure. You need many planets to be aligned for that perfect sweet deal to go through. But with diligence and perseverance, it should not be a problem. Nevertheless, I feel that the window of opportunity for that is a narrow one, to the tune of 1-2 years.
AJ ….” the Zimbabwe story has been repeated many times over around the World.
If and when that happens in the US, I will just pay off my mortgage with the gold chain around my neck ”
AJ!!
🙂
Glad your back!
Unfortunately, the bling around your neck may not be enough, buy physical gold and put it in a safety deposit box.
If you have done this already, upgrade to a bigger box and buy more. Those units you have will not even pay for a loaf of bread in that scenario.
I recommend Monex.
(disclaimer, I am holding less than 10%, I’m 90% cash)
lara
then i’m not sure the vilamur is for them. it is a loft with minimal privacy. for that area, in the new buildings, i’d recommend ocean blue .
Want to know another reason we are far from the bottom?
http://ml-implode.com/info/Arrest-Warrant.pdf
Want to know another reason we are far from the bottom? Fraud writ large…
Read this: triduanum.com/memo.pdf
then this: ml-implode.com/info/Arrest-Warrant.pdf
lara/jcrimes: I was recently in Miami to re-look at unit #16 in the Vilazul…which is really nice…but looks like it was just sold or in the process of being sold. Although I did not go into that Vilamur unit, when I walked around the building it appears that it faces directly into the back alley…which is a bit of an ugly view. There is a better looking unit for sale at the Vilazul for $349K (1 bedroom with large 300ft terrace). Unit #16 at Vilazul is the nicest unit I have seen so far in that building.
Phil
AJ,
That gold chain around your neck undoubtedly sits above a shirt that is unbuttoned to your sternum so you can show your chest hair. Wondering what the visibility is through that fog of AXE cologne you wear.
Tell all your Eurotrash buddies who are buying for $1,000/s.f. that they are getting screwed.
AJ….how can people pay higher rents if there is NO pressure on wages? Everyone is taking paycuts: doctors, lawyers, business owners, Russian oligarchs. Tell me who. Just tell me WHO. WHO! I’m begging you to tell me. Who is going to pay the higher rent? Who? Who? Tell me.
You don’t know. It’s absolutely ridiculous. Your stupidity knows no bounds!
AJ,
I am doing exactly that, looking at foreclosures. There are deals out there, but not what i want, yet. You are right, with patience a deal which i am happy with will surface. not in a rush, just waiting a bit for the dust to settle a little bit. i have not yet seen capitulation in the brickell market, although i am beginning to see it in other locales of south florida. i have the time and cash, just waiting for a good reason to make a move. i want it to be my home for the next decade.
The only people making money right now are gunmakers. Can’t find an AR 15 anywhere. Oh, and people working at monex. And of course, our resident buffoon AJ. DJ extraordinaire….
That’s about it…
AJ, what kind of music do you spin. Can you answer that? Bombay beats?
Lucas,
What are you hearing about Defective Chinese Drywall that has been used in many new developments in Florida over the past 3 or 4 years. It seems developers went way too far in their use of “value engineering” and ended up buying the cheapest drywall they could find. Rumor has it that there are a few condo buildings that have the same problem and will face further serious construction defect lawsuits due to this defective and toxic Chinese Drywall, which is being called the “new mold” among lawyers, who see it as a “godsend” for themselves due to the upcoming further litigation and fees. What are you hearing?
See these interesting articles on the Wall Street Journal…
http://online.wsj.com/article/SB123171862994672097.html
http://blogs.wsj.com/developments/2009/02/06/is-chinese-drywall-the-new-mold/?mod=googlenews_wsj
So we know you AJ is an unemployed dj….11:12 pm on Friday and he’s posting….prime dj-ing time
Beware of Everglades on the Bay and CABI Downtown LLC. These guys fraudulently forged my signature on docs back in 2004 and refuse to refund money. What a scam.
some of this banter targeted at AJ is vicious and completely unnecessary on such a mature blog. responses to questions and comments is one thing, but the personal insults which have become vitriolic have absolutely no business on this blog-towards AJ or anybody else for that matter. i am sure if it continues it will drive many of the responsible posters away and towards a more responsible site. can we please keep some civility on this blog so it remains informative for all points of view?
Can’t agree more Gables! Lucas Lechuga has put together such a great and informative blog…let’s make the best use of it!
I’m a cash buyer, however i don’t know what powers need to intervene in order to close a deal on a foreclosure. It seems to me that it requires more than patience.. .it seems to me that it takes knowing the right people. I have made an offer on two of the so called “distressed” condos over that last 2 months (…one of the offers was the highest bid), and the bank just sit on them for months. And, the realtors didn’t seem to have any interest on moving things along… so there is my experience with these “sweet deals”…
I’d appreciate any answers or comments to questions in comment #37..they might have got lost in all the banter….
Joseph Isaacs said: “Beware of Everglades on the Bay and CABI Downtown LLC. These guys fraudulently forged my signature on docs back in 2004 and refuse to refund money. What a scam.”
Those Mexicans probably sold you SS# and Bank info to the coyotes running illegal aliens into the USA. When this building goes down the toilet, there will be 25 “Joseph Isaacs” living at in one unit, using it as a shelter on their way to New Jersey!
“OBAMUNISM – IT SUCKS!!”
Gables,
“some of this banter targeted at AJ is vicious and completely unnecessary on such a mature blog. responses to questions and comments is one thing, but the personal insults which have become vitriolic have absolutely no business on this blog-towards AJ ”
——-
Here is AJs post in previous thread:
AJ
“george said “a bargain whatever price lol because I am IN tel aviv at the monent and nice apts on ocean are app 1000 US$ per sq ft and UP -no kidding”.
That is why I laugh when some nincompoops on this blog predict 125 or 85/sf.
Some of the typical ignorant and clueless guys who give a bad name to all the Americans! Who can fault when Europeans and the rest of the World laugh at us for our stupidity.”
—–
You get what you ask for Gables.
Although, seriously, I was happy to see him back and said so.
Still, hard to take seriously someone that says these things.
But yes, I was happy to have him back; otherwise, it’s kinda boring.
🙂
AJ eggs it on and we all know it. He is the first to call names and spew venom. He must like the attention… he is a DJ after all so I’m sure he has some self-esteem issues which explains his vain and stuck up style.
Another three banks closed yesterday. What would a Friday be without one in 2009? Which brings me to the question, if the banking system is already essentially insolvent, what is going to happen in the next wave of mortgage defaults through 2011 (previously well documented with a high probability of being more severe then the sub-prime defaults – see 60 Minutes story a few weeks back)? Moreover, we are seeing an increase in commercial mortgage defaults across the board AND credit card defaults are skyrocketing by the billions. Under these circumstances, do any of you really think that BANKS will be able to issue new mortgages to ANYONE? They are already essentially insolvent now and their losses are only maybe 1/3 of what they will be when all this is done? They are hoarding cash to cover expected losses over the next 4-5 years and understandably aren’t lending as if the economy was normal. Moreover, Meredith Whitney has repeatedly stated that over the next 12 months credit card issuers will drop $2 Trillion in credit lines (they don’t want people who are desperate to run up their credit cards then totally default which is what usually happens in these situations).
The answer is pretty simple. The government is going to have to take over each large bank one at a time, clean up their balance sheets and then re-privatize them. How else are they going to clean up the balance sheets of the banks (actually there are a few creative ways but doubt those will happen)? The government will continue to be the first and only lender for years to come. The situation is much much worse then people realize and the federal government will add probably $6 Trillion to our federal debt which will be an enormous debt burden on our country that might just crush us. Without mortgages, condo prices are going to collapse…..especially since many non-owner occupied condos bleed money every month…..
The wealth destruction is not over yet…..
You guys really need to lay off AJ.
I looks like some on this blog try to bully AJ like he’s the fat kid at recess. We all know he comes up with some mind boggling analysis but that’s no reason to gang up on him. Where do some of these folks come from attacking AJ. I suspect they may be one of the same. Anyway AJ is a big boy I am sure he is more than capable of defending himself.
I suspect this blog would be a lot less interesting without AJ and his insightful analysis on miami real estate. I don’t want you guys to run him off with all those personal attacks.
correction;
“I looks like some ” should be “It looks like some “
makes me think said: “bully AJ like he’s the fat kid at recess”
– Seriously, don’t make fun of his weight. He is really sensitive about that especially having to buy two seats on a plane…
I think I like the fact that there bulls, bears and moderates on the blog. It keeps things interesting, informative and lively. The name calling is petty, but really doesn’t bother me since after all this is basically anonymous internet blog…so no hard feelings.
RT, wealth destruction and re-distribution, this is the plan of this administration, isn’t it? Re-distribution was clearly stated during the Obama campaign. His last few speeches say it all. This is truly sad because my parents, as well as many others, came to this country for wealth preservation and it is all being taken away from them. Even worse will be the debt we leave our children and grand children. What ever happened to going through the budget and cutting the waste? These guys just added to it.
And why the hel is GE’s CEO, Immelt, on the Obama advisory team…so he can for this country what he did for GE stock???
I could go on. Hopefully the zombies will come out of their trance!
“And why the hel is GE’s CEO, Immelt, on the Obama advisory team…so he can for this country what he did for GE stock???”
Supposed to read:
And why the hell is GE’s CEO, Immelt, on the Obama advisory team…so he can do for this country what he did for GE stock???
Miami2009
Could this be the answer you require:
http://finance.yahoo.com/echarts?s=GE#chart1:symbol=ge;range=1y;indicator=ke_sd+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
or this
SAN FRANCISCO (MarketWatch) — Standard & Poor’s Ratings Services said Friday it is reviewing GMAC for a potential downgrade in light of the hurdles facing parent General Motors Corp. (GM:2.86, 0.00, 0.0%) , owner of 49% of the financial services unit. “High gasoline prices are the primary cause of the increasingly challenging operating conditions for GM, and hence GMAC,” S&P credit analyst John Bartko said. GM shares dropped 6.8% to $13.78, plumbing lows not seen in decades.
“wealth destruction and re-distribution”
Started before Obama.
But we may have different views on which direction it was going.
I don’t remember all the acronyms for the rich RT had a while ago, I do have a relative that was on the Board of Enron and a VP at Chase for wealth accounts; they’ve been doing pretty good since 83 based on bubbles blown by SirGreenie.
My bad on #65 2nd part
GE’s Credit Rating ‘Unsustainable’ – JPMorgan
General Electric Co.’s (GE) troubled industrial and financial businesses are leading to a credit-rating cut, which will likely force the conglomerate to reduce its dividend, JPMorgan said Friday.
Have a dime, err Billion for a brother, Sir?
http://www.doctorhousingbubble.com/commission-money-real-estate-housing-zillow-redfin-ziprealt/
Yes, I guess it has become obvious, Obama has ruined the world in his first couple of weeks in office. I am so embarrassed that I voted for him, because now it is clear that had McCain won we would all be OK and the economy would be humming along. RT
900, you can’t be seriously talking about wealth re-distribution.
This administration has been in office for what, all of 2 weeks? You are just now concern with wealth re-distribution. Where have you been the past 8 years, high school? give it a rest and start using your brains. What happened to all the wealth that has vanished (eh, re-distributed ) over that time. Check your mammy’s 401K or bank statements from 8years ago and then get on this blog and talk about wealth re-distribution. Then you may have something to contribute on the topic instead of just repeating those tired, lame slogans you hear.
Ok I admit I was wrong. My parents taught me to respect my elders, especially those inflicted with Alzheimer’s and people who can predict the past…lol
I am concerned about the next 8 years, not the last 8.
Anyway, as far as condo’s go. AJ has a valid point; I do not see premium view units in premium Buildings coming down in price. At least on MLS. Am I looking in the wrong place? I seek a modest 1 bedroom 900sqft or so condo in a high end building with great views. At 150sqft should come to about 135K . I don’t see anything near this price, not even at 200sqft. Will we ever see this price point? When will MLS actually reflect real prices? Most good deals seem to be inside jobs.
Nice rant on McCain (The writer has been harsh on OBAMA as well)
http://market-ticker.denninger.net/archives/778-First-Of-Two-McCain.html
“Anyway, as far as condo’s go. AJ has a valid point; I do not see premium view units in premium Buildings coming down in price.”
There are a lot of wishing prices on the MIAMI MLS…….folks got used to the higher #’s and dream of those days returning (They are not whithout extreme inflation). Also, a lot of people maxed out the “equity” on these properties and now owe so much they can’t lower the price to a correct level.
Several of the properties are owned by folks with access to the MLS and they just serial re-list them an hope for a miracle.
Hey Swiss, I have to agree with that article. The only thing missing is; then Senator Obama voted for it as well. Other than that it was a good article and made a very good point!
I need a good deal on a Daytona!
Miami2009 – marina blue all have ocean views. $200/sf
Housing bubble, I looked at marina Blue but on MLS the lowest price 1bd is $325sqft. Will the bulk sale reduce prices to $200? s it fair to offer 200 when asking is 325+?
“I need a good deal on a Daytona!”
Just call us and tell us your are from MIAMI CONDO BLOG and we will get you lower than posted prices…..due to the absolute devastation in the general economy a lot of folks are forced to sell us back their watches and there are some really low prices at the moment…….even retail jewelry stores are closing and liquidating merchandise……should stay that way for awhile unless we get a US Dollar crash.
Lucas & the Blog Gang:
What are your opinions of this listing for a 2-bedroom 1880 sq.ft unit on Grove Isle for $399k? That’s about $212 per sq. ft. It is on a low floor and probably needs a major renovation, but that seems like a really good deal considering the community.
http://www.floridamoves.com/property/propertydetails.aspx?propertyguid=965a1160-8b8d-455b-bd51-75c9b84f0732&WT.MC_ID=301810000000000
I have stayed on Grove Isle at the hotel there and, despite the 80’s architecture of the condo towers, have found it be a very well maintained and appealing place to be. I would imagine many of the owners have been there upwards of 2 decades and so the buildings should be on fairly solid financial ground? Or maybe it’s due for a major assesment?
Thanks for any and all opinions.
PS: the listing above is too new for photos, but this link shows another unit and give an idea of what the complex is like.
http://tours5.vht.com/Viewer/PhotoGallery.aspx?ListingID=1177316&Style=CBF
SwissLuxury- I will be calling you guys as well. Looking for a Bentley GT.
Swiss,
Excellent. When I am ready I will certainly give you a call! Thanks.
Swissluxury…what kind of a deal could I get on a Cartier Tank Francaise (med. or large)in stainless? thank you
Good article:
http://www.marketwatch.com/news/story/Five-reasons-buying-a-home/story.aspx?guid=%7B22185FBD%2D7F44%2D4A49%2DA604%2DA29D4225E122%7D
Wow, look at everyone buying these expensive watches…maybe the economy isn’t as bad as we are being led to believe!
Even in a recession……err…..depr…….folks are still interested in having something special once in awhile, but our sales in 2008 were off 30% from 2007 levels and we think 2009 will be aprox. 50% less than 2007……Cartier is sold to the stores for 42% off the USA retail and we buy for 30-35% off and with low internet overhead can live with around $200 profit per piece…..We are hoping to move into a larger more luxurious condo in the next year or so (2500-3500 sq ft) in the Brickell, Park West or Brickell Key area, but a couple things need to happen first. One we need to sell our unit at Latitude (#1411 which we just lowered $100K and are now seeing a little more action we will offer any of you real estate types a $15K bonus if you bring a buyer that closes by April 15th)…..The second thing is we need some kind of clarity/stabilization going forward on prices…..If we buy a $1.5 mil condo and plan to live in it for 10-20 years then I don’t really care if it drops in value along the way 10-20%……However, we are not into seeing 50-80% of that value go out the window or being strangled by a sick HOA.
Swiss,
your sentiments are probably shared by the majority of those on this blog looking to buy a unit to live in, other than your price range. You can keep your $1.5 million home, all i am after is something under $200k 🙂
We dont need to bottom fish, but prices are still holding up high (although i do not believe they are selling at those prices-just look at the foreclosures and bulk deals to see the action). But the fear of another 50% drop in addition to tax and HOA concerns are keeping many folks on the sidelines. Additional fears of employment brought on by a confirmed recession, with more folks admitting the possibility of depression, makes the commitment to a long term debt even less attractive. these are the simple realities being faced by the homebuyer today.
i would just be fearful of the fact that going forward, many of the HOAs are in bad shape. even in some very established, nice buildings (i.e., 10 year track record), there’s a 10% delinquency rate on units paying dues. i can guarantee you that any of the new buildings, regardless of whether on the beach (continuum/icon etc.) or on the mainland are coming in at this clip or greater.
ocean view condo
2 or 3 bedrooms
1 or 3 bathrooms
1800 to 3000 sq ft
200 to 250K
About ‘The Club at Brickell Bay’:
Does anyone know how much a 2bedroom/2bathroom in a very high floor is being rented for?
Reason the waverly guy may have paid much more is maybee the unit was super hooked up. Totally re-done inside with top of the line finishes.
So you buy cheap with nothing or buy expensive but with all the stuff you’d prob put into it without having to do the work.
Maybee that’s why.
Will anyone tell me if the EVER GLADES ON THE BAY CONDO in miami , fl is giving back the refunds as per their purchase agreement .
They promised to pay back anything over 15% of buying price paid at time of deposit.
I like the efforts you have put in this, regards for all the great content.
I like the efforts you have put in this, regards for all the great content.