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Just downloaded it. Looks realy easy to navegate. GPS feature works great for featured Condos but not for all available real estate closed to me. Maybe an option for version 2.0 ;).
the application is awsome Lucas. good work between you and GOIDX.com in building this handy application.
Lucas
Nice attempt. However, found the app with a confusing look..design is poor and looks cheap.
maybe room for improvement??
Congrats!
Miami is going to be in dire condition shortly. I would rename the website and leave out all mention of Miami.
Miami leaders fear a financial meltdown
My feedback so far:
-Design is poor
-Difficult to read your blog – default lettering is sooo small
-App has crashed 6 times in 20 minutes looking through Brickell rentals and sales. specifically when looking at certain listings.
-rents sales/rentals buttons are very small and have cause me to click on the bottom buttons instead by mistake taking me away from a listing.
Will let you know if I notice somthing else.
Wild Bill — That article is simply astonishing, even by Miami standards. To think Miami had over $140 million in reserves in 2003, then collected record r.e. taxes for the next 4-5 years because of the r.e. boom, and now faces having its reserves drawn down to $10 million or less in 2010, is malfeasance of the highest order. Un-freaking-believable.
Icon slashes prices 51%
hi computer consultant.
where did you get that info?
how much areinits selling for?
last time i was there 2 mo ago, they had dropped 30%
“Icon slashes prices 51%”
Read the article at condovultures.com.
I have confirmed that this is true. Some units in Tower 3, where the Viceroy hotel is, are asking $260/foot!.
Compare that to the average closing price of over $500 a foot in tower 1 and this may be a steal. Although i bet maintenance in through the roof. But at least you get room service!
Just downloaded the app. Very cool….congrats Lucas!
If I hadn’t recently bought my condo I’m sure I’d get some great use out of it. I’ll definately use to more easily check the blog postings now though.
I was told that Icon Brickell tower 3 prices are reduced 50%, but only because people cannot get financing for it because it is a condo-hotel project and they have to pay cash $$$. Icon tower I and II are only slashed 30%.
will be a good deal when the other towers come down to the same price tag.
dont know about buying in a condo-hotel project.
HOA will probably go thru the roof in order to keep restaurants, security and club 50 running
I would hate to live in any building with a hotel. Imagine the noise and hooligans you have to put up with, partying, trashing, causing noise during the middle of the week. Its like when we go to Vegas. I wouldn’t want to live near me either if I was on vacation.
I hear 1800 Club will be dropping prices by 30-40% on all remaining inventory this week.This is from a very very reliable source.This will bring prices down in line to other Condo’s in the area.
So Icon “slashes prices 51%. Big deal – Not. That means 51% off already bloated prices. Icon was the last downtown building to go up and was selling pre-construction at around $600 to $700 per sq foot on average. You know the old sales adage – We mark them up before we mark them down. Besides you need all cash to close. And anyone fool enough to buy there can only have themselves to blame when it takes them 30 minutes to get out of the garage every morning and afternoon when the Brickell Av. Bridge goes up then down to let the boats pass. Tell em Scrivener……..
‘wait and see’ said: “I hear 1800 Club will be dropping prices by 30-40% on all remaining inventory this week.This is from a very very reliable source.This will bring prices down in line to other Condo’s in the area.”
Holy smokes. Can someone check on AJ, please?
Things are falling faster than leaves from a tree. I heard Epic may be reduced by 50 percent. Thoughts?
Kramer couldnt agree more, not too mention the realities when major events tie up traffic-and pitty the fool that throws away money!
Its official: Quantum on the Bay is a real shithole.
http://blogs.miaminewtimes.com/riptide/2010/02/that_stinking_condo_quantum_on.php
Hello, Renter Tom, AJ, Joe, Gables and Lala to name a few. I have been listening to you for the whole year and educating myself. I am not an investor. I am NYC teacher retiree. I came to Miami to buy a condo. Now, I am debating whether to run away or stay. I have a contract with the Icon Tower 1 -one bedr. (around 1100 sqf incl. the balcony) /lower fl. for 311,000. It faces the Miami river and the small green patch of the archelogical site infront and it is the cheapest one bedr. unit on the line from the list and the cheap ones are being grabbed fast. Even though you can apply for a loan, you have a month to come up with cash no matter what or lose your deposits. The loan officer there said that this condo development is not like others. The banks (HSBC and others) cannot leave the Icon development unless 90% of all the units are sold. They will be paying the shortage till then. There are few more fees involed such as giving 1.7% of the purchase price to the developer and around $1000 in my case for the Condo Association. And I am still reading the contract to understand between lines. I have 14 days to decide or lose my first installment of the deposit 10%. – the second installment 10%on the 15th day of the final free look stage, if I am staying. My good conscious says that the bottom is not reached with the Icon becuase it is cash purchase no matter how you look at and how many can do that in this economic climate. Their prices have to come down more but then you might miss the timing. I think leasing is cheaper and safer as you stated and you can get out. But owning might put the closure to my condo search for going about a year. I appreciate your feedbacks. Thanks feeedbacks.
Drew, I am upset about Quantum. It is the first time I hear about it. My tenant never said me a word about it. I’ll try to contact the management office and see what the story is. Hopefully it is something that can be fixed. Recently management HOA fees have been reduced a bit. That was unexpectedly pleasant. I guess due to the fact that the building is almost completely sold which was not the case at the beginning of last year.
In response to #20 comment. Have you visited this building? Did you see it? Do you like it? You have to feel comfortable with the whole atmosphere that exists there since you are planning to permanently settle in it. another thing is to check HOA, general health of the building like how many units have closed and etc.
I just sent several e-mails to different people in quantum management. LEt’s see what the responponse is hoing to be if any.
Cosmopolitan in South Beach was recently was appointed an emergency receiver by a Miami judge. Too many delinquent owners not paying their HOA dues. I suppose many of those delinquent owners were still collecting rent checks from renters, but not paying dues. Now those rent checks can be forced to go straight to the HOA to pay the bills.
Any other condos appointed an emergency receiver?
The Quantum owners need to call the city building department immediately. Tell them the vent stack is too short. I wouldn’t even notify the building in a case like this. They will do nothing until the city forces them.
To poster #20
Three steps:
1. Contact a lawyer with Florida Real Estate experience asap. For a $300,000+ expenditure, a few legal fees are a minor expense. Make your lawyer read between the lines on the contract.
2. Check the comps in the neighborhood and see what equivalent units are selling for. Similar units throughout Brickell have sold recently for much much less than your relatively undesirable low floor unit. You may be able to lose the $31k deposit and buy a better 1/1 in another building (or even in Icon) and still come out spending less than $311k overall.
3. See step 1
To post #20, “What do you think?” — First of all, I feel sorry for you if you’re being “educated” by AJ and me. Ha ha. (Renter Tom is a different story.)
All kidding aside, I’m not really in a position to tell you if your deal is a good one or not. If you’re retired, you really like the unit, you plan to stay there for at least 3-5 years, and the carrying costs won’t crush your cash flow/savings, then it might be a good situation for you. Personally, I’m still of the belief that anyone who buys a condo in Miami as an investment is crazy, but if you’re retired and you’ll actually live in the unit, and you won’t need to depend on rental income to pay the bills, etc., it could be fine. Welcome to Miami, and good luck!
Anyone know anything about the lawsuit between Continuum South Beach versus the developer? The court records claim “construction defects”. Sounds like the owners won, but its hard to follow.
southbeachsand — That’s interesting; didn’t even know about the lawsuit. I wonder if the developer learned his lesson with Continuum North or if that building also has issues.
Speaking of which, for such a prime location, etc., I’ve heard almost nothing about Continuum North. Has anyone here even been in the building? Almost a third of the building is for sale, but most listings don’t even have unit-specific pictures. I’ve heard the floor plans aren’t the greatest, but info. seems to be scarce. Thanks in advance to anyone who can shed any light on the Continuum situation.
Ummmm, let’s see, errr, ya, how about an “I told you so.” 🙂
http://www.nytimes.com/2010/02/03/business/03walk.html
“No Help in Sight, More Homeowners Walk Away”
– In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.
– “People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?”
– “There is no financial sense in staying,” Mr. Koellmann said. With the $1,500 he is paying each month for his mortgage, taxes and insurance, he could rent a nicer place on the beach, one with a gym, security and valet parking.
– “It doesn’t seem right that I can rent a place somewhere for half of what I’m paying,” he said.
Oh, and poor Ben, he doesn’t realize that in 2040 he will STILL be underwater in REAL dollar terms… If he knew that, he’d have walked away before the ink on the newspaper was dry!
Renter Tom,
I don’t understand why you keep posting the same stuff. There are going to be foreclosures (willing and unwilling). These foreclosures are being factored into the current market prices already. Someone walking away from a house that they bought at the height of the bubble that was severely overprices doesn’t do much to affect me buying property now. It’s not like properties are going to drop another 50% from today’s prices. And half of the stuff is pure speculation.
“BY HIS CALCULATION, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040”
I’m glad that he knows where prices will be for the next 15-30 years, considering his same calculations led him to buy the overvalued house in the first place.
This is why the markets act so irrational. Everyone reads stories about how great it is on the way up and then reads how horrible it is on the way down.
The only piece of actual data in that article was that millions of homeowners are 25% underwater and they estimate that 588,000 walked away in ’08. This has been known for some time now. Not one piece of current information and nothing relevant to Miami.
You should have rented and not bought at the height of the bubbly. We get it. I think that if fairly obvious now. Hindsight is always 20/20. But what does that have to do with today?
Type in any building name and you can browse all the lawsuits, delinquent payers, foreclosures etc. Good research before moving into a building.
Gixxer 1000 said – “These foreclosures are being factored into the current market prices already.”
– Really? You really think so? I disagree. I think the issues have not been fully recognized in the market as 2010 becomes THE year where foreclosures and short sales rule and strategic defaults (home debtors with the ability to make their payments stop) increase substantially. We are in unchartered territory as people question whether to make payments or not. This home debtor behavior will be one for the history books….or at least for a good MBA class in consumer behavior.
Gixxer 1000 said – “Not one piece of current information and nothing relevant to Miami.”
– Really? The story of a Miami Beach condo owner and his observations and internal thinking aren’t relevant? You don’t think a prominent article in the New York Times read by people around the world doesn’t have an impact.
——-
I don’t think I am the one that “keep(s) posting the same stuff.” Your posts seem to be awfully repetitive so kettle, meet black.
Gixxer 1000 said – “These foreclosures are being factored into the current market prices already.” Then said “This is why the markets act so irrational.”
– Which is it? Are they being factored into the markets already or are they irrational. Enough said. Perhaps you have been reading too much by AJ? LOL
Everglades on the Bay update:
Units rented with no background checks to convicted criminals. Bank not happy.
‘wait and see’ said: “I hear 1800 Club will be dropping prices by 30-40% on all remaining inventory this week.This is from a very very reliable source.This will bring prices down in line to other Condo’s in the area.”
Holy smokes. Can someone check on AJ, please?
Hi Guys,
I can with all certainty tell you this is not the case. I am director of sales at the 1800 Club.
Funny…..I thought AJ was the director of sales at the 1800 club.
Why does 1800 Club even have a director of sales? According to AJ the renters are in love with the building and have already purchased the remaining units.
Maybe a director of rentals?
54 unsold units.
I don’t know why AJ just doesn’t snatch these 54 unsold units up….I mean if owning one is such a wonderful investment, owning 55 would be beyond heaven! He could rent one out to Ben from the NYT article!!!
This shows 71 units owned by 1800 Club Ltd., so I assume that means unsold, no?
http://www.condoreports.com/real-estate-reports/1800-club-condo_miami_condo_ownership_5835
It’s like listening to the family feud here and I love it. Someone can comply all this to a broadway play. What should we call it? Much thanks for all your inputs for this poor soul. I greatly appreciat it.
Ivan,
Given the recent sales prices of 1 bedrooms around $205k that would amount to about $1900 a month given HOA, taxes, etc. As the director of sales what do you think is the benefit to owning when I can simply rent for $1400.
It seems that if you had cut prices by 30% that would be inline with where you need to be.
Your site says that you have “Developer Sellout Prices”. What are these prices.
Gixxer 1000,
It prob. means nothing. juat marketing doubletalk.
I know it is a not a project for everyone, but I do like Icon Brickell myself. However,
I do not know anyone who lives there. I would like to buy there when the price reaches a reasonable quote.
Does anybody live there or has any info on how the building is run, people who are living there..
I know it is almost totally empty, but any info would be appreciated.
Did you hear about the new $50,000 Miami condo buyer’s credit???
– To redeem, just wait six months…..
http://www.telegraph.co.uk/travel/destinations/northamerica/usa/florida/7137881/Miamis-cultural-makeover.html
Joe (#28) –
Yes, I’ve been in Continuum North looking for a unit to buy. I passed. Apart from the building’s location, which is excellent, I was not impressed. The layouts were cramped and the hallways so narrow you found yourself screaming for a bulldozer or the elevator. What meager construction exists is obviously temporary, erected solely for the purpose of obtaining the legal right to sell the unit. Minimal and cheap and intended to be demolished following closing. So what you get is a concrete floor, a little balcony and a few plumbing connections (never could tell if/how the AC worked). The townhouses/lofts are really a joke. Plain Jane terraces with enormous ugly hot tubs. Didn’t take me (and my friend who was also looking) to say to our broker: “Next, please”. And thank God we then went to a real building – Murano at Portofino.
Hope this helps.
Samson — Thanks for the feedback. That was quite a review. Leave it to a Miami developer to take perhaps the best piece of real estate in Miami and screw it up with bad floor plans and cheap construction. I can’t say that I’m surprised.
Couple questions:
1. When you said the hallways were narrow, to which level(s)/floor(s) were you referring? I thought Continuum North was set up so everyone basically had their own private foyer when they got off the elevator. I didn’t think it was the traditional hallway-entry type of layout (??).
2. The units aside, how did you like the grounds and the common areas? Did you check out the fitness center, the rooftop (assuming something is on the roof; even the developer’s site doesn’t say), etc.? If so, what’s your review?
I had high hopes for Continuum North when it was under construction, but it sounds like the delivery was underwhelming. Thanks again for the feedback.
ANYONE KNOWS ANYONE LIVING AT ICON BRICKELL?
ANY INSIDER’S INFO ON THE BUILDING?
THANKS
Dear Renter Tom, where did you here that? (Post #46) Is this a joke? Would the credit be applicable to someone who already bought a condo in Miami in 2010? Please respond.
What do you think – Yes, it was a “joke” albeit it true, if you just wait six months, prices will decline….an $8K new home buyer’s credit is small compared to price declines…
Here’s the new Icon Brickell pricing. Doesn’t sound like 51% off to me….
Here’s what’s available so far:
TOWER 1:
E Line 2 Bedroom 2 bath 1312 Sq Ft maintenance $646.94
#2615 $529,130 assignable
#2715 534,030
#3015 548,030 Has a tenant
#3115 552,830
#3315 522,130 Has a tenant
#4015 552,930 assignable
#4415 570,430 assignable
H Rev 1 Bedroom 1 bath 947 Sq Ft maintenance $442.00
#714 $311,430 assignable
#2214 377,230 16’ceiling and assignable
#2614 364,630 has a tenant
#2914 345,030 has a tenant and assignable
#4014 411,530 has a tenant and assignable
#4314 404,530 has a tenant and assignable
#4414 392,630
H Line 1 Bedroom 1 Bath 947 Sq Ft maintenance $442.00
#1012 $306,530
#1612 353,430 assignable
#2712 380,030 assignable
#3312 381,430 assignable
#4412 392,630 has a tenant
#4812 386,330
L Studio 640 Sq Ft maintenance $302.42
#710 $229,530 has a tenant
#1210 245,630
#2310 254,030 assignable
#4510 270,130 has a tenant
M Studio 675 Sq Ft maintenance $325.69
#808 $242,830
#2408 268,830 has a tenant
#2608 277,130
#3808 300,230
J Rev 1 Bedroom 940 Sq Ft maintenance $451.97
#1706 $342,930 has a tenant and assignable
#2006 349,930
#3206 361,830
#3906 390,530 assignable
K 1 Bedroom 726 Sq Ft maintenance $330.67
#1204 $287,630 assignable
#2504 289,030
#3204 300,930 has a tenant
#3504 274,330 assignable
#4004 318,430 assignable
#4604 324,730 has a tenant
D Line 2 Bedroom 1433 Sq Ft maintenance $702.88
#502 $529,830 assignable
#702 536,130 assignable
#2402 529,830
#3002 571,130 assignable
#3702 594,230 assignable
#5402 676,130 assignable
G Line 2 Bedroom 1144 Sq Ft maintenance $560.53
#3913 $421,330 assignable
#4313 434,630
#4413 453,530 assignable
J Line 1 Bedroom 940 Sq Ft maintenance $451.97 (facing pool)
#2011 $303,730
#2411 314,930 assignable
#3611 349,930
#4211 354,130
#4411 385,630 assignable
F Line 2 Bedroom + Den 1312 Sq Ft maintenance $646.39
#2009 $454,230 assignable
#2309 467,530
#2909 475,930
#3209 470,330
#3509 500,430 assignable
#4509 511,630 has a tenant
C Line 2 Bedroom + Den 1461 Sq Ft $714.51
#1907 $527,130 has a tenant
#2307 553,630
#2507 562,730 assignable
#4407 556,430 assignable
#4507 571,130
B Rev 2 Bedroom + Den 1503 Sq Ft maintenance $727.25
#2605 $615,930 has a tenant and assignable
#3205 580,230
#4305 627,130
#4905 671,930
#4705 692,230
#5505 678,230
B 2 Bedroom 1503 Sq Ft maintenance $727.25
#2103 $533,330
#2203 597,000 16′ ceiling and includes flooring
#4303 627,130
#5403 674,030
A Line 3 Bedroom 2044 Sq Ft maintenance $1010.84
#1801 $816,130 assignable
#2301 811,230
#2501 760,130 assignable
#3601 842,730
#4201 905,030
#4601 924,630 assignable
The units that indicate assignable are CASH deals only.
Tower 3 (Viceroy Residences at Icon Brickell)
A Line 2 Bedroom 2 Bath 1459 Sq Ft
#3708 474,900
#3908 479,900
#4008 598,900 (16′ ceiling)
#4308 482,900
#4608 488,900
H 1 bedroom 1 bath 842 Sq Ft
none available right now
Rev 1 bedroom 1 bath 842 Sq Ft
none available right now
D 2 Bedroom 2 Bath 1286 Sq Ft
#2804 $489,900 (16′ ceiling)
#3704 407,900
#3904 409,900
#4004 499,900 (16′ ceiling)
#4204 415,900
#4504 419,900
B Unit 2 bedroom 2 bath 1386 Sq Ft
#4002 $575,900 (16′ ceiling)
#4402 476,900
#4702 484,900
Joe:
The grounds at Continuum North seemed fine although they weren’t complete when I was there. I think the Continuum North people can go to the Continuum South grounds – which are splendid – and vice versa. Again, location is hard to beat. By narrow hallways I was referring to the hallways within the units. A fat person would brush both walls while walking to the crummy little terraces from which you think you’re about to fall off and therefore quickly come back inside. Very windy up there and therefore a little scary; if I lived there I wouldn’t spend much time on the terraces I was shown, especially if I had had a few.
As for the fitness area, I couldn’t care less and nobody said anything about anything on the roof. The lobby seemed sort of “souless” but it is superior to the Continuum South lobby which is already very “dated” and, I heard, scheduled for renovation.
By the way, the HOA charges are very, very high. Security seemed tight…almost too tight, if you follow my drift, sort of like going to visit somebody in prison. I mean, really mean, unfriendly, uncommunicative, menacing. Not sure I’d want to invite anybody over. Bad first impression as a result. None of the stores were open. There was talk of a Chicago steakhouse opening. Big deal. Unless the stores are fancy, the retail will junk up the place. Already all the riffraff sounter past the building on the way to the beach and shower at a public shower right in front of the building. I can’t imagine what the noise situation is like on the north side of the building on Sundays when Nikki Beach is open. God.
ANYONE KNOW WHERE “AJ” IS????? HE’S Gone
Dear Renter Tom , Samson and all others
My hat’s off to you!! Week after week !! Pouring your expertise, insight and information into this blogsite. Tremendous talent and humanity!!! That’s the reason why I have been listening in for the entire year. Please keep it up. I love it when you argue, too.
Interesting article today re Related Group deposit refunds delay tactics. Their in-house counsel, Betsy McCoy (sounds like a cowgirl rather than an attorney), seems overwhelmed and in over her head.
———————-
Daily Business Review
Judges join buyers’ frustration over litigation delays
For months, lawyers for condo buyers have complained that Related
Group is improperly delaying litigation over deposits, but judges have
joined the chorus accusing the giant developer of dragging its feet
and ignoring a court order.
Related, one of the largest condo developers in the country, is
defending lawsuits involving more than 1,000 purchase contracts. In
most cases, the buyers failed to close following the meltdown of the
condo market and they are trying to get their deposits back. Under
federal law, buyers in condos with more than 99 units are entitled to
any money they put down in excess of 15 percent of the purchase price.
In one recent order, Miami-Dade Circuit Judge Peter Adrien said
Related ignored his order to refund a portion of deposits to a group
of buyers in the 1,796-unit Icon Brickell project in Miami.
In another order, Judge Lynn Gerald Jr., a circuit court judge in Lee
County, cited Related’s legal delays.
“Through [the] entire case, the defendant has constantly missed dates
on which they were supposed to file and/or filed something at the last
minute just apparently to delay the proceeding,” Gerald wrote in an
order denying Related’s motion to vacate his ruling. “It is clear that
the defendant has failed to establish excusable neglect.”
Related is appealing both orders.
Betsy McCoy, vice president and associate general counsel for the
Related Group said she is “deeply offended” by the judges’ orders and
said the problems they cite are isolated cases.
“Do you think I would risk my reputation for the Related Group when
I’ve got 22 years of experience as an AV-rated lawyer?” she said.
“There are legitimate reasons for these defenses.”
Judge Gerald didn’t buy Related’s reasons for delaying responses and
then seeking to vacate a judgment in a case involving a dispute over a
$132,000 pre-construction deposit on a unit in the 240-unit Oasis
Tower 2, a Related project in Fort Myers.
Peter Huy, the attorney representing the two buyers in that suit, said
there is a pattern in Related’s actions.
“You can see a complaint is filed, then they file a notice of
appearance to avoid default, then they file motions for enlargement of
time, then the day before the hearing they file an answer or something
else to avoid a judgment,” he said.
“When they are hit with a judgment they file a motion to vacate and
even after that is denied they still don’t return the money.”
Huy said he has a hearing in two weeks to compel a title company
holding deposits in escrow to release the money to his clients.
Related has appealed the case and claims the money should remain in
escrow until the dispute is resolved. McCoy said this is an isolated
case caused by “service issues.”
“That case had to do with logistics,” she said. “We didn’t receive the
paperwork that was served by the council. The mail was going to the
wrong place. That order is outrageous. It was a procedural error on
our side and I think [the judge] went way overboard on his findings
and I don’t think the 2nd [District Court of Appeal] is going to agree
with him.”
‘STILL PLAYING GAMES’
Related has also “chosen to ignore and intentionally violate” orders
to release partial deposit refunds to buyers, according to an order by
Judge Adrien in the case involving Icon Brickell.
The court gave Related 10 days to return escrowed deposits exceeding
15 percent of the purchase price.
The contracts say buyers are entitled to refunds exceeding 15 percent
of the purchase price if they default on the contract.
Since the order was issued in December, Related has returned money to
about 41 buyers, said attorney Robert Cooper, who is representing the
buyers of 150 units in the case who have paid a total of about $23
million in deposits.
Cooper said Related refuses to return money to about 102 buyers who
received letters of default after August, claiming the order only
applies to buyers who defaulted before August. Related also said it
cannot return money to seven buyers because there are discrepancies in
the spelling of their names on the contract and the lawsuit.
“They are still playing games and are simply ignoring the court
order,” Cooper said.
The first order demanding that Related return money was issued last
August. Related contends that only buyers who received default letters
from the company before Judge Adrien issued the order have the right
to refunds. Last month, the judge amended the order to include all
buyers seeking refunds, but Related said the judge “did not have the
right to amend or alter” the order.
“You can’t decide to add buyers to an order,” McCoy said “That’s a
violation of Florida law — granting relief with no motion. He has no
jurisdiction to do this.”
PROTECTING BUYERS
McCoy claims she is protecting the buyers’ interests.
“Judge Adrien’s willingness to order the partial refund with no record
evidence whatsoever of who the buyers are and who may have contract
right of interest lead to a mess … [we have a duty] to be sure only
buyers having an interest in the escrowed deposits receive money from
escrow,” she said.
McCoy’s appeal and a motion to have Adrien removed from the case are
pending before the 3rd DCA.
She said a buyer is not in default until the developer notifies the
buyer of the closing date and the buyer fails to close.
Attorney Michael Schlesinger , who represents several buyers of units
at Related’s 500 Brickell, said that even when the buyers have letters
of default, Related’s attorneys still try to avoid returning the
partial deposit.
“Every single order that I have gotten requires them to pay back the
amount exceeding 15 percent,” Schlesinger said. “They have not
complied. Do I think this is intentional? I believe so. They are
holding the money and they are earning interest.”
He said Related has denied his 500 Brickell clients were in default.
And even after the letters of default were filed with the court,
Related refused to return the partial deposits.
“They delay everything. They fight everything. McCoy doesn’t return
phone calls or e-mails,” Schlesinger said. “I wonder if she is
exercising her diligence as an officer of the court by handling so
many cases by herself and in-house”
McCoy has asked for extensions in dozens of Related cases, citing the
overwhelming number of lawsuits the developer is facing. She said she
is not working alone and has some of the “top condo lawyers in the
nation” as co-counsel.
Boca Raton attorney Eric Neuman, who also represents buyers in
disputes with Related, said the company’s actions are frustrating.
“Whoever holds the money holds the power and the longer they hold on
to these deposits the better it is for them,” he said. “Plus, most
buyers have limited resources. How long can they go on paying a lawyer
to pursue a lawsuit that is continually being stalled?”
McCoy said many lawyers working condo disputes are paid on a
contingency basis, which makes them push for speedy resolutions.
“I suspect that many buyers’ lawyers became involved expecting easy
and fast pay offs. There is no automatic right of refund,” she said.
She said the lawyers’s claims are absurd.
“I take great exception to any suggestion that the Related Group has
delayed cases’ progress,” she said in a written statement to the Daily
Business Review. “Please be assured we are represented by very
competent counsel and not a one would compromise their own reputation
for the sake of one client.”
McCoy said she is being cautious in defending Related’s rights during
“unprecedented times in the real estate market of South Florida.”
“As the largest condominium developer in the United States, we have a
duty to defend these cases in a responsible and intelligent manner.”
Continuum gym is top notch, like a health club. There is also a 3rd pool back there, which is really nice lap pool, infinity edge style on top of the gym roof.
Yes, both towers use both pools, all paid for jointly.
The units are horrible designed, small balconies, some with 3 balconies (stupid instead of making one huge wrap balcony). Some balconies are shared with a thin wall separating from the other units balcony.
Security and staff are everywhere. I actually like that because of all the Hialeah trash that occupy 1st street beach area on weekends. They probably have 100+ people of full-time staff.
I think HOAs are over $1.20+ per sf now. Somewhere in that range.
Thanks for the feedback on Continuum. Very interesting (and, to an extent, very disappointing).
southbeachsand — Are you saying the Continuum North’s gym occupies the top floor of the building, with a pool on the roof? I thought the gym was on a middle floor. Thanks.
ICON BRICKELL PRICES WILL BE GOOD WHEN THE 2 BD DROP TO 300.
UNTIL THEN THEY ARE STILL OVERPRICED.
HOWEVER, I MUST SAY I LOVE THE BUILDING AND THE WHOLE CONCEPT.
ANYONE KNOWS ANYONE LIVING THERE OR ANY INFO ON THE BUILDING MANAGEMENT?
THANKS
Joe –
There’s a very nice “short sale” at Portofino Tower (one of the half dozen best buildings in SoFi by any standard) which just came on the market which you might consider pursuing. Its a shade over 2,000 sq. ft. and the listed price is under $1,100,000. That’s less than $550 per sq. ft. for the real thing (a completed, “move-in” unit with serious finishes). Views of the “cut”, north up the beach, a real terrace, serious common areas, etc.
I hope this price represents the beginning of a new trend for the high-end stuff and I hope this lead works for you.
Good luck.
Samson – Is that an APPROVED short sale? If not, what’s the point regarding the price since if not approved it could be $10 or $10M, it means nothing at this point. Also, what is the mls? Thanks.
Gun shootout outside 50 Biscayne condo on Thursday. I wonder if the residents can sleep with all the gunfire?
RT, with regard to your comment about the $50,000 tax break on miami condos within the next six months….I know you were joking, but that generalization doesn’t apply across the board.
I’ll only speak from experience with my building, but I closed on my short sale in August, ’09 at $206/sq. foot. There weren’t any sales prior to mine for 7 months, so I knew I was taking a risk, but since my sale went through, it helped establish the market rate for the building.
Since my sale, there have been 17 additional sales in the building, with average price per square foot on the biggest units (what I have) being just under $230 sq. foot. 5 of those sales happened in the last month alone. This is pretty good for a building with only 164 total units.
So it looks to me, at least at this point, that my gamble paid off. Not only have I gotten the lowest price in the building, but I got the 4th best unit in the building which already had $50,000 in upgrades in it (marble floors throughout, window treatments, etc.). Since then, units are selling at the fastest pace since the developer started closing on the pre-construction contracts in late ’07 at obviously much higher prices.
Even if I wanted to sell/flip right now, which I don’t, I could probably make a $40,000 – $50,000 profit based on all the recent comps and high volume of sales. Since I plan on holding the unit for at least 5 years, I’m sure I’ll end up well in the black when I am ready to sell it.
I’m not researching any buildings actively anymore, but I’d venture a pretty confident guess that there are other buildings that are also performing well. Not sure whcih ones, but I’m sure they’re out there. Likewise, there are definately buildings (the majority I’d say probably) that aren’t.
Here’s a link to condoreports illustrating what I said in my last post. My sale was the one on 8/09, unit 1702.
http://www.condoreports.com/real-estate-reports/the-lexi-condo_north-bay-village_condo_recent_5961
EDIT – just checked the county records, and at least one more deed has been recorded in the last few days that doesn’t appear on condoreports yet.
Carlos, the units that are 51% off or under 300/foot are in tower 3, which is the Viceroy Hotel tower, not 1 & 2. I think the building amenities are top notch, and these prices are very nice, but im still skeptical about the HOA fees. They are already almost at 70 cents and who knows what will happen to that number if the hotel continues to be almost always vacant and the other 3 towers stay a ghost town. I do like their strategy of only hiring beautiful women as sales agents tho.
DJ – It was just a joke regarding the fed govt $8K tax credit…that it isn’t wise to “buy now” to get $8K when you can save a lot more by simply doing nothing….that doing nothing is a pretty good return on future investment! LOL Best wishes with your new condo!
RT, I know you were joking. Was simply pointing out that there are definately some deals out there. I guess overall you can save more by renting in a lot, if not the vast majority of units available now, but there are certainly exceptions.
Thanks for the well wishes on the place…..I’m loving it so far. Seeing all of thsese units close recently at prices appreciably higher than what I paid makes even sweeter.
DALE
I AGREE THE BUILDING IS GREAT. HOWEVER, FOR THE CURRENT STATUS OF THE MARKET, CONSIDERING THE HUGE INVENTORY AND ALL THOSE EMPTY UNITS, 500 K FOR A 2 BD STILL SEEMS LIKE A LOT.
THAT IS WHY EVERYONE IS RENTING AND NOT BUYING.
I REALLY DO LIKE THE PROJECT. I KNOW SOME PEOPLE THINK IT LOOKS LIKE A NIGHT CLUB OR A BAD ACID TRIP.
I MYSELF LOVE IT.
I AM ALSO CONCERNED WITH A BUILDING WHERE THE MAJORITY WILL BE RENTERS WHO DONT CARE SO MUCH FOR THE PROPERTY, AND GOD KNOWS WHAT KIND OF NEIGHBORS YOU WILL GET.
After reading Drew post # 57, I thought I might put a stoppayment on my 10%deposit before Related cashed it since I decided not to go ahead with the contarct (a free look ends 2/15). The money is still in my savings a/c as I see it now online. Is this wise to do that or would there be a negative consequence? Thanks for your input.
What do you think — You need to consult a lawyer on that IMMEDIATELY. From what I’m reading, Related holds deposits to which it isn’t even entitled, so you’re lucky they haven’t cashed the check yet. I wouldn’t waste time asking for advice on this msg board (or any other). Good luck.
——
RT — You’re right, in the general sense, about it being better to do nothing than to buy now just to get the $8k tax credit, but remember, a lot of people are using that $8k as their down payment. (This is one of many reasons that the $8k credit was a bad idea — it not only gave people an incentive but also gave them a way to buy r.e. at prices that were still artificially inflated. Typical government move — stupid.)
#70
yes agree contact lawyer ASAP call your bank, cancel check and run the hell away from that nightmare of a reality-Its the same for all the buildings as I know within every newly delivered project there are millions of dollars in law suits impending-lucky lawers are the nly ones winning out from this, so with each hour logged why settle-the lawyers here in Miami play directly into the Related situation as they know they cant slay the dragon….Eventually however the dragon will be brought down-and he no soundoffs on the fact that with all the failure MD county still sees the developer in a positive light to grant a huge payment for redevelopment of a low income reality-does anybody smell something funny (other than all of you livng in edgewater!!!) LOL
RENTER TOM…….do you believe that Miami Condo’s/realestate has another 25%-30% DOWNSIDE??? Please tell us your very Honest opinion? Thankyou
FORECAST IS FOR ANOTHER 30% DROP IN MIAMI.
PRICES HAVE BEEN DROPPING STEADILY IF YOU HAVE BEEN FOLLOWING THE MARKET STEADILY.
SOME HIGH END BUILDINGS STILL TRYING TO HOLD UP, BUT IR IS NOT HAPPENING.
PRICES DROPPING IN RENTS AS WELL.
A FRIEND OF MINE JUST RENTED A 1 BD IN ICON BRICKELL FOR 1,600 !! THAT WOULD ONLY BASICALLY COVER HOA AND PROPERTY TAXES!
ALL THE NEW BUILDONGS DOWNTOWN ARE SLASHING PRICES.
900 BISCAYNE IS ADVOCATING TO BE ALMOST SOLD OUT, WHICH IS UNTRUE.
I WAS OFFERED A 2 BD THERE FACING THE WATER FOR 400K, MAKE AN OFFER!!
THEY USED TO GO FOR 700-800K.
WAIT AND IT WILL PAY OFF! OR JUST RENT IN A COOL BUILDING YOU CANT AFFORD RIGHT NOW AND PRICES WILL REACH A FAIR VALUE SOON!
900 fan
sorry. My mistake
1 bd + den facing east – if not mistaken around 1200 sq ft
offered at 400k. Was constantly told make an offer. Very negotiable.
Don’t get me wrong.I like the building. Found some of the common areas a little disappointing though. Pool area sucks.
Renter Tom (#63) –
Sorry for the delay in answering your question. The unit was offered to me by a broker I trust. I’m not sure I know what is meant by the term “APPROVED BANK SALE” which you have used. All I know is that the broker said the price is subject to bank approval.
And therefore if the Bank changes its mind or can change its mind – which I’m sure it can unless it unilaterally agreed to accept the price at which I was offered the unit and the owner agreed (the bank’s mortgage being equal to or greater than the price at which I was offered the unit) – the price at which I was offered the unit is meaningless.
“APPROVED BANK SALE” is not a legal term I’m familiar with – unless it refers to an asking price for a unit unilaterally agreed to – and enforceable against the bank by a prospective purchaser – by a bank which owns a first mortgage with an unpaid balance equal to or greater than said price (and the owner has waived its rights to contest such a sale).
But good luck anyhow. It’s worth looking into in my opinion: $550 per sq. ft. an upper floor, 2,000+ sq. ft. at Portofino Tower with splendid views.
CARLOS – that is absurd. And a den does not count as a bedroom.
wait and see – In my opinion, prices will continue to come down in our area at least through June if not all of 2010. How much, really depends on the area and type of residence. 10% seems reasonable….20%-30% that would be very substantial but could happen in the areas of very high excess supply such as downtown condos. If rents are only covering taxes and HOA, then there is a negative return on the purchase price as prices are declining and prices aren’t even keeping up with inflation. If you come across such a situation, then purchase prices have to come down (or AJ inherited a bunch of money!). The only positive for the market is that new residential construction is nil, that is a good thing to provide stability in housing prices sooner rather than later. Do I think single family homes under $200K will drop another 30%, no, that doesn’t seem probable even in our area (but who knows if the economy takes another significant leg down).
The way I look at it, it is is a general credit bubble collapse (as I have explained several times in past posts) and how that caused a shift down in the demand curve (instead of movement along the demand curve….Econ 101) resulting in a structural recession versus a cyclical recession (which, as far as I know, I was the only one saying that a long time ago). Government spending can’t fill the gap and such spending doesn’t address the structural supply investments we made over the last decade since govt spending is a different demand than private spending (consumer and business). Any market that is highly dependent on credit for demand is getting whacked, the higher the prices generally the worst it is (housing, yachts, strip malls, new car sales etc.). We are back to an originate and hold lending model (except the fed is buying MBS for now…they are the ONLY buyers of this stuff so just like the last cause of the trouble, credit risk is being under priced again!!!). The high end condos are going to really take the biggest hit in prices.
Another factor to consider is if the dollar strengthens against the Euro and the Canadian dollar, then that part of the housing demand will slow too. That would hurt the Miami market more than other parts of the country.
I follow real estate trends in a couple of other places too. One area in the midwest that I followed reported an overall drop in YOY sales for January of more than 10%. I was expecting the reverse…..I was way too bullish apparently.
Those are my thoughts ‘wait and see’, they’re free so put whatever value you want on them. I am just glad I didn’t buy two years ago…we have a very crazy real estate market here in Miami.
Samson – Basically, a broker could list a unit for $200K (even if the real market value is $350K) as a short sale subject to lending approval. Such pricing would generate a ton of interest except that the bank will do a BPO and figure out that the price is well above $200K and not agree to take less than say $320K. Only when the short sale has been approved by the bank at $X price, can you really buy it at the listed price of $X.
One last Continuum North question: Does anyone know what’s on the roof? It seems to have a very funky/trendy construction design at the top, but I’ve never seen pictures of that space and there’s not even any info. on the developer site that tells what the hell is going on up there. I figured it was some sort of rooftop pool/bar area and/or rooftop area(s) for people with penthouses, but per other comments here, it sounds like I might be wrong. Thanks again for the feedback.
Renter Tom,
Since you seem to understand so much about the market,
could you give me your feedback on icon brickell?
do you know anyone living there? I would really like to get an insider’s review/scoop on the property.
I do like the building but as far as buying goes, 500k for a 2 bd there sounds like a lot in our market , especially considering the building is almost a ghost building nowadays.
Do you see the 2 bd there dropping to the 300’s?
I have been told that the HOA there is around 70 c ( God knows how much it will go up to in the near future ). Also concerned to what is going to happen to the building and HOA after it is not being subsidized anymore.
Therefore a 1400 sqft 2 bd would go for 1000 in HOA a month plus taxes ( almost 1000 a month as well ).
For 2 k + cash for the condo ( or mortgage) you might as well just rent. Agree?
Thanks for the feedback.
This is a very private area with great views. There have been a few high end Porno films made there. Carlos in security takes care of access. You need cash to get up there.
CARLOS – Icon Brickell is not a building that I have reviewed in depth since that is not an area I would buy in. The developer is probably or already has lost a HUGE amount of money on the deal…that should tell you something. You want to buy into the “condo carefree lifestyle” not into a big mess. When times are good, condos can be a bit of a hassle, but when times are bad, condos can be your worst nightmare. I have previously used the lifeboat analogy for buying into a condo…well, now some of the other owners have killed off some of the other owners by only looking after their own interests and stopped paying everything…HOA, mortgage, etc. causing others to default. I sometimes see a nice building then look into the HOA and find a nightmare…who wants years of that cr*p?
Renter Tom, I totally agree with you.
I have lived all my life on the beach and I am currently in a very high-end building in South beach. However, there is nothing comparable to the amenities that Icon Brickell has to offer. Even if you consider buildings like apogee.
I also do not know if I am getting old or jaded, but the beach has become trashier,dirtier and not so coll as it once was.
I know it is an attractive area as far as real estate goes, but I do not know if I want to continue living in an area that is turning into ghetto land.
Brickell is considered by many a latin america haven, but I do feel it has improved a lot over the years.
It is cleaner than the beach, safer and the new buildings are nicer. Too bad some of them are being destroyed by renters.
Let me know if you have any comments.
Thanks.
Post #82: “Continuum North Roof — This is a very private area with great views. There have been a few high end Porno films made there. Carlos in security takes care of access. You need cash to get up there.”
I can’t tell if this was a joke or a serious reply. I doubt the developers built a “very private” rooftop area exclusively for the security staff to rent out surreptitiously. Is it a common area, a private extension of the penthouse level(s), or what?
When my crew filmed in the Continuum we paid the developer directly.
Carlos:
You have nothing to lose by waiting a while to see if the ICON Brickell prices drop more. If you wait during the next 4 to 6 months, the prices are more than likely not going up. So you can comfortably wait and see.
In the meantime, you should look around at some of the other newer Condo buildings in the Brickell area. I have been researching the area and believe that this area of Miami will be in a very good position of appreciating better than most other areas of Miami when the economic recovery starts to pick some steam.
DML
Thanks DML
I have looked at other buildings,but haven’t fount any that is at the same level as icon brickell.
Saw 500 brickell the other day..falling to pieces already. Axis, 1060, plaza, skyline, mint, wind, ivy – none appealed to me
still prefer the landmark buildings ( palace, villa regina and santa maria ) over the other new buildings
It is a private area not connected to any residence. It is an exclusive area, available for those who are made aware of it, and those who are invited to utilize for a fee, including guests.
Post #89: “Continuum North Roof — It is a private area not connected to any residence. It is an exclusive area, available for those who are made aware of it, and those who are invited to utilize for a fee, including guests.”
But again, who owns it? How can an area of a *condo* neither be a common area nor a parcel of property? Are you saying the developer is maintaining ownership of *THE ROOF* of the condo? That seems absurd on its face (even in Miami). (And what do you mean by “available for those who are made aware of it”? I’m quite sure everyone at Continuum knows the building has a roof. ?????)
back in the good ol’ USA. But I am shocked by the difference I noticed after being absent for 6 weeks. The rest of the World (Asia) looks like a frenzied place. The energy and dynamism are unmistakable. To the contrast US looks almost sleepy and lethargic. I am afraid that very soon we are going to be called a has been. Can somebody please help us?
Carlos,
I dont get how come you like Icon over Plaza. Another good brickell building is Infinity. Have you checked it out?
If you are willing to be open minded about your location, consider MB and 900 in Park West, 1800 Club and Gallery art in arts district and midtown 2 and 4 in midtown.
and no, you are not getting old or jaded. The center of gravity is shifting to Miami mainland from SOBE for the past 3 years or more. The infrastructure and facilities have almost reached their zenith a few years ago meanwhile across the bay there is a dynamic new city being established.
Aj
marina blue is a cheap building and is being destroyed by the tenants. 900 and Marquis are nice but I don’t want to have homeless people as neighbors.
Plaza amenities don’t even come close to icon brickell’s. Infinity has a nice concept but is a big flop.
Midtown and pace park are not areas that appeal to me.
Thanks for commenting.
I heard a rumor going around while i was out the other night about the possibility of the mayor imposing a 2am-3am shut-down of all nightspots in downtown Miami / Brickell areas such as Bardot, MIA and Space. Anyone heard anything asbout this? Any chance this will happen? This could present a huge blow to the economies of the downtown / Brickell areas.
The roof area is a shared amenity, though it’s use is limited and rather restricted.
Angel,
It is supposed to be the brainchild of Commie Marc Sarnoff. It is a hare brained idea though. Whether we are club kids or not, we gotta oppose this. LA, Boston etc have a 2 am club shutdown and it sucks. Miami is a nightlife city. We cant tinker with its formula. If you take away nightlife, Miami will be left without much.
I am considering purchasing condos as an investment then renting out to Porno film companies. I understand this is being done in many high rise buildings throughout Miami. Any leads on which buildings are Porno friendly to the film industry. Still researching this, and all input is appreciated. This would include the rates condo owners receive, day, weekly, monthly, 6 month basis? I was informed it was very high rate of return and many Porno companies own condos in Miami as an investment, and have moved out of California due to lower taxes and costs in Florida.
My thoughts exactly AJ! I can’t imagine living here and everything closing at 2am. Hell we don’t leave the house till 12am.
I believe Lucas discussed this several times on this blog already. One building as I recall he mentioned was apogee, with Jameson doing an adult film production there. I imagine things have exploded since then lower costs here for film producton
Continuum North Roof — “The roof area is a shared amenity, though it’s use is limited and rather restricted.”
Restricted by whom and/or under whose authority? I might understand the rooftop area being restricted right now, while the building has a low level of occupancy, but I don’t understand how something can both be a common area *and* also be kept largely off-limits to the residents. It doesn’t make sense.
AJ said: “If you take away nightlife, Miami will be left without much.”
– But you still would have Pace Park right? LOL
Joe –
I just Google Earthed the roof. Didn’t look like much. Two huge AC exhaust fans. No water in the ground level pool so maybe it was a long time ago. Sooner or later – when Google Earth updates – you’ll have it all. Maybe surf for pictures of the Continuum North Tower penthouses.
with clowns like Joe, Renter Tom and Wild Bill, this blog is going down the toilet
There is no rooftop amenity area on top of continuum. None.
Samson, that was outdated. I spent some time in Continuum North last august and the pool was full. Not many people using the amenities but everything was ready to go. Overall a nice place but I have to agree with the previous reviews on the floor plans and quality. Definitely speculator ready. Great area however!
Joe
Your sounding a little anal about that roof at Continuum. Get a grip. Give us a break.
I have a 1/1 unit at the Icon, and I’m currently paying $0.46 the sf. hope it helps on your decision
I beleive owning condos and renting them out to the adult film industry is similar to owning a taxi cab medallion, great cash flow. Taxi medallions are owned by corporations and they have a premium on resale. Those condos that have good cash flow in place with good reliable adult film tenants in place and those condo buildings that are adult film industry ” friendly” could sell for a strong premium in this market.
Samson — Thanks for the info. I figured that other guy was yanking my chain, but after he persisted, I started to have doubts. As I’ve said before, I had high hopes that Continuum North would be the best building in SoFi, but it looks like they cut a lot of corners. Very sad.
As for “surfing for penthouse photos,” even the developer site doesn’t have any pictures of the penthouse level or the rooftop. The MLS listings have just a few generic pictures of the complex, and the developer’s own site even has the incorrect floor plans linked. (In any event, I certainly don’t have 8 figures to spend on a condo; it was just a curiosity.) Thanks again.
——
southbeachsand & Miami2009– Thanks for the feedback. Very interesting. I thought some sort of rooftop amenity/common area was standard at the Beach. Perhaps that was another corner cut by the developers (??).
——
Kramer — Sorry my three comments about Continuum North, on a site with perhaps 20,000 comments, bothered you. (Actually, no, I’m not sorry.)
——
Adult Films and Miami Condos — I see we have another shill on the site. Welcome.
AJ,
You condo is going down the toilet. This blog most certainly isn’t.
We evaluated all contributors to comments section of this blog. These are our findings so far:
Carlos – likes to write moronic comments in caps, then switches to lowercase when it’s time to apologize for easily detected inaccuracy. On a whole a complete fool, with only rudimentary math ability.
Wild Bill – inconclusive. Some mild signs of cognitive retardation, at times interrupted by seemingly normal, common sense remarks. Might need help.
Renter Tom – ignorance combined with wishful thinking mascuerading as confidence. Classic case of stopped clock being right twice a day. If Miami real estate bottoms out before the middle of 2010, plans to change the screen name to Buyer Tom and pretend to never have heard of Renter Tom. Has some basic knowledge of economics, combined with narcissistic tendencies. Most likely unreformable.
Joe – hope here is fading with each passing day. Rather clear picture of mental regression. Impenetrable to logic. Extremely sure in every wrong conclusion he frequently comes to.
“what do you think” – rare occurence of unapologetic idiocy. Our brain-scanning machines simply explode trying to find any activity inside of a head of such individual. Anyone asking for financial advice from Renter Tom must be so far down evolutionary ladder that by just interbreeding with unsuspecting humans, such specimen can wreak immense damage on our already fragile gene pool.
To be continued…
wild bill, why don’t you just fuck off.
Lucas,
Contrary to what others may think, I respect the opinion of a lot of housing bears on this blog excepting a few well known self serving lotharios.
These blokes are just plain hell bent on bringing this blog down. How else can you explain absolutely mind boggling conversations regarding buying a condo for porn production and many other inane subjects. One of their cronies writes crap under different names and the others in the same loutish group answer back and forth trying to give each other legitimacy.
The biggest problem lies in that you are allowing unregistered folks to comment and so that guy running that loser website (initially known as Mo on this blog 2 years ago) and a few other cronies of his are commenting with multiple & different names. Please ask your webmaster if you can institute registering a name/handle using a genuine email. They can still be anonymous but must provide a genuine email to which you send a link for one time activation/registration. That way we will all be spared this nonsense.
If you cannot do that, then please zap these purposefully devious posts the instant they appear. It is not called censoring. It is survival of your blog. If you have noticed that more and more decent people on both sides of the housing debate are either leaving or just reading your blog without contributing. They are disgusted. You don’t want to end up with a blog in which you just have the company of Joe, Renter Tom, Wild Bill and Mo(if he is not one of the 3 names I mentioned already).
Independent Rankings – I applaud you!
and
Adult Films and Miami Condos and What Percentage of Condo Buildings Permit Porno Film Production – Shut the F up already. Clearly you are here trying to drag down this blog. Why don’t you focus your energy on coming up with a plan to get a job and get out of your Mother’s basement already.
I suggest all of us losers take a one month break from this blog. No posts. See what happens.
How about instead of taking a break, refrain from making stupid and idiotic statements such as:
1. Miami is going to be in dire condition shortly. I would rename the website and leave out all mention of Miami.
2. I hear 1800 Club will be dropping prices by 30-40% on all remaining inventory this week.This is from a very very reliable source.
3. Why does 1800 Club even have a director of sales? According to AJ the renters are in love with the building and have already purchased the remaining units.
4. RENTER TOM…….do you believe that Miami Condo’s/realestate has another 25%-30% DOWNSIDE??? Please tell us your very Honest opinion?
5. This is a very private area with great views. There have been a few high end Porno films made there. Carlos in security takes care of access. You need cash to get up there.
6. I am considering purchasing condos as an investment then renting out to Porno film companies.
7. I beleive (sic) owning condos and renting them out to the adult film industry is similar to owning a taxi cab medallion, great cash flow.
8. Property taxes, special assessments, corrupt developers and condominium boards are enough for the average person to gain 200 pounds. The lady on your business car will look like Rosanne Barr after a year of ownership.
9. AJ do you think if I come to Miami to look around for a Flat to buy/rent, I could pitch a tent for a few days in that park thats near you?
10. You can live in Pace Park. Many homeless do. City of Miami police only have a few officers in that area. You can easily hide out in the mangroves without paying any hotel taxes. I’m on my iPhone hiding out in the mangroves right now.
and the proof of your intelligence goes endless. This is just a small sample of your bitchy, mindless and sarcastic comments only from the last two topics (the last 2 years have been excruciating to say the least). You think if you and your ilk threaten to leave us alone for a month and we are all going to die in shock and withdrawal symptoms!!!
Why just a month, you should make good on your threat and just fuck off permanently and lurk on many of those blog sites out there especially for dropouts.
Independent rankings ( or someone who is gutless to say what they really think and hides under a nickname )
Hope your life is not as miserable as your comments.
Maybe you should go buy batteries for your dildo so you can loosen up. Or if you cant afford them use a cucumber!!
You seem to think everyone here is worthless.
As a decent human being, you should be able to tolerate and live along others’ opinions and not be calling everyone names just because you don’t see eye to eye with them.
People here may stand up for areas or buildings they like, but not everyone is supposed to share the same thoughts.
Go get laid, go to church, pray..look for any source of light that may brighten up your life.
PS: DO YOU LIKE IT BETTER NOW THAT I HAVE WRITTEN IN LOWER CASE; OH, BY THE WAY, I DID STUDY LAST NIGHT AND NOW I KNOW THAT 2 + 2 EQUALS 4. HOW ‘ BOUT THAT???
AJ, calm down, calm down….time to take your meds and put on that white jacket again. All will be fine in the morning, just lay down now and take a nap. Think happy thoughts now…should we read you another story about the fairies and magical unicorns that inhabit Pace Park that only the special, chosen people can see? You always like that story…
——-
Independent Rankings said: “Renter Tom…Most likely unreformable.”
– Wow, your first intelligent thing you’ve said so far!
——-
Have prices in the Miami area bottomed? Not yet, esp. if you look at $500K+ condos. It is what it is folks. If the U.S. dollar strengthens against other key currencies, it will be interesting to see what happens as the foreign buyers pool dry up. I wonder what is the asking price for Trump Tower III in SIB?
Our further research indicates:
Carlos – surprisingly angry and insecure individual. Erroneously believes himself to posess sense of humor. That leads to unsuccessful attempts to offer jokes, which cannot end in anything other than additional frustration.
Desperately trying to cover up his anger with patronizing advice. Thinks that cucumbers exist for sexual self-gratification as opposed to salad. Prone to project his own profound inadequacies – including inability to secure a date on Saturday night – on to others, mostly as a coping mechanism.
Math ability remains undeveloped.
Trump 2 was going for 350 a square foot in the summer. Corus bank owned the third tower (which looked unfinished) starwood capital bought out corus several months ago. No one knows their plans yet.
New incoming data shows:
Renter Tom – stubbornly clings to prefabricated conclusions. Despite ironclad evidence that Miami real estate market had stabilized – Icon Brickell saga notwithstanding – and overall prices are not declining for 3 rd month in a row, still pretends to know exact month and day when the last overpriced condo is sold and horizon is clear. When asked to reveal that date, usually demurs and changes the subject. Appears to hold view that Miami property market will find bottom this very year, yet will decline up to an additional 30% from here. That necessiates breathtaking collapse from already depressed levels. Since objective reality doesn’t correspond with such views anymore, prefers to talk himself into a trance accompanied by strange visions and improbable projections. Wants to buy his own condo, but is paralized by luck of funds.
from your comment at 225 am, seems u r the one who cant hold a date..or afford buying batteries for your dildo!
sorry to see some human beings are just miserable like you!
Wish you all the best!
too bad u bought in a condo where your neighbors are homeless people and the value in your building has been slashed by 50% deal with it! That’s life!
Fresh valuable data reveals:
Carlos – judging by persistent and entirely voluntary use of the word “dildo”, seems likely to own an extensive collection of various tools designed to aleviate sexual tension. Instead of human interaction, gets his arousal from collapse in real estate prices, which explains an obvious desire to see more of it. Price stabilization only pushes such individual into more and more agressive forms of self-gratification, with one of the most prominent and unfortunate outcomes being experimentation with cucumbers.
Profusion of exclamation points in latest posting may indicate unusually long cucumber being applied in real time and much sooner than one might expect.
Everglades On The Bay
Has anyone here been inside? Seen the apartments and amenities? Your opinion if you have. I know they are currently in BK but I thought they might be giving some good deals now. I really like the location. Thanks. Carlos seems to know all the buildings well if u do Carlos let me know.
RT- “If the U.S. dollar strengthens against other key currencies”
WTF!!!
I thought you said the US Dollar was heading down the toilet, you recommended 6-9 months ago we cash out of stock and US$$ and move to Foreign currencies? F**K! I swear, this is the last time I Listen to these so called blog experts. I sold my shares of $1 Ford stock and moved my money in foreign Currencies because I believed you knew what you were talking about.
Meakes Me Think – A fool and his money are soon departed. Why didnt u THINK about it?
Independent Rankings – It’s paralyzed not “paralized”. Just sayin.
AJ,
RT is right, calm down man!
No need to catch a cornary over this blog.
Let’s face it, there are two types of people on this blog. Those who make things happen (risk takers) and those who dream about making things hapen a.k.a “the experts”. The risk takers are people who are really looking for information and are trying to make an informed buying decision. “The experts” are the ones sitting on the sidelines and have no incentive to buy becuse prices are still out of their reach. They know everthing and comment the most. These folks are eternal renters and will never be buyers, they will give you 1000 reasons why it is better to rent or live in mama’s basement. Let’s face it we can all do the cost/benefit analysis and decide it is cheaper to stay with mom. Most of us decided we wanted to have a life of our own and decided some things are worth the cost. I’m afraid the “experts” are still stuck on the Cost side of the equation. Don’t get upset with them, you should feel sorry for them. Imagine, they have all this knowledge about buildings,condos, nabs, etc.. and still can’t figure out how to snag a condo in Miami when soo many others have figured out how to get it done.
These “experts” will never buy a condo, I don’t care what the price. I’ve been sayin this for a year and I have yet to been proven wrong. Their time to own a condo has passed, no more lair loans or 100% financing. You need CASH and show Income to buy today. Their only option is to rent or stay at home with mom while they wait for prices to drop by another 50%.
Due to insufficient data, all we are reasonably confident to say:
Kramer – smart, brief, knows English language.
Makes me think
Your statements are absurd! I’ve been looking at a few condos in my building for two years. They started at over $500k, then a year ago were $350k, and now plenty still available, and they are selling around $250k-which is just now reaching a reasonable price point. Been renting the whole time for under $1700. Go do the math. The cash and/or credit is available to buy, but why do i want to give away my money? Your comments are typical of Miami. Dare me to make a deal, whether its good or bad is irrelevant. That is how you get renters in low income apartments driving a beamer. great risk taker-owns a severely depreciating asset and cannot afford a nice home! you slam the “experts”? show me anything the “risk takers” have accomplished? sucks to be a “risk taker” who owns a 30 year lease on a property-i’ll be happy to rent for another year if needed.
Meakes Me Think – Prove to me where you said I said that? I never said that. The dollar is still under a threat to be worth less (not worthless) due to massive annual fed govt deficits. With respect to one currency versus another, if the other country is more irresponsible with their currency than the U.S., then yes, the U.S. currency will strengthen against that currency.
Gables – I hear ya. I am using the same strategy, no problem renting as it is a huge deal right now, but I would like to buy and get the “buyer’s bug” but have to remind myself how much wiser it is to wait……I have been getting more serious in my search and if the right deal comes along, I’ll buy. But so far, some that I am interested in a still priced out of whack…and they stay on the market for 6 months, 12 months, etc……
– An interesting thing is the FDIC is issuing orders to banks to get their properties listed with a broker are market prices…..these are FDIC legal orders. The FDIC will push the banks to unload these things….
Let’s get back to the prior topic and question of rental income derived from the adult film industry. I think is the way to go and renders everything a moot point with suitable income and cash flow coming in. Comments?
Oh my god
I’m so depressed
couldn’t find cucumbers anywhere
upgraded to big coke bottles
more fulfilling
as an investor I do want prices to keep falling down
will be able to snatch up more RE
not the case if u just own one place in a building where prices have come down 50% , looks at camillus house and your neighbors are Russian and Latino mafia
deal with it!
gables, i said. “The risk takers are people who are really looking for information and are trying to make an informed buying decision. ”
informed buying decision – are the key words.
RT,
go back and read your old rants about the us economy and the state of the currency and moving money into foreign currencies. It gott to the point where some got on you for posting the same ol BS day after day. Just hope you didn’t follow your own advise.
advice
Renter Tom, do u have a link for
– An interesting thing is the FDIC is issuing orders to banks to get their properties listed with a broker are market prices…..these are FDIC legal orders. The FDIC will push the banks to unload these things….
Makes Me Think – Weren’t you the same guy that bashed renters as losers, etc.? Seems to me it is the renters that are the winners for the last few years. Hate all you want, but I have been right on just about everything…
computer consultant – See link below:
http://www.fdic.gov/bank/individual/enforcement/neworders.html
For example, here is a quote from one such order issued to a bank (clearly the FDIC is pushing the banks to clean up their balance sheets and unload these properties):
“OTHER REAL ESTATE POLICY
18. (a) Within 60 days from the effective date of this ORDER, the Board shall develop a written policy for managing the Other Real Estate (“ORE”) of the Bank. At a minimum, the policy shall provide for:
(i) review of the ORE portfolio, at least quarterly, by a committee appointed by the Board; (ii) documentation that taxes and insurance premiums are paid in a timely manner;
(iii) resolution of documentation exceptions; (iv) realistic and comprehensive budget for each parcel with a book value in excess of $300,000, including projections of the Bank’s carrying costs (e.g., upkeep, repairs, and insurance costs) and projections of the marketing costs;
(v) independent appraisal of each parcel at the time of foreclosure and periodically thereafter (but no more than 12 months from the date of the prior appraisal report); (vi) determination by the ORE committee that each parcel of ORE is listed with a real estate broker or otherwise made widely available for sale within an appropriate timeframe and at a realistic selling price;
(vii) periodic progress reports from each real estate broker marketing the Bank’s ORE, including projected sales timeframes; (viii) detailed report from the ORE committee to the Board at least quarterly, with a copy of the report, including documentation of the action taken to facilitate the timely sale of ORE, made part of the Board minutes; and
(ix) requirements for accounting, documentation, resale terms, and
action plans for the orderly liquidation of ORE from the Bank’s books. (b) The Bank shall submit the policy to the Supervisory Authorities for review
and comment. Within 30 days from receipt of any comment from the Supervisory Authorities, and after due consideration of any recommended changes, the Bank shall approve the policy, which approval shall be recorded in the minutes of the board of directors meeting. Thereafter, the Bank shall implement and fully comply with the policy.”
Christine
I have not been to the building myself. I do know someone who lives there and she loves the building. She got a fantastic steal on a rental ( 1,100 usd 1 bd high floor facing east ). Would have my doubts about buying in a building with so many issues though, unless prices were extremely low. Think the good units are only the ones facing east. See what has happened to 50 biscayne.prices have been going down non-stop there.
Go check the building yourself, but do not buy there.
Renter Tom, thanks.
I did not see any big banks on the list though.
Christine (re: post #124)
I am going to try and visit both the Everglades and 50 Biscayne later this week. I will let you know what I think about them.
Just out of curiosity, what are the reasons why you prefer the Everglades’ location?
Thanks,
DML
Christine,
If you like the area, the best buildings there are 900 Biscayne and Marquis. Please take into consideration that even thought the units are spacious and nice, the good units are the ones facing east. I know Camillus house is being relocated, but you definetely dont want to wake up every morning and look at all those ugly parking lots with homeless people sleeping and hanging around. The world project has been kind of a rumour. They say it will take 10 years to complete while other sources say it has been canceled altogether.
I would be concerned about the prices though, since it seems to me they will continue falling.
Like I said previously, prices at 900 are almost 50% lower than when they first launched their project.
Unless you are looking and favor the view more than anything else, you would be better off at Brickell, which is near the area you like ( Everglades / 50 biscayne )
computer consultant – That list is only for the recent orders….aside from those, it is a very long list and indicates what the FDIC is doing to clean up the banks. Moreover, the FDIC continues to open up temporary satellite offices around the country. More bank problems for years and they may get into the REO liquidation business…and they won’t have any emotional connection to real estate nor will they be anchored to wishing prices. They could end up being the game changer to mark things down and get the market moving since others are unwilling and/or unable to stomach the markdowns that are necessary.
RT- Don’t think so. I have been busy buying RE and Stocks throughout the downturn
went in heavy when everyone were running scared and you were telling people you were moving your money off shore last feb -june. Check my old posts when I told everyone I was buying everything but Gold. Taken most of my profits and still holding some positions waiting for markets to correct so I can get back in. Digesting my recent RE purchases but getting very good returns on these rediculously cheap prices and dirt cheap labor. Like I said, I’ll let you experts talk the talk but some of us know that last was probably the best year EVER for RE an Stock investing. If anything I started taking profits a little too early. 401K and ROTH are looking just fine though. How is your cash position performing?
RT,
Never said renters are loosers, that is absurd. Please show me where I said that.
Some people enjoy the renters lifestyle, there is nothing wrong with that. I simply said that some experts on this blog will always find a reason not to buy, others are trying to make an informed buying decison. I’m sorry you feel offended but i don’t think there is anything shocking about that statement.
RT- “Hate all you want, but I have been right on just about everything…”
Don’t make me laugh, what have you been right about?
Ok genius, you called it, Miami Condo RE prices would continue to decline. But guess what? So did just about everyone else in this free world. I’ll give you credit for that though. You also called for rampant inflation and the collapse of the US$, you called for the complete collapse of the US economy by now and suggested moving money out of the country. Ok, OK I can’t say you have been completely wrong yet but I would hardly say you have been right. The economy has been growing and the dollar is stronger and though this may be only temporary I don’t think you can say you have been mostly right. Am I missing something besides your brilliant Real Estate Call?
By the way, I’m not hating on you. I just think you are full of yourself.
Christine-
I visted Everglades when i was looking for a place and was not impressed at all. The quality was not very good and the building is still a ghost town. I must agree with Carlos, the best buildings on the Biscayne corridor are 900 and Marquis. In the end I chose 900 and love it.
AA
Makes Me Think – “You also called for rampant inflation and the collapse of the US$, you called for the complete collapse of the US economy by now and suggested moving money out of the country.”
– Why do you make stuff up? I was the practically the only one saying inflation was NOT a short term threat, probably not much of intermediate, but is in the longer term. The reason for no immediate inflation is slack in supply of nearly everything. Stop making stuff up and go back to your PS3.
MMT,
I’ll call you on this:
“I have been busy buying RE and Stocks throughout the downturn
went in heavy when everyone were running scared ”
Prove it. Would be very suprised if an investment pro in stocks and RE is spending time monitoring and commenting on this blog. People here are amateur investors-not intended to be a degrading comment. But buying multiple RE props on top of stocks would require significant investment cash-$1 million neighborhood-in the current economic environment. You wouldnt be on this blog with that kind of coin to play with.
Meakes Me Think — I’ll second gables’ comments above, and I’ll also kindly ask you to stop revising history. The idea that “everyone in the world” was predicting the Miami r.e bust is utter nonsense. A majority of the people on Miami r.e. sites were denying there was a Miami housing bubble *at all* until the crash was well underway, and then people thought the bottom had been reached after the initial 10% decline in prices. Where are all the “real estate is local” and “Miami r.e. prices only go in one direction” people now?
Is it typical to require a holding deposit before you can make an offer on a lease? Is this negotiable?
It is easy enough to prove. check the blogs from march, april and may when I was telling people on here I was buying the financials and anything that was cheap. I was busy buying houses too. I told everone financials and Ford, GE were basically priced at options without expiry. Don’t believe me read my past entries. Don’t call me out just check my past post from when the market was in free fall. Someone else called me on it back then then too.
I’m on here because I’m always doing research. I have some free time because I don’t work for the man.
Joe, I think you have problems reading because you are to busy knowing all. Please revisit my posts to RT and tell me if that is what I said. “Miami Condo RE prices would continue to decline” specifically refering to his predictions from 6 -9 months ago. The market was in a free fall 9 months ago that was the height of panic, well after the bust. Most people, including RT though RE prices would continue to fall throughtout 2009 . Again I am refering to RT’s prediction from 6-9 months ago (not pre bust) How am I revising history?
Gables,
no disrespect but you need to broaden your horizons.
You have been reading this blog long enough to know there are many people from all walks of life reading and occasionally posting on this blog.
MMT, stand by my call. don’t think anybody playing ball in the big leagues buying stocks and RE on a large scale (which today requires lots of cash) is active on this blog and in the market. maybe playing ball with other peoples money as a broker? perhaps. but not managing their own sizable cash flow. you may surprise me and truly be that active with such holdings. how many RE properties have you purchased? how much cash have you footed for these props? and stocks? not holding anything against you-you have been known to provide interesting points of view at times. just don’t quite believe your market activity.
“Hey, I’m not a soothsayer so I can’t tell you what the future holds.
I’ve been hearing the same story for decades and I am not that old.
You guys are not syaing anything new, you are just the latest in a long line of the doom and gloom crowd. There is nothing new or revealing in what you and the others are saying. Remember when Japan was going to own everything in america and we would be nothing but servants to the japanese? Well this time China is the flavor of the month next month it may be india or brazil who knows. Like I said, I can’t predict the future and maybe one day you will be right, until then I will continue to bet my money on tthe Innovation of americans companies and the american economy. I said before I am still buying american companies and even american financial companies. I have had the pleasure of woking for some of these companies and I have way too much respect for them and what they are capable of doing to disregard them. So you guys can go ahead and take your money to Canada, Brazil or China and buy gold at $1000/oz but I believe the economy and the stock market will be just fine it will take time though.
Greed and Fear, that’s when the “Smart Money” is made.”
posted by MMT -March 10 2009
MMT — What the hell are you talking about? You seem to be setting up straw man debates. I haven’t seen anyone here claim to be abandoning the U.S. dollar or U.S. economy on a wholesale basis.
As for my comments in post #150, I stand by every word. You said “everyone in the world” was predicting the Miami r.e. market would decline. You didn’t specify a timeframe for said predictions; you made it sound like the whole Miami decline was long predicted by everyone here, which is demonstrably false.
As for the litany of other ad hominem attacks in this thread, I’ve never claimed to be an “expert” on anything. I am, however, well aware of the simple fact that the average r.e. bust takes something like 5-7 years for recovery, so when people keep popping on here to talk about “great investment opportunities” in buildings that are 40% investor- and/or developer-owned, I call B.S.
Joe, Is english your second language?
Listen carefully because it is obvious you are a little slow. see post #125. Try to follow the logical order of this discussion.
“I haven’t seen anyone here claim to be abandoning the U.S. dollar or U.S. economy on a wholesale basis.” Check the Archives! See past post by RT and Others dating back to the timeframe I mentioned above.
MMT — Are you a troll or just thick? RT, for the entire time he’s been on this thread, has said he intends to buy a condo (and, from what I can gather, a high-end condo) when the market shifts back to something like normalcy. How is that “abandoning” the U.S. dollar/economy?
Sorry, I meant say: “RT, for the entire time he’s been on this BLOG, …”
Makes Me Think – You’ve made up all kinds of stuff…I have NEVER said to buy gold (perhaps I should have when it was under $500!!!). Nor have I said to abandon the U.S. although Canada does look awfully nice and fiscally responsible in comparison. I have stated that my biggest concern is the value of the U.S. Dollar going forward, but not inflation in the near or intermediate term. Why would I be 80% cash if I thought inflation was going to be rampant now? Moreover I called out … probably 18 months ago that I didn’t see any inflation precisely because of so much supply slack in every area of the economy (again, credit bubble burst resulting in a shift down in the demand curve). I invest, I don’t trade, flip or otherwise enter into schemes….I make prudent investments which makes it difficult with respect to Miami area condos since the prices are still, for the most part, out of whack with basic and historical fundamentals. I am planning on buying a condo and almost bought one for $900K and some change two months back, but it was a rather rushed situation that I wasn’t 100% comfortable with (or even 80%)….I probably should have bought it though since it was a good deal in hindsight…however, it was a very sudden thing that came my way and I wasn’t fishing in that area yet so am really just waiting for something that catches my interest in the areas that I am fishing in for a condo. I know what a good deal is in the areas that I have done my homework in, so it is just a matter of waiting to get what I want. I will say there is a real chance of another leg down in the condo market and combined with the inventory that needs to be unloaded (and unshadowed too) there really is no urgency. With that said, there are some deals out there, but more are to come, and of course one must research the HOA since that can be a killer, unfortunately.
joe – How is that “abandoning” the U.S. dollar/economy?
RT –
“I have a friend who is a board member at Scotia and was thinking for parking some cash there”
” Moreover, there is a lot of pain when inflation reaches higher levels esp above 10%. I have been kicking around opening up foreign account in Canada….they look like they are positioned to weather this storm better then the rest right now…it looks to be the most free market capitalist nation now as socialism is going to harm the US….who would have thought the US would look like worst socialism than Canada! ”
just a few of RT post during the hight of the panic.
RT-“You’ve made up all kinds of stuff…I have NEVER said to buy gold ”
– you are right you never was an advocate of buying gold, to the contrary.
but that wasn’t a quote attributed to you in post #156. That was a previous post of mine. sorry if it wasn’t clear but I noted it at the bottom – ” posted by MMT -March 10 2009″
joe – How is that “abandoning” the U.S. dollar/economy?
RT quote #1
“I have a friend who is a board member at Scotia and was thinking for parking some cash there”
RT quote #2
” Moreover, there is a lot of pain when inflation reaches higher levels esp above 10%. I have been kicking around opening up foreign account in Canada….they look like they are positioned to weather this storm better then the rest right now…it looks to be the most free market capitalist nation now as socialism is going to harm the US….who would have thought the US would look like worst socialism than Canada! ”
just a few of RT post during the hight of the panic in feb and mar of 2009.
Rt
According to your surveys, what areas would you recommend and for what reasons?
Thanks
having cash in a high inflationary environment is not that bad. too many folks are arguing for purchase of RE in case inflation rears its ugly head. inflation is terrible for folks who live off a paycheck. but you really dont lose value in your cash since interest rates rise with inflation. in fact, check out our bout of inflation in late 70’s early 80’s. You could get 30 year treasuries for 18%! Even if rates only increased to 13%, that return consistent over 30 years will trump any other investment you can come up with that we will face in the next 30 years, including investing in Miami condos. just keep your powder dry-today does not offer any exceptional investments. only brokers who need the commission would dare you to invest in todays environment long term.
gables – I agree, holding real estate during high inflation is not the best esp. if you plan / need to sell during that time as high interest rates will cause financed asset prices to decline, esp. real estate. 18% 30 year treasuries….oh that would sooo nice to have! 🙂