Miami Waterfront Condos (.com)

Thanks for a great website with lots of interesting information. Do you know any listing of more designed apartment buildings in the South Beach area?

matthewP - I don't fully understand your question. You can visit our main website at www.MiamiCondoRealty.com to see the modern South Beach Condos.

Hey Samir

Congrats on your new website layout.
Really cool.
Needed some expert advice: a friend is considering buying a unit at Blue condo, but is afraid due to the number of empty units there, short sales and rumors that the building is poorly managed and has not been finished by Hyperion.
Seems like some residents want to sue the developer .
Similar complaints seem to be going on at Marina Blue.
The reason he is considering that is because they have good prices, even though the location is kind of shady and the building is not perfect.
Do you have any insider's info on that building?
Thanks as usual.

MCO - I think Blue is a good building, but yes you have to be aware of the area. It is not an unsafe area, I think the best way to describe it is that it is a tired area. It just needs more life. But I will tell you that the views from Blue are some of the best in South Florida because to the North there are no neighboring high-rises. The building is finished. I don't know where you heard otherwise. Your friend will not find "the perfect building" unless he is willing to pay the highest price. Every building has its problems. In every condominium you have some residents that want to sue the developer. You also have some who would rather not, and then others as well who just love the building and overlook the imperfections. I don't think there are many empty units there. And units are selling there. There are much less units for sale there as a percentage than in some other buildings in the area.

hey Samir
Hope all's well. You are probably busy with your new websites.
Any new posts coming?
Any idea wen condoclearance is cominfg back? I have been watching price drops and foreclosures.
Thanks.

Samir,

Thanks for your insights.
I do like the biscayne boulevard buildings..however I am still not pretty sure about the area.
I love Brickell though, despite negative comments from people saying it is a boring area and that I should never trade the beach for Miami.
What I mean by large inventory is all the units coming into the market like Marquis and Paramount, plus the ones at the developers' hand ( for instance, icon brickell tower 2 )
Just something that makes me think prices will be lower next year and that I should wait some more
Thanks again

Prices will be lower in those buildings but it doesn't mean other buildings will go from $200 to $100 per sq ft. They are independent forces at work. There is slight impact from one to the other.

Hey Samir,

Thanks for the feedback.
I would like to have your realtor's advice.
I have been told that the 2/2's in brickell on the river have sold in the lower 200's.
Do you think it is likely this will start happening in other condos in brickell and downtown?
I am still waiting to make a move..I do like those areas ( despite what everybody seems to talk badly about downtown and homeless people/vilence/mugging ), but am waiting until the prices drop more.
with all this inventory, and developers' units, I cannot imagine there will not be a collapse in prices when all this inventory hits the market..consider all the existing units + all the new ones coming into the market..
do you see prices in these condos going to $200/sqf or less?

Thanks again

Hi MCO -
You are more than welcome. Yes units in brickell on the river south tower sold in those prices but you have to remember that that developer was under pressure to do something to immediately get rid of inventory. If you've followed my blog or if you've ever talked to one of my client you would know that I am not a cheerleader of the market. The market is what it is. I beleive that people end up needing to live somewhere. Whether they buy or they are renting they are still living here. Recently reportings have been made that there is 60% of these brand new units occupied. I personally think the number is higher. I just haven't had a chance to call to each buildings management office to verify but I think I may do that soon and put up a new post about it.

Regarding the negative things people say about Miami. It's because you are reading Lucas's blog and you see the same characters there. Believe me there are also people out there with positive things to say about some of those same neighborhoods but they won't speak up because they will be bashed by the negative people. There are many people who live in all these buildings and in these areas who LOVE these buildings and neighborhoods. But to get their stories I think it would just be a matter of visiting a building and talking to a few people walking in and out.

I do think prices will come down still some more. And yes prices could go down to $200/sf or less. But remember that not every building is the same. And remember it also matters what type of product you are looking at. Do I think Paramount, 900 Biscayne or Marquis will get there - No. Some of the buildings which have been hit hard - One Miami, Blue Condominium (are buildings which just opened at a different time and have different pressure working against them).

But keep in mind that the Brickell on the River sale was a different scenario. That was a developer essentially liquidating his inventory. In other buildings you have other scenarios - maybe owners that bought at the clear peak of the market who are far under water on their mortgages and just need to short sell.

I've been following this market a long time and I have met many characters. Sellers, Buyers, Tenant and Landlords all with different extreme viewpoints. No matter what you hear there are still some sellers out there that do not need to sell and they would just rather enjoy their properties rather then give them away. Its a different story when your property is worth half of what your mortgage is. But not everyone here bought at the peak of the market.

One thing did stick out to me in your question. What increase of inventory are you talking about? All of the product in Brickell/Downtown has already been delivered minus Paramount Bay and Marquis. There is no more construction taking place in the area besides a couple of office towers.

MCO - I was told that Paramount Bay closings will begin approximately November 1st, 2009. Pricing is negotiable but I wasn't told exact pricing. I guess when I take a client over there next I can give you a better idea.

Heu Samir

Just wanted to congratulate on your new website. Looks great and it's by far the best one available..wish more people would make comments here than somewhere else..at least here real estate is taken seriously
Also, for some reason, my last comments didn't get posted.Trying again
Oh by the way, condocelarance is not loading properly either..just to let you know

Any info on Paramount's opening?
Thanks

MCO - I took down the listings from CondoClearance.com for the moment. Many short-sale listings are often incorrectly priced leading to a waste of time for both the buyer and me in getting down to the correct information. I will eventually get the site back up but with handpicked deals instead of a automated listing of units.

MCO - I didn't see you other comment. Maybe you posted it to the main site at MiamiCondoRealty.com?

MCO - thanks. I'm constantly tweaking it and want to get all the bugs out before I transition the same layout over to this site. I will check for your last comment in the spam filter. Good question about Paramount I will check on that today.