Penthouse at 1800 Club Sells for $170 Per Square Foot
October 27, 2009 by Lucas Lechuga
The best condo deal that closed in the month of September actually wasn't a short sale or foreclosure. Unit 3715 at 1800 Club was a developer unit that sold for $700,000, or $170 per square foot, on September 3, 2009. The 4 bedroom/4.5 bath penthouse condo has 4,120 square feet of interior and a 2,327 square foot bi-level rooftop terrace with a private Jacuzzi. Grant it, the penthouse faces southwest and only has partial views of Biscayne Bay, but I think the developer gave this sweet pad away at $170 per square foot.
wow. great deal.
From what it looks at first glance, it looks worth it. Perhaps there was a discount since you would have to put with AJ in the building?!?! Just kidding. This where prices need to be. If this was an area I wanted to live in, I would probably have bought it.
The southwest view in that area it not good in that you have to see tons of nasty rooftops before seeing the city skyscrapers in the distance. The east facing units are fantastic and such a penthouse would have one of the best views downtown and be more quiet than most. How are Met1 closings doing?
This seems like a very good deal. I toured the 1800 Club the other day and thought that for $170/sq ft you are in the right place.
Out of topic. Does anyone here know what exactly is happening over at Infinity? I have been interested in possibly purchasing there, I think the building is very nice but I have heard that the developers have not been able to close on units since the whole mess with Corus happend. Can anyone please clear this up for me.
Thanks!
http://blogs.wsj.com/developments/2009/10/24/uncle-sam-adds-5-to-prices-of-homes-goldman-says/tab/print/
Lucas… “the developer gave it away?” This is what these units are worth. No idea on the HOA fees for that unit, but I am guessing it’s pretty high!
jorge
I read the whole article… this is something that has been discussed many times before. The combination of first time homebuyer’s tax credit, the low mortgage rates (driven by the Fed’s purchase of MBS), and the held up supply of foreclosures due to modification plans and moratoriums is what has caused this increase in sales.
These policy related initatives are temporary (tax credit to be phased out, Fed to stop purchasing MBS and foreclosures will start hitting the market more) will create another increase in rates which will hit sales.
Like I have said before, be sure to see another dip in prices in some areas… Miami being one of them.
Confused Buyer….about the Infinity….I heard they cannot currently negotiate any price discounts on any of the units until the transition from Corus to Starwood management closes and once starwood decides on what strategy they want to pursue with the development going forward. I purchased a unit pre-construction there….I haven’t closed on it yet….waiting until the price is right and the market begins to settle.
For a penthouse that is a good price. I don’t think you can buy a newer house that size easily in miami dade for that price. Normally condos are smaller and cost much more when you start buying the larger units.
Thanks for the post.
“but I think the developer gave this sweet pad away at $170 per square foot.” 3715 at 1800 club actually closed on 6/30/2008 for $1,609,800.
search the dade co. recorder’s site: (BOOK / PAGE) – (26461/1920).
for all you miami condo bears who think prices are going to frefall again: that penthouse will never go for $170/sf. Developer fire sales at brickell on the river, avenue and Ivy never really got below $170/sf. not the same market or product but certainly an accurate price gauge for new miami condos. Moreover, 1800 is over 70% closed leaving the developer in a good position to wait out the market.
dr. gonzo – Maybe it is a resale of some type? I have seen CRAZY sales prices by developers to an LLC paying TWICE the market rate……talk about sneaky. No cash probably changed hands. Trying to manipulate the comps higher. I don’t know in this case, just sayin’.
Add another $100,000 to build it out with floors, window treatment, etc.
Even though the price of this penthouse seems great…the taxes and condo association fees must be pretty hefty.
Per Mark Zilberts newletter today… An investment group is proposing to build the world’s tallest building in Miami. The development team includes Thornton Tomasetti which provided the structural design of the Petronas Towers in Kuala Lumpur, Malaysia. The group has posted an introductory website to the project: http://www.miapoliscity.com/index.html
Wasn’t this reported as a fake?
Southbeachsand – No matter where you go you will need to buy window treatments, pay for maintenance and taxes, plus purchase food and toilet paper.
$170 is simply a great price PSF.
Dr. gonzo said “Moreover, 1800 is over 70% closed leaving the developer in a good position to wait out the market.”
—-
To make a statement like that, I assume you know well all the developer’s outstanding liabilities along with their current income stream?
Regarding the unit, the view is the obvious negative but looks to be a nicely well proportioned layout. Large open areas and the 4 bedroom/4.5 bath, 4,120 square interior and 2,327 square ft exterior specs looks like a great balance.
WOW!! Now that’s the kind of deal I could wrap my arms around.
Do they have any other units in that building similarly priced? If there is a nice size unit around 3000 sq ft priced in that range I would like to see it. Lucas please contact me if there is such a unit.
BTW that building looks great from the exterior perspective. How is that neighborhood?
doc t
new Comment
<
Nice unit. Finishing it will cost another $100,000. Interest rates are low because America has some serious problems. Not the time to be buying property.
Comment
New
IPhone test comment
iPhone
great, why do we want to live in this area again ? i forgot ?
Test
THIS IS UNIT WAS A GIVE AWAY, ANYONE WHO DISAGREES IS JUST JEALOUS THEY DIDNT NAB IT FIRST, SOME PEOPLE HERE ACTUALLY THINK PRICES ARE GOING TO FALL BELOW $170, KEEP DREAMING AT MOMS HOUSE
JL – “good” is a relative term.