BrickellHouse Renderings
November 7, 2011 by Lucas Lechuga
These are hot off the presses. As you can see these were dated November 7, 2011 and were released to the developer earlier today.
These are hot off the presses. As you can see these were dated November 7, 2011 and were released to the developer earlier today.
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NAR Chief Economist predicts double digit sales growth in Miami for 2012: http://www.prweb.com/releases/2011/11/prweb8952075.htm
has anybody followed the predictive capabilities of lawrence yun over the past few years? not saying his prediction isn’t wrong. just wondering about his accuracy since the boom…
Can we talk about absent landlords? I attended the Shareholder Annual Meeting to participate in the election of the condo assoc. board members, led by an attorney. This was my first experience. There were only handful attending in this mega project and the meeting was over in 5 or 10 min. because there were not enough votes (20%)- needed 60% to hold the election. I am sure that the last year was the same. Meanwhile, there is one board member appointed by the Building owner the Bank and 4 others not elected by us and one thing was clear – there were enough votes to raise the condo as well as master asso. fees for this coming year as this past year. In this building, I was told – 70% renters and 20% owner residents, talk about Renter Colony (Joe). How is it in your buildings – AJ and Renter Tom (Now Owner)? Gixxer, do you know a thing or two about how condo buildings operate? I appreciate your comments. Thanks.
Both of mine have stable boards and are mostly (90%+) owner used (a lot vacation homes used by the owners)…I did my homework. Investor owners don’t really want to get involved except when dues go up or the place really go to pot. Been on two condo boards and even was president a few years…no fun. The key is to have a competent manager. However, AJ likes to be active so maybe you can recruit him to be on your board! LOL Just kidding…only owners can be on the condo boards.
Tom, if you bought within 500 miles of Downtown Miami, in a decent building with more than 10 inhabited units and with no rental restrictions, then the probability of you being honest can’t be much higher than zero. Which, of course, for anybody even remotely familiar with your postings, is not surprising. Now, I am perfectly prepared to be proven wrong. Can anybody provide any example of condominium with units in $400k range being fully owner occupied (let’s face it, 90+ percentage means renter-free ednvironment)? Specific info about such miraculous occurence would be extremely appreciated.
US Real Estate, A Foreigners Point of View:
http://timesofindia.indiatimes.com/nri/us-canada-news/US-real-estate-Smart-diversification-option-for-HNIs/articleshow/10729649.cms
or Read The story…
In the last few months a number of interesting trends have emerged that point to the rise of the US real estate market as an attractive destination for international investors, and quite significantly wealthy Indian investors. According to a recent survey by the National Association of Realtors USA, for the 12 month period ending March 2011, foreigners purchased close to 4% of homes in the US. Of this, Indian buyers accounted for 7%.
Recent data released by the Reserve Bank of India on the pace of overseas remittances by wealthy Indians under the Liberalised Remittance Scheme seems to concur with that trend. The data showed doubling, tripling – and in some cases, up to 30 times increase – in spending on purchase of overseas property, stocks and gifts by Indians in the past five years. The reason is perhaps not hard to come by.
Rohit Prakash, President – American Full House LLC says, “In the last few years property prices in India have risen significantly. Investors who invested at the lows in India have gained from this rise. They are now looking at booking profits and investing in other assets that are available at reasonable valuations.
The US real estate market is one such avenue where prices are currently at the lower end of the range with potential for strong upside. In addition, while smaller investors may be hard pressed to find good properties at $100,000 in India very easily today, there are quite a few such opportunities in the US.”
On the supply side too, the story is interesting. A debate currently underway in the US is that of a new immigration bill which would offer non-immigrant visas to foreigners who buy at least $500,000 worth of residential US real estate. The bill is seen as an attempt to revive the US housing market.
Given these trends, we take a deeper look at the US real estate market and how much of a wise investment it would make.
Right time to invest?
Yes, it is. Warren Dahlstrom, President – Investment Services Group, USA at Colliers International explains why, “There are two reasons why the time is right. First, as we are aware, the US has been in a deep economic recession and real estate values have dropped significantly. Right now, the values are just starting to recover and there is a good level and quality of output. Secondly, given the overall global economic uncertainty, US real estate has potential to generate stable current cash flows and can be a hedge against inflation.”
Prakash seconds this view, “Real estate prices have already fallen substantially in the last few years. Having said that, I would like to add that investors must be careful in picking the location. For instance, in parts of Southern California, Florida, Arizona and Los Angeles, properties are available at attractive prices and rental demands are also potentially strong. But in places like Detroit, Michigan and Ohio, while capital values are low, demand for rentals is also low.”
Price points and budget
There are options for a fairly wide range of budgets. Prakash explains, “Condominiums work best for investors at a lower entry point, say a budget of $ 50,000 to $ 100,000. In the next bracket would be single family homes that would fall anywhere between $ 100,000 and $ 300,000. For a larger budget of say $ 1 million and above, apartment complexes offer great value.”
For ultra high networth individuals, there are deals out there that are available for upward of $ 2-3 million. Dahlstrom says, “The best option for this price point would be ‘triple net’ properties. These are single tenant buildings with a long term lease running for say 20 years and the yields in this case depend on the credit worthiness of the tenant. A retail outlet of a big corporation would be an example. These are fairly simple contracts with more or less stable current cash flows with only a rent adjustment needed every year.”
“There are properties available even at higher price points of $ 50-100 million but we find that foreign investors prefer to invest in these properties through funds and real estate investment trusts,” Dahlstrom adds.
A lot of the properties, especially homes and apartment complexes are foreclosed or auctioned properties. “In such cases it is important to remember that the investor should be ready with cash; that would be the quickest and easiest purchase option,” explains Raj Rajpal, Mortgage Consultant in the New York and New Jersey area. As for getting a mortgage in the US, Rajpal says, “Right now it’s very difficult for foreign investors to get a mortgage in the US because the mortgage industry is going through tough times.”
Yields and returns
As Prakash says, currently property prices in many areas in the US are at the lower end of the range and potential for upside is strong. “Like all assets, our advice is to keep a time horizon of at least 4-5 years in mind while investing in US real estate,” he advises.
In terms of current yield from rental cash flows, Dahlstrom says, “A reasonable yield benchmark for core real estate assets or Class A trophy properties would be 4% (unleveraged) across the US.”
Trophy properties are mostly new constructions that offer tenants the latest technologies, best locations and most exclusive tenancies; Class A is where the vintage may be somewhat older but the location or landmark architecture demands above-average rents.
Having set that benchmark, there are properties that could offer higher yields, but they could also come with varying degree of risks. Yields also vary across locations. “We try to generate net yields of at least 5-6% from our deals; these are usually condominiums, single family homes and apartment complexes in places like Southern California, Florida, Arizona and Los Angeles. In states like Texas the demand for apartment complexes is high and one can see net yields of up to 8-10%,” Prakash says. Net yields are yields that are net of real estate manager’s fees, home owners association fees etc.
Management
Having decided to invest in real estate in the US, the next step is enabling the transaction as well as managing the property. There are professional companies in the US that will help you manage your property in terms of, finding tenants, collecting rent, paying taxes and completing other legal formalities.
There are various ways of doing this. Prakash, for instance, explains one way, “Once clients have decided to buy real estate in the US, we set up a simple holding company for their real estate with the client as owner. In the US, it is necessary to have a Tax ID number (similar to a PAN card), a legally registered US address and agent.
Having a holding company accomplishes this as well as provides for liability cover and allows you to easily open up a bank account to receive rents and proceeds from sales. An operating agreement will give you (or your nominee) authority to approve all property purchases/sales and includes limits on normal operating expenses.”
Rajpal too advises that it would be best to get in touch with real estate management companies to make your investment.
To sum up
To sum up, for Indian investors, investing in the US real estate market is really a diversification tool. Says Prakash, “For Indian investors, this avenue offers portfolio diversification as well as a hedge against country risk and currency risk.”
Dahlstrom adds, “Real estate investment with a 4% yield augurs well for investors looking at stable current cash flows especially in the current scenario where gilt/ treasury yields are not that attractive.”
AJ, what follow after the article are also interesting:
BVB (USA)
15 Nov, 2011 12:17 PM
May be I know better this subject matter than anybody else for I have been a real estate investor for the last 10 years in southern California. This news item presented a rosy picture. But let me highlight the darker side. Managing RE in US even from outside the state, let alone outside the country does not work. Local investors always buy properties only in the lower income neighborhoods, like the notorious south central Los Angeles, because properties in the upscale neighborhoods yield no cash flow. Collecting rents in these neighborhoods is a constant struggle especially at the present as very few tenants have jobs, and most of them are on welfare. Over the past 10 years I went to court at least 20 times to get rid of non-paying tenants. Court date is nerve-racking as the tenants sometimes create scenes in front of the Judge. Their general compliant is that the property is not habitable. Luckily in California the Judge orders lock out and forfeiture of the property in all cases of non-payment. Then comes the lock out date. Most of the times the tenant leaves before the arrival of the police officer but in all cases the property is thoroughly trashed. In one case the tenant on eviction even left a dead dog in the unit. Each time we evict a tenant we lose 3-5 months of rent. All over America vacant properties are badly vandalized. Everything worth anything is removed by the vandals who are generally drug addicts. Both the managers and management companies are scam because they do not do evictions. If they do they charge exuberantly. Secondly, any plumbing problem costs roughly 10 times to fix when the management company out-sources the work to some Rooter company compared to using a handyman. The management companies do not send anybody to the property to see what is wrong. During the RE boom of the last decade we two friends bought a streetful of 4-plexes in Austin, Texas and employed an onsite manager. We as out of state owners, got scammed from day one. Eventually, 2 years later we had no choice but to let the properties go to the bank. All the down payment was lost and the banks are still going after us. Those agents and brokers who solicit investors are crooks. Their job is done once the investor buys the property. They do not answer the phone afterwards. As such very few of them own rental properties because they think it is a headache. Having said that, I still do the same for living, buying, fixing, renting, and trying to sell RE. But I babysit my properties and the tenants with the help of a handyman. This is still a better business compared to many others and certainly better than going to the American work place. I switched to this business after working as a Scientist for many companies.
kiran gopana (california) replies to BVB
16 Nov, 2011 07:53 AM
Dude. More than 80% of the top rich made money in real estate. Good thing with real estate is the leverage. It can work either ways. You did all the mistakes you are not suppose to and learnt a valuable lesson: 1)Never buy out of town properties. They are hard to manage. 2)Never buy apartments or triplexes. Always prefer single family homes. Apartments and duplexes don’t appreciate much. 3) Never buy homes in bad neighborhoods. Real Estate 101: 1) Location, Location, Location. Location is most important in a real estate. You are not buying property but you are buying land. 2) You don’t make money with rents, but you make money with the property appreciation. 3)Manage your own property. Real estate is like a business. When was the last time you let others manage your business. Real estate is a serious disciplined business, which can make you rich or bankrupt in a short period of time. I made my first 100,000 in real estate in a very short period of time and trying to go for my first million.
John (CA) replies to kiran gopana
16 Nov, 2011 11:46 AM
Dude, Managing a property for cash flow and investing in property (engaging in buy and sell or development of property) are completely different businesses.
Singh (Canada) replies to kiran gopana
16 Nov, 2011 11:43 AM
Good information and advice from BVB and Kiran Gopana.I live in Canada and we were lucky not to get into a similar mess, mainly due to the fact that Canadian Banks are tightly regulated by the government. In fact, real estate prices in Canada have been rising steadily. Many Canadians are buying real estate in the US and I am sure some will regret it. But, others, who do their research and planning well, will be OK. I live in British Columbia (West Coast) and am looking at buying in Southern California – same time zone and about 2 hours away by air. There are some areas where many Canadians have bought and therefore help each other. The low prices are hard to ignore.Also, the rent to price ratio is higher now due to the price drop in real estate, so that people can look at buying in good neighbourhoods. One other point is that since I am not a US resident, I cannot personally do any repairs on my property in the US because I cannot work there! I have to hire someone locally to do any little job! I you are looking at buying a Condo, make sure you check all the fees & insurance that you have to pay. These can be significant, especially in hurricane prone Florida. Perhaps your first investment should be as a partner with others, to cut the risk. If things work out, then you can always buy more. After all is said and done, real estate is a bit of a gamble. It will always appreciate in the long run – but do we all have that much time? Some people make money in a few months, some in a few years and others cannot hold on and lose out. This risk can be reduced by doing your research and homework well, but it cannot be eliminated altogether.
What do you think,
Those comments are pretty ridiculous. The majority of foreign investors aren’t buying duplex to self manage. At my company we buy buildings and and provide investors with an 8 – 10% cash on cash preferred return and depending on the promote structure up to 80% of the capital gains. The investors are on the LP not the GP side so they aren’t actively involved in the management. This is primairy for value add class B properties. For trophy class A properties those returns can go as low as 4% because as the article points out this is a very safe investment, especially if its in a preferred market.
The comments are talking mostly about property management while the article is talking mostly about investing in real estate. These are two completely different things.
I agree with gixxer, The article and the comments are a bit unrelated. Being Miami specific, it is all about luxury condos. I do not think any one we know are intested in buying a building in East LA as a rental income generator.
Miami residential sales jump 51 percent in third quarter: report
“The sales of single-family homes and condominiums in Miami-Dade County rose by 51 percent in the third quarter, according to a report from the Miami Association of Realtors. It was the 13th consecutive quarter of increasing sales in Miami. The average sales price of single-family homes also rose, jumping 19 percent, and the average sales price of condos jumped by 21 percent. “Strong demand from international buyers is fueling robust sales activity in Miami despite low consumer confidence and high unemployment,” said Jack Levine, chairman of the board of the Miami Association of Realtors. “Local sales are expected to set a record this year that should exceed the height of the boom in 2005.” Total housing inventory in Miami-Dade County fell 38 percent from the same period in 2010, with a 65 percent total drop since August 2008.” — Alexander Britell
Things are picking up in SIB. Regalia is already getting started.
Gixxer,
Any idea on what the price point will be at Regalia?
I don’t know the revised pricing. The units were originally going to start around $6M and I think they are around 6,000 SF. 1 unit per floor with the exception of a two level penthouse.
This car/elevator thing is the dumbest thing I’ve ever seen. What happens when the elevator is inoperable? How many days or weeks without a car?
Also, funny how Gixxer claims no one wants to pay for parking, and yet this thing is being built. I’m guessing a simple parking space costs a hell of a lot less than this. Who in their right mind would buy into this?
The dumbest thing you’ve ever seen??? Really? It seems that everything that happens in this banana republic is the dumbest thing you’ve ever seen.
The project is designed by Porsche and Dezer who is in love with Porsche. The guy had an actual Porsche mounted on his wall as a piece of art.
But What I do find funny is that you complain about parking but then when a guy comes up with a way to park your car in your unit on the 30th floor you also complain about that.
I claimed that people buying $300k units don’t want to spend an extra $75k for a second space. Were taking about multi-million dollar units. This will be a niche building for car enthusiast allowing them to have a 30th floor unit that doubles as a showroom for their exotic car.
As far as who in their right mind would buy into this. The same people who’ve been buying into everything else that you’ve thought have been a bad ideal for the last two years now.
Gixxer, in all honesty can you tell me with a straight face that it costs $75k per space to build parking? There are some amenitites (such as parking), where a developer can sell at cost, still make a profit on the remainder of the building, and satisfy consumer and local needs without gouging for profit. The structure is already going up, so unless the parking significantly amplifies foundation or structural design, etc, the extra cost of parking is not the equivalent of putting up an isolated garage for parking only.
I mean to say $75/SF but that is still a little to high. In all actuality a parking space is probably going to cost a developer around $50/SF to build regardless of what’s there. Stand alone or not. That’s maybe $40+ in hard cost (building materials) and $10 in soft cost (Developer fees, financing fees, architectural fees, etc.) You don’t get a discount because you’re already building a building. So were talking about $20k per space.
So basically every extra space you build you’re going to have to increase the sales price by $20k just to break even. At MyBrickell they are trying to price just under $300/SF. Let’s take a 2/2 which starts at $282,900 with 955 SF which is $296/SF. Now add the $20k for the second space and now that unit starts at $302,900 or $317 a square foot. And that’s on the low end. On the high end your now pushing towards $380/SF pretty much taking your pricing advantage away.
Like it or not people buy units by looking at certain criteria. That’s why it was important for MyBrickell to start at $299. Or have pricing start at $177,900. Why not just say $178,000? Because $299 catches more people than $317.
I put together proformas to help determine among other things the amount of parking needed for a financially successful project. You can think were not providing parking for whatever reason you want, I’m just telling you it ain’t going to happen.
Capital Lofts has ZERO parking and it’s full. I’m looking at a few other sites and trust me there won’t be parking because I can’t sell at the right price with the additional expense.
If the numbers showed me that people are willing to pay $20k more for a second space and it would help sell the unit faster, we would build it. If you want to call us greedy developers and complain here is a simply solution. ONLY buy a unit with 2 parking spaces. You sound like a girl complaining that men cheat but all the while every other girl is forgiving their douche bag boyfriend for cheating.
Talikng about My Brickell,
They have the worst lot ever..building will be cramped in between 500 and BOTR.
Prices are sure to drop in these buildings in the units facing My Brickell.They will be so close you will be able to jump to your neighbor’s place…
Renderings do not seem to take distances in consideration when trying to sell pseudo-luxury..
gixxer, you do get a discount for already building a building. Foundation and structural costs are already there and absorbed, and in most cases the addition of a few more floors will not push the needed design into a larger more expensive proposition. unless the developer wants that to be the case to argue against the additional work.
gixxer, you like to hide behind your marketing generated numbers to defend the developer. i just point out that in the long run those early on decisions made by the developers tend to lower the long term standard of living in an area. profit is made early, and others suffer the consequences later. For example, selling a sub 1000 sf 2B condo with only 1 parking space is great for the developer. But that is a miserable combination for a long term resident, unless they use it as a vacation home or live alone. is that the long term resident you are interested in to make the area livable and commercially viable? you think short term, i think long term.
Looks like Downtown is going to beat out Park West and Brickell for the first movie theatre complex in the neighborhood. Large sign just went up announcing a movie theatre complex “Coming Soon” on the MET lot across from Epic and JW Marriott Marquis Hotels.
I think it will be close between this project and the Citicenter project. They are supposed to start on the Whole Foods and Rental units at Met 3 first. Then Met Square (what you’re referring to) is supposed to start 6 months after that.
I just drove past Paramount the other day and it looks spectacular! They have finished the landscaping and removed all scaffolding, fencing etc and it looks like a dream. Go Check it out. Does anyone know if the lobby is done yet? I did not go in. I was asked to find out and I am too busy to go back in. Appreciate any info asap.
gables,
I’m talking about the minimum per foot square cost to build a garage. If you were to build a stand along garage the cost would be higher due to other fees (overhead, profit, etc.). The price of concrete is the price of concrete. You building 15 extra floors that you otherwise wouldn’t be building. Your engineer charges a percentage of total cost so 3% of $60M is more than 3% of $50M. These cost are real and add up. Again were talking about square foot cost.
“profit is made early, and others suffer the consequences later.”
I somewhat agree with this, but here’s the solution. If you don’t want a 2/2 with one parking spot then don’t buy one. Sooner or later the developers will get the picture. But the problem is that people will continue to buy 2/2 with one parking spot and continue to “suffer the consequences”.
I’m just telling you the facts. If it makes you feel better to call developers greedy, then fine. But it isn’t going to change.
Gixxer, i know the cost would go up. but not nearly as much as you tend to insinuate. they can be sold, at cost, and not be nearly the deal breaker you try to imply. the garage spaces are just not built. increasing planned parking by 20 percent is not a budget bugaboo. and I did exactly what you indicated-i did not buy a 2BR with a single parking space. it’s not so much greedy developers. its talking out of one side of the mouth about the importance of proper urban design, but really ignoring the long term needs when its convenient. parking needs in downtowns will not go away anytime soon. as you say, those are the facts.
Study: Young professionals dominate downtown Miami
http://www.bizjournals.com/southflorida/news/2011/11/22/downtown-miami-is-regions.html
“The area’s per capita income grew by 39 percent from 2000, and far exceeded that of the city of Miami and Miami-Dade County. Additionally, more than 65 percent of employed downtown residents work as professionals, with an average household income of $43,992.”
If the average household income of these “professionals” is only $43k per yr, a “professional” is defined pretty loosely.
I guess a teller at Banco Industrial De Venezuela is considered a “professional.”
Drew, yes he or she is a professional too. While they need to double up with a colleague or someone to rent a 2/2, another professional making 80K can afford to rent an entire 2/2 on his own. I hope you got the concept.
Or that same teller would settle for a studio or small one bedroom entirely on their own steam. A studio in Opera is going for $900 to $1100. That is what we are talking about. The article never said downtown is filled with 80K-100K earning young professionals.
AJ, I hope you get Drew’s point. $43k a year is NOT a professional. doubling up with a roommate to afford rent is NOT a professional. maybe an aspiring recent college graduate, but NOT a professional. as Drew said, they are using a very loose definition for professional.
Right. The point is that the term “young professional” has become realtor-speak/marketing buzzword that has little meaning anymore. I guess that as long as you’re not blue-collar and live in Brickell, then you’re a professional. Now physicians, attorneys, architects, engineers or others holding specialized, advanced degrees are demographically lumped in with bank tellers, real estate agents, admin assistants and cashiers. Nice.
Paramount Bay condo turned into a design showhouse
Elle Decor hosts a showhouse in a Miami penthouse during Art Basel and beyond
IF YOU GO
What: Design showhouse
Where: Paramount Bay, at 2020 N. Bayshore Dr., Miami
Hours: 11 a.m. to 6 p.m. Dec. 3-4, Dec. 8-11 and Dec. 15-18.
Tickets: $25 at http://www.elledecor.com/showhouse.
BY AUDRA D.S. BURCH
[email protected]
During Art Basel, a week of spectacular, contemplative art and design, Elle Decor brings its own kind of public installation.
As an official satellite of Design Miami — the international marketplace of limited edition furnishings and design forum — the magazine presents a showhouse of inspired spaces in a 47-story waterfront condo tower. The inaugural showhouse was held in San Francisco last year.
A group of marquee interior and landscape designers picked by Elle Decor are tasked with transforming a blank 10,000-square-foot penthouse into a wow space with a view. The penthouse is on the 43rd floor of Paramount Bay, at Bayshore Drive in northeast Coconut Grove.
The roster of designers, most of whom are based in South Florida, includes Juan Carlos Arcila-Duque, Vincenzo Avanzato, Lars Bolander, Tamzin Greenhill, Wade Allyn Hallock, Larry Laslo, Lynda Murray, Mario Nievera & Keith Williams, James Wall and Deborah Wecselman. Each is assigned to a specific room or terrace.
Earlier this year, rock star Lenny Kravitz was tapped to create the artistic vision at Paramount Bay, which is expected to be completed early next year. His design firm, which also worked on the Florida Room at the Delano, is charged with designing the look of the residential property, including all public spaces and outdoors areas.
Proceeds from the showhouse will benefit Miami’s Design and Architecture Senior High (DASH).
“Elle Decor is delighted to debut our second showhouse, especially as the proceeds benefit the next generation of designers and architects,” said Michael Boodro, Elle Decor’s editor-in-chief. “We’re excited to join forces with Paramount Bay and look forward to seeing the space transformed by such a talented array of designers.”
Miami’s 900 Biscayne Bay sells out
December 07, 2011 10:30AM
900 Biscayne
“Downtown Miami’s 900 Biscayne Bay condominium tower has sold out all of its 525 units, according to the project’s sales agent, Cervera Real Estate. Cervera has served as the project’s exclusive broker since its inception, and sales have totaled more than $320 million. “Working closely together as a team with Terra Group, we were able to complete closings three months before the anticipated target date and achieve a price of more than $400 per square foot,” said founder and chairman Alicia Cervera. The last condo sold was a four-bedroom, 3,990-square-foot residence that sold to a family from Brazil for $2 million. “We’re believers in the long-term promise and the allure of the Miami market,” said David Martin, COO at Terra.”
Any news on how the NAR’s downward adjustment of RE sales since 2007 affects the Miami trends over the past five years? and their comparison to the previous years leading up to the bubble?
We had the annual board meeting this week and the developer said that he has 2 units left to sell out of 470 Units). So it is your last chance to get into the building and buy it directly from the developer with some discount. Impressive considering that he did not sell a single unit at bulk price to anyone.
some other notable points from the meeting
1. First 3 years (08,09,10) maintenace $0.42c/sf (lowest in all of Miami Luxury Buildings)
2. 4th year (11) maintenance increased to $0.49c/SF, to add reserves which are now upto 2 Million Dollars, a very healthy reserves.
3. 5th year (12) Maintenance frozen at $0.49c/sf, still the lowest maintenance in all of Miami’s new Luxury Buildings.
4. Year 2011, we operated under budget and saved $211,000
5. In 4 years, out of a $4Million Maintenance Bills Invoiced to the unit owners, we only have a delinquency of 130,000 (half of it is under recovery). That makes it less than 1% delinquency. The healthiest finances in all of Miami.
If any of you are getting another maintenance increase in your building for the coming year, take these numbers to your meeting and rip your Board of Directors a new arse hole. Tell them if 1800 club is operating under budget even though it is charging the lowest HOA in Miami, why is that you guys are looting us?
I’ve heard that the pre sales of MyBrickell are going so well that they are planning another tower on the empty lot in front of Axis. Lucas have you heard anything about this?
Gixxer,
No I haven’t heard about that. That would be great news! Great location for a building with all that’s happening around Mary Brickell Village.
We had the annual board meeting this week and the developer said that he has 2 units left to sell out of 470 Units). So it is your last chance to get into the building and buy it directly from the developer with some discount. Impressive considering that he did not sell a single unit at bulk price to anyone.
some other notable points from the meeting
1. First 3 years (08,09,10) maintenace $0.42c/sf (lowest in all of Miami Luxury Buildings)
2. 4th year (11) maintenance increased to $0.49c/SF, to add reserves which are now upto 2 Million Dollars, a very healthy reserves.
3. 5th year (12) Maintenance frozen at $0.49c/sf, still the lowest maintenance in all of Miami’s new Luxury Buildings.
4. Year 2011, we operated under budget and saved $211,000
5. In 4 years, out of a $4Million Maintenance Bills Invoiced to the unit owners, we only have a delinquency of 130,000 (half of it is under recovery). That makes it less than 1% delinquency. The healthiest finances in all of Miami.
If any of you are getting another maintenance increase in your building for the coming year, take these numbers to your meeting and rip your Board of Directors a new arse. Tell them if 1800 club is operating under budget even though it is charging the lowest HOA in Miami, why can’t you?
Hi, AJ, isn’t the developer leaving the site after selling out? If so, how will the developer- or bank-selected board be replaced when there is not enough share holder participation (60% vote) to hold the election of new board? I hope I explained it well. Well, this year is coming to a close.
I wish you all a Happy New Year!
Developer kept himself a couple of units as his offices and he is still actively involved in our building affairs.
Hi, AJ, that must be it at my project as well. The developer/bank units have sold out but the 5-men board consisting of bank vice-presidents stay on. That’s okay with me as long as they are making sound decisions for the project but I’m sure that they won’t be worrying about us the shareholders. There have been few issues in the project and I am curious as to what your reaction might be about them but I try my best not to be a nuisance here.
Same boat here. developer actually ran for the elections just like anybody else and we elected him fair and square as he is actually good for us. The elctions are due again in one year. If he chooses to run, I would still vote for him as he has done a lot of good. Some people do not like the idea but I have no problem with it. He kept the HOA low and ran a tight ship. he trained the other directors well too. So (if) after he leaves, we should still be in good hands.