Turnberry Ocean Colony 2 Bedroom with Direct Ocean View – Picture Tour
July 11, 2009 by Lucas Lechuga
Direct ocean view the moment you step into the unit
Double entry doors into the living room
Kitchen with Italian cherry wood cabinetry and stainless steel appliances by Miele and Subzero
Another shot of the kitchen at Turnberry Ocean Colony
Kitchen with a direct view of the ocean
Master Bedroom
Balcony off the master bedroom and living room
2 person Jacuzzi with TV monitor
Master bathroom
Master bathroom
European steam shower
Steam shower control
Bidet and toilet
Second bedroom
Second bathroom
Laundry room inside the 2 bedroom condo
Northeast view from the balcony
Direct east view from the balcony
Southeast view from the balcony
The condo overlooks the swimming pool
Wow, Nice new post AJ! Whats not to like here?
Unit looks nice.
As a side note, Lucas, you’ve got ~ 40 pictures on the front page of your site right now. This site is getting tougher and tougher to visit on a regular basis when on a computer, and almost impossible to visit on a mobile device. You might want to start posting one or two pics per post on the front page, and then use a “More …” link for the rest.
Very nice indeed but not that nice to pay $447 per sq ft as it is $322 per sq ft overpriced
To Post #2
Dude you shoulda bought a Dell
This is a great unit Lucas. TOC 2BR (Exuma) sale prices ranged from $1.1M to $1.750M last year and we’re looking at 2009 selling values from $1.1 to $1.4M. In the last 6 months, TOC finally began dropping in value with it’s Southern counterpart having speculator competition (21% inventory) driving down values. Deeply discounted units are averaging 22% off list in some cases but the biggest deterant are the maintenance costs from $2200 – 3600 (No tipping allowed at TOC). Today, the average 2009 TOC selling PPSF is at $550 (6 sales) with an average asking PPSF at $699… Limo Anyone? It’s included.
We made an offer on a short sale. The lender is requesting a $2500 non-refundable deposit to stop the foreclosure sale. Is this a typical request in a short sale process?
Nice. It even has a separate tub and shower for RT 😉
Yep – TOC is a very nicely done project albeit a bit still over priced. The 2/2.5 is very nice but lacks any west facing windows….the other floorplans all have west facing windows in addition to the great east views. Not a really big deal though. The high HOA fees are the biggest downfall for this building, especially if you only use the unit occasionally. If yo used it just 3 months out of the year, the effective HOA fee per month is something over $8K or even a lot more. The competition from the Trump Towers next door should continue to drive prices down as the number of unit in that price range is in the hundreds and hundreds.
And, of course, the floorplans are nicely planned and have a separate tub and shower as to be expected. Altough for the Exuma floorplan the second bedroom only has a nice walk in shower. One other comment, the TV in the jetted tub is a bit stupid as it looks like a very dated TV and one wonders if it is compatible with the new digital TV signals.
Overall, a very nice unit.
TOC is not my cup of tea but it is certainly upscale or at least trying very hard. Under $500 per sq ft for luxury oceanfront is a not expensive. The HOA fees are high because the units are huge and they have a ton of amenities, again if that’s what you are looking for. If someone can afford this and likes this kind of living they will probably think it’s a great opportunity. I just don’t like Sunny Isles to begin with but that’s just me.
Skeeta – Just curious about why you don’t like Sunny Isles Beach. I find the location so convenient to everything…airports, malls, other shopping, nice well maintained beaches, etc. I agree it doesn’t have a “nightlife” per se.
At $250 a sq. ft. I’ll take one for sure…..and I’m sure Renter Tom will too.Guess we’ll have to wait a bit longer Renter Tom.I’d say by Feb. /March 2010.
Hi everyone, I have been searching for a condo to buy in Brickell, I went to 500 and the Plaza but they dont have nice views..any new building around the area for around 220 psf with nice views??
#8. The Southern counterpart was in reference to TOC newer South Tower. Trump Tower I, II, III has such a bad reputation I couldn’t even compare it to the TOC development or use them in the same sentence (although I just did..lol).
#10. Is there something beginning with Newport’s Kitchen 305 trying to boast a nightlife? Been waiting for something.. there was a rumor that the old Da Vinci parcel purchased by RK would be a new Nicki Beach styled complex which may or may not happen.. I tend to doubt it.
I did here an outstanding rumor from a valid source yesterday in which the land on 193 Street (Collins on West side) is now (or in the process of being) owned by the City of Sunny Isles Beach and in the works of becoming the new City park!! The City traded the owner for an oceanfront parcel with a 21-Story height restriction. Halleluyah for the jinxed conversion known as Ocean View aka Ocean Reserve with the highest # of REO’s in Sunny Isles Beach. There’s the turning point on future OV/OR values.. Anyone know?
#11. In review of MLS Sales STATS (Collins Avenue, Oceanfront)
Feb1/March31 2007 -32 Closed Sale PPSF Averaged $527
Feb1/March31 2008 -50 Closed Sale PPSF Averaged $474 (10% drop from 07)
Feb1/March31 2009 -37 Closed Sale PPSF Averaged $370 (22% drop from 08)
Hmmm.
Ashton Coleman – I clicked on your name thinking it would be a link to your website but got a link to the Jades in SIB….and to be honest, I had to think “are you kidding me”. Maybe you can update everyone on the success of the Jades with stats. As I understand Jade Beach was hit with foreclosures right out of the gate and Jade Beach hasn’t exactly been hopping with ZERO lights on many nights. I had heard a rumor about the Jades, more specifically about Jade Ocean, but won’t repeat here since only a rumor. So, I am calling you out on promoting these two projects….now your turn to tell us. Also, what is sooo bad (the good, the bad, and the ugly) about the Trump Towers? Thanks.
Renter Tom- Sure bud.. I’d like to soon see you as ‘ProudOwnerTom’..!? I’m friends with Lucas and a BIG fan of this blog. I’ve always learned a lot from you all and had zero to contribute; until now.
The Jade site you clicked on is mine and thank you for exploring as each of my links on this thread contain three of the 4 sites. I own & operate 2 blogs and 2 sites all which pertain to the beaches. I guess you could say I’m a fan of anything Miami oceanfront, Jade Beach & Jade Ocean especially for that new flashy design some happen to like. The buildings & amenities are unique for SIB. Stats you want, I’m ready… Jade Beach is at 85%+ closed (13% Inventory as MLS resales) and I just sold (PS) a B2 model this week as a dev. default. It’s unfortunately taken 9 months but feel as though Jade Ocean will have the same absorption time frame with a correction in values (PPSF) during this time. So far, only the TCO is in place at Jade Ocean and 30 have closed (as per dev. rep) with closings scheduled each week. I have an unbiased approach to values comparing apples to apples and Trump Tower I, II, III aren’t comparable to JO, TOC or Acqualina.
I’m also clarifying the Feb/March values above as SIB specific (oceanfront, Collins) and not pertaining to TOC in which those same sale figures are 2007-4 @ $665PSF, 2008- 4 @ $640PSF, 2009- 2 @ $577PSF respectively in which I’ve seen the biggest drop since last Sept. when I sold an Abaco model at a $1.975M high while now there’s 6 or so sellers fighting for the $1.8M mark.
Let me also say Trump Palace is A+ (financially) while Trump Royale has had a rocky start. The amenities and security stand among the very best of SIB. Trump Tower I, II, III no comment but you can read here: http://miamibeachrealestateblog.us/2008/06/18/trump-towers-lawsuit-for-100m-in-cancellations/
Still a glut of inventory but consumer confidence is better on the beaches.
Lucas – Are you posting a Miami condo closing update soon?
I was born and raised in Brooklyn and I have lived in NYC, Rio, San Juan and now South Beach. I am comfortable in an urban environment where I can step out and go for a walk, shop, catch a movie etc without getting in my car. I have to admit that Sunny Isles is very convenient for getting around but the environment is too sterile and it is overbuilt and poorly designed for a beachfront setting. The building are way too tall and I do not get a sense of community. I prefer smaller condos. For me the area is permanent memorial to a city that sold it’s soul to the devil and allowed greedy builders to do whatever the heck they wanted to do (not unlike downtown Miami) and ended up with miles of 50 story condos on a much too thin strip of beach that is in danger of disappearing. If I had to choose I would prefer Surfside where they have a 12 story height limit and a small walk around shopping area adjacent to the Bal Harbour mall.
Court docs for Jade Beach are under Fortune Beach LLC. Is this correct? What kind of legal action are these buildings having? Why no street level neighborhood photos? Do they have a Publix?
Skeeta – I think SIB had to allow tall buildings in order to make it financially feasible to buy out the existing structures/motels. So, I would probably characterize the city people differently than you did. In land re-development you have to allow for higher density buildings and that mean taller buildings…they also took into account view of buildings on the west side of collins too. For land re-development you buy the cheapest stuff first…hence the little motels went first, then the slightly larger ones…but you won’t find anyone buying the Newport Resort to knock it down in the next 10+ years since the land cost would be too high. SIB was incorporated in 1997 and has actually done a lot in the 12 years that followed…impressive even if not perfect. SIB is younger and more family oriented than say Surfside….maybe in 50 years it will make sense to knock down those 12 story buildings in Surfside to build tall buildings…who knows. But I agree with you that lower rise buildings are better when feasible. SIB seems to be a big product of the real estate bubble and probably won’t be repeated in decades.
Ashton Coleman – Thanks for the additional info. I like TOC. I also like from the outside the Jades…..85% closing on Jade Beach is surprising but I very seriously doubt Jade Ocean will do nearly as well since a lot of people were still in denial when Jade Beach started to close, not sooo much now. I had heard that Fortune was trying….desperately…..to unload Jade Ocean. Maybe my source is wrong, but it was credible enough for me to mention it. I do think prices will continue to fall significantly for these luxury buildings…I know some inside stuff on one of the newer luxury buildings in SIB which I can not post and the funny business that is going on. Developers are desperate. A lot of buyers in SIB were speculators….and their ability to hold out, even with renting…is finite. In my opinion, the luxury/ulta-luxury condo market is in for additional substantial pain. I have a price point that would get me interested in some of these beach front condos…..we are getting closer…..I have my eye on one that is a short sale…..but the rest of the building owners scare me and I haven’t looked at the HOA books yet…. Who knows, I might just pick up a little pad down in SoBe for the heck of it in the interim. Soooo many choices……sooo many choices.
skeeta #17,
you just put words to my very uncomfortable feeling regarding SIB. I always hated it and I tried to explain it but I could not describe it. You just hit the nail in the head.
I went with Lara to see her La Perla flat ( Lara, thank god you are out of SIB. Please don’t reinvest there. a sincere advice from a friend). The beach is so narrow in SIB, I will be scared to sleep in any of those buildings thinking that my building will be washed away by the high tide.
All other valid reasons to dislike SIB such as lack of nightlife, traffic, unsophisticated people, retirement ghetto, aventura on the beach, sterile, senile etc are all trivial compared to danger SIB is in.
Do you guys remember the devastation of Hutchinson Island, Jenson Beach etc just north of Jupiter in the last storms? It was not even cat 3 and the thin and narrow beach similar to the SIB got severely eroded and water came up to the buildings. Any retaining walls got crumbled. Some buildings had to be abandoned. Insurance companies washed their hands off. You cannot even insure the buildings on this beach anymore.
Be very concerned when you consider buying on a thin barrier island sand bar like this so very close to the high tide line. Spend more and buy in SOBE where the astronomical high tide line is a minimum 500 meters away from any settlement.
short sale advice
that’s borderline insane. the lender controls the foreclosure process. all the bank has to do is call its counsel and say reset the foreclosure sale for 90 days out to see if we can sell this place. frankly, i’d tell the bank to go f%^k itself if they insisted on this fee.
I don’t know where the narrow beaches in Sunny Isles comes from but Bal Harbour leads the pack in narrow beaches (to the point of major concern): http://miamibeachrealestateblog.us/2009/06/15/bal-harbour-beach-erosion-the-2009-replenishment-project/
Sunny Isles Beach width: http://www.flickr.com/photos/ashtoncoleman/3625681863/
Bal Harbour width: http://www.flickr.com/photos/ashtoncoleman/3350183358/
AJ #20…. seriously, tell us what you really think! Man o man, you really have an imagination. I honestly think you are a kook…..why would you go to all the trouble to see Lara’s unit in La Perla? If you hate SIB so much, why even look. Didn’t know Lara sold the La Perla unit. What floorplan was it again? An “06” line or something. SIB doesn’t have the problems you envision…utter nonsense. Unlike most of SoBe, SIB was built recently and to much much tougher building codes.
The Whole Foods that was supposed to go into Met Miami but didn’t pan out, is there a replacement tenant for that space? There used to be rumors of a Trader Joe’s. thanks
Ashton,
Since Ocean Veiw/ocean reserve was mentioned.
I have heard that it has highest number of REOs in SIB which is a bad thing for those who own there right now but might be a good thing for someone looking to buy.
What do you think about buying there either as a vacation home or rental property? What would be good price per sf? Is it hard to rent out an apt there?
Thanks
yes sunny isles does suck in many ways but so does most of miami for many of the same reasons ??
and why am i spending a million on a condo ??? whats the maint ??
maybe someone saw the article in the herald on miami $$ today ?? or saw that the top banking anaylyst predicts 13 percent unemployment
which is realy 20
so lets keep worrying about million $ condos in a city which could look like the movie escape from ny in a few years
AJ, how are you? Partially I agree with Skeeta but a lot of people like SIB. IT is not a pure retirement community anymore. AJ, I think your thoughts about buildings being washed out by the ocean in SIB are your pure rich imagination. I appreciate it but far from reality. IT is really a matter of taste here. The beach is nice and the water is great when it is clean. I like some little cafes and restaurants in SIB.
RT, yes I sold my apartment 07 line. Actually I invited AJ to visit it and look at it. so it was no trouble and it is not that far from other areas.
At the same time I look at all these areas as an investor. Try to separate my emotions from an investment decision. I think that from an investment point of view all ocean front apartments are extremely overpriced. If you buy one for yourself then it is a very different story. there are a couple of buildings even on the oceanfront when money can be invested now starting from surfside to Hollywood.
Some opportunities in NMB. Some in Downtown and Design area.
Lara said: “it is not that far from other areas.”
– Yep that is one of the good things about SIB. Close to a lot of stuff. SIB is decent, is it the top of the top? No, but decent.
Lara also said: “I think that from an investment point of view all ocean front apartments are extremely overpriced. If you buy one for yourself then it is a very different story. ”
– Why is it a very different story. I think that is were we differ on opinion. From a wealth preservation and accumulation perspective, there is no difference. Hence I rent.
drew299 – If we get to 13 percent unemployment, then it will get very ugly. Let’s hope not.
drew299 – Where is that article about possible 13% unemployment? I’d like to review it to see if in the realm of probabilities. Key words or a link would be helpful. Thanks!
Lara,
Hi. Been extremely busy renovating an old house to rent it out as the rental market is quite good in NY right now.
Regarding the part of “My fertile imagination”, it is not. The sea will come up to the collins avenue in a major storm. The buildings maybe built like a tank but that is immaterial when the lobby would be covered under water.
Why wait for a storm, There will be no beach in SOBE in 60-90 years. In case of SIB, the beach should disappear in 30-40 years in a high tide and the water would be lapping the retaining walls. While the SOBE incident is outside the scope of my lifetime, I will be seeing this happen in SIB in front of my eyes in my life time and many people will see that even before their 30 year mortgages are paid off!
Beautiful condo!
Y’all gotta take a step back and take a deep breathe. Life’s too short to take this stuff so seriously. True the economy sucks right now but it will get better.
If you like a particular apartment in a particular neighborhood go for it. In the long run you will be fine if you do a little homework. You can spend your life analyzing this stuff and never make a move.
“The price is gonna go down, the tide is gonna come up, I’ll wait another year, I’m gonna lose money, he’s gonna make money”…it’ll paralyze you!
I’ve bought property in Rio de Janeiro, San Juan, Miami and New York and never lost a dime. Lived in all those places and enjoyed them and made money when I sold them. That wasn’t my plan but hell if I sat around analyzing every aspect of the market the way you guys are doing I’d still be sitting at home in Brooklyn!
Property taxes and maintenance fees make Miami a losing market. Just because something in the past worked out doesn’t mean it will work in the future.
Don’t forget property tax increases are up for a vote soon. Good luck with that. Mass exodus coming soon.
Skeeta said: “I’ve bought property in Rio de Janeiro, San Juan, Miami and New York and never lost a dime. Lived in all those places and enjoyed them and made money when I sold them. That wasn’t my plan but hell if I sat around analyzing every aspect of the market the way you guys are doing I’d still be sitting at home in Brooklyn!”
– It is different this time…..previously, for the more part, home prices went up (at least in nominal dollar terms). Now they are not and are in fact falling very hard. We can all live in la la land and pretend that all will be right on a $1M condo, but truth be told not a lot of people can bring $300K to the closing table to unload their now $700K condo…. People’s lives are changing for the worst because of this….real pain…..no retirement left. This is serious stuff.
I know some people who walked away from deposits rather than close on units in downtown Miami and yes it was very painful. Interestingly, not one of them however was planning to live there!
I agree that if you want to buy a million dollar condo in one of those new buildings in SIB you are living in la la land, And yes if you bought a million dollar condo in the last couple of years you are probably upside down at this point. Fortunately the vast majority of homeowners are not in that predicament.
If you bought four or five years ago chances are you are just fine.
By the way, there are lots of stable older condos here in South Beach where there are no speculators, very little delinquency problems, they have reserve funds and they are in what I would consider excellent locations. I’m not a real estate agent nor am I trying to sell an apt but I would consider them good investments.
Skeeta,
Your #31: You cannot argue with those bloggers, it isn’t worthwile.
They sit the whole day behind their PC’s, crunching numbers and celebrating their pessimism.
They don’t know how to live. If you wait the whole life for the luck to come, it will never happen, because in your blindness you already missed it.
wild bill #32,
Yes the prop taxes and maint are high for Miami. But that is expected as people living here expect the sky. The same is not true with the denizens of other cities. For some reason, miamians are the prissiest bitches (both genders) I have ever seen. They cannot tolerate a single eyesore around them, they want super duper amenities in their building and so on. In fact they are the biggest wasters on the planet, more than any other American (who BTW are the biggest wasters of all). All that costs money. Lots of money. If they decide to live less lavish, things would not come to such a pass. Excess living brought civilizations down. Miami’s downfall would be the excess of its citizens.
Prices are actually coming down. Today I saw in La Perla which is an oceanfront new building in SIB. BTW I like it. But this is besides the point. 2bd. (I think aprt. 902) almost 1,700 sq.ft. for $400,000. At the end of 2001 beginning of 2002 pre construction prices for 2bd.units were $360,000. Considering closing, developer’s fee and floors that should come to $400,000. This is for the first time I see price going that low in this building. If you want to live there I think it is an excellent price. Though I do not know that particular layout.
Lara – That 902 unit sold for $707,616 in 1/2007. Odd price. Wonder why $400K now?
Visionary – You have to admit that the whole real estate bust is a very fascinating thing to study. I find it very interesting. But then again, I like Bob Shiller’s work in behavior economics…and of course people’s ability to comprehend the situation or their desire to go into denial, bury their head in the sand, etc.
Anyone familiar with Ocean view/ocean reserve in SIB and can share their opinions?
Based on listings a just saw looks like HOA went up from 500 to 700/month
Lucas is listing a condo (#510, 3 bed 3 ba) in Continuum South Tower, SOBE, at $542 psf. That’s at least 20% lower than any other unit there. Does anyone know whether there is a reason for this price, specific to that unit? Or is this where the market is heading, given that no-one is buying at the asking prices for the other units?
re: Continuum 510
Low floor and a North-West view. ie. nice view of nothing.
Also, there is a detached adjacent 5 story structure with a pool on top that you have a straight view into and they have a straight view into you.
I always knew Miami job market is bad but this sucks. We are dead last along with Detroit for new job postings per capita. I absolutely hate it. At least Tampa and Jacksonville are doing much better than Miami in Florida. The city pols are the worst scoundrels in America. Instead of attracting business and industry by giving incentives, these arseholes are busy trying to build a ball park and raise our taxes. Do we ever get relief from these SOBs?
Family Businesses Are Reeling in Recession
http://www.nytimes.com/2009/07/14/us/14flag.html
Miami is disproportionately dependant on discretionary spending so it’s more vulnerable during a recession.
RE: # 37,38
The 400K for unit 902 at LaPerla is a joke. I have already called the agent and was told that there are several offers over 100K from listing price. For a total oceanfront unit it would have been a steal. Unfortunately the agents throw in a price and expect a bidding war.
thanks Goerge for clarifying the issue. You see if it is not a foreclosure then if someone offers asking price the seller is supposed to accept it. Is not that the rule? I know that for $450,000 you can buy 2 bd in this building. There were such sales in the past. If it is a foreclosure then it is a different story.
If it’s not a foreclosure than the seller has to accept an offer at asking price? That doesn’t make a lot of sense. Why wouldn’t the seller be able to do whatever he wants with his own property?
AJ,
The job issue has been raised here before. Its a major problem in Miami. For such a large metro area there are few legitimate ways to be a local with wages high enough to buy many of these luxury units. And the pols obviously continue to operate the region like a banana republic, where fraud and payouts are an accepted part of society. This place is a great area to move to once you have made your money elsewhere. But to make your lot in life here, through legitimate means, is extremely difficult. You find very few self made millionaires, through legitimate means, in south florida. It is what it is, and the system is hard to beat!
Legacy Park town home association in the Central Florida city of Davenport filed for Chapter 11. They owe Comcast cable $105,305 for a past-due cable bill.
I can only imagine what the dumb investor controlled boards in Miami are going to pull. Probably not even paying any condo bills and spending building money on hookers and blow.
DJ – It depends if the list price is an “offer” which someone can accept. I don’t know the specifics about FL real estate contract law, but I would hazard that a list price is not an “offer” in contract law terms….