Bank Approved Short-Sale at Parc Lofts – $220,000
November 20, 2008 by Lucas Lechuga
I have a short-sale listing at Parc Lofts that just received lender approval this evening. The list price has just been reduced to $220,000 from the previous asking price of $250,000. Unfortunately, the person who submitted an offer canceled recently because they felt that the short-sale process was taking too long.
The unit has 1,267 square feet of living space, 15-foot ceilings, acid stained concrete floors, stainless steel appliances, De La Casa cabinets, washer/dryer and balcony. Parc Lofts is one of the few industrial-style lofts in South Florida. It has become home to many of Miami's artists, videographers, photographers and others desiring a unique space. Amenities at Parc Lofts include: swimming pool, hot tub, concierge and fitness center.
Contact me if you have any questions or would like to view this loft in person.
Any more pics, the views, what floor, etc.? Can you put up a b-ball hoop or are there people below that would get annoyed by the dribbling?
I love the polished concrete floors.
no offense, but this is like paying $220,000 to live in Detroit….
The polished concrete floor is just like what they have at the newer Super Wal-Marts including the one on 163rd. Maybe they will put those floors in when they open the new Wal-Mart near the downtown condos so when you go shop there AJ you can pretend you’re in one of these new fashionable lofts instead and then pretend the grocery area is the really big kitchen complete with stainless steal appliance and a bunch of flat screen TV’s in the electronics section.
I am looking in a totally different part of Miami to buy, but Lucas, that loft place does look pretty cute. From the inside, no idea about the area.
Also that price is not bad, maybe its the lowest these places will go for now?
With the polished floors, some of the retail shops in London have them, the arty boho ones.
Very nice loft, love the finishes. Too bad the neighborhood is absolutely horrible. I would not feel safe going for a walk around the block after the sun went down. I wish there was something like this around Brickell.
Kelly Thomas………if you wait till next month………you will be able to BUY this one for $$170K GUARANTEED. That according to AJ your resident R.E. MAN
Mr J L Whinston, thanks, I do think it is a lovely condo, from the inside, it is not the area we are looking to purchase, for me, I think regardless of the price, the location is what is most important to us.
I find it hard to believe that in a month it would be worth $50k less, that is a rather large drop.
That building is in Overtown, a blighted area that is extremely poor and full of drugs and prostitution. It’s not extremely dangerous during the day, but once the sun goes down, good luck.
And $654 a month in maintenance? What a rip off. Add that to the mortgage, taxes and insurance – and you’re paying through the nose.
Great Loft! For people who understand and appreciate high walls and can decorate them, work with space it is a great possibility. For a designer/artist it is a great place to work for a pretty modest price.
Can anyone tell me what the details are on this:
Condo Meltdown
Buyers at Brickell Icon sue to leave deals, recoup money
By: Paola Iuspa-Abbott and Terry Sheridan
The buyers of units at the three-tower Brickell Icon are seeking to recover $13.7 million in down payments on condos with purchase prices totaling $68.4 million.
i’ve always been a big fan of this building. i haven’t seen this particular unit, but this floorplan is great (if you like lofts). i’ve nearly pulled the trigger several times with other listed units in the buildings, but everytime, i step out on the balcony and it brings me back to earth.
yes RT, you can definitely put a hoop up in there. and lala, i don’t know many artists that could afford this place once you throw in the HOA and taxes.
btw, this unit does not face the cemetary (the 08 units do).
artists are absolutely the worst people to live among. they play music at all hours and never understand why those with jobs/responsibility would actually want to sleep at 2am.
jcrimes,
It does face the cemetery. In most buildings, the odd numbers face one direction and the even numbers face the opposite direction. This is not the case at Parc Lofts. Units 206, 207 and 208 all face north.
This is one of the few units where the owner was not required to install soundproofing because it is located on the second floor directly above the parking garage.
I would definitely put in a b-ball hoop then…..cool. That also explains the floors. Thanks.
oh…that’s not good.
lucas – does it have the lift to allow for two parking spots? i know some of the units have that add on.
they have a very special kind of valet…they’re called car jackers
Some guy – the question is do you have to tip them or is it included in your monthly condo fees?
Awesome unit. I love the look but cannot bring myself to risk my life living there. I would pay this price and then some for this same unit on Brickell Ave or in Park West, just not in the heart of the hood.
H O O D L I F E
If I were a rapper then I would totally love this place.
You could thug in the streets then retreat to this beautiful space.
I could also afford the maint. fees. $$$$$
“The Rose That Grew From Concrete”
Property Values have halved and still going down, stocks have halved and still going down, commodities have halved and still going down….cash IS king right now (for those that have survived this onslaught). This has hit every investor except those that never entered these markets at which point they where probably seeing mediocre yields on their investments anyway but at least preserved capital. I am sure there are those, but are far in-between, that repeated the profits of the real estate boom and/or other markets and got out in time and didn’t invest that money on the next big thing but instead smartly or perhaps just luckily left their money in cash. I wasn’t on that “lucky” boat (there are many on this board that will say they were the smart ones and got out in time many of them were either just lucky or straight out lying). I think what bothers me the most is not the hundreds of thousands I have lost in realestate or the hundreds of thousands I lost in the stock market, I think what bothers me the most is instead of spending and splurging my good fortune on things I wanted, things that would have brought be great joy such as Ferrari’s and Lamborghini’s amongst other things (yes, I’m materialistic get over it) that by the way have also plummeted in value in the past 6 months. I was the sensible, responsible person so I did the “smart” thing and invested more. Look where that philosophy got me! I’m really lost right now do you sell off everything and take the major hit and get out because we all know everything is still going to go down but then risk losing out on the rebound or do you stay in hoping things wont get too much worse and wait for the rebound? I tell you though those who are able to keep their jobs and money will be better off next year the deflation is coming and it will come strong our dollars will stretch like nothing before( I personally don’t think a 1 to 1 euro/usd is far fetched), I also strongly feel gold will plummet. Those with money will feel richer next year. The question we need to ask ourselves is this…keeping in mind everything is cyclical, when will all this reverse, when will all this money being printed and dumped into the economy bring on inflation? There is no denying all this tampering with trillions of dollars will bring inflation. We seem to be in a time where everything over corrects. The day this happens everything will reverse cash will be a losing asset and only those with, property, gold, stocks ect will be able to keep up. When will this happen I really don’t know, but things change suddenly and quickly.
RG – Yep, I wasn’t a toy buyer either….but those that did “buy” might be giving them back if they hadn’t already. I was prudent-lucky…..it is a mixture of both. I had only 30% exposure of net assets to stocks….well, those have gone down like everyone else’s have. You may want to think of a tax move while keeping your exposure to stocks if you have a long long time horizon. You can sell one fund by company X and then buy a similar fund by company Y and take the tax loss this year to offset gains/income. Then after a full 30 days in between you can reverse it back if you like and take the additional loss or gain as the case may be (know and understand the wash sale rule). I have waited over 22 months to invest more into stocks….but the environment was not good and I am more conservative than most so would dollar cost average more in on the dips (yes it can be done) but the macro economic factors kept me from putting too much in…..I put a little more in this first quarter, wasn’t a good move now. Cash is king today and next year, after that we’ll see. Residential real estate will probably be a dog for the next decade in real dollar terms…but like every investment the purchase price is your smartest move since that is the only time you have real control …. whether to enter that market and at what price, since once you decide to get out you might not have control over when and definite at what price. I am starting to see real concern among the “wealthy” as the asset deflation in real dollar terms financed with nominal dollar debt takes reality by the horns. I’d probably just do the mutual fund tax shuffle for those investment not in tax sheltered retirement accounts. All hope is not lost….we’re all just in for a long adjustment period.
Funky.
Jcrimes,
You always mix LARA and I up…I refrained from commenting. I think it’s great if you are a pioneer…but we all had this discussion numerous times and it’s tired.
la la
what’s tiring? i’m pointing out that based on the listed price, hoa and taxes, the place still ain’t cheap for the artsy fartsty crowd. it’s quite relevant to the topic, no?
i’m sorry i keep in mixing your anonymous internet name up.
been wondering what is the best investment asset class to have over the next few years of asset deflation. real estate and equities are going to be bad. holding debt will be even worse (some consider this an asset if the debt collateral is actually expected to increase in value). the dollar will eventually get pounded due to the massive influx of liquidity recently. most material items (inventory) such as electronics, cars, etc are going to lose value due to the deflation. once real estate does bottom it may be a place to park some money long term.
but the best asset class to cultivate to me appears to be an education. those who can actually produce on the job (rather than highly overpaid managers) will be in demand and command salary value over the next decade. health care, scientists, engineers and others in the research and development or design arena will be far better off than financial workers, advertising, managers, etc. will be an interesting change in workplace environment over the next decade.
I just received an offer for the full bank approved price.
RG,
Actually, the statement “I am sure there are those, but are far in-between, that repeated the profits of the real estate boom and/or other markets and got out in time and didn’t invest that money on the next big thing but instead smartly or perhaps just luckily left their money in cash. I wasn’t on that “lucky” boat (there are many on this board that will say they were the smart ones and got out in time many of them were either just lucky or straight out lying)” does NOT cover ALL possibilities; many have made TONS of money in the past year.
It was there for the taking.
By the way, they posted exactly what they were about to do last June in various blogs being very specific on exactly what they were doing that week, for next week, month etc.
–
The Panic of 2008
The Grand Depression
Started with the Crash of ‘05
The Rolling Oughts
Began with the Tech Bubble of 1999
The Great Recession
Could be the best-case scenario
A Hornswaggle built on the backs of humanity
Trillions bilked away in The Pyramid Scheme of The Ages
The Late Escape
Stands as the endeavor of last resort
The Eleventh Hour Resurrection
Yet vies for its own benediction
“I just received an offer for the full bank approved price.” Wow that’s great. It wasn’t me…. 🙂 But maybe they will throw in a b-ball hoop.
Parc Lofts are going to be right next to the Bayview Market starting construction early next year with Lowes and Publix (?) and some other big names. Maybe if the Terra/McLatchy deal falls thorough with the City Square project, Walmart may latch on to the Bayview Market too.
In 3 years, the “hood” wont be there anymore east of the tracks. Every major event destination is a few blocks away including the waterfront Pace Park and Opera House. In 10 years, the same loft will be untouchable. I am not surprised to see a full price offer to this loft.
Contingent on if they can get 140% financing and withdraw the extra 40% at closing for necc. “repairs”. 8^)
AJ, rich people aren’t coming to Miami, they are leaving or more to the point, they werent’ every really here… only leveraged 20% deposits were ever here. The Hood has a better chance of moving East than new well off settlers coming in and moving West. BTW, where do you want all of Miami’s ghetto to move to? What happened to the Yes We can vibe? You want to keep shoving poor people away from the City core into a more ghetto version of the ghetto?
Also, Pace Park is not a destination. It might be if you live a block away. I honestly never even heard of the place till this blog and I am positive most everybody in Miami wouldn’t have a clue where it is. Jimbo’s on the other hand….
RT- I’m thinking of going all liquid next week stock wise. Will wait it out and see. If Citi goes or 1 of the big 3 there will be some serious market moving. I highly doubt we will see any real rally within the next 2 months. I have an attorney fighting to get me out of my trump towers, icon, and loft contracts will wait to see how that goes. By the way I heard the same tower 3 will be rentals so say bye bye to unit values there. The developer will over saturate and under cut the rental prices which will then cause unit values to fall even lower really sucks as I have a lot of friends that wouldn’t cut their losses and decided to close, luckily they can handle such a hit although it still stings. As far as properties I closed on unfortunately I’m stuck with those even at a 30% loss I cant sell them. Who can compete with all these short sales and foreclosures! If prices continue to decline which they will and more people loose there jobs which will happen more people will decide to walk away further escalating this viscous cycle. I hope these programs designed to keep homeowners in their homes work otherwise there is no end in sight to these declines. It used to bother me that people that really didn’t need the money would become delinquent and qualify for these programs but honestly we are on the brink of a real melt down. We have to keep in mind the greater good. Looks like I will have to keep renters just like you living there for half off! I loose the equivalent of paying for a Ferrari payment without the Ferrari…..nice.
Muir- Please elaborate, and which blogs are you referring too sounds interesting.
Wow, that link that JL posted is a real eye opener! Hundreds of people suing to get a portion of deposits back. What we know about is only scratching the surface. How bad is it when you sue to get back 25K of the 100K you put down. Have these units really dropped more than 100K since contract signing? I really feel for these people. 75K is a lot of dough to most anyone.
RG – Sorry to hear about the condos….hopefully the developer didn’t live up the contract and you can walk away…they’d hold you to it so hold them to it too. I have heard from multiple people…could be same rumor….that TT3 will be all rentals or hotel like. TT1 always looks dead, very very dead at night. I don’t think anyone is living in TT2 yet…someone said permit problem or something. Surprisingly I have seen a few more lights on in the north Turnberry Ocean Colony, not a lot, but a few more than before. The biggest indicator is the beach service…few lounge chairs and usually no one there anyway. The Oceania’s usually have a modest group including the old guy that plays a bongo with the pretty younger woman (like I Dream of Jennie lady) that does the hoola hoop…she is talented, must have been some sort of dancer or performer or cheerleader type. I’ll have to check out the Trump Towers for rentals…. I think the real estate meltdown has already arrived though. We’re not going to see $100/s.f. on the beach in new buildings, but $300 is reasonable ….seen it already in a few. One indicator will be closing rates in Jade Beach….expensive but with an impressive entrance….one of the best….love the waterfall and the curves, whoever designed it did a great job. Best wishes.
JL,
1% of every building in Miami, Old and New should be reserved for the ghetto displaced. That way we can really redistribute the poverty (if not wealth).
Pace Park is the Best kept secret in Miami. Only a few informed people know about it and it is better that way. Alas, the secret will not be hidden for too long. Even now, while it is still under wraps and relative obscurity, the basket ballers, foot ballers are fighting to stake the time slots. Weekend picnickers upto 5 seperate groups are frolicking in the park at the same time, considering that there are only a maximum of 7 picnic spots that can be rented out at any given time. These people come from very very far off suburbs to picnic at the water front park . The picnickers and the players come as far as 25 miles away considering that there is no other accessible water front park in all of Miami (So much for your one block theory). Last but not the least, 3 out of 4 dog runners in the park are from Brickell!!! Go Figure.
I have one thing to say to all these arm chair commentators, get off your arses and take a tour of some Miami areas before making half arse comments based on some second hand information you read off the internet. It is such a shame that many full time residents on this blog do not know Miami half as much as a New Yorker. When ever I am there I explore the city street by street, block by block on Foot, on Bicycle, By Bus, By Train and By Car. Looked at every n’hood from Cutler Ridge to San Souci Estates and all the way west to Doral. Some people are not sincere and just pretenders.
RG & Tom
Miyanville Itulip HBB…
–
Really anybody that saw this coming and was ready to short the market, Lowes, Home Depot, Merril, Citi, Bears, Countrywide…. ANYTHING, furniture stores, just make a list of all failed companies.
Really it was easy, sooooooooo easy……
I mean, all you really had to do was see it as a bubble figure out who would get hurt first and short it when it started to burst.
This was the important part of the sentence above: “short it when it started to burst.”
Not before.
The trend is your friend.
Hell, this guy in Cali had a hedge fund that was shorting housing derivatives and CDOs, his customers made a 1000% return in a year.
The he closed the fund and sent a letter about freeing pot and that he would get out of the business and how stupid Wall Street was. It was quite a riot!
Unfortunately for you he mentioned the following: “the low hanging fruits have been picked.”
–
As far as luck, sorry, I disagree, I sold my home in Dec 04 in the Gables, that’s how sure I was that it was a bubble.
–
Finally, right now is not the time to worry about returns on investments/capital; rather, worry about the return of the investment/capital.
Then, make sure this deflation/disinflation continues, because if it changes (though it isn’t doing that now) and the US dollars become worthless, kiss your ass goodbye.
–
bundle of fun,aren’t I?
🙂
AJ ,
“1% of every building in Miami, Old and New should be reserved for the ghetto displaced. That way we can really redistribute the poverty (if not wealth).”
–
I hope that was a joke to rile up Tom.
Really, I do.
For your sake.
(and I voted for BO)
Post #39 – Yep, AJ is a realtor….rarely read such dribble except on property listings.
RT,
“Post #39 – Yep, AJ is a realtor….rarely read such dribble except on property listings.”
🙂
Ok’s jus the man! (I got a laugh out of that)
–
AJs #29
“Pace Park is the Best kept secret in Miami. Only a few informed people know about it and it is better that way. Alas, the secret will not be hidden for too long. Even now, while it is still under wraps and relative obscurity, the basket ballers, foot ballers are fighting to stake the time slots. Weekend picnickers upto 5 seperate groups are frolicking in the park at the same time, considering that there are only a maximum of 7 picnic spots that can be rented out at any given time. These people come from very very far off suburbs to picnic at the water front park . The picnickers and the players come as far as 25 miles away considering that there is no other accessible water front park in all of Miami (So much for your one block theory). Last but not the least, 3 out of 4 dog runners in the park are from Brickell!!! Go Figure.”
–
(I thought he was just trying to rile you up, get a rise out of you)
Would not be caught dead anywhere “Pace Park” after sundown. Crappy area no matter how much in denial some people are
H = yoda
JL
Jimbo’s? Damn and I thought I was the only one to ever visit Jimbo’s. You talk about edgy! But I guess thats why I like Downtown Miami so much.
Jimbo’s for the uninitiated is kinda like Miami’s version of Deliverance. But dam – the ambiance and food are sweet and delicious. Dolphins swimming in a lagoon nearby where rednecks share a table with Sobe fashion models. Only in Miami!
Take a left near the Miami Sequarium and just keep goin and dont expect any signs to guide you or air conditioning either.
AJ,
I have tended to disagree with some of your arguments on here in the past, but i typically was interested in what you had to say because you appear knowledgeable of some real estate issues. But some posts by others alluding to you being in the real estate business are troubling. You really should clear that up. I am not pushing for people to reveal personal info on this blog, but if you are spouting very optimistic real estate advice while working in the real estate business, you have no credibility on this blog anymore. And your comments, over time, really do seem to indicate this. Just like my realtor who very recently told me i should buy now before interests rates rise in the near future, increasing demand and prices from our current bottom.
if you are not in the RE business, great, keep providing your point of view. but if you are in the business, shame on you for pushing those views during such a monumental RE disaster, much of which you helped to create. and this goes for anybody else on this blog who comments without disclosing a vested interest in the RE business.
and for full disclosure, i am not in the RE business, nor in the vulture business. i currently do not own RE. i do want to buy in the near term, and look forward to price stability which will allow this to happen. we just need people and policy to let this stability occur, at whatever equilibrium level is needed.
MUIR, RT-There is no question we are in and heading towards more deflation and I agree RE prices will continue to trend downward and possibly even over correct however, lets say this theory about inflation will follow (due to govt printing money, possibly dumping trillions into the economy, dropping interest rates to 0%, and all the other reasons I may be leaving out) wouldn’t that mean that real estate prices will inflate at or near the same pace? There is no reason why real estate would be immune. Surely it would be a far better hedge then keeping cash. Theoretically 2009 should be the time to buy real estate, prices would have come down a bit more and we would be approaching this inflationary period. Unless ofcourse you think something like gold would hedge better.