Top 5 Distressed Condo Sales Closed in January 2010
February 9, 2010 by Lucas Lechuga
- Ten Museum Park #1905 – 1 bedroom/1.5 bath (791 square feet) – This unit sold for $137,000, or $173 per square foot, on January 11, 2010. Short Sale
- Neo Vertika #PH226 – 1 bedroom/2 bath (1,155 square feet) – This unit sold for $158,000, or $137 per square foot, on January 11, 2010. Foreclosure
- Parc Lofts #206 – 2 bedroom/1 bath (1,267 square feet) – This unit sold for $122,000, or $96 per square foot, on January 8, 2010. Foreclosure
- The Club at Brickell Bay #1506 – 1 bedroom/1 bath (825 square feet) – This unit sold for $108,000, or $131 per square foot, on January 15, 2010. Foreclosure
- Solaris at Brickell #806 - 1 bedroom/1 bath (754 square feet) – This unit sold for $120,000 or $159 per square foot, on January 29, 2010. Foreclosure
I wish I was watching with my eyes open. $122,000 for a loft in Parc Loft!! I could have bought for that kind of money. Even if for nothing else, I could have used it as a crash pad during my trips to Miami instead of staying in hotels. I love that building. I like the residents there and everything about that building. There are some chickens on this blog (you know who), who would not venture west of Biscayne Blvd. But I saw during my many bicycle trips out there, fashionable young ladies walking their dogs around that building and people actually walking to the Ziff ballet in their evening finery. The area is totally safe and yes there are bums to be seen but I don’t care and neither are those people living in that building. It is the starting point of The Metro Mover Omni loop. The bayview Market, once it comes up is their neighbor.
It is definitely a missed opportunity.
gables, stop thinking about Brickell and do something. You could have been there instead. jcrimes, what happened to your unban pioneerism? why are you looking at $600,000 lofts in Epic when you could have picked this up? If nothing else, in 10 years from now, your investmesnt will triple if not quadruple when you buy at such a low price in a extremely well made building located in a iffy area but holding enormous promise and potential.
While Parc Lofts is a nice and unique building, it takes a certain demographic to actually live there: single heterosexual male, at least 6’2″, 225 lbs, with concealed weapon permit and/or can run away quickly from gangstas.
Drew, that was funny! but not all that bad. And BTW, I have seen smaller framed gay guys walking their dogs around that building too!
In all seriousness, it would be a cool bachelor pad. …great for entertaining, and probably very convenient for weekend drug purchases.
But for anyone w/ a wife and kid, no way.
You do realize that Parc Lofts is located a bloc away from a city cemetery, right?
Angel -DML -Carlos – Caelos
Thank you guys for your advice about Everglades On The Bay. I finally did a tour of the place and was hoping to get your guys response. first of all to DML who asked why I like the location as opposed to Brickell. First I work near the Miami-Dade Courthouse and there is a Metro-Mover train right outside the entrance to Everglades and would take me 5 minutes to get to work , plus I could take the train over to Mary Brickell Village if I wanted to eat or shop. Also I am a 3 block walk to the Miami Heat Arena for whatever and Bayside is across the street and when if I walk downstairs everything is right there – bank -pharmacy-post office-haircuts-dry cleaners etc. But more importantly – I have a dog and there is a huge Bayfront park just across the street. Brickell buildings are not on the water and there isnt any parks worthwhile that I could walk to.
Caaelos says the building has too many issues – could you elaborate on that? Im aware they are in Chapter 11 bankruptcy but whats the worst that could happen if i end up with a good priced unit?
Angel says he was not impressed with the quality and detail. I havent been in 900 Biscayne but the lobby at Everglades was very impressive to me and the apartment interiors were very nive- -not great but very nice marble baths – granite in the kitchen with stainless steel and very nice Italian cabinets Snaidero i believe. Not Miele or btter but i could always swap those out later for a few thousand. Lots of wood in the hallways and elevators. But the thing that impressed me most was the huge party room and the huge gym facilities w/ steam/sauna/ etc. This is in a seperate building from the tower. Then they have 2 large pools on the deck and another full length lap pool that all hovers over Biscayne Bl. facing EAst onto the park and bay. Another fourth pool in the back. so – why would i pay more for Marquis or 900 Biscayne? The views of the apartments facing direct east overlooks Bayfront Park and the Bay. Great Views of the park and the cruise ships etc. I would rank the views as a 9 or 10 on a scale of 1-10. Your thoughts. Thanks guys.
So?
AJ,
I thought you lived in 1800 Club?
My bad, erase that. Parc Lofts is right NEXT to the cemetery. Another thing, gotta a friend who was robbed at gun point last year, while having lunch in the Arts District. I’ve been living in Miami for 20 years, far from a tourist.
I had a root canal done last week…………….
What is got to do with the price of fish
I think this post should have been called: the most moronic purchases in jan 2010: seriously, who wants to buy in thse buildings, regardless of waht the asking price is???
does anyone know any info about Paramount Bay? I’m interested on this building, but I haven’t heard anything from it
“Parc Lofts is right NEXT to the cemetery”
– So I guess you believe in zombies, ghouls and goblins?
I think some of these units would sell better if instead of reducing the sales prices they reduced HOA fee. This pricing seems okay for investors but not for owners. Who wants to have a mortgage of $550 and then spend $650 on HOA fees? Now your options are buy a $120k condo or a $240k house for the same monthly payment. Most people want to own because they feel they buying equity. Heck, even before you start looking at interest and principal, 2/3 of your payment is gone to HOA and taxes. Not to mention $650 (the biggest payment) isn’t even tax deductible.
So for example this sales prices for Parc Lofts puts renting and owning in the same realm. So if an investor purchased he could rent to someone and possibly get into positive cash flow. And there are plenty of people who can only rent. But what about someone who is looking to buy to actually live in the unit. $650 can buy you an additional $120k worth of house.
Drop the HOA to at least $500 and sell it at $160k. That seems more reasonable to pay for a condo lifestyle. I mean seriously, what the hell kind of amenities do they have at Parc Lofts that cost $650 for a 1 bedroom?
“- So I guess you believe in zombies, ghouls and goblins?”
So I guess you believe in overpriced ghetto?
Lucas:
Thanks for posting this.
I noticed that all of the “good deals” for the month were were under $160k. Why is that? Is it reflective of the a lot of sales in the sub 200k market and substantially less when it comes to properties above 200k? You used to analyze the market by tier (x sales for properties under 200k, y sales for properties between 200k and 500k, etc). I know it is a lot of work to do that analysis, but roughly what have you seen as the number of sales and/or inventory at the low, mid and high price points?
Gixxer is assuming the 240k single family doesnt have monthly maintenance fees close to the condo – Like water/sewer, garbage pickup, lawn maitenance, pool cleaning, internet and cable, flood insurance and windstorm etc. Add them up and you are not that far apart.
Gixxer- HOA and sales prices are independent of one another. Any HOA reduction will come from the association, not the seller. HOA budget amendments need to be voted on by the owners. Maybe your scenario would work in a developer-controlled property, but Parc Lofts has been owned by individual unit owners for some time.
Reducing the HOA fee? lol
Thats like saying, “my condo sure would sell better if I could eliminate the power bill.” Maybe if I could eliminate the property taxes too. Lets not pay them.
Ah the memories:
Bank Approved Short-Sale at Parc Lofts – $220,000
http://www.miamicondoinvestments.com/2008/11/20/bank-approved-short-sale-at-parc-lofts-220000/
Same square footage, similar unit on the cemetery side of the building, just a $100k lower price. Lucas did that short sale ever close? If so, the owner must be loving the new comps for the building.
Parc Lofts is an interesting project but you’d have to be out of your mind to live in that hood, let alone to buy there.
AJ I love your rosy portrayal of the neighborhood, it really is beyond delusional. That area is a complete wasteland. Unless you work at the cement plant around the corner (yes, in addition to the crack infested cemetery, there is a working cement plant in the hood), I can’t imagine why someone would choose to live there.
I saw this Parc Loft deal on Lucas’s site told my friend about it in December and he was very excited. But before he could act on it, it slipped through his fingers.
That is why you got to pounce on deals like this when you see them. The next nearest similar loft is now listed at $220K for a short sale (unapproved) and 339K for another unit.
Miami Skeptic, you can live under the Julia Tuttle for free. See, no more skepticism! Life is beautiful and rosy once again.
Miami Skeptic
The dead smoke crack? Party on!
Neo-Vertica – Ha Ha. Has anyone here ever been in that Hell Hole. It reminds me of a college dorm building.
Thank u Kramer!
Neo vertica a good deal? Give me a break! Maybe if u r moving in from overtown that would be considered an upgrade!
Was “The club at brickell ” a good deal? how is the building doing now?
Is it typical to require a holding deposit before you can make an offer on a lease? Is this negotiable?
These prices probably make buying cheaper than renting with the tax deduction. None of the 5 would work for investor seeking positive cash flow. Like Parc Lofts building a lot but it is ghetto complete with roosters the day I was there. Sunday paper had full page real estate ads like the old days.
Miami Skeptic “crack infested cemetery”
Kramer “The dead smoke crack? Party on!”,
LMFAO, I was rolling on my stomach.
As others have pointed out, these are just some low priced deals. Not the best deals. TMP, Club at Brickell, Neo Vertika are not really all that. Some like Club are failed buildings. If you can snag a low priced deal in a desirable building, then it is news.
But for a chump change like 122K, the Parc Loft deal is the only good deal IMO, notwithstanding the location.
AJ – You already bought your condos YEARS ago, so I have to ask, why are you here? Seriously, you’re not looking to buy and all you do is defend condo bubble prices as if they were to magically come back. The bubble burst, game over.
The fact that you are even asking this question shows that you do not know the raison d’etre of this site.
“Neo-Vertica – Ha Ha. Has anyone here ever been in that Hell Hole. It reminds me of a college dorm building.”
I went there last week, day time, and I could hear the electronic music blasting from the lobby, as I walked outside. What’s that place? A nightclub?
“Miami Skeptic, you can live under the Julia Tuttle for free. See, no more skepticism! Life is beautiful and rosy once again.”
Or you can camp on Pace Park with the other hobos, then play basketball with the thugs at night.
“I had a root canal done last week…………….”
Lemme guess AJ, you traveled to Monaco to have the root canal done in a castle, with Princess Caroline’s personal dentist. Then you jumped on your private jet and went for a shopping spree on Faubourg St Honoré, and came to rest from the entire ordeal in front of crappy Pace park. Right? You big shot you. You Donald Trump you.
Enzo – You’re funny. Don’t you know AJ gets his money from his mommy?
It’s not my fault that you don’t have a rich mommy.
Sooooo, did the condo get rented for the big Super Bowl weekend or not???
Renter Tom/Joe/others looking at stuff in SoFi around $1M –
What do you make of #2602 at Portofino Tower? A short sale, admittedly, but at that building, that floor, that size and those finishes, don’t you think the market, as exemplified by that offering if real, is getting intriguing?
Like you, I’m in no rush but this offering – again, if real – gets my blood going. Things are trending down, for sure. Could this mean a unit like this could go for $850K next year? I know trying to time the bottom is virtually impossible but, again, if this #2602 “asking $1,090,000” is real, we’re getting there, no?
crap can be cheap and crap can be expensive but good can never be cheap, good can be slightly marked down at best so if its 120k for a 2 bed…. it can only be crap. End off.
good can be cheap when it is foreclosed on. nobody sells good for cheap by choice. but today’s financial disasters make the opportunity available. granted the best units will definitely not sell at the lowest prices. but they will sell cheap.
Any comments on the ‘ The club at brickell building?
Club at brickell is a flop and a dump! Residents, rentals, temporary and seasonal rentals.. It is a anything goes type of building
The Reality — Boston, Atlanta, and San Diego are reporting price declines which is the beginning of a double dip in their real estate market prices. Meanwhile the govt is buying up mortgages that are 4-months past due….taxpayers will be paying this off for many years to come. Persistent unemployment and return to traditional lending standards will be two price decline drivers going forward… It is fair to say there is no “V” shaped recovery in housing prices, even in 1800 Club!
Miami 4,000 new foreclosures in jan
RT, You are the devils incarnate. Even though the news is scary and worrisome, you seem to take a deviant pleasure out of Americas miseries. I hate the word DD and if it happens due to your strong wishes and black tongue, you should be drawn, quartered, tarred and feathered.
I am not worried about about my home values, I am generally very sorry for the way our country is sliding down the tube and it has absolutely nothing to do with either Mr. O or Mr. W
AJ – You truly should take up a job in comedy! ROFL
For all you “SoFi” obsessed dreamers and neurotics ( e.g. Joe), Realtor to the Stars Kevin Tomlinson for once actually posted some useful data on his site regarding 2009 South of Fifth activity.
http://www.southbeachrealestateblog.com/2010/02/10/miami-beach-real-estate-2009-south-beach-condos/
More to come…”Roughly four in 10 single-family homeowners with a mortgage in South Florida owe more than the property is worth, Zillow.com said Wednesday.”
– Nationally, about 1/3 rent, 1/3 own without a mortgage, and 1/3 own with a mortgage. Somehow, I suspect that in our market more that own have a mortgage than nationally. Also note, the Zillow quote is about SINGLE FAMILY HOMES….I would also suspect that condos are much worse!!! Strategic defaults and short sales will be our market for 2010…or at least that is what the devil told me! LOL
“Four in 10 South Florida mortgage holders `underwater’
SUN SENTINEL
Roughly four in 10 single-family homeowners with a mortgage in South Florida owe more than the property is worth, Zillow.com said Wednesday.
About 41 percent of the 836,723 single-family home mortgages in Broward, Miami-Dade and Palm Beach counties are “underwater,” according to a fourth-quarter report from Zillow. The Seattle real estate firm compiles data from public property records.
The percentage of borrowers with so-called negative equity has decreased slightly since it hit 47 percent in the second quarter of last year. It dropped to 46.2 percent in the third quarter. Still, the problem here remains far greater than it is nationwide, where 21.4 percent of single-family mortgage holders are underwater.
Because prices have fallen so far, it will take a decade or longer for many of these borrowers to sell their homes for what they paid. But some won’t wait around and instead will walk away from the mortgages, adding to the glut of foreclosures.”
Drew–
Hey thanks man!
RT
Perspective. Perspective. If 2/3 rent or have no mortgage and only 20% nationally of the rest 1/3 are under water – it is not the crisis you are suggesting. Get a grip.