Completely Renovated Townhouse at Atlantis on Brickell
December 4, 2009 by Lucas Lechuga
I remember walking through unit 306 at Atlantis on Brickell towards the end of 2007. The place was a disaster! Flooring was ripped out, walls were horribly damaged, mold was evident in a few of the rooms and the kitchen and bathrooms badly needed to be updated.
Unit 306 is a 4 bedroom/4 bath two-story townhouse with 2,628 interior square feet. In 2007, when the unit came onto the market as a foreclosure, the unit was listed for $799,900. After eight price reductions and a little over nine months later, the unit sold for $415,000, or $158 per square foot, on February 29, 2008.
After a complete overhaul, the unit made its way onto the market about six months ago for $1,130,000, or $430 per square foot - quite a stretch even after accounting for renovation and holding costs. The list price was slashed a few times before recently being reduced to $865,000, or $329 per square foot - a step in the right direction but still at least $100,000 away, in my opinion.
My guess is that it probably cost somewhere in the ballpark of $100 per square foot to completely gut and renovate the unit, given the quality and the fact that mold was present. I've estimated taxes to be around $25,000 and HOA fees to be around $22,000 over the past 21 months. That represents about an extra $18 per square foot to the cost basis of the owner. It'll be interesting to see if the owner is able to make a profit or, at the very least, break-even on this investment, especially after accounting for cost of capital.
Before Pictures
After Pictures
Miami Vice!
The changes look great!
I found this piece amusing:
Fontainebleau Miami Beach loses a guest’s Infiniti SUV
Elizabeth Maneiro and two friends stepped out of her white 2008 Infiniti EX35 at the front entrance to the Fontainebleau Miami Beach. A valet handed her a ticket stamped 11:52 p.m. November 28. That was the last time the 38-year-old sales marketing associate saw her luxury SUV.
Two hours later, after Maneiro and her pals finished sipping drinks at the hotel’s iridescent lobby bar, she handed the retrieval ticket to the valet counter clerk. An hour passed. “It was a busy night for them,” Maneiro recalls. “They had, like, eight to ten valet runners out there. When I asked about my car, the counter clerks told me they were still looking for it.”
At 5 a.m., the hotel’s parking director, Ali Elmi, informed her the valet runners could not find her Infiniti, Maneiro claims. Elmi told her video surveillance showed her car being parked inside the garage, Maneiro adds, “but that they couldn’t find the video of it coming out.”
Then there was Elmi’s revelation that one of the gates to the garage had been tampered with. “I told him he needed to call the cops,” Maneiro says.
After Miami Beach Police arrived and she made a claim with the hotel’s insurer, she went home. The Fontainebleau paid for a locksmith to open her apartment door and for a car rental, but Maneiro — who three weeks ago moved to Miami from Hackensack, New Jersey — is still upset. “I haven’t slept,” she says. “I valeted my car thinking it would be safe with them.”
Elmi referred Riptide’s questions to the Fontainebleau’s communication director, Mabel Debunza, who confirmed the hotel lost Maneiro’s car. “This is an isolated incident,” Debunza insists. “This has never happened before. We are working with the police, and we are doing our best to rectify this embarrassing situation.”
I have always suspected that there is something wrong with my Cuban friends. I just could not put a finger on the reason why some of them show open disdain towards black people. Well this article is an eye opener of sorts. Is Cuba the apartheid South Africa of The Americas? Did their racial prejudices from back home got carried forward to this country? I am talking about this because not just ordinary Cubans, even some Cuban Realtors openly told me not to look for houses in certain parts of El Portal, Biscayne Park etc because those areas are predominently “Black”. I looked at them incredulously and knowing fully well that their actions are not only illegal but also immoral and unethical. But they couldn’t care less. I guess overt and covert racism practiced by some Miami Cubans is kind of accepted in Miami. That is extremely disheartening. I have distanced myself from my so called Cuban “friends” who practice this horrible behaviour knowingly or unknowingly. It is sad when even the Miami born Cubans pick up this abhorrant behavious from their parents who came from the Island.
Read the story:
Cuba blasts US black leaders for charges of racism
..By WILL WEISSERT, Associated Press Writer Will Weissert, Associated Press Writer – 1 hr 22 mins ago
HAVANA – Cuba hit back Thursday at 60 prominent U.S. black leaders who challenged its race record, with island writers, artists and official journalists calling the criticism an attack on their country’s national identity.
The five-page signed statement, distributed by Cuban government press officials in an e-mail, defended Cuba’s progress in providing social and personal opportunities for blacks and people of mixed race.
But it focused more on Cuba’s past than the racial inequalities of contemporary Cuban society that came under criticism from Americans such as Princeton University professor Cornel West; Jeremiah Wright, former pastor of President Barack Obama’s Chicago church; and Susan Taylor, former editor of Essence magazine.
Cuba’s response said the country has proven its racial credentials by sending troops to Angola and Ethiopia during the 1970s and offering free education through exchange programs and medical schooling to youngsters from Africa. It also recycled past Fidel Castro comments on race and noted that the 1959 revolution his bearded rebels “dismantled the institutional and judicial bases of a racist society.”
It also accused the signers of the U.S. statement, which was released Tuesday, of being unaware that Cuba offered to send medical assistance after Hurricane Katrina devastated New Orleans — a gesture the U.S. State Department turned down.
“To say that among us exists a ‘callus disregard’ for black Cubans, that their civil liberties are restricted ‘for reasons of race,’ and to demand an end to ‘the unwarranted and brutal harassment of black citizens in Cuba who are defending their civil rights’ would seem a delusional farce,” Cuba’s response read.
It accused the U.S. black leaders of being part of a campaign “that is attempting to suffocate our sovereignty and national identity.”
The reponse was signed by, among others, Miguel Barnet, a renowned author on race who heads the Union of Cuban Writers and Artists.
Many artists and leaders in the U.S. black community have traditionally supported Castro’s government, but this week’s statement said that “racism in Cuba … must be confronted.”
It also called for the release of Darsi Ferrer, a black physician and political opposition leader who is celebrated in the U.S. but virtually unknown on the island.
Ferrer was arrested in July for obtaining black-market building materials to repair his home in a country where the state controls nearly all construction. Human rights activists say officials prosecuted Ferrer for a crime they often overlook in order to silence him.
Government statistics put the island’s black or mixed-race population at about 35 percent, though some U.S. academics believe it is far higher.
While blacks hold many seats in Cuba’s rubber-stamp parliament, there is virtually no Afro-Cuban representation at the highest levels of the communist government.
The Cuban statement said the island is not a racist society, saying blacks have opportunities “like never before in our country.”
I don’t understand. The Floridian corner units used to be listed for between $500,000 to $650,000 in ’07 and ’08. When I thought they would be now listing for below half Mil, instead I see the same units being listed for $850,000. Whats going on!
Whats going on! – – A.J.
Maybe the owners of these over priced units have moved to another state – – like the state of the DELUSION.
Happy Friday to all.
scriv
AJ
Very true observation.
I believe may Cubans have developed prejudices against blacks due to their own “standing” within the Hispanic/Latin American countries. As you probably know, Cubans are seen by many other Latins as “2nd class citizens” or inferior to other Latin ethnicities. In particular, most South Americans look at Cubans and other island nation people (and Central Americans) unfavorably.
Its human nature to desire to see your own group as “better” than another group, and blacks have become the Cubans’ scapegoat in order to compensate for their own negative standing among other Hispanics.
Also, I think Miami Cubans have a distorted perception of reality ( (i.e., a distorted perception of the demographic makeup of the US and how the rest of the US operates). Many Miami Cubans have never traveled north of Orlando ever in their lives so they have no true understanding of the people and culture that make up the rest of the US. They forget that Miami is an exception, an anomoly…its definitely not the norm.
Oh Boy – AJ has opened a can of worms for breakfast this morning. OY Ve!
Interesting unit, nice job on the renovation, but for the same price you can get a nice 4 bedroom single family house in Coral Gables with a pool etc.
Given the very niche market for non-penthouse 3+ bedroom units, and the glut of brand new condos just up the street, I imagine the owners will not break even on this one.
Unless I am mistaken his one is also listed for rent – $4,000/month. They might have some luck as a corporate rental or something similar.
FHA
I couldn’t agree more.
Let me know when this blog becomes interesting again
Perhaps I can break up the monotony with a bit of humor?
George Bush, Queen Elizabeth, and Vladimir Putin all die and go to hell. While there, they spy a red phone and ask what the phone is for. The devil tells them it is for calling back to Earth. Putin asks to call Russia and talks for 5 minutes. When he was finished the devil informs him that the cost is a million dollars, so Putin writes him a check. Next Queen Elizabeth calls England and talks for 30 minutes. When she was finished the devil informs her that cost is 6 million dollars, so Queen Elizabeth writes him a check. Finally George Bush gets his turn and talks for 4 hours. When he was finished the devil informed him that there would be no charge for the call and feel free to call the USA anytime. When Putin hears this he goes ballistic and asks the devil why Bush got to call the USA free. The devil replied, “Since Obama became president of the USA , the country has gone to hell, so naturally it’s a local call.”
scriv
Scriv, good one 😉
LOL
Developer seeks $5 billion from Subway founder
By BRIAN SKOLOFF Associated Press Writer
WEST PALM BEACH, Fla. (AP) – A developer on Thursday sued the founder and president of Subway restaurants for $5 billion, claiming the billionaire businessman hijacked his dreams of creating the nation’s first eco-sustainable city.
Multimillionaire Anthony Pugliese filed the lawsuit in Palm Beach County Circuit Court against Fred DeLuca, alleging breach of contract, fraud, and predatory lending, among other claims.
Destiny, the new city set to be built on some 41,000 acres of overgrown brush and cattle pastures just off Florida’s Turnpike about 160 miles north of Miami, was to be even larger than Disney World.
It had been Pugliese’s vision since early 2000. He was looking to build a city larger than Miami, but with just about 150,000 people, a biotechnology hub, 40 miles of navigable lakes, and a sustainable energy source.
According to the complaint, DeLuca persuaded Pugliese to let him handle financing of the deal for the project that was to be valued at some $9 billion. In the process, Pugliese claims he was pushed out of most business dealings even though he remained a partner. In addition, he says DeLuca secured financing at a low interest rate only to charge Pugliese a much higher inflated rate while pocketing the remainder of the funds.
“DeLuca is making money off the loan itself,” said Pugliese’s attorney, Tricia Hoffler. “Anthony is mistakenly believing that he is getting the best deal … That was just the beginning of the deception … DeLuca just took over and squeezed our guy out. Anthony is still a partner but without a say.”
A Subway spokesman said the suit was “unrelated to Subway business.”
“We have no comment and can provide no further information,” said Les Winograd.
Winograd said he was speaking for DeLuca, who was not made available.
“This wasn’t really just about money,” Pugliese said. “This was a project that was close to our hearts because I conceived it, and I felt I could really make a difference.”
In the lawsuit, Pugliese claims he brought DeLuca on as a partner only to learn in the ensuing years that he was being defrauded. It was filed on behalf of Pugliese by the Florida firm of well-known attorney Willie E. Gary.
No buildings have been erected on the land, though state and federal officials have given it the go-ahead, and discussions were under way for roads and infrastructure. Whether the project comes to fruition remains to be seen, since both sides are suing each other.
Pugliese says he’s already sunk more than $10 million cash into the deal.
“It’s devastating,” he said. “We’ve just lost faith.”
(snicker)
scriv
Drew, another good angle to look at the issue. I never thought that one out.
FHA, Hugo P and Kramer,
I think the only issue that will kick start this blog once again is 1) for starters, a condo closings report among other things. But I have stopped asking and so did many other people such as Lara etc. I think either it involves a lot of work or it is a proprietary information that Lucas is not very interested to share.
I was equally yawnful (is that a word?) with this new post and did not feel compelled to comment on it (sorry Lucas, nothing personal, you know I love your blog man). So I just decided to have some fun/information exchange with some off topic subjects albeit relevant to Miami.
How can the reason Lucas is not posting Condo Closing Graphs anymore be because it’s proprietary when it wasn’t before? My guess here and only a guess is because the numbers are so dismal. But would love to know since his last one was I think February 09.
AJ,
Right on target regarding Cuban anti-black racism. Comical and dumb. But it’s real and vicious.
Btw
President Barack Obama is starting to look like a “Miracle Worker”. November jobs report consensus was called down 130,000 and came in down only 11,000 with an upward revision of plus 159,000 for September and October. Unemployment was actually down a few ticks. Only a year ago we were losing 500,000 plus jobs a month under Bush and many were talking crash and burn and Depression. The stock market tanked to 6600 Dow in early March 09 only a month or so after Obama’s inaguration as President of The United States and since has risen almost 4000 points or 60% since he took over. George Bush handed Obama a pile of dog shit and asked him to make dinner with it. Republicans are looking kinda silly these days with their over the top criticism.
Lara,
Goin back to my previous post, I appreciate your interest in the Wynwood area.
As I mentioned in my previous posting, Wynwood is a neighborhood that has slowly been progessing throughout the last couple of years. Despite the market crash and recession, Wynwood remains to be a neighborhood that has continued to receive affection, care, and monetary supply by Miami’s emerging arts community. Among many people who support this neighborhood have been local landlords, local businesses, and most importantly the art community that make up this neighborhood.
Unlike Brickell, South Beach, and many other neighborhoods that throughout the years have been fed by non-local speculators and investors, Wynwood is a neighborhood that has been able to grow despite the hard times due to the efforts by its local landlords and local community members. Wynwood is composed of a very close nitch of indviduals, business owners, artisits, landlords, and companies that are constantly being proactive to improve the neighborhood and keep bringing new businesses to the area.
One of the biggest leaps that the neighborhood has recently taken was the passing of the new zoning ordinance that allows for the Wynwood Cafe District. A sequence of blocks along NW 2nd Avenue that allows for restaurtants, cafes, bars, and lounges to be open in current existing buildings.
In a once torn down industrial, and drug infuced neighborhood we are seeing hip modern places such as Joey’s Italian restaurant and the new Bar Cafeina opening up. To add to that, new galleries are coming to the area and huge renovations are being done to old and once beaten down industrial buildings.
Although the neighborhood might still have some rough edges and still needs some work, I have seen it come a long way since its days of darkness. On the second staurday of the month you can see the streets packed with young people walking from gallery to gallery enjoying its ritual Gallery Walk that is held on the second saturday of each month.
As a member of this community I urge you to come and see it for yourself. Together, with colleagues and local businesses we are trying to attract new visitors and help promote this neighborhood that each day has more to offer. If you would like more information I would recommend you check out the website http://www.wynwood.com .
The recent sales and rentals data was updated last week. All of the sales data is on the website. You just need to look for it. I’ve already explained before that the county made changes to their website earlier this year. It’s now much more difficult to gather the closing data.
In response to #19. Thank you very much for your info. Actually I’ve been a couple of times in Wynwood in lounges and galleries. Also I am very glad to hear that the area continues to prosper and develope. Next time when I visit Miami I’ll try to revisit it again
Lucas,
It is the first time you actually addressed the issue. So i guess it is very difficult to cull the information now compared to before.
I have one question though. The 1800 club info does not reflect the flats sold by the developer. It only shows the resales. In your condo closing graphs, that info was included. Am I correct?
AJ,
Yes, the developer sales were included in the condo closing graphs. The recent sales info found on the website does not though.
aj/whats so amusing ?/ i wouldn’t let anyone in miami go near my car or anything else.
its like going to a concert and complaining about the noise
Lucas,
Thanks for the clarification.
Drew, That is why I will never let a valet lay his finger on my car. I hate valet only buildings. I am soooooooooo glad I am not in TMP and such.