Beachfront Foreclosure "Steals" Just Aren’t Happening in South Beach
I receive a number of phone calls each week from nonlocals looking to "steal" a condo in South Beach directly on the beach. I tell them every time that it's just not happening. Beachfront property is still in very high demand.
Case in point is a foreclosure condo at Hilton Bentley Miami Beach that became available towards the beginning of February. It's a 1 bedroom/1 bath with 620 square feet, fully furnished and listed at $379,900. I never posted about this foreclosure because I wanted my best clients to jump on this opportunity before other agents in town knew about it. I took a look at the condo and it was in prestine shape. Great views, plasma TVs in the living room and bedroom, stainless steel appliances and furniture that was in like-new condition. I submitted a few offers but I was told that 8 other offers were submitted and none of mine were the highest. One of my clients has contacted me a few times within the last couple of weeks, out of curiosity, to find out for how much the condo eventually closed. The foreclosure condo at Bentley Beach closed for $459,900 on March 26, 2008. Again, it was listed for $379,900. Someone bid through the asking price by $80,000!
This is not just one instance. I've been seeing a number of South Beach foreclosures and short-sale condos being bid through their offers. As the old adage says, if it looks too good to be true then it usually is.
What about units in Ten Museum?
Lucas is this just an isolated incident that happened to sell over asking?? Or just another case of FRAUD.are you going to publish statistic’s of ALL Oceanfront condo’s SOLD last month?That will tell the tale.I have been watching and talking to many many people in town and everybody has the same view …that price’s on the Ocean or inland are not going UP but rather Down.I would like to get a true picture of what is really happening with Oceanfront Condo’s. Thank’s Lucas
What about them? People always ask me about foreclosures in new buildings. They aren’t going to happen for a while. Why would someone who felt that they would have financial difficulties in the near future close on a condo? They would be better off just walking away and not having a foreclosure on their credit. They would also save themselves a good amount of money in closing costs.
Not impressed with this story at all. Please refer to my comment posted in news and rumours about how impossible it is becoming to get a mortgage for a Miami highrise condo. So if only people with hard cash can bid for these units, their numbers are not enough to save all the tidal wave of foreclosures that are yet to hit the market in the next one year. Then we will see if this story holds up then.
I disagree–The STEAL’S haven’t even hit the market yet.They are coming in the next WAVE of listings.It’s too soon to tell.Obviously there are owner’s that are still hanging on,paying through the nose with the hopes of a market turnaround.It isn’t going to happen….at least not for another 5-7 year’s.
Lucas they are still closing because:
1. They are not as smart as they think they are. If not they would not be speculating so recklessly in the first place.
I am not a realtor. I do not have a degree in economics from Harvard or an MBA from Wharton. But I knew back in 2004 when the condo I bought in that summer was increasing by $10,000 a month, that something is just not right and disaster is waiting to happen soon. Anyone who bought in end of 05 or beginning 06 definitely did not use their brains.
2. Walking away from a $100,000 deposit is not easy. It is a stomach churning thought. Some people without a guidance or proper educated guess thought that they could sell it for the contract price and at least recoup their deposit. Unfortunately they are not told or realized of the impending horror, one for example even qualified borrowers are getting rejected by the banks for a mortgage. Who then is going to rescue them? They will carry it for a year or two and then walk away from it. Sad. Very Very Sad indeed.
AJ I think your 100% right on. Just because one condo sell’s for over asking…it is not a stat. that is typical of the current market condition.I wish it was.
lucas
i don’t agree with you often, but when you’re right, you’re right. at least in SOBE, on the beach side, i don’t think you’ll really see any so called steals, no matter how long it takes the market to correct. limited amount of buildings, with, after the finishing of continuum II, no more supply coming online any time soon. not to mention, the investor who bought in the il villaggios of the world, if that even happened on any large scale, i have to imagine, is a completely different financial beast compared to the morons who were plopping down cash on preconstruction in brickell. note, the condos i’m referrerring to are the buildings built in the last 15 years, starting with continuum and stopping at any building before the roney.
an aside, lucsas, do you have a take on ios on the bay? a friend is looking there and said the units and location are nice (although the surrounding neighborhood ain’t exactly a work of art).
I asked about Ten inparticluar because it started closing around June of last year and about 75% of the units closed. I figured we should see some foreclosure activity there soon. I do agree that beach property in general will be more difficult to get at a steal. Wow, just looked a that units maint $1000/month…ouch
Juan L,
I’m not sure who you’re talking to but oceanfront condos are still selling at premium prices. You are correct, however, that inland condo prices have dropped within recent years. Potential buyers of them condos are more apt to have financing difficulties. The buyers of oceanfront properties are mainly cash buyers. This past week, I closed on two oceanfront condos and neither previous owner took a loss. Prices are still holding strong there.
The bentlen hilton is in a great location. It is opposite 112 prime and right next to club nikki and other nice restaurants including Devitos.
I looked up a 640 sq.ft condo at the Bentley on zillow and saw that the price back in mid 2003 was in the High 200K range. Here is the URL to zillow price chart: http://www.zillow.com/Charts.htm?chartDuration=10years&zpid=63615999
The condo that is listed above in the zillow site has an asking price of $825K. It is similar in square footage to the one that Lucas mentions in this blog posting. So it is going for a 50% discount if you compare asking price with actual sale price. AND we are probably less than half way into this bust cycle. I expect prices to drop even more.
Folks, remember….when the stock market was crashing in 00-01-02, people were buying Yahoo all the way down from Over 200 to under 10 bucks. There are always people who are buying and selling when market is going up or down.
I personally would buy a condo at the Bentley if it falls below 300K. I dont know if it will happen, but if it does, I will be a buyer. I will probably have to finance 30-40% of the condo, so it wont be too difficult to get a loan with a huge down payment.
On a related note, does anyone know how condo sales are doing in Continuum II?
Lucas, I agree with you again. I’ve always said just as you have that the beachfront will hold its value. Beachfront in Miami is Beachfront in Miami, I dont care what kind of recession we are in. there are still boatloads of people around the world with lots of money that buy these up. and as far as financing go’s, It may be harder but that just means that people are a)buying in cash or b) putting a bigger down payment. i know a few people that have put down 35-40% down and gotten financing without a problem. Inland is a whole different issue, but the beach is the beach.
carbonblackcab,
As far as Continuum II goes, I was there this past week and I was told that they weren’t expecting anything more than a 10 percent walk-away rate. I took some pictures and will share those with others within the next week. I was pretty impressed by what I saw but then again I was showing condos that were priced over $2M. For that kind of money, I better be impressed.
I don’t agree with your assessment on the foreclosure condo at Bentley Hilton. As an owner, you have the right to place the condo in the condo-hotel program. In peak season, a condo like this gets $349-$599 per night with an 80-90% occupancy rate. In off-peak season, it gets $299-$549 per night with a 70-75% occupancy rate. Amenities here are great and the condo development is beachfront. I don’t think you’ll see prices falling below this foreclosure’s asking price.
Last week, I spent a day with a client who had read an article in the Wall Street Journal about prices falling 30% in Miami within recent years. The problem was that he wanted to buy condos in South of Fifth in South Beach. I explained to him that Miami was a completely different market than Miami Beach (especially South Beach). I showed him about 6 condos that were priced from $1.5M to a little over $3M. He ended up making all-cash offers on 3 condos that were about 12-13% below asking price. None of them were accepted. The counteroffers were slightly below asking price.
jcrimes,
I don’t have much to say about Ios on the Bay. I think it’s a great concept but I don’t think it’ll hold much weight for about 3-5 years. It’s a great concept, and I think the architecture is great, but I think the location will hold it back from realizing its full potential. In time, however, it will prove to be a great development.
Dear bull shit, I think you should leran to control yourself. If you are such a stand up guy, why are you hiding behind a crappy name?
In any case this is a site for expessing honest opinion. Not expletives. I am glad that this site even exists. If you think a story is not right, say it so with out being abusive or even better, get lost. By being a child, you are putting this wonderful site in jeopardy. The fact that the moderator lets in such rants like yours is itself a testament to the integrity of this site and its owner(s)
South Beach will probably hold up pretty well….but the days of 15% per year increases aren’t here anymore. I would expect some overall declines in SoBe going forward….but probably few “steals” even from those wannabes that go into foreclosure since there is still a good demand from people with $$$ and limited supply, not quite Central Park but close. But SoBe won’t be immune, it just won’t be.
The last sale price on that unit was $900,000 in Nov 2005. That’s a 48% drop in value.
I think it is important to note that just because prices have been slow to come down in the beachfront markets, doesn’t mean that they aren’t due for a large correction.
I’m sure the buyer of this unit thought he was getting a good deal because he bought it for half what the last owner did. I’m also sure there are enough of these people out there that we will continue to see things like this. But there won’t be enough of them to ultimately save this market.
I doubt you could satisfactorily explain how the prices on these Bentley units went from the $300k’s (as carbonblackcab noted) to $900k in a period of 3 years other than pure, rampant speculation.
Any price gains caused by speculation will be erased (and then some). See 90’s NASDAQ bubble if you need an example of this same sort of craziness. Like another poster said, plenty of people bought Yahoo at the “bargain” price of $200/share. The same sort of thing is happening in the condo market – people buying because they think a certain % off the previous price makes something a bargain.
rentertom….the condo being discussed in this blog entry sold for 48% below what is sold for previously (number from BFG). So prices are not holding up well at all. If we are seeing a 48% drop now, what will we see a year or two from now.
The credit crunch is about to hit the credit-card and auto loan market. That credit crunch is going to be felt by normal everyday people (not just bankers or investment banks).
Also, the myth that all buyer south of 5th are wealthy south americans, that myth is false. I know a lot of professionls like myself who own places in sobe. Divorce, Job loss, job transfer, etc are main reasons why people sell condos and when they have to sell in a down market, prices will come down significantly.
Also note that brazilian economy is weakening and so will the other economies in latin america as the US recession progresses. So the pool of rich south american buyers is going to be shrinking.
Also note that the HOA fee for this condo is 1K/month and the tax is about 900/month. So the carrying cost with mortgage is about 4K per month. 4K per month is a lot of money to drop on a super small 1 bedroom condo. For 3K/month (bought in 04), i have a nice 3 bedroom townhouse in the grove 2 blocks from cocowalk. I am about 15 min from sobe. Ofcourse, it is not the same as living on the beach, but when you do the math, the 15 min drive makes more financial sense. 🙂
Sooner or later the “value” of money will be seen in a rational way and when that happens, people are not going to be dropping big bucks on these condos. It does not make financial sense.
ok guys, it IS a bit ridiculous to think that EVERY seller is in financial distress and that every buyer in the mkt is a moron.
if someone lives in london or another major foreign city (lets not forget the ridiculous money in moscow, middle east etc..), $450k for a beachfront getaway is nothing! so don’t jump on every single sale that happens. i can understand some (including me) that think things are slowing and getting worse, etc…but for many buyers, esp foreign, these prices are cheap!
southern france and spain doesn’t offer beaches as nice as miami (though those spots are much nicer in other ways) and if you take into consideration the currency swap, some of these places are cheap for them…
lucas, it would be interesting to know if you’re finding more foreign buyers within the past 9 months or so… keep up the good info…
South Beach is a different market. I am not saying that foreclosures can’t happen there, but south of fifth condos are very desirable and unique. This week I was showing a property for a foreign buyer at continuum II and my client loved it. The unit is over $2M and he believes the price for those views are a steal.
I did find out about a unit that was appraised at $2.6M and the owner is asking around $2M, so there are different options.
Maybe the deals are a little further north on the Beach. I think the cheapest pre-construction Canyon Ranch unit was $800,000, now I see there are a few under those ’05 prices, and unit 309S is going for $545,000.
Buying foreclosure’s does not always equate with being a good deal. Only way for the Realtor to get paid is to have a winning bid. That means bending the truth to scare their client offer more.
A condo/hotel is just that. You might also be forced to renovate your unit every couple of years to meet hotel standards. This is a bad financial decision. It’s too small to rent to a porn production company. This will cut into your profit potential.
South of Fifth is a second tier area. The city will be working on it’s second capital improvement project in a decade. The first one left it slightly better, but not worth the millions some condo owners owners pay. Has anyone walked this area? I mean all of it, not just driven through it.
I would have offered $900,000. Why? Because I had a lobotomy last year and I want to be able to walk across the street to a steak house. I also like sitting on the balcony listening to chatter from the club next door.
Hey, I live in Texas, I just returned from South Beach. I looked at 13 Condos in three days and made 3 offers, One short sale, already approved by seller and at the bank, then two others. All offers where 20% or so less than asking. I am told that I should be ready to close on one or maybe two units. Average price $400 foot, all within one block from water and views. I planned to go and stay 3 or 4 months annually. I think that it is a great deal. ven with a 1.8% real estate Tax. here is Texas the tax is 3%.
Lechuga does a very good job here ..but his prognosis of south beach real estate future (or even coral gables/aventura etc) is patently optimistic.
No doubt, these strongholds will keel over the last, but when they do it would surely be impressive.
Rich folks would be staring down asset deflation that is coming in the next 2-3 yrs…in fact i would think that the lower 2 quintiles will stabilize first. The uppermost quintile will stabilize last.
Welcome to The Grand Deflation. Worldwide Reset on the Asset Prices.
Wait until fannie mae and fredie mac are nationalized later this year. Beach front is beach front, HOWEVER even this is not moving in this market. By the way, to be fair why don’t you address the insurance crisis and rates on the beach. One strong hurricane can wipe out the market.
Spain is in a real estate crisis now, and so is England. When the rest of the Europeans stop buying who is going to pickup the market? This is a consumer driven market, that produces very little now, with rising energy prices and devalued dollar. you would have to be partly brain dead or a gambler who loves the thrill of going for broke to buy now.
Sam, see if you can get out of your contract. I believe you have 3 business days to recend a contract in Florida. 400 dollars a foot is too much by not being on the ocean. Also you have to be careful with short sales. There are short sales on mortgage fraud units, that will be short sales foreever, because they are way over priced. 20 percent is not off much in this market. I wonder who your agent is? Becareful agents here in Florida are very scummy, even worse in bad times. Remember they are on commission only, worse than a stock broker on commission, because they are selling you something VERY expensive. Try to find a buyers agent, whom only works for you, not an agent who works both sides of the fence. Agents don’t even need to be a high school graduate here…………
If the U.S. economy is hurting, the rest of the world is going to be hurting. I don’t care what people say that foreigners will come to the U.S. and buy property. It will not happen. The U.S. has a very strong holding in the world economy, VERY STRONG. The citizens of the U.S. are forced to work 40 hours a week and on top of that, we are taxed. We have very strong industrialized economy with the typical, “American Dream” to further make us work to achieve that goal.
The steals in south beach will be coming (perhaps not right on the beach) but i saw a flamingo 2/2 for $360,000 and you get $180,000 in equity; from the bank-Im not sure how you would rate that?
several of you are missing the point lucas is trying to make here…south beach, directly on the beach, there won’t be any “steals.” you might get a price that knocks off the appreciation gains of ’04/’05 (as is the case here with the nov ’05 sale price being patently absurd), but frankly, those were false gains in the first place. sobe in the interior, and to a lesser extent, on the bay, that’s a different story.
and for the guy who mentioned freddie and fannie being nationalized…come on, that’s not even remotely a possibility.
Thankyou BFG/Carbonblack
Lucas – you should work for Tony Blair. The spin is extraordinary.
The real message, if the information above is correct, is
1. That this unit is selling for nearly 50% less than its peak price at the end of November 2005.
2. Listing prices at Bentley Beach still hover in the $1000-$1500 a range. I.e. the mind set is still November 2005.
3. The new price has been set at $725 a sq ft. There’s clearly demand at this price point, rightly or wrongly, and there clearly isn’t at the list prices for the rest in the building which appear to have been on the market from between 3 months and 9 months. I’ll accept that foreclosure prices might not always set the price for other units in the building as a matter of intuition, but it’s a strong pointer.
4. We talk about Brickell, Downtown etc being off 50% from its peak or more – and so it seems with at least one, prime unit on the beach.
The fact that there were offers above the asking price is a reflection of how difficult real estate is to value precisely, and how, at the moment, the accepted price is clearly the market clearing price.
So it begs the question for something like Mosaic and Bath Club, which are better buildings but worse locations.
1. What were the prices on closing and in what year?
2. What were the prices of transactions in late 2005/early 2006?
3. We know that most recent transactions at Mosaic are around $575 per sq ft.
Jcrimes is right on the money with what I meant with this post. Most bargain hunters don’t care if prices have come down 30 percent in recent years. Investors are looking for 10-30 percent discounts from TODAY’S prices. You might be able to find that in a condo in South Beach located inland or on the bay but “stealing” a condo directly on the beach for those types of discounts just isn’t happening.
There are very, very few condo foreclosures in South Beach that are located directly on the beach. Most nonlocal investors don’t truly know the market in South Beach. They would consider themselves foolish for bidding full price or through the offer even if the condo was worth $200K more. It’s almost as if they have a preset notion that they’ll be able to get a big discount before they even take a look at the condo or the comps.
Lucas , I have been reading your blog for a while, a great place to see the trends , to a point,, but i t appears that at times, the blind is leading the blind. A case in point:
Umer Ahmed said:
“The steals in south beach will be coming (perhaps not right on the beach) but i saw a flamingo 2/2 for $360,000 and you get $180,000 in equity; from the bank”-
Wake up, you do not get 180k equity from the bank. (dumbest thing I have heard today) there is zero equity . 360k is the value not a penny more ,
Why you ask, let me tell you,
because 360k is the highest value based on the highest bid.
A lot of the problem in real estate as in any financial instrument, is first understanding it’s terminology the terms, Equity is defined as the difference between market and liability , If the equity was 180k, then you should be able to sell for the range of 540k, Why can’t you?? People are buying with the perception, and that is all it is “perception” that they are getting immediate equity…that will cause them a liability .. wait ’til they need to sell!
A 48% drop is significant.
There is a big trend of setting foreclosures at super low prices just to start a bidding war (although still a huge drop from previous prices).
Prices are coming down in south beach.
Look at Icon. 1 bedrooms in the $400k’s. 2 bedrooms in the $800,000’s. Those are big drops from 2 years ago.
Beachfront is always stronger, but there are maybe only 4-5 buildings worth considering.
The first big drop on the beach will be the converted apts. like The Collins and the buildings on West. How long will an investor kick in $2,000 mo. to make up what the rent doesn’t cover.
Guys – maybe this is a post in itself, but I’m curious as to why people buying would buy downtown instead of on the beach if they were planning on living in their purchase?
Reasons like “I want to be in a new highrise and the beach is too much $$,” “I want to be close to my office in Brickell,” “The only thing I can afford on the beach is a shoebox in a building from 1929,” “I really, REALLY like the burgers at 5 guys.”
I’m just curious. I don’t see a reason to live in the Miami area unless you live in Miami Beach, South Beach to be more specific. The traffic alone out side of the beach is enough to make you want to move somewhere else.
Kevin,
” I don’t see a reason to live in Miami area unless you live in Miami Beach”
are you serious?? is that even a question? First of all maintenance alone is more expensive, insurance on the condo, taxes are higher on the beach, even gas for the car costs more on the beach. another reason could be that alot of people are not single…wow what a concept. the beach isn’t really family friendly. I would no way in hell raise my kid in Miami Beach, i would like them to have morals and values and not see crackheads and sluts everytime they go outside. don’t get me wrong, the beach is beautiful in some parts and south of 5th is impressive but the majority of people that live on the beach dont live south of 5th. take a drive through the real miami beach and then you can answer your own ignorant question. I find it offensive that someone would ask why would anyone live in Miami unless you live on the beach.
Kevin. While SOBE area is great, it is not the only good area to live in Miami. There are some really good places to live in including parts of coconut grove, parts of Coral Gables, parts of Ft. Lauderdale, etc.
About traffic, it is not too bad when you compare it to other metro areas. I moved to Miami from Santa Monica, CA (‘burb of LA) and traffic there was far worse than miami.
I actually lived in south beach for a few months back in 2006 at a friends condo (he was in china for 6 months). I was super excited for the first couple of weeks and would goto beach EVERYDAY. After the 2nd month, I stopped going to the beach and actually got tired of the constant traffic and people 24-7. Dont get me wrong…I am still looking to buy a condo in sobe…but it would be to crash on weekends, not to actually live in 7 days a week.
SOBE is a great place. As it is right now, most people are priced out of that area. When you depend on foreigners and super rich, you are at the mercy of the trends that the super rich follow. The “hot spots” for the super rich change from time to time. Today it may be sobe, next year it may be monte carlo and the year after may be a place in the carribean.
Raffi – I definitely would have agreed with you a few years ago. I’ve lived on the beach for 5 years now. I had the same take on Miami Beach – not family friendly, dirty, and the whole concept of don’t sleep where you shit. We can go on and on. We all know that people come to Miami Beach to abuse it and leave.
The problem with your reasons for disliking Miami Beach are that they’re really reasons for disliking Southeast Florida. Everything is more expensive here. Gas may be a few pennies more on the beach, insurance a bit higher, drinks a little more pricey and a little more watered down, and everything is a little louder. But have you looked around? Drugs and crime are everywhere. I would even say violent crime is much more prevalent off the beach – and downtown is a mess for at least a few more years – though I hope it gets cleaned up and Miami becomes respected in terms of a proper city. Have you driven through Kendall and witnessed the $60k H2 in the driveway of a $100k house? What values is that teaching? To max your home equity out and put your family’s welfare at risk? Morals and values are taught by parents, not by where you live.
You know, I’m sure it’s hard to find hookers on the corner in Gables by the Sea, but let’s not look at extremes. I’m talking general locations where normal people reside.
But yeah, I used to share your opinion. Then I got married. And stayed on the beach. And moved from Collins to West. And you know what? There’s nothing wrong it. Married life on the beach is awesome. Frankly, there’s no place better for getting out and enjoying life with your woman. In terms of kids, did you know South Pointe Elementary school is one of the best in the state? A public school on Miami Beach, one of the best? Remarkable.
How do those kids learn to read with all the crackheads peering in the windows?
Check out this MIAMI BEACH REAL ESTATE NEWS CLIP. It explains how the current weak U.S Dollar might save the local Real Estate Market. The most important fact to note here is how they make the distinction between the Miami and Miami Beach Real Estate Markets, a detail that many media fail to capture.
http://flamingoexpert.wordpress.com/2008/03/24/miami-beach-condos-foreign-buyer-report/
Sorry Mr Flamingo. Years and years of inventory of Miami Beach. Big big yawn – people should given up the spin that Miami and Miami Beach are different. The numbers don’t support that assertion to any relevant degree.
SAM I hope you have an oil well in your backyard.ARE you thinking about what your doing??? Or do you just have so much money …you don’t know what to do with.Take the advice you were given and CANCEL you have 3 day’s.Don’t be another fool buying NOW.RENT or WAIT a bit.I promise you’ll thank me later. GOOD LUCK
I just saw a fellow co-worker loose his job today. There goes his mortage, too. We will see who will win this ridiculous house market price.
I think the ONLY one’s to win are the realestate salespeople.It dosen’t matter if it sell’s for 300K 400k 650K or a Million+++ they still make their cut no matter what.It dosen’t make a difference if the vendor is making or losing……the salesperson is still making and MAKING BIG TIME.No offence to the many realestate friend’s we all have……but think about it ?????
If you think the weak dollar is the savior, then you are wrong. You’d be better off to simply convert your currency now and wait for the real estate bottom instead of actually buying now. Non-locals are the easiest fools I suppose.
Hello Renter Tom…I’ve been missing your comments on this blog lately.Glad to hear that your all settled in your new RENTAL.Smart man.Next year you can have your pick of about 100,000 properties for sale.You will be able to name your price….that’s if you even want to buy.
The 3 most important thing’s in realestate today.RENT RENT RENT
With all this talk about the Beach being better than Downtown (I disagree), anyone want to rank where the best and worst locations will be for real estate in Miami? I have no doubt that some areas will be better than others. Any thoughts?
There are certainly many great areas of Miami. You mention only Sobe. Why? It is like to know only Park Ave in Manhattan (very snobbish, provincial and simply silly). IT really depends on the taste and frankly to speak culture. I happen to like East Village in the City. In Miami I like different areas like Sunny Isles, DownTown, Design District, Upper East Side. More artistic, more free spirited.
Also on another note. Today I was in Sheraton in Manhattan for the Real Estate Auction for NY and NJ properties(similar to the one that’s going to be in Miami in April 13). Investors are still there or I should say the desire to buy Real Estate is there. There were thousands of people. Properties went for double prices from the initial bids. Even extremely distressed properties were sold fo a substantial amount of money.
lara
dead cat bounce in my book.
in terms of neighborhoods in miami, maybe i don’t get out enough, but my take is that miami has no recognizable “neighborhoods”, whether based on ethnic or age group, as you would find up north. rather, i’ve always looked at the miami neighborhoods as a function of nice, semi-rough, ghetto, or don’t venture anywhere near there regardless of what time of day it is. what in the hell is everybody referring to here when they talk about art scene in the design district? or the bohemian nature of the grove (hard to say its bohemian when considering the prices of meals and hotels in the grove). what exactly is the cultural life of miami? are we talking about the new lexus launch party (seriously)?
i mean, take the gables as an example. what makes it unique as a neighborhood? borders? houston’s? starbucks? come on. frankly, the common misconception that my out of town friends have about miami is that it is some exotic locale/gateway to latin america. i’ll give miami credit for sharing many similarities in terms of the corruption that these other destinations exhibit. but nothing makes this place exotic or unique. new orleans is unique. san fran is unique. miami is good weather and some beaches. can find that across the caribbean .