Miami Super Bowl Condo Rental
January 24, 2010 by Lucas Lechuga
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Price seems high ($357/night?) considering the lack of hotel amenities and the glut of private home/condo Super Bowl rentals on the market in South Fla right now. The only way this deal will happen is if Jets play Vikings. Otherewise the demand won’t be there.
I guess desperate times call for desperate measures. Be careful in the tenant screening process. And get a big deposit. Lucas I;m sure your friends are legit but I’d be very skeptical doing this if I was coming in from out of town for the game. Plenty of scam artists are seeing $$$.
I’m sure the owner has gotten all the requisite approvals from his condo assn for short term rentals that are surely prohibited in the condo docs. haha.
Lucas was promoting annual rentals last week—now down to weekly—wonder what is next. Fortune House is only weekly rental in that area I know of.
Putting this on Craigslist would have been bad enough, but for a Realtor ™ to be pushing a weekly rental that’s almost assuredly a violation of the condo rules is beyond questionable. (I assume this is why Lucas didn’t name the building.)
The Building is “The Mark” !
Illegal rental? What do the condo docs say about weekly rentals?
Of course its a violation of the condo docs but of course there’s no enforcement either so what’s the risk. The associations have much greater problems (solvency) than to crack down on this stuff.
Also, Super Bowl tourists want to stay on Fort Lauderdale Beach or South Beach. They don’t want to be on Brickell.
SuperBowl tourists want to stay in Pace Park. Everyone knows that.
I heard …”The ACE” is selling his 92 Chevrolet Corsica..I wonder if he realizes that he could advertise it here??
southbeachsand said: “SuperBowl tourists want to stay in Pace Park. Everyone knows that.”
– Oh my gosh, that was funny!
SOUTHBEACHSAND……..AKA……. “AJ” maybe???
Juan Carlo – southbeachsand was being sarcastic…
The largest single Real Estate deal in U.S. history is going back the creditors……”Stuyvesant Town Turned Over to Creditors” — “But their reserves, once stuffed with $890 million for capital improvements, interest payments and renovations, are now virtually depleted. … The rents collected did not cover the mortgage payments”
– Are you listening AJ?
Perhaps Tishman Speyer Properties and BlackRock Realty thought they could get an 89% premium for water views??? They miscalculated. LOL Couldn’t resist a good joke at the expense of AJ.
Lucas,
Other bloggers are right. I know you are trying to help your friend out but this listing degrades your blog. This listing belongs on CraigsList, not here. Please resist such pressures in future from your “friends”.
Drew, et al:
There is another issue here that makes this rental potentially illegal. If I recall correctly, (and note I said “IF”), leases of 6 months or less are subject to taxation under Florida and maybe even the bass-ack-wards local law.
Given that the Florida’s economy is somewhere due-south of the toilet, if I owned this unit I would be wary of renting for the Superbowl because if the state finds out, it may come calling for the applicable sales tax, fees and any penalties.
I would also be very wary of advertising it – – as this is arguably now a conspiracy: two or more individuals agreeing to violate the law. (HINT!)
I recall reading about this issue several years ago when the players and staff from the NASDAQ tennis event on Key Biscayne were found to be staying in condos like The Club rather than in hotels. State and local authorities were not pleased about being denied the tax revenue (nor were the local hotels.)
scriv
RT
Stuyvesant was the biggest (and worst) real estate deal ever. $5bn purchase price for 11,000 units (avg $454,500 per unit) and now est value is $1.8bn. I’ve never personally visited Peter Cooper Village/Stuyvesant Town but it looks like prison housing. Or something out of the Communist Bloc.
The Fla state pension fund lost over $250m in that deal.
Check that: it is not just a sales tax issue. There is also room tax.
scriv
I think that it is such a GOOD DEAL….it might be gone soon.Nobody will have to worry about it.
Jonsey:
Sure it’s a great deal. If you can take the glaring light from the AON building illuminating the unit at night – – it may be an idyllic place.
I also imagine that there are owners willing to do the same in the Jade or The Club – – across the street.
scriv
lucas i met a chick at quarterdeck, do you have any hourly deals ??
but seriously my uncle needs a place for the month of febuary ??
any one month deals ??
stuy town is nice the buildings are typical brown brick but the interior of the complex has 11 playgrounds a huge grassy/park “the oval”
its safe
its not fancy but much nicer than biscayne
whats the issue with short term rent. they should be doing this all over miami to encourage tourism otherwise put of by high hotel rates or low hotel rates in crap hotels.
plus landlords win becuase they can actually achieve a yield and pay the housing associations and it encourages more investment.
as for it not being in the rules…. bla bla bla… who cares, the buildings half frigging empty anyway!
Short term rentals suck. Miami Beach residents know many mansion owners who tried daily rentals. These properties turned into weekend nightclubs.
The entire county relies on bed taxes. Hotels don’t need an uninsured, unlicensed and untaxed industry to compete with.
Uh, so the solution to “high hotel rates” is to rent a basic condo for around $400 per night with basically *no* hotel amenities?
Hotels don’t need an uninsured, unlicensed and untaxed industry to compete with. – – Wild Bill
BRILLIANT!
These short-term rentals are also hard on the building as the associations will have little recourse against the short-term tenants.
The whole notion is unhealthy, unwise and probably fattening.
scriv
Agreed.
The only way this rental makes sense is if 5-6 people cram up in this unit for Sausage Fest XLIV.
Hey Lucas…..are there anymore weekly rentals that you know of??I have a cousin coming in for a week and he will be looking for something.He would only be looking to spend approx. $1000-$1200 for the week.It dosen’t have to have a water view.Thank you Jonsey
I have been reading this Blog for some time now.It is very informative …with Lot’s of knowledgeable people constantly writing in.My first question is for that guy AJ..AJ do you think if I come to Miami to look around for a Flat to buy/rent, I could pitch a tent for a few days in that park thats near you?I’m a little short of cash and would like to camo out in PACE PARK…I believe it is.If you could let me know I would appreciate it.
You can live in Pace Park. Many homeless do. City of Miami police only have a few officers in that area. You can easily hide out in the mangroves without paying any hotel taxes. I’m on my iPhone hiding out in the mangroves right now.
If you don’t pay hotel taxes Miami will never be able to finance new projects or pay back old bonds. Miami took on billions with the ball park. If you don’t go to a ball game and eat 10,000 hot dogs per game you’re not helping Miami.
You can also explore any tantalizing fantasy in Pace Park for around $20. For a more urban stimulation of sensual arousal, nearby 2nd Avenue will let your butter flow.
WOW….we can Camp and Play all in the same park? Maybe AJ will be around to give us some advive on renting a condo in his building.
Google search engine is going to bring up this blog anybody looks up 1800 Club. Surely nobody will want to live their now. AJ single handily managed to bring 1800 Club to its knees. At least the renters are happy.
What do you think about Aventura vs Sunny isles as an investment?
To All:
I try to keep it serious, but I have to admit that the majority of the past 10 posts have been pretty hilarious! On a serious note, I propose that we all get together at Pace Park for a pre-Super Bowl tailgate/keg party and (I hate to do this but I am going to) AJ – can we all use your bathroom?
DML
Hey AJ…..that would be very kind of you if we could use your washroom!!!Nobody will have to go behind the bush’s to do there business.Maybe we can use your pool too.Let us know and I will bring my bathing suit.We can all help you promote your Condo Flat. Thank you so much AJ you are a kind man. Juan P.S. I am going to bring all my Sista’s and Brudda’s and all the Bambinos
I can’t wait till the BIG PARTY at PACE PARK hosted by AJ.I will be there with a 14 piece band …we’re going to PARTY all night.Thank you AJ.
I can’t wait to experience the utopia that is Pace Park and 1800….thanks AJ for volunteering to host the party….I assume you will be personally DJ-ing it too?
Hello RENTER TOM!!!! I am sure AJ will be spinning the tunes for the week-end PARTY.I sure hope you will be in attendance as well.It’s going to be a PACE/1800 CLUB PARTY!!!! I always knew AJ was the Man!!!!!THANKS AGAIN AJ
Obviously the hobos should be invited too, after all, you should always invite the neighbors when you have a party…. What is an appropriate party gift to bring, since I don’t want the hobos to feel unwelcome….beer, wine, or crack? Please advise.
Hobos live in Miami Beach. Crack whores live in Pace Park. 1800 You Be Smoking Crack Club. Search engines love 1800 Club.
1800 Club….so crack is the appropriate party gift then? Sometimes these people settle for just plain cigarettes since they are always trying to bum cigarettes off strangers even if you don’t smoke.
Maybe we can invite Kevin Tomlinson to the Pace Park Super Bowl Party too. After all, according to his website, “Kevin Tomlinson, the most respected name in Miami Beach luxury condos”. On second thought, I doubt he watches sports………………………
gixxer,
look at the condo ranking page. Long before you logged on this site, Lucas had Blue ranked higher than 1800 Club!!! Blue, that flopped motel style building smack in the middle of a highway! I had to write many livid and incredulous notes before Lucas corrected his mistake. But then, Like some of our past presidents, Realtors never like to say that they have made a mistake. Getting that would be like pulling teeth.
And then again, Lucas Ranks Axis Location score at 8.0 and 1800 Club at 6.5!! Has anyone been to Axis and around? Anyone who thinks Axis location is better than 1800 Club deserves to live there.
He also gave the risk factor for 1800 Club at 6.0
That is also wrong. The building is almost fully sold out. Your information of 73 flats owned by Developer is wrong and probably dated.
Apart from being fully sold, the building is in excellent shape regarding delinquencies or foreclosures. So I even contest that ranking too.
But I am not going ballistic about Lucas giving a piddly 6.9 overall (still higher than most other buildings listed there) to 1800 and not higher is because, it is just a one mans opinion.
But then at least Lucas site mentions the criteria used to arrive at such scores, however debatable it maybe. The other site just throws a number with no explanation. So I would take Lucas’s ranking over the other site, albeit with a pinch of salt.
Funny stuff. Getting even better by the minute.
Now, some serious information:
Florida existing home, condo sales up in 2009
South Florida Business Journal
After one of the worst housing downturns in recent memory, the state’s real estate market ended 2009 on a positive note.
Existing home and condo sales across Florida were higher last year than they were in 2008, according to housing data released by Florida Realtors.
Existing home sales rose 31 percent in 2009, with 163,148 homes sold, up from 124,168 homes sold in 2008. Existing condo sales were up 47 percent last year, to 55,985 from 38,095 a year earlier.
On the flip side, median prices on existing homes statewide in 2009 were $142,600, down 24 percent from $187,700 in 2008.
Existing condo prices in Florida fared even worse, with the median price falling 34 percent, year-over-year, to $108,000 from $164,200 in 2008.
For the month of December, existing home sales statewide rose 33 percent, to 14,630 homes from 11,013 homes sold in December 2008. Existing condo sales for December exploded, rising 91 percent to 5,968 from 3,132 in December 2008.
Existing home sales in Miami were up 53 percent, to 6,685 in 2009 from 4,379 a year earlier. The median price, however, fell 29 percent, to $195,300 from $276,600.
Existing condo sales in Miami rose 50 percent, to 6,854 from 4,580. The median price of a condo in Miami fell 40 percent, to $142,400 from $239,400.
In Fort Lauderdale 7,934 existing homes sold in 2009, up 38 percent from 6,377 in 2008. The median price fell 26 percent, to $205,700 from $278,000.
Existing condo sales there rose 51 percent, to 9,894 from 6,551 a year earlier.
Existing home sales in West Palm Beach rose 25 percent to 8,684 from 6,953. The median price, however, slid 21 percent to $239,000 from $302,800.
Existing condo sales rose to 7,887, up 30 percent from 6,075 in 2008. The median price of a condo fell 25 percent to $107,300 from $143,800.
Nationwide, existing home sales fell in December, as expected, after first-time buyers rush to complete sales before the original November deadline for the $8,000 credit.
For all of last year, 5,156,000 existing homes sold, up 49 percent from 2008 and the first annual sales gain since 2005.
“It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” said Lawrence Yun, National Association of Realtors chief economist, in a news release. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer, the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010.”
However, he noted that the job market remains a concern and could impact any further recovery of the housing market at least until the second half of 2010.
The national median price for an existing home was $178,300 in December, up 1.5 percent from December 2008. For all of 2009, the median price was $173,500, down 12.4 percent from $198,100 in 2008. Distressed homes accounted for 36 percent of total sales last year.
AJ,
You bought in 1800 as a place to live. From my argument in the other thread I think that position is justified. If others wanted to buy in 1800 I would tell them that in my OPINION I think its a good move if you really want to live there.
But it is plain and simply not a good investment right now. Stop throwing out random, pointless opinions like the one above unless you have any evidence to the contrary.
“Your information of 73 flats owned by Developer is wrong and PROBABLY dated.”
Go to miamidade.gov and look up the tax information for 1800 club. There is clearly only 199 units that have had tax assessed in 2009. That leaves 224 condos that have had no tax assessed since you’re claiming the building is 90% sold out. And the rest of the multiple owners listed on condoreports.com is correct per the tax records.
So tell us all AJ how 224 people own condos at 1800 and yet seem to have had no taxes assessed on them??????
GOOD NEWS!!!!!! I have a whole buch of friends commin down for the party that AJ is having for SUPER BOWL.I hope AJ can ask some of his nice neighbours is they mind sharing all the facilities as well.This is going to be a PARTY that will promote 1800 CLUB as well. I now AJ will be most happy. See ya all soon
“I now AJ will be most happy.” – – Miami or Bust.
http://www.dictionary.com
scriv
Visionary – Distressed home sales made up a large chunk of the increase if not all of it.
“Distressed homes accounted for 36 percent of total sales last year.” That was apparently for the nation. In our area the number is likely higher.
As a stats exercise, if you have 10,000 units that sell in 2008 and then have 15,000 units sell in 2009, that is a 50% increase in sales yoy…..however, the increase makes up only 33% of sales and so the distressed sales of 36% exceeds the increased sales amount. I am sure you are aware of this….although I’m also sure it is over AJ’s head….GED classes begin again soon.