Miami Condo Investments iPhone Application Now Available
January 29, 2010 by Lucas Lechuga
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Just downloaded it. Looks realy easy to navegate. GPS feature works great for featured Condos but not for all available real estate closed to me. Maybe an option for version 2.0 ;).
the application is awsome Lucas. good work between you and GOIDX.com in building this handy application.
Lucas
Nice attempt. However, found the app with a confusing look..design is poor and looks cheap.
maybe room for improvement??
Congrats!
Miami is going to be in dire condition shortly. I would rename the website and leave out all mention of Miami.
Miami leaders fear a financial meltdown
My feedback so far:
-Design is poor
-Difficult to read your blog – default lettering is sooo small
-App has crashed 6 times in 20 minutes looking through Brickell rentals and sales. specifically when looking at certain listings.
-rents sales/rentals buttons are very small and have cause me to click on the bottom buttons instead by mistake taking me away from a listing.
Will let you know if I notice somthing else.
Wild Bill — That article is simply astonishing, even by Miami standards. To think Miami had over $140 million in reserves in 2003, then collected record r.e. taxes for the next 4-5 years because of the r.e. boom, and now faces having its reserves drawn down to $10 million or less in 2010, is malfeasance of the highest order. Un-freaking-believable.
Icon slashes prices 51%
hi computer consultant.
where did you get that info?
how much areinits selling for?
last time i was there 2 mo ago, they had dropped 30%
“Icon slashes prices 51%”
Read the article at condovultures.com.
I have confirmed that this is true. Some units in Tower 3, where the Viceroy hotel is, are asking $260/foot!.
Compare that to the average closing price of over $500 a foot in tower 1 and this may be a steal. Although i bet maintenance in through the roof. But at least you get room service!
Just downloaded the app. Very cool….congrats Lucas!
If I hadn’t recently bought my condo I’m sure I’d get some great use out of it. I’ll definately use to more easily check the blog postings now though.
I was told that Icon Brickell tower 3 prices are reduced 50%, but only because people cannot get financing for it because it is a condo-hotel project and they have to pay cash $$$. Icon tower I and II are only slashed 30%.
will be a good deal when the other towers come down to the same price tag.
dont know about buying in a condo-hotel project.
HOA will probably go thru the roof in order to keep restaurants, security and club 50 running
I would hate to live in any building with a hotel. Imagine the noise and hooligans you have to put up with, partying, trashing, causing noise during the middle of the week. Its like when we go to Vegas. I wouldn’t want to live near me either if I was on vacation.
I hear 1800 Club will be dropping prices by 30-40% on all remaining inventory this week.This is from a very very reliable source.This will bring prices down in line to other Condo’s in the area.
So Icon “slashes prices 51%. Big deal – Not. That means 51% off already bloated prices. Icon was the last downtown building to go up and was selling pre-construction at around $600 to $700 per sq foot on average. You know the old sales adage – We mark them up before we mark them down. Besides you need all cash to close. And anyone fool enough to buy there can only have themselves to blame when it takes them 30 minutes to get out of the garage every morning and afternoon when the Brickell Av. Bridge goes up then down to let the boats pass. Tell em Scrivener……..
‘wait and see’ said: “I hear 1800 Club will be dropping prices by 30-40% on all remaining inventory this week.This is from a very very reliable source.This will bring prices down in line to other Condo’s in the area.”
Holy smokes. Can someone check on AJ, please?
Things are falling faster than leaves from a tree. I heard Epic may be reduced by 50 percent. Thoughts?
Kramer couldnt agree more, not too mention the realities when major events tie up traffic-and pitty the fool that throws away money!
Its official: Quantum on the Bay is a real shithole.
http://blogs.miaminewtimes.com/riptide/2010/02/that_stinking_condo_quantum_on.php
Hello, Renter Tom, AJ, Joe, Gables and Lala to name a few. I have been listening to you for the whole year and educating myself. I am not an investor. I am NYC teacher retiree. I came to Miami to buy a condo. Now, I am debating whether to run away or stay. I have a contract with the Icon Tower 1 -one bedr. (around 1100 sqf incl. the balcony) /lower fl. for 311,000. It faces the Miami river and the small green patch of the archelogical site infront and it is the cheapest one bedr. unit on the line from the list and the cheap ones are being grabbed fast. Even though you can apply for a loan, you have a month to come up with cash no matter what or lose your deposits. The loan officer there said that this condo development is not like others. The banks (HSBC and others) cannot leave the Icon development unless 90% of all the units are sold. They will be paying the shortage till then. There are few more fees involed such as giving 1.7% of the purchase price to the developer and around $1000 in my case for the Condo Association. And I am still reading the contract to understand between lines. I have 14 days to decide or lose my first installment of the deposit 10%. – the second installment 10%on the 15th day of the final free look stage, if I am staying. My good conscious says that the bottom is not reached with the Icon becuase it is cash purchase no matter how you look at and how many can do that in this economic climate. Their prices have to come down more but then you might miss the timing. I think leasing is cheaper and safer as you stated and you can get out. But owning might put the closure to my condo search for going about a year. I appreciate your feedbacks. Thanks feeedbacks.
Drew, I am upset about Quantum. It is the first time I hear about it. My tenant never said me a word about it. I’ll try to contact the management office and see what the story is. Hopefully it is something that can be fixed. Recently management HOA fees have been reduced a bit. That was unexpectedly pleasant. I guess due to the fact that the building is almost completely sold which was not the case at the beginning of last year.
In response to #20 comment. Have you visited this building? Did you see it? Do you like it? You have to feel comfortable with the whole atmosphere that exists there since you are planning to permanently settle in it. another thing is to check HOA, general health of the building like how many units have closed and etc.
I just sent several e-mails to different people in quantum management. LEt’s see what the responponse is hoing to be if any.
Cosmopolitan in South Beach was recently was appointed an emergency receiver by a Miami judge. Too many delinquent owners not paying their HOA dues. I suppose many of those delinquent owners were still collecting rent checks from renters, but not paying dues. Now those rent checks can be forced to go straight to the HOA to pay the bills.
Any other condos appointed an emergency receiver?
The Quantum owners need to call the city building department immediately. Tell them the vent stack is too short. I wouldn’t even notify the building in a case like this. They will do nothing until the city forces them.
To poster #20
Three steps:
1. Contact a lawyer with Florida Real Estate experience asap. For a $300,000+ expenditure, a few legal fees are a minor expense. Make your lawyer read between the lines on the contract.
2. Check the comps in the neighborhood and see what equivalent units are selling for. Similar units throughout Brickell have sold recently for much much less than your relatively undesirable low floor unit. You may be able to lose the $31k deposit and buy a better 1/1 in another building (or even in Icon) and still come out spending less than $311k overall.
3. See step 1
To post #20, “What do you think?” — First of all, I feel sorry for you if you’re being “educated” by AJ and me. Ha ha. (Renter Tom is a different story.)
All kidding aside, I’m not really in a position to tell you if your deal is a good one or not. If you’re retired, you really like the unit, you plan to stay there for at least 3-5 years, and the carrying costs won’t crush your cash flow/savings, then it might be a good situation for you. Personally, I’m still of the belief that anyone who buys a condo in Miami as an investment is crazy, but if you’re retired and you’ll actually live in the unit, and you won’t need to depend on rental income to pay the bills, etc., it could be fine. Welcome to Miami, and good luck!
Anyone know anything about the lawsuit between Continuum South Beach versus the developer? The court records claim “construction defects”. Sounds like the owners won, but its hard to follow.
southbeachsand — That’s interesting; didn’t even know about the lawsuit. I wonder if the developer learned his lesson with Continuum North or if that building also has issues.
Speaking of which, for such a prime location, etc., I’ve heard almost nothing about Continuum North. Has anyone here even been in the building? Almost a third of the building is for sale, but most listings don’t even have unit-specific pictures. I’ve heard the floor plans aren’t the greatest, but info. seems to be scarce. Thanks in advance to anyone who can shed any light on the Continuum situation.
Ummmm, let’s see, errr, ya, how about an “I told you so.” 🙂
http://www.nytimes.com/2010/02/03/business/03walk.html
“No Help in Sight, More Homeowners Walk Away”
– In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.
– “People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?”
– “There is no financial sense in staying,” Mr. Koellmann said. With the $1,500 he is paying each month for his mortgage, taxes and insurance, he could rent a nicer place on the beach, one with a gym, security and valet parking.
– “It doesn’t seem right that I can rent a place somewhere for half of what I’m paying,” he said.
Oh, and poor Ben, he doesn’t realize that in 2040 he will STILL be underwater in REAL dollar terms… If he knew that, he’d have walked away before the ink on the newspaper was dry!
Type in any building name and you can browse all the lawsuits, delinquent payers, foreclosures etc. Good research before moving into a building.
Everglades on the Bay update:
Units rented with no background checks to convicted criminals. Bank not happy.
Renter Tom,
I don’t understand why you keep posting the same stuff. There are going to be foreclosures (willing and unwilling). These foreclosures are being factored into the current market prices already. Someone walking away from a house that they bought at the height of the bubble that was severely overprices doesn’t do much to affect me buying property now. It’s not like properties are going to drop another 50% from today’s prices. And half of the stuff is pure speculation.
“BY HIS CALCULATION, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040”
I’m glad that he knows where prices will be for the next 15-30 years, considering his same calculations led him to buy the overvalued house in the first place.
This is why the markets act so irrational. Everyone reads stories about how great it is on the way up and then reads how horrible it is on the way down.
The only piece of actual data in that article was that millions of homeowners are 25% underwater and they estimate that 588,000 walked away in ’08. This has been known for some time now. Not one piece of current information and nothing relevant to Miami.
You should have rented and not bought at the height of the bubbly. We get it. I think that if fairly obvious now. Hindsight is always 20/20. But what does that have to do with today?
Gixxer 1000 said – “These foreclosures are being factored into the current market prices already.”
– Really? You really think so? I disagree. I think the issues have not been fully recognized in the market as 2010 becomes THE year where foreclosures and short sales rule and strategic defaults (home debtors with the ability to make their payments stop) increase substantially. We are in unchartered territory as people question whether to make payments or not. This home debtor behavior will be one for the history books….or at least for a good MBA class in consumer behavior.
Gixxer 1000 said – “Not one piece of current information and nothing relevant to Miami.”
– Really? The story of a Miami Beach condo owner and his observations and internal thinking aren’t relevant? You don’t think a prominent article in the New York Times read by people around the world doesn’t have an impact.
——-
I don’t think I am the one that “keep(s) posting the same stuff.” Your posts seem to be awfully repetitive so kettle, meet black.
Gixxer 1000 said – “These foreclosures are being factored into the current market prices already.” Then said “This is why the markets act so irrational.”
– Which is it? Are they being factored into the markets already or are they irrational. Enough said. Perhaps you have been reading too much by AJ? LOL
‘wait and see’ said: “I hear 1800 Club will be dropping prices by 30-40% on all remaining inventory this week.This is from a very very reliable source.This will bring prices down in line to other Condo’s in the area.”
Holy smokes. Can someone check on AJ, please?
Hi Guys,
I can with all certainty tell you this is not the case. I am director of sales at the 1800 Club.
Funny…..I thought AJ was the director of sales at the 1800 club.
Why does 1800 Club even have a director of sales? According to AJ the renters are in love with the building and have already purchased the remaining units.
Maybe a director of rentals?
54 unsold units.
I don’t know why AJ just doesn’t snatch these 54 unsold units up….I mean if owning one is such a wonderful investment, owning 55 would be beyond heaven! He could rent one out to Ben from the NYT article!!!
This shows 71 units owned by 1800 Club Ltd., so I assume that means unsold, no?
http://www.condoreports.com/real-estate-reports/1800-club-condo_miami_condo_ownership_5835
It’s like listening to the family feud here and I love it. Someone can comply all this to a broadway play. What should we call it? Much thanks for all your inputs for this poor soul. I greatly appreciat it.
Ivan,
Given the recent sales prices of 1 bedrooms around $205k that would amount to about $1900 a month given HOA, taxes, etc. As the director of sales what do you think is the benefit to owning when I can simply rent for $1400.
It seems that if you had cut prices by 30% that would be inline with where you need to be.
Your site says that you have “Developer Sellout Prices”. What are these prices.
Gixxer 1000,
It prob. means nothing. juat marketing doubletalk.
I know it is a not a project for everyone, but I do like Icon Brickell myself. However,
I do not know anyone who lives there. I would like to buy there when the price reaches a reasonable quote.
Does anybody live there or has any info on how the building is run, people who are living there..
I know it is almost totally empty, but any info would be appreciated.
Did you hear about the new $50,000 Miami condo buyer’s credit???
– To redeem, just wait six months…..
http://www.telegraph.co.uk/travel/destinations/northamerica/usa/florida/7137881/Miamis-cultural-makeover.html
Joe (#28) –
Yes, I’ve been in Continuum North looking for a unit to buy. I passed. Apart from the building’s location, which is excellent, I was not impressed. The layouts were cramped and the hallways so narrow you found yourself screaming for a bulldozer or the elevator. What meager construction exists is obviously temporary, erected solely for the purpose of obtaining the legal right to sell the unit. Minimal and cheap and intended to be demolished following closing. So what you get is a concrete floor, a little balcony and a few plumbing connections (never could tell if/how the AC worked). The townhouses/lofts are really a joke. Plain Jane terraces with enormous ugly hot tubs. Didn’t take me (and my friend who was also looking) to say to our broker: “Next, please”. And thank God we then went to a real building – Murano at Portofino.
Hope this helps.
Samson — Thanks for the feedback. That was quite a review. Leave it to a Miami developer to take perhaps the best piece of real estate in Miami and screw it up with bad floor plans and cheap construction. I can’t say that I’m surprised.
Couple questions:
1. When you said the hallways were narrow, to which level(s)/floor(s) were you referring? I thought Continuum North was set up so everyone basically had their own private foyer when they got off the elevator. I didn’t think it was the traditional hallway-entry type of layout (??).
2. The units aside, how did you like the grounds and the common areas? Did you check out the fitness center, the rooftop (assuming something is on the roof; even the developer’s site doesn’t say), etc.? If so, what’s your review?
I had high hopes for Continuum North when it was under construction, but it sounds like the delivery was underwhelming. Thanks again for the feedback.
ANYONE KNOWS ANYONE LIVING AT ICON BRICKELL?
ANY INSIDER’S INFO ON THE BUILDING?
THANKS