New Condo Deals Page Goes Live
July 9, 2008 by Lucas Lechuga
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lucas
why are there so many damn short sales and foreclosures at aqua island? what happened with this project?
I’ve been very surprised about that development. It seemed to get universal positive praise during pre-construction… made it sound like an exclusive Shangri la.
Obviously, it’s mojo ran out.
lucas, that’s what I was talking about when I commented about the need to show us the merchandise. Thanks for responding. I am impressed thus far and expect you will be able to post many good deals. Aqua looks good but the hoa monthly seems very high!
Thats the prob w/ Aqua. Great building ok location but the HOA is the dagger that will kill you.
Lucas great work these listings like that should generate mor eintrest to your site and get your more biz as buyers want a proffesional like yuo to represent them. Great job!
Lucas, I definitely agree on 2805 in the 1800 making the list of condo deals. With that view and that location and that building. It is a deal. I know that decorator ready units (concrete floors) are asking for 530K. The fact that this unit is all Marble Floor and still priced at 474K makes it very well priced (Marble floors cost anywhere between 20K to 40K to each 2/2 flat in the 18).
Guys don’t let this one go.
Heard from someone who lives there that there are sewer issues. Rocks, debris is stuck in the lines and was never properly fixed by the developer. Hence flooding problems, and other rather unpleasant issues. It is apparently on one side of the island only (not sure which one) and the other side is okay.
AJ
Have you an idea how large the quote of foreign buyers is in 1800 and Q ?
great listings! nice to see the best deals all in one place, these are what i am looking for. appear to be a lot of short sales in the list. are these worth pursuing? any experience from others on whether it is realistic to get a short sale at price listed, or is it just a gimmick to get interest?
I am loving the condo deals page. Nice Lucas!!!
Riding my bicycle around the Brickell, Downtown, Omni and Midtown areas has reinforced my thoughts that these neighborhoods would be soo much cooler and friendlier if we could extend the Metro-Mover into these areas. It would make Miami more livable and attract more buyers to these areas. Especially now with gas prices so high.
We need to band together as citizens and get the city council to actually do some forward thinking and plan this builidng expansion out.
We will need to neutralize BRAMAN, though.
Storm
I’m not sure what your beef is with Braman. He just wants people to be able to vote on all this stuff. Considering the recent debacles in public works down here, I think we all should be suspicious of any further expenditures of OUR money by our inept public servants.
my take:
1. the tunnel is a garbage idea (they can’t even build an airport terminal right; now we expect them to be able to somehow build something as complex as an underground/underwater tunnel…please).
2. regardless of how one feels about whether the public should finance sports teams (they shouldn’t), putting a marlins stadium in little havana will make no difference for the area. independent, unbiased economic studies have all shown that placing a shiny new stadium in a neighborhood does not by itself lead to a revitalization of the area.
3. expecting miami gov’t to somehow improve public transportation is like expecting a car salesman to be honest with you. these guys can’t even get the stupid, simple metromover right. you know want them to expand on this? come on.
all right back on topic. JL – you’re right. aqua got major hype when it was going up. i heard some rumblings about shoddy construction, and yes, the HOA is high. but considering the immediate area, my impression was that the purchasers at aqua would not be your typical foreclosure suspects and even if so, i’m still a little surprised by the volume of trouble there. over the past few months, i’ve seen a lot of foreclosure/short sale activity.
Storm
You should dispatch the Miami-Dade commission to take a profound look in one of our cities in Germany or Switzerland to learn how a modern mass transit system works.
But I think they don’t find it worthwile, the will prefer sitting in their offices and making blether promises.
You can’t blame the government totally for the failure of Metrorail. A lot of that has to do with the citizens of Miami-Dade as well. Rather than allow the government to let Metrorail to do something useful and run along the Biscayne corridor, a lot of NIMBY citizens whined loudly to the commission and forced the Metrorail into its current stupid configuration with useless stops like Martin Luther King and Allapattah.
Visionary,
I think there is no way to know that. Even if you want to identify them by eye, Europeans, American and South Americans look nearly similar, until they open their mouths! But from what I see in the 1800, it is loaded towards Americans and then South Americans. I have seen very few or none Europeans. That may be because all the water view units are 2 BR’s and the 1 BR’s that the Europeans prefer (?) do not have water views.
actually AJ, i have a simple test that can distinguish at least foreigners and americans. anyone above the age of 30 who is wearing abercrombie gear is definitely a foreigner. without any statistics to back me up, i’ll make a bare bones assertion that my little test has about a 87% accuracy.
all you 30+ y.o. americans that own AF gear…flame away
AJ
You are right, we Europeans prefer 1 BR’s.
I bought a 1 BR (03 line) in Q.
jcrimes:
I do not wear abercrombie clothes (to expensive)
Jcrimes
I don’t have a beef with BRAMAN personally but if we have to wait for Miamians, as a collective, to make a smart decision then nothing gets done. I agree with his points but we have to take into account that Miamian’s aren’t linear thinkers
I know expanding the metrorail/metromover will involve cost-overruns, corruption etc. but that’s par for the course in Miami. I just want it built. If we wait to get input from the general population then nothing get done and nothing changes here in Sunnyville.
J crimes,
I thought it is usually the other way. 30+ Americans wearing AF to desperately hang on to their youth.
Visionary,
03 line in Q is a nice 1 BR with water views. Good choice. I don’t know how much you paid but I last knew of a rock bottom price of 209K for one of those units.
Storm,
I really hope that the Metro Mover will be extended from the schoolboard station to Target/Midtown via NE 2nd Ave on surface or by Biscayne Blvd by elevated tracks. You gather the people from Midtown, I will do my part from the Pace/OMNI and see if we can succeed. Fcuk Norman Braman.
AJ
I paid 200k for the 29th floor (all cash).
AJ
Do give you an example why we Europeans find the Miami RE market very attractive:
The amount of the full price I paid for the said Q condo would only be sufficient as down payment in my home town for a same size 1 BR in comparable location !
We have to pay about $900-1,100 per sf and a parking space is not even included !
Parking spaces cost about $ 35-40k extra.
How does the 09 line in Q complare to the 11 line in 1800?
Not to move off topic because I think the new condo deals page is great. Thanks Lucas! I was curious why Met 1 has not been added to the list since it is a significant project of 445 units that is has been closing for the past month. Do you have any figures you could share?
I read one of the comments from the Miami Herald article about Greenberg Traurig signing for over 100,000 sq feet of commercial space that pertained to Met 1 which seems surprising from what I had read about this project in the past. I pasted it below.
Anyone have some other insight to the Met 1 Project?
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o Greenberg Traurig inks Met2 deal for HQ
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Comments
Let’s take a closer look here to shed some light on Met 1.
I thought Met 1 was supposed to be a “signature building” as well but somewhere along the way, that changed or how you define “signature” ma be the key here. Careful marketing lead buyers to the usual hype and excitement before the axe dropped and fine print within the endless pages of condo docs were more closely examined.
The typical sales pitch of all you will get and then the reality of what you don’t get when you finally close. What can be more disappointing I ask myself?
Maybe it’s the lack of uniformity to unit lines. Some having features and others that don’t when all should have the basics. MDM is unable to answer the “why’s” and just keeps focused on their number one priority which is getting buyers to close.
The majority of buyers who have moved in unfortunately from what I have heard through discussions are unhappy and disappointed with the quality and workmanship after waiting more than 4 years for completion of this project.
Residents keep asking what happened to “high end fixtures”, building ventilation for venting of washer and dryers (which leaves residents in this “signature building” with 4 hours from wash to dry to do their laundry in a “vent less” washer dryer), a roof top lounge that is restricted to residents of the 38th floor only, a garage design which can barely accommodate a large SUV at the entrance since the angle of the curve is so tight, a beautiful sauna that accommodates 1 person, unresponsive MDM crew lead by Tim Weller who more often than not does not respond to emails or most phone calls. Day in and day out, to the sales office one must go to get lip service. Need I go on any further?
We know MDM is comfortable with commercial buildings and Met 1 was their first condo project,
Met 2 I am sure will be well appointed much more so than Met 1. It’s a shame that they fell short on the delivery of Met 1 since so many of us had high hopes and trust in MDM.
Visionary,
That is an excellent price for such a high floor. It is a very good line. Yeah, parking space is not even includede in most cities and condo buildings. Most times they do not even have a balcony. Case in point, New York and most European cities. I love the fact that Miami is such a good deal compared to else where, especially now that the prices are very reasonable.
Miami 2008,
I did not see the line 9 in Quantum, but line 11 in 1800 is a very good line. It is the largest 1 BR in the building and the only 1 BR with water views. Also, it is not far from the elevator and as soon as you come out of the unit, you have the city view and pool deck view from a glass wall corridor. Go for it.
1 bedroom foreclosure at the Flamingo South Beach just became available for $229,900. It’s on the condo deals page now.
Here’s some good news about Bayfront Park’s amphitheater: http://miamitodaynews.com/news/080710/story2.shtml
The City of Miami is going to allow more congestion in the downtown area so they can collect a few bucks to balance the budget.
I hope they have lots of hip-hop concerts. The police need the overtime.
Visionary,
Thank you for purchasing from us the ’03 line 1BR unit at Q for $200k (cash). We were happy to break-even on the unit. We paid $188K from the TERRA back in 2004.
We hope you enjoy it.
Also, if interested, we have a 2BR in the ’02 line (probably the best line in the Quantum building) for $449K. The only other unit for sale in this line is the # 3302 at $550K.
Please contact Lucas for my e-mail address.
Lucas are you planning to include Bal Harbor and Sunny Isles on your deals page.
Great page, thanks.
RM,
I agree, that is a spectacular deal for an 02 at Quantum. What floor is yours on? Why don’t you have it listed on the MLS? That unit would be getting plenty of showing time if it were. Have you closed on it yet?
We had a contract but we were unable to close. TERRA and Greenberg Traurig still have title issues at the Quantum. The contract expired on June 30th. That is why it is no longer listed on the MLS.
RM,
I am glad that you got break-even.
Thank you for your offer on a 2BR in Q.
But for reasons of risk distribution, I never buy more than one condo in the same building.
$200k for a one bedroom at Quantum? That sounds wonderful! The pictures of the place make it look great, is it really all that?
I recognize that the neighborhood isn’t that great, but $200k to be on such a high floor… wow, nice.
Well, let’s see what happens to public transportation when gas becomes 10 bucks a gallon here like it is in Europe…it may force us into action…our current conditions are not sustainable…
Btw the comic relief is hilarious, you all crack me UP! I’m jiggy w it.
RM, have Monica contact Clear Title Group. Thats how we were able to close the 03. They know whats going on with the process.
Juniper,
You said “I recognize that the neighborhood isn’t that great”!!!!!!!!!!!!!!!
Are you even from Miami? You sound so ridiculous when you make such silly statements. Obviously you have no clue about the Pace Park area. The Chief of Miami Police, Many important Politicians, Movers and Shakers live in the Pace Park adjoining buildings.
You are most welcome to go away and live in a one road accessible Brickell if you want. We dont want your 200K or will appreciate your gracing our neighborhood if you do not think it is not all that. We would like people who passionately love the Pace Park/OMNI mall to come and live here. If not dont do us any favors, get lost to Brickell Key.
Samir,
You still owe me a dinner. LOL.
Linda said about MET 1: “The majority of buyers who have moved in unfortunately from what I have heard through discussions are unhappy and disappointed with the quality and workmanship after waiting more than 4 years for completion of this project.”
If you know any of them, tell them to put a cork in it! Stop the whining or MDM’s investor / partner, Shaquille O’Neal will get on a plane, come to Miami, hunt the down and sit on them!
Sorry, but I couldn’t resist. I feel for those buyers because the Purchase Contracts for MET 1 are air tight! You close or else!
AJ,
Are you still in town. How about Sunday?
Hi Samir,
I am still enjoying the Balmy NYC weather. It is 80/70 consistently and no humidity at all. Almost heaven.
I will be back in Miami Aug/Sept some time. I will cash in my chips then. Thanks for the offer 🙂
Sounds good. Give me a buzz.
If you can walk six city blocks in any direction from your condo without ending up in a ghetto or cemetery your condo is in a great neighborhood.
I’m not sure the Pace Park area passes the six block rule. The Biscayne Park Cemetery should be within six blocks of Quantum.
These guidelines have been in place since the European settlers came to America. Man made islands are exempt from this rule. Don’t feel bad if you live in Pace Park area, Midtown and Park West don’t pass either.
Apparently many important people who live in Pace Park area, either forgot or ignored the six city blocks rule.
AJ
actually, the neighborhood around quantum isn’t that nice. go a block or two west and it’s quite underwhelming.
Wild Bill said: “Apparently many important people who live in Pace Park area, either forgot or ignored the six city blocks rule.”
Probably original owners at “The Grand” (when it was “grand”) from the days when it was the only upscale residential building on Biscayne.
In the 1990’s, from 17th to 100th, or so, on Biscayne was a crack-fueled war zone. What was that City Commissioner’s name? Joe Gersten?
At lease the Everglades took out the Denny’s where the addicts used to pander 24/7!
Total reclamation of the area will take decades. It’s “westward ho” from Biscayne…if you dare!
Wild Bill, We are not Quakers or Pilgrims. For them getting 2 square meals a day is like hitting a lotto at that time. Their rules dont apply today. In any case, what the hell do I have to do 6 blocks west of Q or 18 or Cite or Grand? This area is developeing to be a city within a city from where you never have to leave if you dont want to. People who live in this area have a strong sense of belonging to their neighborhood. You cannot say about that to Park West, Brickell or Midtown denizens.
Jcrimes and all others,
Please, one evening take a stroll (not in the beautiful pace park, but) in the exploding biscayne blvd from the PAC to the 30th st with new stores, restaurants and boutiques etc. You will not believe the dazzling transformation of this area. And this is just 2 blocks West of the Q, 18 & Cite. This area will put Mary Brickell Village to oblivion soon.
lucas, will this link be updated automatically or will you issue a new updated link everytime you do your postings?
AJ is right that the infrastructure and mix of uses is better than Brickell with its parks and cultural venues, and it’s true that this area is vastly improved.
It still needs some love though…but it has been and will continue at a rapid pace to get it and get better and better.
What heartens me so much is the pride and sense of ownership AJ speaks of in the community, that is not very commonplace nowadays ANYWHERE, least of all Miami!!!
The Condo Deals page will be updated every couple of days. You can find the link at the very top of this website.
La La, Thanks for the vote of confidence. Actually it is not just me but you scratch any Pace Park Citizen and you will find that they are fierce about their loyalty to this area. I dont think the outsiders can understand. Probably they do not have such compelling reasons to love their own neighborhoods that much and they cant understand what this fuss is all about. I think there is only one other place where the community is very proud, loyal and active to their neighborhood which is SOFI.
Yes, that’s true about SOFI and for good reason too.
The foreclosures have just begun. We’re going to see a very very tough second half of 2008 and 2009. As such, I’m sure the “New Condo Deals Page” will get pretty darn long. If you had asked me how bad this housing situation would get, I would not have thought it could get this bad. The tide has rolled out and is continuing to roll out reveling a lot of crap under the water. At this point, if there are any cheerleaders left in the bubble markets of CA, FL, and Las Vegas, we need to find them a mental ward… Unless you but at least 50% down if you bought at the peak, your equity on paper will be zero and you most likely will be stuck with what you bought for a very long time.
Hi lala and AJ,
You know its always a pleasure to read both of your posts. It seems that we are always in agreement irrespective of the circumstance. As you guys know, I own a condo in Quantum and live in SOFI and hence these last 2 posts have a huge relevance for me and I couldn’t agree more with you guys.
By the way, the developers of quantum have agreed to deal with us directly and they seem amenable to work with our impromptu association. They agreed to even post our meetings in the mail room which I think is a monumental step and they also agreed to work with us regarding any and all matters that we might bring to the table. Its incredible what you can get done once you organize.
Speaking of organization, is anyone aware of a grassroots effort to unify and politically “motivate” the city into pushing public transportation to the top of the agenda. I would really like to be a part of that…
One thing that I might add… this is an informational blog and everyone has a right to express their two cents worth, but I don’t think that racism, bigotry or homophobia serve any purpose here,(or anywhere else for that matter) so please lets keep this blog welcoming to all and informational.