Marina Blue – Closings to Begin This Week
February 11, 2008 by Lucas Lechuga
The moment has finally arrived. Closings will begin at Marina Blue this week. I'm not quite sure which exact day they will begin but I know someone who has his closing scheduled for this Friday morning. My guess is that the first closing took place earlier today though.
I've been looking quite forward for Marina Blue to be completed. Architecturally, Marina Blue is my favorite of the new buildings that have arrived on the Miami condo market within the past 12 months, and of those that will arrive within the upcoming 12 months. Marina Blue is very impressive to look at while driving down Biscayne Boulevard or driving west over the MacArthur Causeway.
Everyone already knows that the views from within the Marina Blue condos are going to be some of the best in Miami. I can't think of one other building in Miami that offers unobstructed, direct bay views from EVERY unit in the building. (Someone help me here...there has to be at least one other building in Miami that offers this). The 12 line may have slightly obstructed views but this remains to be seen.
If Marina Blue ends up meeting just 90 percent of everyone's expectations then I think it's going to be a winner!
Lucas, I think Onyx offers unobstructed views from every unit. 🙂 Although I like the 04 line best with both bedrooms facing directly towards the bay. Some of the other units have just the living room facing the bay.
Samir,
Good call! New Wave doesn’t right? I’m pretty sure that it has its one bedrooms on the west side.
Lucas,
While I agree with your sentiments on the building’s impressive look and façade, I was thoroughly unimpressed with the units. Maybe my expectations were too high but a building with this look and location should have larger condos, be more exclusive than inclusive. I was particularly disappointed with the 08 line, a great plan on paper. Unfortunately despite the phenomenal views, which are enhanced by the unit’s floor-to-ceiling glass, it’s a very dysfunctional floorplan. It doesn’t feel like the 1300+ sqft advertised. A large round column in the center of the living room doesn’t help.
Another quirk was the frosted plexiglass used to separate the balconies from each other. I’m sure it was installed to not take away from the building’s aesthetics but it looks cheap up-close. Not to mention it adds very little privacy from your neighbor. Not something I was particularly fond of.
Last but not least, the Skybeach. Good luck to the association than has to maintain this area with constant 30mph winds blowing through. Sand and pools don’t mix, I hope for they’re prepared. It’s evident as you walk though much of the common areas the designers chose style over substance. On the surface, and at this moment, it all looks good but I’m curious to see how well the areas in question will hold up over time.
Many of the things you mentioned drew me to Marina Blue but at the end of the day the brains didn’t match the beauty.
I agree architecture is excellent. Very nice driving up to it on Biscayne. The wavy lofts also add a cool element. The West side even looks really good at night cause the corrider lights are turned on and make the building stick out with a cool lighting effect when driving on the expressway towards the beach.
Samir…you have been lucky enough to take the tour. How was the living space/area wise on the 01 Line. Spacious? Views?
Where you able to view the party area/room? How was it?
Also is there an entrance driveway/porte corche entrance? The outside doesnt have it so I’m wondering if it’s in the middle of the building like 50 Biscayne has.
Great looking building, but I just hate how the back looks during the day. It’s like prison grey
Lucas-
Do you think Marina Blue will hold prices better than other buildings? As of right now, prices are about $375 a sq ft for a decent height and plan. Do you feel these are going to drop to the $300$325 mark that most condos in the same price range will most likely reach? I really like the 01 line.
The back of the bldg looks great at night. I think maybee white instead of gray would have made a better look. Like the sister BLUE.
I also think this bldg will hold up prices higher than the other bldgs. Had it not been for the let down @ TMP with the delays then you’d prob be seeing $450 + a square foot. With 900 Biscayne looking good and Marquis looking amazing these 4 buildings are offering a very premium product in a really centralized location with a slew of potential for a high end neigborhood to come and great park on the horizon at your doorstep. My bet is on Marina Blue!
BTW..look at the inlet in front of MB starting to look great when you drive by.
“a really centralized location”
i’m not gonna rehash my comments about this area (the so called “park west”…park my ass), but suffice to say, it may be centralized in the sense of being near work, near the beach and near the highway, but one thing’s sure, there ain’t shit to do in your ‘hood.
and the sand idea is just downright foolish. mark my words – will be gone within the next two years with a special assessment for the unit owners to boot!
That’s what I meant centralized…close to eveything…a quick drive or Metro Mover ride.
Park West now isn’t the best as far as a hood but with the residents moving in to MB and 900 Biscayne you’ll see the intrest spur up in the area.
I think the beach sand is cool . If it’s maintained then should be fine. I’m sure there was a plan to have this maintained. You don’t just throw up piles of sand and not have a plan.
Don’t hate….appreciate! I’ll see you from the 14th floor beach with a big jug of Pina Colada from Let’s Make a Daquiri @ Bayside chilling on my beach why you drive by.
Working on a simple premis that you have to compare property values like with like, I believe you have to equalize the tax implications of the real estate you buy.
For example, pay $1,000,000 with 2.5% property taxes requires an equalisation to be made. Best way is to produce a present value, so in effect, if you were to pay all your property taxes for ever today, you’d are in effect paying $1.5m for your property (i.e. you and Miami-Dade should be indifferent to paying that money up front)
You see, I think that is the problem with South Florida today. Paper “gains” hid true costs and the result on the downside is going to be horrific. By way of example, you talk about TMP or Marina Blue should be trading at $400-$450 a sq ft. The true cost is 50% more than that for an out-of-stater, and maybe 25% more for a Florida resident.
So for an apartment of 1100 sq ft, the international price is $600-$650 per sq ft. i.e. $715,000k. I believe incomes are $37k in Miami? Call it $45 to adjust for it being the City?
Just to give you an idea – even at market exchange rates (which dont tell the story in truth), you could buy an apartment in a nice area of London (maybe 6 miles from the West End) for a similar tax adjusted price. The average income in these parts of London would be closer to $70k a year.
I think this just reinforces that there is significant downside to come. I mean TMP – 1/3 of units on the MLS, Bath Club 1/3 of units, Mosaic over 1/3 of units.
If even half of these post 2003 buildings are investor held (i.e. full whack 2-2.5% property taxes), there’s no way they are going to hold them.
During certain hours these people will be prisoners in their own building. They had better enjoy the view. Those who venture out during certain hours will also not be allowed back in. That’s an inside joke for those of you who attend Arena events.
What are the real estate property tax rates for the FL residents primary residences?
I would have to agree that the balconies will be almost like a shared common area. Views will be nice though. The sand will be a disaster after a few tropical storms this fall.
Speaking of 10 Museum Park…i see that 62 units are now for sale and still climbing (out of 200).
Well….exactly my point. If you are single in Miami and have an average job you will prob have a hard time affording that amount. However, these are 1 and 2 bd condos so you have to factor 2 incomes contributing to let’s say the median 2bd unit not the 1 Million Unit.
So in essence your average Miami job is say $40k for arguments sake. That’s $80k in income for a couple which should be able to afford a 2 bd condo with HOA, Morgage and taxes in that area and stil have enough for a decent car lease, small/medium savings and spending money.
If you are single and have a median average Miami income buy a 1 bd somewhere else like the Loft Bld.
Last time I checked MB/TMP/900/Marquis was being marketed toward the upper middle user/income as such those buildings reflect a higher scale image then say One Miami/Loft etc…
If it’s an investor solo then yeah they will have a hard time holding but also depends on how much cash they are bank rolling to put down. More than 20% and then they may be ok as long as they put down enough extraand then rent. Smart investor know what to do. The prob is alot of these people were quasi investors and rode the wave. So we shall see who’s for real and who’s the fake.
Lucas, All units in the tower of Paramount Bay are direct bay view.
Wild Bild, Jcrimes and especially Julian I agree 100% with your comments, forecast and calculations. I agree too with the others that these buildings are wonderful and have amazing views but those views and whatever wonderfulness will not sustain values or demand. The glossy brochures and virtual videos make everything look like paradise, everyone is glamorous, happy, skinny and we all assume able to afford those apartments. Reality is showing is real face and those faces have either walked away from deposits or soon they will wish they had. Forget about sustaining value, those buildings are going to be at least 50% rentals. Owned by individuals 1000 miles away who just need to fill that space at a DISCOUNT or managed by investment funds who also need to make their numbers. Skinny, glamorous, fashionable, driving newer model European import and incomes of more than $100K are not going to be prerequisites for occupancy. Meet the neighbors.
RA…i’m not sure you realize the real numbers that are in play here in miami.
let’s take me for example. i make a an above average income, i.e., in between 100k and 150k. won’t be eating dinner with gordon gecko any time soon, but i’m progressing to the upper middle class dream. let’s say the net, after taxes is $7,500/month
debts…school loans at 650/month and a 550 payment for my car including insurance (nothing fancy…unlike most people in miami, i actually bought the damn thing instead of leasing from the collection). throw down $1,000 month for the 401k, another 500 for my own stocks that i pick and pay a few bucks for insurance. i’m left with app. $4,800/month in take home
any decent condo, let’s say around 300k is gonna run close to $3,000 a month once you factor in taxes and maintenance fee (that’s the real killer when you think about it). add it up, and i’m left with $1,800 month to screw up with. by no means a pauper…but, in this town cash flies fast (my crappy expensive dry cleaner, expensive groceries, gas etc.).
100% Unobstructed Ocean Views from Every Unit .. .. ..
If you include Key Biscayne, Casa Del Mar Condos (881 Ocean Drive), ALL !!! units face both the Atlantic Ocean & Biscayne Bay; cant be that anywhere….
Everyone,
Been there. Took the tour. It’s OK. No doubt that the views are amazing. Kitchens are subpar and exactly the same in every unit. Same with the bathrooms. I mean c’mon… subway tile in the bathrooms? I thought I was in a public school restroom. On size, I agree with Omar. The 08 line felt quite narrow. The column eats up almost half the width of the room.
Ra,
You stated, “Don’t hate….appreciate! I’ll see you from the 14th floor beach with a big jug of Pina Colada from Let’s Make a Daquiri @ Bayside chilling on my beach why you drive by.”
Tell ya what…
I don’t drive by there often. The Heat suck now, and there ain’t a thing to do around there except crack. By the way, when you are watching the people drive by (because they won’t be stopping there to visit you unless they’re packin’), take a look to your right and just behind the building. Last time I did, I got to see a bum take a dump on the sidewalk!!!!! Cool!!!!!!!!!!!
Enjoy being “centralized.”
If you were a 37 y.o. single guy with a net worth of a bit over $5M, fairly conservative financially, wanted to move to Florida for the weather, no state income taxes, and wanted a change of lifestyle….and probably wanted to live on the beach, where is the best place to live? Or should I just move to Las Vegas and get a vacation home in San Diego?
I worked very hard, now I’m done, time for reasonable fun…..
Lookin 2 Buy Miami.. You should rent for a few months to figure out where you would like to be and if you really want to be here. You can find some very nice furnished rentals for $5-$7K per month. That money spent will be your best investment. Besides if you decide you want to be here in another 4-5 months you will probably save 10% off of today’s prices.
Lookin’ 2 Buy,
I agree with Mr Waverly. At the very least, spend a month out here to figure out which part of the beach you like. Some love South Beach while others want to live away from that scene. Others like Surfside because it is quiet but others don’t like it because it is too quiet. You have to see which neighborhood suits your style.
As the song say’s I’m Blind to you haters….
Yeah crack on the street bums around the block and?
Let me remind u of a bum laden hooker skank ass white powder street, retired blind old fart street in 80’s and early 90’s we now call Lincoln Rd and Ocean Drive. Ohh how about South of 5th? Skank dirty old 5 block hole back then look at it now!
Hmmm sounds like a mirror image of Park West to me. Now and what it will become.
C’mon…be a frickin pionner will ya. The shit is now the gold will come.
When Club Space opened it was so bad and look it now…. became a block full of clubs that joined the lonesome Club Space.
That’s club’s but when you talk about condos the old adage is true…build and they will come. Maybee not today or tommorow but they will come. Look at that land 4 years ago…nothing but a shitty parking lot. Now you can’t help and turn your head to look at these beautiful towers when you drive towards SOBE.
Time my friends…D Town can only go up. Save this message board and do a search 5 years from now and let this be a reminder how you wish you had a unit.
Hey Lucas, any smaller quality developments out there that might be worth blogging about? I’ve seen a few just west of Downtown in Little Havana…any thoughts?
Can somebody let me know what resales are going for.?
Lucas,
Nice changes in your blog with the building part addition but how come MB is not in the list ? I have seen that 4 condos are available for sale on the MLS… and now that the building is closing more will be available !
I guess I don’t mind being a pioneer, but I am going to go back the beginning again. Florida real estate will not recover in any meaningful way until the real estate tax system is equitably and properly reformed.
We all talk about investors, some new, some old, some green, some not so green, but why would I “invest” (for yield/capital) today when my holding costs are 2.5% per annum. Nuts.
I’m a free-cash investor – and I can tell you Singapore and London look more attractive. Costs of holding are vital – why do you think there’s been for decades so much leverage in real estate purchases. If holding costs are low, people can sustain high debt loads relative to income and cashflow.
I promise you, absolutely promise, that if you moved to a Sales tax/Income tax in Florida, your real estate market would recover rapidly.
I’m not saying there aren’t arguments in favour of no state income taxes, just that, if it’s ‘bums on seats’ you need then that’s the way to get them.
And tell you what, make it happen and I’ll buy multiple units tomorrow. Then the math works.
Terry,
Marina Blue will definitely be added within the next day or two. When I came up with the list of buildings about a week ago I don’t remember seeing any listings there. Maybe it was oversight. I agree that there will be more and more listings within the next couple of weeks.
No closings have actually occured yet, but I’m waiting for the call.
I’ll suffer the Real Estate Tax (for awhile), but I never thought of the sand blowing off. Damn, hope that doesn’t happen. I get enough of that back here in LA.
Also forgot about Apogee South Beach – all waterway views, only 4 per floor. Haven’t been inside yet but have been told it is quite impressive. Also Lucas, I think New Wave does have all waterviews. I think the hallway is on the west side of the building. RA – I neglected to ask or see where the drop off was for the Marina Blue. I would expect they only have garage enterance on the West side. There will probably be an area on the East side where you can pull up to hand over the car to Valet but I don’t think there is really a porte-cochere entrance. Maybe an oversight. I could be wrong. The 01 line was very nice but the day I went it was a sauna in that line because of the sun on that side of the building – close to sunset. The floor to ceiling and wall to wall glass was very impressive. You do have views of the bay from that line. But I am concerned in the long run because I expect one day Paramount Park to be built directly to the South. However as of today you have great views of the bay and Downtown. I did like the 08 line and the large floorplans in the 50th floor and higher – 1700+ sf.
Is this valet-only parking like Ten Museum ???
I believe you have assigned spaces in Marina Blue. You also had the option to purchase additional parking.
Thanks Samir for the input. Yeah was curious about the drop/off pick up etc… Seems odd in the front because they have the brick pavers vs kind of a street. So I guess they can do a semi circle w/ the car if there is no entrance in the middle of the building.
Correct…you get one assigned spot. You may buy another spot or tandum spot for extra $$.
Regarding view on 01..that’s great news. Also I have the develepor city approved building plan to Paramount Park with Marina Blue in plan which illustrates the site plan and view points. According to the PP building structure and location it is not impedding or obstructing the view. This was a pre-requisite of mine cause I was concerned and had that same question. So seeing the city approved spec on PP lead gave me peace of mind.
Hey Samir how was the unit living area space for 01? Decent enough? Did the columm structure in the living/dinning take away much space?
Yep gotta put in some potent sheer weave roller shades to block out the heat. Shouldn’t be a prob. once the shades go up.
Samir,
Apogee is the shit! I was there this morning to see two units. The quality is the best of any building in South Florida. I took a bunch of pictures.
lucas, keep it clean! use “the shiznit” instead!
Pretty expensive building from what I see:
http://www.condo.com/MapSearch/MapSearch.aspx?BID=1448191
Banks won’t lend for some condo buildings? See article. That’s gotta hurt.
For whatever reason, my post wouldn’t post. So here goes again.
Some banks are refusing to lend in a whole bunch of condo buildings in South Florida. Ouch. Would post the link but that is probably why it won’t let me post.
Here is link to lender “blacklist”:
Once there, you will find bank links.
cryus shut up, dont be a wuss
Lucas,
Thats awesome. Hope you can sell one of those. What do you think of the current pricing there? Like Kevin do you think it will be along the lines of a 740 Park. In a league of its own?
anyone knows if midtown is on the black list of lenders ie 70% investord or if they are a sound and healthy project now that they re backed up by a property fund?
Notice Apogee is ineligible on one of those blacklists.
Here is the Bank United list:
ONLY the MIAMI “Blacklist”
NON-PERMISSIBLE CONDOMINIUM PROJECT LIST
Last updated: 01/14/2008
DATE CONDOMINIUM REASON
01/14/08 50 Biscayne High Investor Concentration & declining market value
08/28/07 600 Biscayne High Investor Concentration & declining market value
08/28/07 1650 Biscayne High Investor Concentration & declining market value
08/28/07 900 Biscayne Bay High Investor Concentration & declining market value
01/14/08 1800 Biscayne Plaza Declining Market Value
01/14/08 500 Brickell Declining Market Value
01/14/08 1390 Brickell Key Declining Market Value
01/14/08 1001 Center Declining Market Value
01/14/08 1800 Club Declining Market Value
08/28/07 Altos de Miami High Investor Concentration & declining market value
01/14/08 Asia Declining Market Value
01/14/08 Atlantis Condo Declining Market Value
01/14/08 Avenue Declining Market Value
01/14/08 Axis on Brickell Declining Market Value
01/14/08 Bay Lofts Declining Market Value
01/14/08 Bayshore Place Declining Market Value
01/14/08 Beacon Declining Market Value
01/14/08 Biscayne Tower Declining Market Value
01/14/08 Blue Declining Market Value
01/14/08 Boulevard Condos Declining Market Value
01/14/08 Brickell Bay Club Declining Market Value
01/14/08 Brickell Bay Tower Declining Market Value
01/14/08 Brickell Biscayne Declining Market Value
01/14/08 Brickell City Center Declining Market Value
01/14/08 Brickell Commons Declining Market Value
01/14/08 Brickell East Declining Market Value
01/14/08 Brickell Forest Declining Market Value
01/14/08 Brickell Harbour Declining Market Value
01/14/08 Brickell Key Declining Market Value
01/14/08 Brickell Mar Declining Market Value
01/14/08 Brickell on the River High Investor Concentration & declining market value
01/14/08 Brickell Park Declining Market Value
01/14/08 Brickell Place Declining Market Value
01/14/08 Brickell Station Declining Market Value
01/14/08 Brickell Tennis Club Declining Market Value
01/14/08 Brickell Townhouse Declining Market Value
01/14/08 Brickell View Declining Market Value
01/14/08 Brickell Vista Declining Market Value
01/14/08 Bristol Tower Declining Market Value
01/14/08 Capital at Brickell Declining Market Value
01/14/08 Carbonell Declining Market Value L
01/14/08 Cima Condos High Investor Concentration & declining market value
01/14/08 Cite Declining Market Value 01/14/08 City 24 Declining Market Value
01/14/08 Club at Brickell Declining Market Value
01/14/08 Commodore Bay Declining Market Value
01/14/08 Coral Station at Brickell Declining Market Value
01/14/08 Costa Bella Declining Market Value
01/14/08 Courts Brickell Key Declining Market Value
01/14/08 Courvosier Courts Declining Market Value
01/14/08 Cynergi Declining Market Value
01/14/08 Downtown Lofts 4 High Investor Concentration & declining market value
01/14/08 Emerald at Brickell Declining Market Value
01/14/08 Empire Towers High Investor Concentration & declining market value 01/14/08 Epic-Dupont High Investor Concentration & declining market value 01/14/08 Espirito Santo Plaza Declining Market Value
01/14/08 Everglades on the Bay High Investor Concentration & declining market value
01/14/08 Filling Station Lofts Declining Market Value
01/14/08 Flagler First Condo High Investor Concentration & declining market value
01/14/08 Fortune House Declining Market Value
01/14/08 Four Ambassadors 1 Declining Market Value
01/14/08 Four Ambassadors 2 Declining Market Value
01/14/08 Four Ambassadors 3 Declining Market Value
01/14/08 Four Ambassadors 4 Declining Market Value
01/14/08 Four Seasons Hotel & Tower Declining Market Value
01/14/08 Houses of Brickell Declining Market Value
01/14/08 Ice Declining Market Value 01/14/08 Ice 2 Declining Market Value 01/14/08 Icon Declining Market Value 01/14/08 Imperial Declining Market Value 01/14/08 Infinity at Brickell Declining Market Value
01/14/08 IOS on the Bay Declining Market Value
01/14/08 Ivy High Investor Concentration & declining market value
01/14/08 Jade Residences at Brickell Declining Market Value
01/14/08 Latitude on the River High Investor Concentration & declining market value
01/14/08 Loft High Investor Concentration & declining market value
01/14/08 Loft II High Investor Concentration & declining market value 01/14/08 Lofts on Brickell 1 Declining Market Value
01/14/08 Lofts on Brickell 2 Declining Market Value
01/14/08 Los Suenos De Brickell Declining Market Value
01/14/08 Lyghte Miami Condos Declining Market Value
01/14/08 Lynx High Investor Concentration & declining market value
01/14/08 Madison High Investor Concentration & declining market value 01/14/08 Marina Blue High Investor Concentration & declining market value 01/14/08 Mark Declining Market Value 01/14/08 Marquis Miami High Investor Concentration & declining market value 01/14/08 Mary Brickell Village Declining Market Value
01/14/08 Mayfield Declining Market Value 08/28/07 Met 1 High Investor Concentration & declining market value
08/28/07 Met 2 High Investor Concentration & declining market value
08/28/07 Met 3 High Investor Concentration & declining market value
01/14/08 Metropolitan Declining Market Value
01/14/08 Midtown Miami Declining Market Value
01/14/08 Mint at Riverfront High Investor Concentration & declining market value
01/14/08 Neo River Lofts High Investor Concentration & declining market value 01/14/08 Neo Vertica High Investor Concentration & declining market value
01/14/08 New Wave Declining Market Value 01/14/08 Oasis on The Bay Declining Market Value
01/14/08 One Broadway Declining Market Value
01/14/08 One Miami Declining market value
01/14/08 One Miami West High Investor Concentration & declining market value 08/28/07 One Miami High Investor Concentration
01/14/08 One Plaza Declining Market Value
01/14/08 One Riverview Square High Investor Concentration & declining market value
01/14/08 One Tequesta Point Declining Market Value
01/14/08 Onyx 2 Declining Market Value
01/14/08 Opera Tower Declining Market Value
01/14/08 Overtown Miami High Investor Concentration & declining market value 01/14/08 Palace Declining Market Value
01/14/08 Paramount on the Bay Declining Market Value
01/14/08 Paramount Park High Investor Concentration & declining market value
01/14/08 Parc Lofts Declining Market Value
01/14/08 Park Place Declining Market Value
01/14/08 Platinum Declining Market Value
01/14/08 Plaza on Brickell Declining Market Value
01/14/08 Point at Brickell Declining Market Value
01/14/08 Point View Declining Market Value
01/14/08 Pompeii Declining Market Value
01/14/08 Premiere Towers Declining Market Value
01/14/08 Quantum on the Bay Declining Market Value
01/14/08 River Breeze Declining Market Value
01/14/08 River House Lofts High Investor Concentration& declining market value
01/14/08 River Oaks High Investor Concentration & declining market value
01/14/08 Riverfront High Investor Concentration & declining market value
01/14/08 Riverfront Wind High Investor Concentration & declining market value
01/14/08 Sail Declining Market Value
01/14/08 Santa Maria Declining Market Value
01/14/08 Skyline Mary Brickell Village Declining Market Value
01/14/08 Skyline on Brickell Declining Market Value
01/14/08 SMA Declining Market Value
01/14/08 Soeil Miami Declining Market Value
01/14/08 Solaris Brickell Bay Declining Market Value
01/14/08 South Miami Ave Condo Declining Market Value
01/14/08 Summit Brickell Declining Market Value
01/14/08 Star Lofts Declining Market Value
01/14/08 Ten Museum Park High Investor Concentration & declining market value
11/10/04 The Jade Condominium BKU Exposure Met
02/24/03 The Mark on Brickell Bay Pending Litigation: Structural
01/01/01 The Palace Condominium Pending Litigation: Structural
01/14/08 Three Tequesta Point Declining Market Value
01/14/08 Two Tequesta Point Declining Market Value
01/14/08 Uptown Lofts Declining Market Value
01/14/08 Villa Brickell Declining Market Value
01/14/08 Villa Magna Declining Market Value
01/09/08 Vue at Brickell Foreclosures and declining Value
01/14/08 Wind By Neo High Investor Concentration & declining market value
01/14/08 Yorker Declining Market Value
Does it mean that one cannot obtain financing at all from regular lenders?
Seems like that is every condo, why not just list those that qualify, if any? Are there any?
lara
yes and no. i think most s.fla local banks are just outright saying no to these projects. you wouldn’t believe how many toxic assets the local banks are sitting on right now. personal mortgages aren’t big chunks of their balance sheets, but either way, they’re getting clobbered. on the commercial side, you’re seeig a lot of banks just outright refusing to take the property back. heck, there is one very large miami bank that comes to mind that more than likely will either be taken over by the gov’t or bought out before next january. they’re in deep but there’s just been rumor as of today.
as for out of state lenders, they’re extremely hesitant to lend as well but will do so if you’re a textbook borrower. in large part, its driven by the markets desire to only accept qualifying loans these days. it’s the only part of the securitization world that is still liquid. i know wells fargo (which does a lot of non-conformin loans) is going above and insisting on an at least 25% down payment and i’m sure that goes up if it’s a troubled project. simply put, the days of free money are over. 20% down and less than half of your gross (or something like that) are back. to the extent you’re below 20%, you better have a strong documented income (and still be at 10%). otherwise, no loan for you. that’s a good thing.
bigger picture, if you’re an owner in the vue, jade or club, you’re effectively sitting on an illiquid investment and if you bought during the delirium using debt, underwater to boot.
i
Samir,
It is in a league of its own. I know for a fact that contract holders have been able to sell for a pretty big profit.
It’s all a stupid list. Just about evey new condo is on there even the one’s who haven’t closed.
I riddles me how BankUnited somehow has a Crystal Ball to say that these future condos are high investor/declining value. They can’t say with certainty that a condo tower will nor close cause most will default. Who are they to say.
This is the same shit as before speculation. Now it’s speculation on how many people are goign to walk. At the end of the day it’s all negative media just as it was when the media was driving the buying frenzy. Now we have the opposite.
Sure it’s “probable” that some peope will walk but to start a media frenzy adds fuel to more negativity.
Bank United is prob pissed cause they made bad loans on some condos that had closed. Well…simply put they are their own fool for lending to people they knew were’nt fincially stable enough for the loan. It’s partly the bankers fault for giving easy loans with no docs. So they got burned. Unforunatley their faults now influences other cause of the media.
At the end of the day this is good. Weed em out if you cant afford to buy then you have no biz looking at a high priced place.
Why would I want to sell my place and waste my time showing to someone that can barely buy the place. I rather show to people with solid credit history, pre-approved and money down etc…
The rest go chase after the late infomercial No Money Down Programs. Funny, atleast we can say during the boom those things worked!
There’s a lot I like about Ten Museum, but if I gotta interact with a valet guy every time I go out to run an errand…
Can you please summarize the parking situation at these developments??? … “valet-only” or optional, # of parking spaces per unit, etc …
I still can’t get over the “Valet-Only Parking” in these condos… call me paranoid, but for every one time I get in my car, some valet guy will get in it twice. I mean, an automobile is a man’s best friend.