South Beach & Miami Beach Closed Condo Sales – November 2009
December 8, 2009 by Lucas Lechuga
South Beach Closed Condo Sales - November 2009 - There were 78 closed condo sales in South Beach last month. The average sales price of these condos was $342 per square foot.
Miami Beach Closed Condo Sales - November 2009 - 59 condos in Miami Beach closed in November. One of the sales did not include the final sales figure. The average price per square foot of the other 58 closed sales was $251.
Well, its reassuring to know that some dummy was willing to pay over $400/sf for a condo in that sh*thole Floridian. And someone else snagged one 3 floors higher for $227/sq ft on the same day.
Lucas, I am pretty sure that this data is not 100% correct as I believe you are only using MLS sales and not developer sales.
For example, you are not including the sales for MEI which has closed 60 units in 2009 at an average price of $574/sf.
Hugo,
That’s correct. It only includes sales in the MLS. Unfortunately, most developers do not report their sales in the MLS.
Understood, but maybe you should clear that up in your post as some people might get confused
Hi Drew,
The 2603 at $400/sf is direct bayview/waterview.
The 2906 at $227/sf is the city view.
It just goes to show that people are willing to pay a premium for unobstructed water views. No matter what anybody is going to say like 1) You cant eat a view 2) You are eventually going to get tired of a view and 3) After a few months/years, you will stop looking at the view etc.
I completely disagree with any of such arguments. The view from a flat has as much value as the location and the space. At least haf the population of the World might be thinking the same if not more. But unfortunately only 10% of properties in the World have some sort of beautiful views such as water or mountains. The rest are just living spaces. So there is always a premium for those notwithstanding the Ace’s of this World who say they will never pay a premium for a view. Then you just settle for and stare in to a brick wall, industrial wasteland, rooftops or other peoples bedrooms.
I totally agree with (1), (2) and (3) above. Post 5
If you live 24×7 in the place, anything gets boring including direct walk to the beach oceanfront.
If you use the place sparingly, then it’s a different ballgame.
I so agree with AJ its all about the view. I would never buy street view or a condo where you look at neighbors windows like many new ones in Brickell area. The builder closed units don’t reflect 2009 prices if the were sold pre-construction.
I’ve been living at 900 B for going on 9 months now, on a floor above 45th – and I don’t think the view is ever getting old. However, we had a water pipe burst and a unit on the 20th floor had some severe damages (hard-wood floors). The repair scaffolding spans all the way to the 17th floor common areas and looks extensive. I have tried to find out what the damages are, specifically – and if there will be an assessment to the HOA fees. Anyone have the scoop?
Lucas,
Thanks again for compiling some great info. I can only hope that the downtown numbers are pending? Best wishes – shwin
On another note – anyone have updates on the plans for the world center?
AJ — I’m still waiting for that link where I said Continuum would be available for $175/sf, as you claimed in the other thread. Thanks.
From Miami Today Sept 10 2009:
Nitin Motwani leads drive for gigantic Miami Worldcenter to transform downtown, including convention center hotel
Growing up in the hotel business, Nitin Motwani didn’t want to follow his dad’s footsteps and chose investment banking. But soon, he says, he found his passion for real estate after seeing how his parents’ vision helped transformed Fort Lauderdale Beach.
He returned to Florida and met investors with a big idea for a complex comprised of hotels, retail and entertainment venues in downtown Miami that is to become Miami Worldcenter.
The group seeks to revitalize long-neglected Park West with this nine-block mixed-use project envisioned as a global destination with hotels, retail, entertainment and pedestrian-friendly promenades that developers hope to build over 20 years.
“We think that Miami Worldcenter will provide that core to downtown that ties it all together,” he said.
But real estate isn’t the only job keeping Mr. Motwani busy. He’s involved in the community, including as a board member of the Downtown Development Authority, an agency with the mission to help shape the future of downtown.
So far, Mr. Motwani is focusing on a first phase of his project that could, depending on market conditions, include a hotel to cater to business travelers with an adjoining state-of-the-art convention center.
He shared his vision with Miami Today reporter Yudislaidy Fernandez at his downtown offices.
SkyscraperCity – View Single Post – Billionare’s plan for Park West Unveiled: Downtown Miami’s biggest project ever
Read more: http://www.city-data.com/forum/miami/826333-park-west-miami-world-center.html#ixzz0ZARrY0Ow
Read more: http://www.city-data.com/forum/miami/826333-park-west-miami-world-center.html#ixzz0ZARrY0Ow
Joe, I cannot search google like you are able to with all the search parameters and then sifting through tons of search results. I am not here to prove anything. I had distinct memory of your such statement in the back of my mind and when I first read it, I said “he is not serious, is he?” But if you say you never said some such thing, I will take your word for it. After all this is just a blog. Half entertainment and half information. Digital signatures of authenticity not required.
AJ — See, that’s your problem. You come here and pop off and call people idiots, and then you have no facts whatsoever to back up your statements.
You should be more careful with what you post here. For one thing, I never said Continuum would sell for $175/sf. For another, it’s not helpful to tell people that Continuum is selling for “$1,200 to $1,700/sf” when it’s really selling for $550 to $1,000. If you want to be bullish on the Miami condo market, then that’s your right. But don’t just make up “facts” out of thin air and post them here.
As for Google, I don’t have any special privileges there. If I can search with Google, you should be able to.
Units in Miami can have up to a 40% price difference among similar units in the same building. Pricing is all over the place. Best to stay away from the higher priced units unless you are talking about a penthouse unit.
Most buildings have no privacy between balconies. Miami has a large amount of loud people who tend to flock units with large balconies and great views. They invite their friends from the ghetto to hang out and disturb everybody in the entire building. Good luck if your balcony doesn’t have a divider wall between units.
The $342 per sq ft average sales price is a complete and utter fallacy for Miami as far as I can tell is the only county in the country that refuses to recognize short sales and foreclosures. And as such if a Condo sold at $400 per sq ft at the height of the boom in 2006 and then sold at $125 per sq ft in foreclosure in 2009 the Miami Property Appraiser will list the sale at the 2006 price regardless of $400.
By my estimation the average Condo sales price in Miami in now down to $67.00 per sq foot at the low high Condo conversions and $129 for the high end Ocean view Condos at the high end based on bulk sales, foreclosures and short sales which is slightly higher than my prediction of five years ago for $125 per square foot.
Gansevoort hotel going to auction….
in miami view is very important since theres no jobs, one needs to look at something nice while home vacuming and dusting
AJ
In response to your post #5, I assume that you mean Unit 2906 “city view” faces west (“city” meaning downtown Miami). If so, that is a much better view than Unit 2603 “direct bayview/water view” that presumably faces east. Anyone who’s been in a similar unit in that area knows that a west view is much better than an east view, especially at night.
At that height in that bldg (in either unit), you have a waterview no matter what direction you face.
Regardless of the quality of the view, keep in mid The Floridian was a former apartment and many units still maintain the apartment charactertistics. Maybe #2906 is all high-end, but to pay that much still seems absurd considering what else is on the market at that price point.
“The Gansevoort could be the leading edge of what analysts predict will be a wave of banks seizing hotels throughout South Florida next year.”
These South Beach properties are crumbling by the minute. The Roney (Gansevoort) was always a troubled property. Nice to see the gigantic mortgage they have.
Here are some headlines from South Florida Business Journal…………
Prices slashed on 25 percent of Miami homes in Q3
South Florida home value losses top $45B in 2009
TransUnion: Florida mortgage delinquency to rise in 2010
S. Fla. foreclosure filings up in Nov.
Looks like we should see a recovery in 2030.
Drew,
One thing I agree with you is that Floridian is a toilet. But then I have to stop.
Every building on West Avenue with the lines of flats facing the bay have insane premiums over the other side views. Flamingo, Floridian, Mirador, Waverly, South Bay Club etc.
Have you actually seen the bay view with the astonishing Miami Downtown skyline in the background? I have never seen anything as spectacular anywhere in the World and I have been to many many fascinating places. This particular view is better than Hong Kong Harbor, Sydney Harbor, Vancouver, San Fransisco Bay, Hoboken (Jersey side of Manhattan) or any other city next to a water body. And you can actually enjoy it year round by sitting out in your balcony.
If you have not actually seen the view from a bay facing flat in West avenue, the next best thing is catch the view from The Sunset Bar Pool Deck of the Mondrian. It is very gorgeous even at ground level. Now imaging the same from a height looking at all the islands, water craft et all..
Joe,
looking for validation from anonymous bloggers? come on dude, get a life.
AJ, here’s a short vid I took of the view from my balcony….I think it’s pretty good…
http://tinypic.com/player.php?v=1p79du&s=4
…but with comments like this you sound like a crazy person:
“Have you actually seen the bay view with the astonishing Miami Downtown skyline in the background? I have never seen anything as spectacular anywhere in the World and I have been to many many fascinating places. This particular view is better than Hong Kong Harbor, Sydney Harbor, Vancouver, San Fransisco Bay, Hoboken (Jersey side of Manhattan) or any other city next to a water body.”
AJ – a little over the top regarding the view.
re the Gansevoort, I was never sure how all of these new high end hotels were supposed to survive even in a good economy. The cost of the original buildings/land + cost of construction were astronomical for some of these projects, and the rack rate prices are out of reach for all but a relatively small niche demographic.
None of them have tie-ins to the big chains, so they get zero feed from the huge built-in customer bases of Hilton Hyatt etc. The new W’s in South Beach and Fort Lauderdale would be the exception to this.
Will be interesting to see what the future holds for the Mondrian / Fontainebleu / Viceroy and Gansevoort…
AJ said: “Joe, looking for validation from anonymous bloggers? come on dude, get a life.”
No, I’m not looking for validation. I’m just looking for some facts, and maybe some basic honesty. You seem to be one of those guys who thinks anonymity is a license to say whatever you feel like saying, the truth be damned. Please do all of us a favor and stop wasting our time with B.S., and maybe mix in a few facts once in a while.
DJ and Skeptic,
Not crazy at all. I totally stand by my statement. It is an unbelievable view. Not so much in 2003. But as of 2008 with one of the most dramatic skyline in America second only to Manhattan and when the sun goes down and that Miami Downtown skyline is lit up in its most dazzling glory, with biscayne bay like a circular lake surrounded by all this man made marvels and reflecting the lights of the downtown and the bridges and the lights from all the Islands and water craft….
If any of you are not familiar with this description, please do go to the Mondrian pool side. The best view is only watching from certain height like at least 5th floor and above. But if you do not have a friend with a bayview flat on West Avenue, then take a trip to the Mondrian. Please do not view Downtown skyline from Julia Tuttle or 79 st causeway or midbeach or even the East end of South Beach. Only West Avenue will provide these dramic vistas as described above.
OK Joe. If “facts” for you are someone going to tell you what you want to hear, then sorry. You are wrestling over a year to buy a flat in SOFI for 11 pennies on the dollar. It is not going to happen. So if you really want a flat so bad in SOFI (my guess is you and a few thousand others), then come up with the dough. A product is worth as much as people are willing to pay for it. And I believe a lot of people are willing to pay top dollars for a SOFI flat. As long as that is the case, you will not get a flat in Continuum for below $1000/sf unless probably it is a foreclosure or a short sale.
DJ – Thnx for the vid view – sweet. Btw – How is your property tax appeal coming along? I heard there is quite a backlog.
AJ – I guess you have never sat on a balcony here in Miami in August or September. It’s brutal. And the worlds best view – puhleez lol – better than Sydney, San Fran andHong Kong ? Give me a break. The Miami Beach West Av. view is about two miles to downtown. You need a telescope. Hoboken hehe.
AJ — Do you have some sort of mental disability and/or character flaw that compels you to come here and just flat-out lie?
First of all, I have NOT been “wrestling over a year to buy a flat in SOFI.” I haven’t lived or worked in Miami AT ALL in 2009, so the idea I’ve been obsessed with finding a “flat” is utter nonsense. I’m simply following the market for when I return to Miami in 2010.
Second, if “thousands” of people are lining up to buy condos in SoFi at today’s prices, then please explain why OVER FIFTY PERCENT of Continuum North units (and similar %s in other new SoFi condos) are still available?
Third, why do you keep saying stupid crap like “you will not get a flat in Continuum for below $1000/sf unless probably it is a foreclosure or a short sale”? I just told you, TWO DAYS AGO, that NINETEEN out of 22 sales at Continuum this year were for LESS than $1,000/sf, with some as low as $550.
Joe Joe Joe
You have to understand that there is a parallel universe in Miami. Every condo or house has multiple bids. Buyers from Latin America, Europe and even China are running around the streets with suitcases full of cash. I hear that the North Koreans and Mongolians are arriving soon.
Most of the sales posted are fictitious and are reported. When the lender buys back the property at auction it is reported as sale. Yes technically it is. But it has no meaning. But interestingly, REO properties sold for 30 cents on a dollar are not included. List price is als very very questionable.
But again – recently, realtors have taken over the coveted title from the used car dealers.
From the last post above: “Interestingly, REO properties sold for 30 cents on a dollar are not included.”
Can someone please explain to me how this is even legal? How can Miami-Dade continue to list old sales prices as the *current* sale price of record for foreclosures, REOs, etc.? I don’t understand this. Why aren’t the media, the Miami-area state reps, local taxpayers, et al., raising holy hell over this?
Joe, You are giving a headache to everyone. Just chillax.
Kramer, Same answer to you as I gave to DJ. I standby my statement. There is simply no parallel to the Miami downtown view after sunset from West Avenue buildings. Even though many high buildings such as Il Villagio, Continuum North etc on the East end of SOBE has downtown views, it is not the same.
I really urge any of you to befriend someone in a West ave building, sufficiently high up like 10th floor or something and go down there, sit in the balcony with a glass of wine and enjoy the sunset first with all kinds of pleasure water craft churning the bay down below and the fully lit tour boats start to tour the bay. Then see the downtown get lit up building by building and soon as twilight sets in, you will experience the most incredible sight ever. The entire bay looks like a circular lake bordered on the North by a magnificent lit skyline, South by MacArthur, North By Julia Tuttle, East by your own building. It is imperative that you experience this from the waters edge, such as West Ave buildings to feel the immensity and tranquility of the water body and ringed by a dazzling diamond necklace all around.
I can very categorically state that by 2009, Miami downtown skyline has easily edged past Chicago Skyline to be the most celebrated skyline in America after Manhattan. As per sky scraper city, Chicago and Manhattan are tied as of 2007 and Miami ranks 5th behind some silly skylines of Seattle and Toronto etc. But I don’t buy that. If the poll is taken now, Miami skyline will kick any cities arse. Chicago natives might see red (Lucas?) but that is how I feel. Barring Manhattan, there is no better skyline in America than our own Miami and I am proud of that. Call me whatever, but I will not feel apologetic for how I feel about Miami.
But if you want to go by some sceintific reasoning, Miami ranks after New york and Chicago In North America and overall 19th in the World (snigger) as per “The Worlds Best Skylines” website.
Once again, something is true simply because AJ says it’s true. Yawn.
And BTW it is not over yet. By 2015, I will bet that most of the mothballed projects in Miami downtown (at least 25 skyscrapers of them) such as 1 Bayfront plaza, Empire World Towers, Paramount park, Capital on Brickell, City Square etc will either start breaking gound or be seriously under construction and the Biscayne wall gap will get filled out as do the northern corridor between Marquis and Blue. In 10 years, there will be a gap free, continuous Miami Skyline from Rickenbacker to Julia Tuttle. This water front is too valuable to be left alone undeveloped.
c’mon Joe, at least I have an opinion. Right or wrong, I do have one on many issues that matter to Miami. I kick start the discussion and give something to talk about when things get mundane and dry. The only opinion (or interest) you have is how to buy a cheap flat in SOBE. Nothing wrong with that but just stating. If left to your ilk, this blog would be a yawn too.
AJ said: “This water front is too valuable to be left alone undeveloped.”
Long term, that might be true, but to suggest that Miami will absorb 10,000 condo units between now and 2015 *and* that demand will spike to the point that 25 *new* projects will be built seems just a tad optimistic.
Look, I like Miami as much as anyone, but right now it’s a city in decline from the standpoint of glitz and jobs and tourism. Sure, all of these new condo buildings LOOK nice, but when 50 to 70% of them are empty, occupied by renters, or owned by people in some stage of mortgage trouble, it’s tough to be bullish on Miami for the next 5-10 years.
I hate to always rain on the parade around here, but at some point, reality comes into play. Little things like, you know, jobs and taxes and a stable local government are important, but good jobs aren’t coming into Miami, the tax system is a mess, and the government is a mess right now.
Unless 30,000 rich people suddenly decide they need a second home in Miami — and there’s no evidence of that, given the stagnant sales in SoFi — then where is all of this new demand going to come from? I just don’t see it. (Believe me, I WISH Miami was more of a city for young professionals as opposed to a banana republic overrun with illegals and Cuban “refugees,” but it is what it is.)
Joe, I agree with most of what you say. And definitely agree with “Unless 30,000 rich people suddenly decide they need a second home in Miami — and there’s no evidence of that, given the stagnant sales in SoFi”. But it is all the more reason, downtown holds promise. It is the only place where you can construct affordable and cheap flats for between $200 to $400/sf. All the empty plots of land will change hands after they go on foreclosure. Another classic example, the City Sq project on Miami Herald land will come up but will be done by some one other than Terra. Terra will lose their 10 million dollars deposit. The space will be sold by McLatchys to someone else for a 75% discount (Terra contracted to buy the land for a ridiculous $190 Mil).
Paramount Park Land will similarly be sold for cheap and so will many others.
The developers will start being more realistic and useless bells and whistles will be trimmed from future construction.
By 2015, I have reason to believe, more modest and affordable construction will be the norm. Those who want bells and whistles will have to buy into the buildings that were opened in 2008 and 2009. And those who will not settle for anything other than SOBE will have to pay top dollars as there is not a sq. inch of land left in SOBE to be developed.
For a change, I will join you in being the bearer of some bad news. But as I always believe, everything will sort out
AJ said: “But it is all the more reason, downtown holds promise. It is the only place where you can construct affordable and cheap flats for between $200 to $400/sf.”
The problem is, I don’t see $200/sf as being all that affordable, and $400 certainly isn’t. At $200/sf, a 1,500/sf condo is $300,000, while the same condo would be $600,000 at $400/sf. (And then there are the condo fees, which, in some buildings, are like a second mortgage payment on a decent-sized single-family home.)
It all comes back to jobs. Right now in Miami, there’s nowhere near enough good jobs to support demand for $300,000 and $500,000 condos, and I don’t see the job situation changing much in the next few years.
I mean no offense in saying this, but Miami is a low-skill town, and — reputation for glitz and glamour aside — it’s always been a low-skill town. The taxi drivers and waitresses who were flipping homes 2-3 years ago aren’t going to be buying any $300,000 condos downtown anytime soon.
If you took the corruption out of Miami, and booted out at least half of the illegals, who work off the books and drive down wages for everyone else, Miami could be a big-time city. But right now, with the corrupt government and the reputation for being a banana republic, big companies aren’t going to bring good jobs to Miami.
Bottom line, Miami can’t be a big-time city until it decides it wants to be, and that decision keeps getting punted down the road. Like AJ, I used to be excited by Miami’s potential, but after years of living there, I’ve come to accept what Miami *is.*
Joe says “At $200/sf, a 1,500/sf condo is $300,000, while the same condo would be $600,000 at $400/sf.”
Well look at this California Couple (used to XXL spaces in Cali) who paid $857/sf for a 175 sf apartment in Manhattan just 3 months ago in the peak of the recession. They seem to be quite happy in that closet sized room. People will adjust. People will learn. Manhattanites feel that a 550 sf apartment in New York split into 2 bedrooms is heavenly. A family of 4 squeezing into a 1 bedroom flat in Shanghai considers themselves the luckiest folks in the Eastern Hemisphere. A 1200 sf flat will be a thing of royal luxury in not very distant future, reserved only for the well to do. Which World of your is the World in which Taxi Drivers and Waitresses are supposed to buy 1500 sf flats? Even some of the the richest scandinavian countries do not have their citizens living in 1200 sf apartments or houses. Did you see that shack that Tiger woods wife bought in one of those thousands of (not exclusive BTW) islands near stockholm? In this country only poor folk live in such tiny and ugly house. And she paid 2.5 million dollars for that.
Well the bottom line is an ordinary folk like me bought a 1250sf flat, DJ (maybe he has money) bought a 1700+ sf flat. But things like this will be unimaginable a few years from now. People will learn to live on less.
anyway here is the full story. Read on:
http://www.nypost.com/p/news/local/manhattan/cozy_crazy_couple_makes_tight_studio_R15ToNFTaJE3c17zkw4efP
And please see all the photos of the apartment here. I hope it will open some peoples eyes whose misguided priorities consider a bathroom with a combination tub and shower as belonging to a poor house. When we can all start to learn to live on less, it will be good for you and everyone else around you too.
http://www.nypost.com/p/news/local/manhattan/city_tiniest_studio_AF3nqD1kArYgpdyTyjNnXP
And while you are at it, read all the comments too. Very interesting and eye opening:
http://www.nypost.com/f/listcomment/news/local/manhattan/city_tiniest_studio_AF3nqD1kArYgpdyTyjNnXP
AJ & Joe-
Do you guys ever sleep or just prefer to bicker over condo values on the Internet from 11pm through 5am? Sheesh.
I assume your wives/girlfriends/boyfriends are thrilled with the all-nighter blog postings.
I don’t understand why AJ is getting so much flack over his comments re the view. The view from west facing units on West Ave is utterly amazing & the sunsets are especially addictive. I am from NY & one can always argue which one prefers but I think that the Biscayne Bay panorama is definitly in a wortld class league.
AJ,
While I like your optimism I think your example aren’t really relevant. Here in DC our prices are somewhat similar to NY. I would love to be able to get a 1500 sq ft condo for $200 sq ft. But the big difference between places like DC and NY and a place like Miami is that we have a lot of high paying jobs. DC and Manhattan is only so big. People spend hours commuting just to work there each day. Take a look at this link and click on the month rental analysis for November 2009. The current vacancy rate is 1.87%. There is simply too much demand. Now compare that with Miami.
I don’t think Joe is saying that a waitress should be able to afford a 1500 sq ft condo. I think he is saying that since these people shouldn’t be able to afford this condo then who will? Where are all the professional people going to come from. Manhattan is a financial center, DC has the government. What does Miami have?
All those mothballed and permitted building sites around the CBD are exactly what will suppress any appreciation value in the current buildings. As soon as the market recovers, there are dozens of permitted shovel ready buildings waiting to pop up.
Also, construction costs (both hard and soft costs) are far below what they were in 2005, so the next wave of buildings should not be as costly.
Ever been to a West Avenue condo during a heavy rainstorm? Its completely flooded. Hundreds of cars in those buildings were flooded this past June. It happens all the time because West Avenue is the lowest point in South Beach, and all the water drains that direction. If you buy on the beach, the closer to Ocean Drive or Collins is the best, highest location.
Have you guys ever lived in Manhattan? I guess not. People who live in Manhattan have very high paying jobs and big bonuses which requires them to burn midnight oil. Ever wondered how the billion dollar investment banking deals are done? If you have one of those jobs – you need to live nearby to get s0me sleep. (It is the bed that counts not the kitchen).
Miami household incomes do not go over $100K unless you work for the government. There are more people living in tiny 1960’s built studio apartments in South Beach than in $1000 sqft apartments to watch the sunset. People with money did not buy the expensive apartments in Miami to live – they bought it to flip – Just like internet stocks in 2000. Gamling on Brickel was Las Vegas, gambling on SOFI was Monte Carlo. In 2010, SOFI foreclosures will hit the market. I GUARANTEE IT!
Having lived in Continuum, after one week you pull down the shades. Ever wondered why Tiger was F-ing around with waitresses while beautiful wife of his waiting for him at home?
Miami is history. Do some research. Check the historic prices at Santa Maria, then add cost of keeping the property ie HOA dues and taxes.
“Miami household incomes do not go over $100K unless you work for the government.” – – Poorand unemloyed
Source? Gross exaggeration? SWAG? (Silly Wild-#ss Guess)
Last time I looked, (and it has been a while) few government jobs in Miami could generate a $100k household income – – not a huge number of GS15’s in Miami, last time I looked.
scriv
Kramer (#27),
I have no idea how the tax appeal is coming along to be honest. My building hired a law firm to file appeals for all the unit owners (unless you chose to opt-out)….I foget the name of the firm at the moment. They’re doing it on a contingency basis and will take 30% of whatever amount they have the taxes reduced by. I know the county is way backlogged with appeaks so I’m not holding my breath on getting a check, but whatever I end up saving will be better than nothing. I just paid the 2009 taxes myself last month so I guess if the appeal is successful I’ll get a refund.
Also found out our maintenance fees won’t be increasing next year so that’s nice.
Hi DJ,
1800 Club is doing the same thing. They got a firm who got the 2008 taxes reduced and we gave them 30% of the savings as fee. We have retained them again this year. Nice video!