South Beach Condos Blog

I’ve been thinking about the idea of having a regular post that highlights what I feel are really great real estate buys here in Miami Beach.  There is no exact science that goes into selecting them, just my intimate knowledge of each building and their respective values.

Miami Beach Condo Buys

ICON South Beach:  450 Alton Road #1601.  This is a three bedroom corner unit with southwest exposure.  It was reduced to $1.59M from $1.9M on 1.24.08.

Canyon Ranch Living Miami Beach Condo Hotel:  6801 Collins Avenue #C 404.  This direct oceanfront condo-hotel unit at $875K is a steal.  Most of the one bedroom condo-hotels NOT on the ocean are in this price range.

Green Diamond:  4775 Collins Avenue #1804.  2/2 + den has been converted to a three bedroom.  Two parking spaces.  Short-sale.  Need I go on?  $589K

1500 Ocean Drive:  1500 Ocean Drive #504.  Great unit with great ocean and Ocean Drive views in South Beach.  AAA building.  Bank-owned.  $1.2779M

La Gorce Palace:  6301 Collins Avenue #TS 7.  Penthouse-level unit (32nd floor) with 9 feet ceilings.  Beautifully updated.  Best value in oceanfront building.  $649K

Bath Club Miami Beach:  5959 Collins Avenue #1503.  3640 sq. ft. of luxury.  Priced very well for height of unit and view.  AAA building with spa-like amenities.  $2.399M

Finally, the wait is over.   Apogee South Beach, destined to become Miami’s most prestigious condominium, is here.  Closings began a few weeks ago and sources say that approximately 40 percent of the units are closed.

I’ve been looking forward for Apogee to be completed.  I recently toured the building with my clients and their design and architectural team.  During our conversation, a comparison was made between Apogee and a Park Avenue-type building.  The designer quickly responded “Park Avenue should be this nice.”  

The summer kitchen, a bare necessity

The master bath at Apogee South Beach.

Click here to view more pics of Apogee South Beach

Click here to view available condos for sale at Apogee South Beach at 800 South Pointe Drive, Miami Beach

Say you want to sell your unit at Related Group’s new 50 Biscayne Condo in downtown Miami, you find a buyer willing to purchase your unit, you agree on terms, and you probably think, “whew, I’m really lucky I sold.”  Not so fast: today’s Daily Business Review is reporting

Banks and mortgage lenders compile lists of buildings they find too risky for lending, and they refuse to finance purchases there. 

What This Means if Your Miami Condo is “On the List”

It could mean that it will very hard to obtain financing for your condo, whether you are a buyer or a seller, in one of the “non-warrantable” condominiums.

The lists include finished buildings and projects still under development.

Prominent projects on BankUnited’s list include the Related Group’s 50 Biscayne and 500 Brickell; Terra Group’s 600 Biscayne and 900 Biscayne, and Cabi Developers’ Everglades on the Bay.

Is This the Last Nail in the Coffin for Miami Condos?

The impact of today’s news on the Miami condo market:

• Developers with unfinished buildings on the list may have high “walk-away” rates
• Owners of units in “blacklisted” condos may find it next to impossible to sell

Check out Miami’s “blacklisted” condos here:

• Bank United list
• Washington Mutual list
• Popular Mortgage list
• Citimortgage questionnaire

UPDATE:  South Florida Business Journal is reporting that Bank United has blacklisted Opera Tower as well. 

Even buyers with good credit can’t get a mortgage for a condo that has an uncertain value, said Lewis Goodkin, president of Miami-based Goodkin Research. He said because sales have been so slow and 35 percent to 40 percent of buyers could pull out of contracts in some buildings, no one knows the real value of these condos. And, if lenders don’t know the value, he said, they can’t set a loan-to-value ratio with any certainty.

Ok, someone needs to hide the pills!  Enough said.