MIAMI | Development Thread

[Complex01]

Agreed. That rendering is awesome. I hope, I hope, I hope...

[JDRCRASH]

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Don't hope too much, apparantly only New York City, Chicago and Los Angeles are going to barely pull through this real estate slowdown.

As much as I love Miami for it's ladies and year-round 70 degree weather, it's Development boom is coming down......hard, and probably won't recover for at least 5 years.

But don't feel so lonely, Las Vegas is getting slammed just as bad. And I love Vegas!

[brickell]

The Plaza on Brickell has added a light component.

[VisionMIA]

Originally Posted by JDRCRASH

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Don't hope too much, apparantly only New York City, Chicago and Los Angeles are going to barely pull through this real estate slowdown.

As much as I love Miami for it's ladies and year-round 70 degree weather, it's Development boom is coming down......hard, and probably won't recover for at least 5 years.

But don't feel so lonely, Las Vegas is getting slammed just as bad. And I love Vegas!

uhhh there is no real estate slowdown in Miami...where did that come from? true condo prices are dropping pretty favorably but it doesn't mean it's stopping...Miami now has 4 office towers including met 2 647ft. now just going vertical.. and there are currently 8 condo towers way over 500 feet still under construction.. with still plenty more condo/mixed use towers ready to take off includin the soon to be Miami's tallest Met 3..after that expect the real big boys BFCentre 900 footer and OBPlaza and Empire which are over 1000 ft. to commence construction which is planned to begin in 2010.not to mention the towers of Park West, Omni, Infinity II 732 ft.,Liberta, Capital towers which spires will scrape past the 800ft mark...etc... the list goes on..

the city is now funding millions to develop street cars and a tunnel for the port of Miami..not to mention the rising of the new Marlins stadium..

[JDRCRASH]

Really? Cause from what i've heard they're having problems with vacancy. In fact, one newspaper reported that prices could fall as much as 50-70%! This is probably due to over-building.

It looks like the Media Coverage of the Real Estate Market in America is being carelessly announced.

[VisionMIA]

Originally Posted by JDRCRASH

Really? Cause from what i've heard they're having problems with vacancy. In fact, one newspaper reported that prices could fall as much as 50-70%! This is probably due to over-building.

It looks like the Media Coverage of the Real Estate Market in America is being carelessly announced.

do you seriously believe what reporters write???
everyone has their thoughts on this city and sadly you are believing speculation....of course there are 50%-70% vacancies to these buildings due to the fact that these buildings were built based on the purpose to flip during the boom..when everything stalled no one could flip and many purchasers lost there condo's..Florida has a law where you must have at least 80% buyers before you can build. unlike New York which goes by build it they will come...which is why you see vacancies..try 50 biscayne for example a tower that was completed not long ago and is filling up fast..prices are dropping and it's beginning to pick up speed... Miami is one of the fastest growing cities in America... south Florida in itself is built out..we have no choice but to build high.. people are still moving down regardless.. developers don't care if it take 5 years to fill..these developers are looking whats ahead..they say it themselves..the city has potential to explode and the biggest developers all want a piece of Miami. and most of the towers that were topped off are still not yet available cause work is still being done on the interiors..I don't even think Marina Blue, or Plaza on Brickell is even yet open..problems with vacancies is mostly cause these buildings are not yet finished...People see the outside and don't know the inside...Just like reporters made speculation Pat Riley was retiring and the man came out fueled saying he never said once he was retiring.. everyone including reporters all have different views on whats happening in downtown...pure speculation my brother..

[JDRCRASH]

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I'm not saying I TRUST those reporters.

I mean, try telling that to some of the other forumers in Los Angeles Downtown Rundown 3.0 Thread who apparantly think that Smart Growth, Big Ideas, Innovative Plans, and Low Condo Prices WILL NOT help Downtown Urban areas.

When I try to say what you just said, people just reply with stuff like , , or

Take L.A. for example, it's been built out for decades now, and some believe(including our own Mayor Antonio Villaragoisa) that if ordinances are taken down at a record rate(which they are), and Mass Transit explodes with funding; the "Soda Bottle"(so to speak) will Nova and we could experience the Largest Construction Boom in U.S. History.
And your right; Miami's case is the same.

I personally believe that that "build it, they will come" idea is naive for New Yorkers to implement.

If what your saying is right, i'd like you to help me convey that to some of the idiots in that forum.

[Complex01]

Originally Posted by brickell

The Plaza on Brickell has added a light component.

Nice, kewl colors...

[VisionMIA]

Originally Posted by JDRCRASH

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I'm not saying I TRUST those reporters.

I mean, try telling that to some of the other forumers in Los Angeles Downtown Rundown 3.0 Thread who apparantly think that Smart Growth, Big Ideas, Innovative Plans, and Low Condo Prices WILL NOT help Downtown Urban areas.

When I try to say what you just said, people just reply with stuff like , , or

Take L.A. for example, it's been built out for decades now, and some believe(including our own Mayor Antonio Villaragoisa) that if ordinances are taken down at a record rate(which they are), and Mass Transit explodes with funding; the "Soda Bottle"(so to speak) will Nova and we could experience the Largest Construction Boom in U.S. History.
And your right; Miami's case is the same.

I personally believe that that "build it, they will come" idea is naive for New Yorkers to implement.

If what your saying is right, i'd like you to help me convey that to some of the idiots in that forum.

and you are probably right..I do believe a lot of cities ordinances are what can keep a city from growing. but they do prevent the high risks or the fears..
You see our Miami mayor knows all this Mr. Manny Diaz and he doesn't care..He knows if he can imitate Chicago..his city will be rich...that is his soul goal..that is Miami's goal. they are fighting with the FAA to remove the height restriction they've already bumped it to the 1000 foot mark..they are finding all this money to fund for the building of the Miami port tunnel, Street cars...2.9 billion to be exact.

The rich that see the growth are jumping in and getting involved..like Shaq forming the Oneal group to help MDM development build the 866 ft. Met 3. a lot of celebs buying some condo space in downtown..like daddy yankee getting a top floor in 900 biscayne.. there is a lot of development demand..you see all this development was supposed to go to Miami Beach..but the city didn't want the highrises to shade the beaches.. So the developers all saw the space in downtown and jumped on it...

We have reporters here that say the bubble popped.. sure! but we also have reporters talking about the real estate slump is not affecting Miami at all.
all I know is prices will go down and even if it takes five years to fill the towers..they don't care..like they say "they are preparing the harvest for when the rain comes".
time will tell. but I'm telling you, slow or not! the city is not stopping it's growth..

check some links
http://www.dwntwn.com/
http://www.miamiherald.com/top_stories/story/361164.html

[JDRCRASH]

No city ultimately stops growing, that's for sure; it's just is a matter of how much growth at a time. Unfortunately the FAA blockheads act as slow as sloths!


And like I said, many dorks in Los Angeles Downtown Rundown 3.0 don't want to believe me.

[VisionMIA]

Originally Posted by JDRCRASH

No city ultimately stops growing, that's for sure; it's just is a matter of how much growth at a time. Unfortunately the FAA blockheads act as slow as sloths!


And like I said, many dorks in Los Angeles Downtown Rundown 3.0 don't want to believe me.

I'd hate to compare Miami to Dubai..but they don't care either. they are building in the desert..most of their towers are empty too..that 's not slowing Dubai down either..they are preparing their harvest...

[JDRCRASH]

^ ^ ^
Yeah, the Three Palm Islands are really struggeling.

Heh, but that Sheik has all that money though.
Over $1.5 Trillion of it!

[newplace]

^^^
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people, miami-dade is on the front lines of the bubble bursting. My family moved to ATL this past summer cuz they couldn't pay the morgage rates (that went up) up and the home owner insurance that was already high. Lots of middle to lower class people are moving north. I love miami, but just saying nothing is wrong and the buildings will keep going up makes no sense. I still want to see them get some supertalls thats why I am hoping that great render comes to life. sure lots of projects are moving forward but like someone said its going to be like dubai, lots of empty tall buildings.
las cosas no van bien en realestate del sur de Florida

http://cbs4.com/consumer/Foreclosures.Record.Numbers.2.599035.html

http://www.miamiherald.com/news/miami_dade/east/story/372092.html

[JDRCRASH]

^
WTF!!!!!!!!!
This is bad.

[VisionMIA]

Originally Posted by newplace

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people, miami-dade is on the front lines of the bubble bursting. My family moved to ATL this past summer cuz they couldn't pay the morgage rates (that went up) up and the home owner insurance that was already high. Lots of middle to lower class people are moving north. I love miami, but just saying nothing is wrong and the buildings will keep going up makes no sense. I still want to see them get some supertalls thats why I am hoping that great render comes to life. sure lots of projects are moving forward but like someone said its going to be like dubai, lots of empty tall buildings.
las cosas no van bien en realestate del sur de Florida

http://cbs4.com/consumer/Foreclosures.Record.Numbers.2.599035.html

http://www.miamiherald.com/news/miami_dade/east/story/372092.html

that is what always happens when there is a boom...the bigger it is the bigger the burst...spectators feared this day would come during the boom.
very true lot's a families that weren't smart with choices they made when purchasing a home got screwed from this boom. I'm including myself in this one too...we let our real estate agents make the money put us in a home we can't afford and their pockets real fat...unfortunately the sleezy real estate firms went out of business already..
they well know aren't suppose to put us in homes where our monthly mortgage rates exceed 30% of our monthly income...now because of many floridians ignorance in this matter many paid a heavy cost and having to move out...the State is not used to the high values that these houses are now worth. including the governor fighting to drop the homeowner insurance prices and the high propety taxes which are a killer..
..what will start happening now is prices will begin to deflate.. and people that are selling there homes will have to take huge losses..but if your a new yorker where your still paying $2500 a month for a studio in manhattan may find Miami cheap..you can purchase a 3 bedroom 2 bath here for the same monthly mortgage up there..we have to understand Florida itself went on high demand inflating to prices near the home values that would be found inCalifornia and New York.. my house here which is now worth 363,000..In Los Angeles for the same size would be nearly 600,000..I would know I was thinkin of moving there.. move to North Dakota and
you may live rich there..popular states means a heavy price especially if you want to live here in paradise..

but like I said deflation is happening prices are dropping and these condo's are getting to values where you will see people jump on..they are estimating when the prices continue to drop we may see another boom not as big as the one we had but enough to be called a boom in 3 years time..Miami is preparing for that with these condos..people will no longer have to camp out the city like they did in the previous boom in front of the sales centers lining up just to buy a pre construction condo.. but will be able to buy and move in...
that was one of the biggest errors and why many people lost their deposits...tired of waiting for these buiding to go up and developers not completing them in time due to increase cost in supply and labor..

[VisionMIA]

at anyway here are some pics I took 2 days ago of the city

[JDRCRASH]

Lately there has been more confirmation that the Market will rebound in the 4th quarter, so a little bit more sun is shining on Miami's future.

[Complex01]

[QUOTE=VisionMIA;3276454]at anyway here are some pics I took 2 days ago of the city


QUOTE]




Thank You, Thank You, for posting some Miami pics. Long over due. Anyhow i love this pic. Oh what the hell, i love them all. Love it, love it...

Thanxs again...

[Surrealplaces]

Originally Posted by newplace

^^^
^^^
^^^
people, miami-dade is on the front lines of the bubble bursting. My family moved to ATL this past summer cuz they couldn't pay the morgage rates (that went up) up and the home owner insurance that was already high. Lots of middle to lower class people are moving north. I love miami, but just saying nothing is wrong and the buildings will keep going up makes no sense. I still want to see them get some supertalls thats why I am hoping that great render comes to life. sure lots of projects are moving forward but like someone said its going to be like dubai, lots of empty tall buildings.
las cosas no van bien en realestate del sur de Florida

http://cbs4.com/consumer/Foreclosures.Record.Numbers.2.599035.html

http://www.miamiherald.com/news/miami_dade/east/story/372092.html

I've heard that Taxes and Insurance are high in Florida. What type of property tax would someone expect to pay on a 1000 sq ft condo or 1000 sq ft house in Miami area?

[SkyReefer]

Prob. between 5 and 8 grand.

Also, this is an interesting story for those who haven't seen it:

Realtor fired over Hollo blog post
Posted on Mon, Jan. 28, 2008


Developer Tibor Hollo has filed a $25 million defamation lawsuit against a Miami real estate agent who blogged that the octogenarian went bankrupt in the 1980s and is headed for a fall with the upheaval in the condo market.

Hollo last week sued agent Lucas Lechuga and the Coral Gables brokerage Esslinger-Wooten-Maxwell alleging they have engaged in a smear campaign against him and his Opera Tower condo development on Lechuga's Miami Condo Investments blog.

On Monday, the postings cost Lechuga his job.

''We just don't condone making statements, especially negative statements, about anyone, so we have terminated our relationship with our associate,'' said EWM President Ron Shuffield. Its agents are independent contractors, not employees.

Lechuga, 29, predicted on the blog that at least half of the buyers in the 635-unit Opera Tower at 1750 Bayshore Drive would default and the units would be taken over the project's lender.

''My opinion is that this development is doomed,'' he wrote on Jan. 10.

That followed this Nov. 25 post: ``This developer went bankrupt in the 1980's and I think we'll see a repeat performance within the next 6 months. What do I know, though? I'm no real estate oracle.''

An angry Hollo said neither he nor any of his companies ever filed for bankruptcy.

''I guess when you're running a blog [you] think [you] can say anything about anybody, and that's just not true,'' Hollo said. He called the postings ``plain, unadulterated lies.''

The suit was filed in Miami-Dade Circuit Court. Hollo declined to say how he arrived at the $25 million damage claim.

Lechuga said he was exercising his constitutional rights in musing about Opera Tower.

''Like any other blog out there, it's a collection of my unbiased opinions and thoughts,'' he said. ``I have buyers all over the world who go to my blog. They know I'm not going to sugarcoat the market.''

Lechuga removed the Nov. 25 post after learning of the lawsuit, but later reposted it without the reference to Hollo going ''bankrupt.'' He said he would have removed it sooner had he known it was wrong. He said a few people who told him about it may not have meant Hollo literally filed for bankruptcy, rather that Hollo had financial troubles of some kind.

Hollo lost some properties to lenders in the early 1990s, The Miami Herald reported at the time.

''In those days, I lost lots of money of mine, tens of millions of dollars,'' Hollo said. ``I didn't lose anybody else's money. That's all I can tell you about it.''

Hollo deemed Opera Tower a success, with the entire project sold out. Closings began this months, with about 40 units deeded to buyers so far, he said. Ten lawsuits have been filed in Miami federal court by buyers seeking to rescind their purchase contracts, however.

Robert Jarvis, a constitutional law and ethics professor at Nova Southeastern University, who isn't involved in the case, said he doubts Lechuga will be held liable for defaming Hollo.

''Courts understand [blogs] are written in unedited, unvetted fashion,'' Jarvis said. ``There's a lot of hyperbole. That's why it's so difficult to win defamation lawsuits.''

Plus, Jarvis said Lechuga could argue Hollo is a ''limited public figure'' -- making it harder for Hollo to claim he was defamed.

None of the legal arguments make any difference to EWM's Shuffield.

''I viewed these statements to be more negative in tone than just providing information,'' Shuffield said, adding the firm wouldn't have hired Lechuga had it known about the blog.

Shuffield said he feels like he's been caught in a dispute he has nothing to do with. Nevertheless, he said he expects there will be discussion with the company's 800 associates about what they can post on their blogs.

''We want to encourage associates to be a positive source of information,'' Shuffield said.