Took a peak at CondoFlip to see if someone is still turning on the lights there. Found this one - two years later, 46 of the 163 units looking for a buyer, at rates that nobody could ever cash flow by renting 'em out. Not to mention the $1000+ per month maintenance fee. Unreal.
Check out unit #3806 - $3.1 Million for 1306 square feet. Plus $40,000 a year maintenance fee. I don't think anyone is this dumb, are they?
Wonder what HUD will end up getting these for?
Developer: Setai Group, LLCArchitect: Alayo & Denniston InternationalBuilder: Skanska USAYear Built: 2004Number of Units: 163Number of Units Listed For Sale: 46Unit Sizes: From 847 to 5800 s.f.Sales Data as of 6/16/2006Lowest Available Price: $750,000Highest Available Price: $29,000,000
13 comments:
it must be a great investment - they had nice posters!
At that price, I'd expect a free ""date"" every damn night from their "hospitality concierge"
the HOA should include FREE daily 'service' at the tug and rub in the basement.
Even so, you could import some of the best service on earth from Russia or Malaysia for a small fraction of that HOA bill.
What terrible values. These guys need more than a 50% haircut to still be considered expensive (especially with price/sqft).
This is what happens when your brain gets fried by the sun during the day, and refried at night with all those drugs..specially the "snuff -snuff" bolivian marching powder...
But seriously, a lot of the speculation down there is from $$$ from south america, specially Argentina, where after the financial collapse a lot of those fools got talked to investing in Real Estate in that area.
$29 Million for a stinking penthouuse. You could buy a 5 story townhouse off 5th Avenue in a real city line New York, and still have money for "summer bungalow" in the Hamptons and a "island escape" property in one of those chichi Saint something Caribbean islands for that dough.
I agree that these places are way overpriced, but I do have to give credit to the website for making a much better comparative shopper than any RE MLS site.
I would put fair market value at about $120-140k, no more.
LIKE THESE UNITS WILL EVER SELL... LMFAO!
Cannon Beach, OR condo for sale! A bargain at $993/ft.!!!
http://tinyurl.com/z9zaa
Bubble?! What bubble?!
Loved your take on the South Beach condos, in the Miami market there are tons of deals like that. And what I saw in Las Vegas is identical.Remember what goes up will come down.
ROFLLMFAO! Eat it, developers and speculators.
Free Plasma TV included!
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