June 17, 2006

Two year old South Beach condo project - 25% of units for sale, $750,000 to $29 Million


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:

Anonymous said...

it must be a great investment - they had nice posters!

Anonymous said...

At that price, I'd expect a free ""date"" every damn night from their "hospitality concierge"

Anonymous said...

the HOA should include FREE daily 'service' at the tug and rub in the basement.

Anonymous said...

Even so, you could import some of the best service on earth from Russia or Malaysia for a small fraction of that HOA bill.

Out at the peak said...

What terrible values. These guys need more than a 50% haircut to still be considered expensive (especially with price/sqft).

Anonymous said...

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.

Anonymous said...

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.

Anonymous said...

I would put fair market value at about $120-140k, no more.

Anonymous said...

LIKE THESE UNITS WILL EVER SELL... LMFAO!

Anonymous said...

Cannon Beach, OR condo for sale! A bargain at $993/ft.!!!

http://tinyurl.com/z9zaa

Bubble?! What bubble?!

Anonymous said...

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.

Anonymous said...

ROFLLMFAO! Eat it, developers and speculators.

Anonymous said...

Free Plasma TV included!