So there are tons of condo projects in Miami where would-be-buyers have no shot at getting a loan - since the lenders have blacklisted the entire project.
Wow.
But hey, would you lend money to someone who wanted to buy a $500,000 1-bedroom condo in Miami right now? HELL NO! Maybe $50,000, but that's about it.
This one's too funny. Too bad it's a bit too late though. Hell, we knew these Towers of Fraud were doomed for years. Nice to see the f*cked lenders finally get the news.
I'll throw a few projects out for Phoenix, where if you buy today you'll lose 50% or more of your "investment" before all is said and done, in case Countrywide and friends are reading. Feel free to add your city here:
1) The Vale
2) The Duke
3) Elevation Chandler
4) Orpheum Lofts
5) Artisan Lofts
6) Third Avenue Lofts
7) Orpheum Lofts
8) Scottsdale Waterfront
9) Optima Biltmore
10) Optima Camelview
11) Valley Ho
12) X10 Wine Lofts
13) Residences on Main
14) Northshore
15) Main Street Plaza
16) Aw, screw it, I could go on and on, but save time and blacklist the entire state of Arizona
February 14, 2008
Have you heard about the super-secret Miami condo blacklist? Let's help the f*cked lenders compile a condo blacklist for EVERY city
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51 comments:
Minneapolis:
"Cloud 9 Sky-flats"
"South-west Station Condos"
Those are big west-side no-nos!
I lived in Miami and I'm real estate broker, I predicted for years. In Miami, we have 19000 new units coming on line this year alone. We have about 1000 new units occupied a year. That is 19 years worth of inventory from this year.
These buildings will be good to look at in 5 to 7 years, maybe.
You put Orpheum Lofts #4 and #7, too.
They must REALLY suck.
I looked at the Parc Lofts condos. 390,000-2 million. The pictures are so funny. NYC style lofts: http://tinyurl.com/24d2cq
Just read the article from the South Florida Business Journal.
One of the complexes is Opera Tower. The developer of this is the one that is suing the blogger,Lucas for $25million. This should hopefully help this poor blogger's case.
seems like the solution should be for lenders to require enough of a down payment on all condos so the payment equals the rent (or less)
By John Parry
NEW YORK (Reuters) - Fear that a hobbled banking sector may set off another Great Depression could force the U.S. government and Federal Reserve to take the unprecedented step of buying a broad range of assets, including stocks, according to one of the most bearish market analysts.
That extreme scenario, which would aim to stave off deflation and stabilize the economy, is evolving as the base case for Bernard Connolly, global strategist at Banque AIG in London.
In the late 1980s and early 1990's Connolly worked for the European Commission analyzing the European monetary system in the run up to the introduction of the euro currency.
"Avoiding a depression is, unfortunately, going to have to involve either a large, quasi-permanent increase in the budget deficit -- preferably tax cuts -- or restoring overvaluation of equity prices," Connolly said on Monday.
"If conventional monetary policy is not enough to produce that result, the government may have to buy equities, financed by the Fed," Connolly said.
Legal changes would be needed to give the Federal Reserve and the U.S. government the authority to buy stocks. Currently the Federal Reserve can buy only debt issued by the Treasury, as well as U.S. agency debentures and mortgage-backed securities.
While Connolly already sees some parallels with the 1930s, he expects that a more pro-active central bank and government will probably help avert a repeat of that scenario today.
The build up of a credit bubble in recent years was similar to the late 1920s run-up to the Great Depression, he said.
I did list the Orpheum asbestos dorms twice but I'll leave it up just for fun
http://www.orpheumlofts.com/
Man, I feel sorry for anyone who
1) bought an Orpheum loft and
2) Has to live downtown Phoenix
I'd venture to guess that those Scottsdale Optima Camelview condos are already on some confidential blacklists. Those things sold for over a million (the few that sold, anyway, many units didn't) and now you can find them for rent for as little as $2k.
No way would I ever move back to Scottsdale, especially the crime-ridden downtown where those condos are, but hell, that would be the way to go if anyone was forced to live there for work or whatever. Pay $2k/month for a brand new 4,000 sq ft luxury condo at some dumbass "investor's" expense!
Well, at least until the "owner" is foreclosed and the sheriff throws all your stuff out on the street.
MARK IN SAN DIEGO
In San Diego, the newly opened ELECTRA (San Diego's tallest condo) already has 1/3 of the units either on the re-sale market or rental market (and the building is not completely open yet!). . .fire sale prices as FB's are trying to juggle three condos. . .this place was sold out at the peak of the market, and then took 3 years to construct. . .people stood in line to buy this place. . .prices are already coming in below developer price, and will be 30% off within a year. . .
Other than that - Acqua Vista has some many bank owned, that the MLS just lists "10 plus bank owned" . . .those prices are already WAY below developer prices. . .it has section 8 renters - really going to be a drug dealer place soon!
Scottsdale "waterfront". What a joke. I was at a BBQ 2 weeks ago, where I met a nice lady who works for the Maricopa County Health Dept. She (strongly) advised me to avoid the restaurants in that new "waterfront" development. Apparently the sanitation system is insufficient. That, together with the close proximity to the canal, have created incredible pest problems. Rodents, roaches, etc. She specifically mentioned Olive & Ivy, PF Chang and Pink Taco. That whole project makes no sense.
I don't know what the math is to determine the amount of investment loss, but my guess is you could blacklist the entire city of Seattle.
I do recall hearing of people who were pissed because, after buying their $900K 1BR 100+-feet-up condo with view of the water, another condo scraper project was approved right smack in their nice expensive view.
Haha fuckers.
'Course SeattleBubble.com is already on that scene.
The Mexican...
Vegas Luxury condos are also tanking. I had 15% down on one 9/1/05. I got lucky the project had some problems and I was able to get my full refund + interest back.
How did you forget "The Mark"? :)
http://tinyurl.com/2pnqye
1) bought an Orpheum loft and
2) Has to live downtown Phoenix
That never made any sense to me. I could never understand why anyone could possibly see downtown Phoenix as "urban living."
Or why anyone who wants urban living would live in Phoenix in the first place. If you want to live in a vibrant downtown that's buzzing with energy at night, basically your only three options are NYC, Chicago, and SF.
But since the Phx r.e. boom was built on illusion, I suppose I shouldn't scratch my head about why anyone would live in "downtown" Phoenix.
"How did you forget "The Mark"? :)"
LMFAO! I forgot about that one! I can just picture the developers sitting in a smoke filled room drinking whisky and smoking cigars:
"Let's call the place 'The Victim' since that's what these buyers will be to us."
"Nah, let's call it 'The Mark' because it means the same thing but these Scottsdale dolts will be too dumb to ever get the joke."
I looked at the Parc Lofts condos. 390,000-2 million. The pictures are so funny. NYC style lofts:
They should make those into "low income" housing projects. They would be easy to clean after a move out... just hose 'em down since there is no finish details to get ruined by water.
The Chicago Spire.
Most everything in the Loop.
400k condos in Uptown?!?
Thorndale Beach North
Hey, are these new condo's able to be bailed out by the super SIV's ??
Cool.
Cow_tipping.
Turnip, uh, Trump Towers, all the condos that weren't completed in Downtown tampa and clearwater and st.pete...
For the life of me, I have no idea why anyone would want to pay a mortgage for a g-d damned apartment, even in the best of times, because that is exactly what a condo is: an apartment.
I hated living in an apartment complex. I can't believe anyone would put themselves a few hundred g's on the hook to live in one.
In fact, Keith, I think HP should add "condominium" right up there with "realtor" on the list of bullsh*t real estate words.
We don't have to worry in Seattle. We get equity guarantees.
http://www.urbnlivn.com/2008/02/13/olive-8-to-offer-price-guarantee/
Wow, 190 or so doesn't seem like that many, but then when you start scrolling through the list it sure does have an effect.
Not in Miami!!! Here real estate only goes up! My realtor told me so. DOPES!!!
Swann is starting out on the seminar circuit. anyone wanna go?
Global Poverty Act - look it up.
Sponsored by Barack Obama, it requires that the US citizens contribute nearly $1 TRILLION in welfare to Asia and Africa through increased taxation. It's nice to know that the only legislation sponsored by Obama during his stint in the US Senate so far is to rape American taxpayers to benefit Africans and Muslims.
This is the best we can come up with? I say we bring our troops from all around the globe back home to defend our own borders and cut off all foreign aid. Let's take care of our own poor and pay off our own debt. Who are we to put future generations in further debt by giving their future income to people around the world?
Signature Place Condominiums
apartment to condo conversion
PRICE RANGE:
$156,400 - $279,900
SQUARE FOOTAGE:
797 - 1,317
http://tinyurl.com/2rg7h6
They say price range $156,400 -$279,900,
but Countrywide has one on their books offered as a bank repo for $109.900
I agree with tm. I don't know how people could be attracted to condos. First you get to buy the place for an inflated price. Then you get to pay rent on it in the form of condo fees. All for the pleasure of living in an apartment building.
Next question after reading through that blacklist--which banks financed these places? In other words, which banks are most F*ed? I need to know what stocks to short next.
I live in Chicago and I used to laugh at the prices that some people were paying for properties. For example, around Damen and North Avenue houses were selling for 700K to 1.5M and condos were selling for 300K to 650K. What a joke.
I'd venture to guess that those Scottsdale Optima Camelview condos are already on some confidential blacklists. Those things sold for over a million (the few that sold, anyway, many units didn't) and now you can find them for rent for as little as $2k.
No way would I ever move back to Scottsdale, especially the crime-ridden downtown where those condos are, but hell, that would be the way to go if anyone was forced to live there for work or whatever. Pay $2k/month for a brand new 4,000 sq ft luxury condo at some dumbass "investor's" expense!
Well, at least until the "owner" is foreclosed and the sheriff throws all your stuff out on the street.
February 14, 2008 9:32 PM
----------------------------------------------------------------------
Frank,
Can I be frank? You are starting to slightly annoy.
We all get that you don't like Scottsdale, it's ok man you live in the OC now. See you at Starbucks on PCH.
rayNLA
"We all get that you don't like Scottsdale, it's ok man you live in the OC now. See you at Starbucks on PCH."
Hey, I'm up in Newport Coast, not down on ghetto PCH.
Sorry, couldn't resist since all you jealous Scottsdale losers keep pushing the myth that we're all such snobs here.
"I agree with tm. I don't know how people could be attracted to condos. First you get to buy the place for an inflated price. Then you get to pay rent on it in the form of condo fees. All for the pleasure of living in an apartment building."
I'd never buy one but they make great deals for renters, because the price to rent a condo per square foot is cheaper than for a house.
And, to be honest, before living in this house I was in a condo that I liked better. I'd give up the yard for a much larger living space and a bigger garage.
But, like I said, they're only a good deal for renters. For "owners" a condo means paying hyper-inflated fees to live in it, or worst case, rent it out for 1/3 your total payments and fees per month.
I drive a taxi in scottsdale. I talked to a guy who is renting at the Optima. He pays $1500 mo rent for a 1 bd 1k sq ft.
His landlord paid $475k and is paying $800 mo HOA.
total loss is 3K per month.
How long before landlord walks away?
A friend of mine rents a 2/2, 1200sqft condo in Miami Beach for $1600
.
Price, $550,000 ~$2750/month interest only @ 6%
taxes $1000/month (Yes this is Miami after all)
HOA $650/month (pays for insurance, valet parking, security, pool, etc.)
Assesments $250/month (older building, needs repairs)
Total = 4650
After 1600 rent that leaves a negative income of roughly $3K/month.
The place is for sale ... "Investor's dream..."
south beach is stil $$$$$$$. condos such as "setai" are still at $1700sq ft, more expensive than manhattan in many cases
Optima Camelview? Sounds like a porn.
south beach is stil $$$$$$$. condos such as "setai" are still at $1700sq ft, more expensive than manhattan in many cases
You're surrounded by a Turd World cesspool of Haitians, Dominicans, Cubans and any other culture that doesn't like to use deoderant and birth control.
formosan80 said...
I looked at the Parc Lofts condos. 390,000-2 million. The pictures are so funny. NYC style lofts: http://tinyurl.com/24d2cq
That's hilarious! "energy-saving windows"--except you'll spend a fortune heating or cooling the 20' high ceiling space.
And HOW would I get that bicycle down every day?
Concrete floors, steel stairways, exposed ducts---not exactly a "warm" living space. I can see the expression on my "new england country-craftsy" sister's face now, if she came to visit... LOL
Hey, I'm up in Newport Coast, not down on ghetto PCH.
Sorry, couldn't resist since all you jealous Scottsdale losers keep pushing the myth that we're all such snobs here.
----------------------------------------------------------------------
Frank,
Your comments just said it all bro!
For the record Frank, I live in Huntington Beach, blocks from the Ocean. (Not that the aformentioned makes me who I am as a person)
Also...how can you call the PCH in Newport Ghetto? Doesn't make sense man. Don't discredit yourself Frank you just got here and you are already disrespecting others around you and in NEWPORT BEACH of all places! Sounds like an attitude you may have picked up in Scottsdale. I think you should apologize and spent the weekend in VAN NUYS as punishment. But we understand, it's enviromental. But never forget were you came from Frank. I'll never forget the North Side of St.Louis myself.
Raynla
Welcome to Cali Frank, glad you could make.
RayNLa:
You are so on the money re: Frank. Dude spends all his waking hours bitching about Scottsdale/Phoenix. He moves to SoCal and now guess what, starts bitching about SoCal.
Frankie baby, I think the problem may not be where you live. I think the problem is you. I can see disliking where you live. But holy shit man, you are obsessed with Phoenix and that is very unhealthy. I suggest you seek some help.
those million dollar condos with state transportation bonds yeilding 20 percent are costing 200,000 in oppurtunity costs a year, if you had been a cash buyer, which may be more than those boxes are worth........????????? and who knows what with mortage, insurances, taxes, upkeep, ect, when then it was cheap borrowings that drove the pricings, and that what ammount of years at 20 percent yeilds will it take to break even on the last 7 years of house price inflation inflations
15 years
westchester chick??? dont forget where yoi come from long iland
and any other culture that doesn't like to use deoderant and birth control.
You mean the French? And it calls, deodorant, slick.
Raynla,
Don’t feel like your town is the only one that has been singled out by Frank. He’s kicked around Seattle as well.
----------------
Hey Frank – kick around real estate all you like, but the area itself and all the people who live there?
Oh well, it’s all in how you view the world, I suppose. And no, I’ve never set foot in Scottsdale.
-Mammoth
Speaking of falling 50%, I just posted about KB Homes having a 50% off sale (NO JOKE) on houses in 23 communities in Southern California.
I have links to their press release on my blog:
LetItSink.blogspot.com
I have been advocating that people should consider walking away from their homes. That will piss some people off, but check out my arguments, and you might change your mind.
Keith
http://www.zilbert.com/miami_south_beach_condo_details.asp?T=S&R=M1179128
$2000psf in south beach miami
im not saying its the right price, but prices have yet to come down in peak areas
dont believe all the "miami has crashed" articles
south beach is still the playground for the rich
Seattle/Bellevue:
1) Olive8
2) 1 Residences
3) Bravern
4) Bellevue Towers
5) Escala
6) Cristalla
7) 5th and Madison
8) Carbon56
9) Brix
10) Domaine
I don't know why anyone would want to live in the "urban" developments in downtown Phoenix. I live about a mile from "downtown" in an apartment, and let me tell you there isn't shit to do. Downtown Detroit has more to do than Phoenix. A lot of these developments will be crack houses like the rest of downtown within a decade. As for me, when the lease is up this summer, I'm done with this city, and good riddance. Once a cheap and halfway decent place to live is now ruined by the bubble, it will take a long time for this city to recover
You mean the French? And it calls, deodorant, slick.
Don't beat yourself up about your own mistake if you noticed it, it's like some hidden internet code: whenever you point out someone else's spelling/grammar error, you invariably make one of your own.
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