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Old August 27th, 2007, 11:25 PM   #1001
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Originally Posted by miamicanes View Post
In the long run, just about ANY condo not inhabited by incredibly wealthy residents inevitably goes in one direction: downhill.
This is patently false.
Throw a dart the the map of Miami Beach and pick a building built around 1936Are you saying that it is worth less now than it did then?
It does not go down in value relative to newer buildings. Newer buildings, in fact, elevate the value of their older neighbor buildings.
Concrete example: South Pointe Towers (Circa 1987) increased significantly when Portofino Tower went up on the lot next door (1994), and South Pointe popped up again as Continuum opened up on the other side (2005ish).

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A few residents will press for renovations, get frustrated, and move -- to be replaced by new, poorer residents who are happy with the building exactly as it is (or couldn't afford higher fees because they're stretched to the breaking point to afford it now).
Is this what is happening around Central Park? Residents leave and are replaced by poorer residents? It isn't happening in South Beach...the "vicious cylcle" seems to be increasing property values as demand increases and supply is choked.
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Old August 27th, 2007, 11:34 PM   #1002
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Originally Posted by 305Lover View Post
Do realize that not everyone wants to raise a family in downtown. This isn't Manhattan. Downtown is for that young, single, professional that has enough money to buy a condo.
Of course, but up until recently, young single professionals that worked downtown had no choice but to live elsewhere and consume valuable time in traffic.

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Old August 28th, 2007, 02:03 AM   #1003
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Quote:
Throw a dart the the map of Miami Beach and pick a building built around 1936Are you saying that it is worth less now than it did then?
It does not go down in value relative to newer buildings. Newer buildings, in fact, elevate the value of their older neighbor buildings.
No. What I'm saying is that if you take any unit from one of those old buildings, and compare its price to a comparable brand new unit in a brand new building with the usual norms of modern buildings -- abundant parking, central A/C, a dishwasher in the kitchen, large walk-in closets, large balcony, and comparable level of interior trim (as in, if you're comparing an old unit with travertine, real hardwood, furniture-grade cabinets in the kitchen, and highly-detailed trim... the new unit has it too), with a similar view and location... it's almost certainly going to be worth less than the new unit. Maybe not a lot less... but if both were on the market simultaneously, for comparable prices, which one do you REALLY think is going to sell first? If the buyer is someone with no particular interest in architectural history, who has a high-paying job and just wants to live in South Beach, I strongly suspect the new unit will sell first unless the old one is significantly cheaper.

My point about the 'Loft' towers is that they might be upscale now... but they're going to have to work hard to ensure that poor families aren't allowed to move in and overcrowd their unit, because it really won't take much to push them past the tipping point towards becoming a tenement. Ask anyone unfortunate enough to have moved into "Arena Towers" ~15 years ago when they first opened, and how fast the whole place went down the toilet once the welfare families were allowed to move in about a month later (a tiny detail that was never, ever disclosed to prospective tenants before signing and moving in was that half the building was earmarked for welfare families, who completely destroyed the elevators and common areas within a matter of weeks).

As much as some people want to pretend Miami is New York, it isn't. At least, insofar as condos that aren't waterfront are concerned. If you count anything in West Brickell, Park West, Overtown, and the the CBD itself that has a building worth less than the land it's sitting on as a de-facto vacant lot, there's enough room to add a dozen towers the size of any of the "Loft" buildings every year for the next half-century before the supply of land truly starts to run out. Contrast that with Manhattan, where you literally can't build a new expensive building without buying and demolishing an old building that's almost as expensive. By urban standards, most of downtown is practically a greenfield. The point being that trying to sell a unit in one of the 'Loft' buildings will be like trying to sell a 5 year old McMansion in North Dallas -- brutally hard, because you'll be competing against a nearly limitless supply of brand new ones being churned out by the thousands every single year. The new ones might have shit carpet, low-end appliances, and minimal trimwork... but they have that "new home" gleam that buyers love.
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Old August 28th, 2007, 02:12 AM   #1004
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Quote:
Originally Posted by miamicanes View Post
No. What I'm saying is that if you take any unit from one of those old buildings, and compare its price to a comparable brand new unit in a brand new building with abundant parking, central A/C, a dishwasher in the kitchen, large walk-in closets, large balcony, and comparable level of interior trim (as in, if you're comparing an old unit with travertine, real hardwood, furniture-grade cabinets in the kitchen, and highly-detailed trim... the new unit has it too), with a similar view and location... it's almost certainly going to be worth less than the new unit. Maybe not a lot less... but if both were on the market simultaneously, for comparable prices, which one do you REALLY think is going to sell first? If the buyer is someone with no particular interest in architectural history, who has a high-paying job and just wants to live in South Beach, I strongly suspect the new unit will sell first unless the old one is significantly cheaper.

My point about the 'Loft' towers is that they might be upscale now... but they're going to have to work hard to ensure that poor families aren't allowed to move in and overcrowd their unit, because it really won't take much to push them past the tipping point towards becoming a tenement. Ask anyone unfortunate enough to have moved into "Arena Towers" ~15 years ago when they first opened, and how fast the whole place went down the toilet once the welfare families were allowed to move in about a month later (a tiny detail that was never, ever disclosed to prospective tenants before signing and moving in was that half the building was earmarked for welfare families, who completely destroyed the elevators and common areas within a matter of weeks).
Yes, but it is wrong to discriminate against the less fortunate. Just kick the crap out of them if they get out of line.
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Old August 28th, 2007, 02:37 AM   #1005
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You're not discriminating against them... you're just insisting that if they want to buy or rent, they have to adhere to the same upper-middleclass norms (specifically, with regard to allowing more living occupant(s) of any species, gender, age, or familial relationship than the sum of the unit's bedrooms and full bathrooms) that everyone who's already bought into the building regards as the baseline norm anyway.
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Old August 30th, 2007, 04:08 PM   #1006
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On new Courthouse Parking garage with Retail & Office space. Also mention of a planned park&ride garage in Brickell:

http://www.miamitodaynews.com/news/070830/story5.shtml

Quote:
Officials: Downtown shoppers won't miss demolished garage

By Risa Polansky
November's scheduled demolition of the downtown Courthouse Center Garage, and the almost two years of construction to follow, should not be detrimental to area parking, Miami Parking Authority officials say.
And the new garage to rise in its place, they say, will offer more spaces: 852 to the current 515.
The additional parking, as well as the retail and office components planned for the new facility, are all needed downtown, said Josie Correa, executive director of the Downtown Miami Partnership
But if Downtown Miami develops into a thriving retail hub as local leaders and stakeholders plan, the parking authority, as well as private operators, she said, are "going to have to step up to the plate to create more parking facilities."
Even now, merchants have "expressed concerns about the lack of enough customer parking," she said.
But parking authority Executive Director Arthur Noriega said the to-be-demolished garage, 40 NW Third St., "isn't heavily utilized from a retail standpoint" and serves mostly monthly renters rather than "transient" customers.
"The closing of that garage isn't going to have an impact," he said.
Between this fall's demolition and the expected summer 2009 opening of the new garage, patrons can park either in the authority's College Station Garage, 190 NE Third St., or in authority-operated lots between Northwest First Avenue and the Metrorail line stretching from Northwest First to Fifth streets.
Both the garage and the lots typically have about 600 vacant spots, said Fred Bredemeyer, the authority's deputy executive director for operations, and a to-be-determined "preferred rate" is to be offered to existing Courthouse Center Garage patrons.Ý
The overflow facilities are "nowhere near capacity," Mr. Bredemeyer said. "We expect with the demolition of our garage that the lots will absorb a lot of the current parkers from that garage. I think it's a temporary inconvenience at most."
And despite the displacement, he said, "folks will understand it's to get a bigger, newer, nicer facility."
Nearby federal courthouse representatives did not respond to inquiries regarding how the demolition may affect employee parking.
Because Miami-Dade County manages its own garages, there is no way to track whether employees of the county courthouse, or those who work in the nearby Stephen P. Clark Center, choose to park in the to-be-demolished garage and no method to determine the demolition's impact on county employees, a spokesperson said.
A separate lot serves jurors.
The top floor of the new 11-story garage is to be home to the parking authority's offices, currently housed in the College Station Garage, said Rolando Tapanes, the authority's director of planning and development.
Office liner units on the second and third floors of the new facility will probably serve attorneys, he said, leaving15,000 square feet of top-floor office space with "no particular client in mind."
The authority envisions cafés or coffee shops to serve on-the-go area employees in the 4,043 square feet of ground-floor retail, he said.
The City of Miami requires the retail component, Mr. Tapanes said, and Ms. Correa agreed that ground floor retail works well in the central business district.
But despite the planned new garage, which will "be great in the end," she said, "there is a concern about not enough convenient and affordable parking."
Because of the parking authority's "reasonable" rates, it is the best agency to provide more parking, she said, as some privately operated garages charge "more than a local shopper wants to come and spend."
To expand downtown parking, authority officials are getting creative, exploring the idea of building a park-and-ride garage in Brickell as a joint venture on privately owned land, Mr. Noriega said.
Details are to come, he said, once a feasibility study on the now-confidential parcel is complete.
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Old August 30th, 2007, 06:23 PM   #1007
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Great, MORE parking, just what we need...
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Old August 31st, 2007, 01:31 AM   #1008
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Loft2

Is anyone closing on Loft2? I know there was someone on this board that had purchased, or if you have any clients that purchased please let me know. I have some questions.
Thanks.
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Old August 31st, 2007, 08:33 PM   #1009
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Any pictures on the progress of 1450 Brickell?
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Old August 31st, 2007, 11:42 PM   #1010
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^ ditto for Met 2.
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Old September 1st, 2007, 01:34 AM   #1011
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Quote:
Originally Posted by zpcsc View Post
Is anyone closing on Loft2? I know there was someone on this board that had purchased, or if you have any clients that purchased please let me know. I have some questions.
Thanks.
I am closing in Loft 2 soon. What questions do you have?
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Old September 1st, 2007, 06:30 AM   #1012
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Quote:
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^ ditto for Met 2.
I was in the CBD this afternoon and Met 2 has a really deep foundation with the pilings coming out. Epic on the other side is rising so fast, last time i saw it a while back it was still on the parking pedestal! Walking around both the CBD and Brickell today reassured me how amazing our Downtown is lol. Go Miami!
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Old September 11th, 2007, 06:22 AM   #1013
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I was walking in Bayfront Park today and noticed a balloon was in place at the fountain. It is quite large and is bright white. It was mentioned in here sometime in the past and it looks like it will be an attraction at the park as an observation deck. Looks kind of elegant. Looking to see this thing rise in the near future.
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Old September 11th, 2007, 06:59 AM   #1014
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Balloon!

I saw it go up in the air yesterday to a little less than the height of 50 Biscayne. Not sure if I would want to be the first one to get in that thing. What if the rope snaps?

As it got a bit darker I also saw they turned a light on inside the balloon. Pretty cool!

Link to more info and pics:
http://bobmiami.com/2007/09/07/obser...ng-from-dtown/
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Old September 11th, 2007, 07:27 AM   #1015
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I saw it go up in the air yesterday to a little less than the height of 50 Biscayne. Not sure if I would want to be the first one to get in that thing. What if the rope snaps?
Sign me up!!!!! It will be the most exhilerating ride!
The balloon will rise like the great city of Miami. Naysayers from Deerfield Beach will shiver and profess that the balloon will burst as they sit around scared clutching their bankies. The balloon won't burst.
If the rope breaks, the balloon will make a soft landing in a place that is better than where it started.

Can you imagine the view from there? It's enough to make an old bookworm from Deerfield jealous!
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Old September 14th, 2007, 09:41 PM   #1016
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Related spokesman says they sold more than 100 units in the first weekend at Loft 4.

http://specialsections.miami.com/SS/...3029&pagenum=4
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Old September 14th, 2007, 11:10 PM   #1017
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Wow...thats great news. As we were making fun of it in the Skyline in 2015 thread of the 30 loft towers, I wouldn't mind that happening. Hopefully the designs continue to improve. Loft 4 looks SOO much better than Loft 1.
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Old September 14th, 2007, 11:17 PM   #1018
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lol will thier really be a loft 5?
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Old September 14th, 2007, 11:24 PM   #1019
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I hope so, its better than having an ugly parking lot or an old building falling apart, which downtown has plenty of.
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Old September 15th, 2007, 12:17 AM   #1020
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Loft 2 was a great departure, but still in the family with it's read metromover cutout. Then Loft 3 was nice because of it's dimensions, Loft 4 not so good. But I too like it better than parking lots and I like you people DWNTWN.

I hope Loft 5 and 6 or in Park West.
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