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Discussion Starter · #1 ·
I was looking at real estate listings and was just blown away by this unit. It's in Akoya at 63rd and collins on the 40th floor.















 

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Well, no doubt that Akoya view rocks...
Having been in the RE biz for a long time and 13 years in South Beach...there are a few views that really stick out.
Sunset Harbour has incredible views to the west over the Venetian islands. It is really amazing to see dolphins swimming in the marina.
Portofino towers has exceptional views from every single apartment. I prefer the south west views...on Sunday afternoons, just before sunset, you can stand on the balcony and watch a parade of Cruise ships.
If you are looking for something really great to do....go have drinks at Smith & Wollensky's on Sunday at dusk...it is really worth the price of admission!
Another notable view...a friend owns a penthouse in the Grand...it is cool to look down and see helicopters flying! The Grand also has great nighttime views of downtown and South Beach.
 

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Great question! I just reached into the file cabinet and pulled out an Akoya pre-construction contract dated 2/27/02. Fortune International Realty sold this building...the contract was for the 45th floor (almost the top). 4502 was under contract for $590,000.
I just checked the MLS and here is what #4502 is selling for now.
 

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Discussion Starter · #5 ·
The list price is $1,149,000.

It's a SE corner unit that wraps around.

Here is the floorplan.

http://www.akoyacondominiums.com/site2002/plans/pictures/plan6.gif

There was also another unit I saw at Setai that was amazing. Check out the virtual tour. It really is spectacular.

http://www.realtor.com/Prop/1045619797

I like these units because they offer investment protection against blocked views. Miami Beach has a 200ft height limit now and these buildings were built before that limit in an area where they tower over everyone else. These views are absolutely unblockable.
 

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logybogy said:
The list price is $1,149,000.
I like these units because they offer investment protection against blocked views. Miami Beach has a 200ft height limit now and these buildings were built before that limit in an area where they tower over everyone else. These views are absolutely unblockable.
"investment protection"? That is a common falacy. Check out South Pointe Towers with the east views now that their view is "blocked" by the Continuum. Property values don't go down when a newer building is built next to it.
Akoya is great, but as you notice from your research, average sales prices are middle $600 per square foot. The latest project in South Beach, S5, is less than 200ft tall is nearly sold out at $1,500 per square ft.
If you look at South Pointe Tower (built 18 years ago, and only 25 stories tall) with views "blocked" to the west by Portofino Tower, and "blocked" to the east by Continuum, the sales prices are averaging well over $550, and the only 3 two bedrooms available are priced at the same price per square foot as Akoya.
The point is...it doesn't matter about your view being "blocked" for investment purposes. If your personal preference is to have a view that isn't "blocked" then, go for it.
If you goal is to invest and make a return...locate in an area where there will be more building. Invest in an area so desireable that people will live closely together.
There aren't a hell of lot of restaurants to walk to from Akoya.
Throw a dart at the map of South Beach and there a 100 restaurants in walking distance.
Different strokes for different folks. Some people like to live on the sand, and that is their priority. Some people like to have walking neighborhoods where they don't have to drive and harm the precious envronment :) , and some people like to live close to Taco Bells and gas stations isolated from human interaction.
Again...just buy real estate and wait.
 

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Discussion Starter · #8 ·
Well, if I paid a shit load of money for a condo with ocean and bay views and a new building came up and blocked them, i wouldn't be a happy camper.

But I guess unblockable views should more aptly be described as "enjoyment protection."
 

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logybogy said:
Roark, the akoya unit I posted about is #4003. MLS: M991953
Yeah...I got that. You wondered what an apartment might go for. That inspired me to reach back into my file cabinet to se what people paid pre-con. Someone in the forum must be interested.
My point was to show you how much the guy bought 4502 for in the pre-construction phase.
If you bought Akoya in 2/2002, you would have paid $590,000, and today it is selling for $1,195,000.
20% down was $108,000.
The return would be about $500,000.
That is a pretty amount of money for make in 3 years. I believe that the average income for an American is somewhere near $28,000 per year.
This Akoya investor made $166,667 per year...before the Herald even thought to use the phrase "real estate bubble".
That is about 600% more than than the average worker for just buying real estate and waiting...
 

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logybogy said:
Well, if I paid a shit load of money for a condo with ocean and bay views and a new building came up and blocked them, i wouldn't be a happy camper. But I guess unblockable views should more aptly be described as "enjoyment protection."
Yeah...you may be on to what I'm talking about...I sold a South Pointe tower condo for $390,000 at right about the time that they announced Continuum.
The buyer got emotional for moment when he thought his view was "blocked". 2 years later, a little bit of his view is blocked and his condo is worth $700,000. He is a happy camper...if you are talking about investment value (as you did), you would be a happy camper too.
 

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Discussion Starter · #11 ·
I remember the Akoya project (was called White Diamond originally) was selling units as far back as the late 90's and then they stopped construction because the developer got into bankruptcy or foreclosure or something?

Anyway, if those old old contracts were honored from the late 90's days, those investors made an unbeliveable killing. I seem to remember original units were selling as low as the high 100's.
 

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logybogy said:
I remember the Akoya project (was called White Diamond originally) was selling units as far back as the late 90's and then they stopped construction because the developer got into bankruptcy or foreclosure or something?
You remember well.
The developer must have felt uphoric based on the blue and green diamond sales. So he began to build the White Diamond without pre-sales or a construction loan in place. The Brazillian economy went south, and so did his cashflow.
The biggest mistake, though..he didn't pay the local Realtors on time and they refused to sell any longer. Somehow, his ego didn't allow him to work within an effective system. The White Diamond went defunkt in the late nineties. Akoya took over in 2002 and closed about a year ago.
But...guess what...it was still ocean front real estate. The people that chose to stay in the project made a lot of dough.
 

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I've always marveled at the views the relatively affordable but butt-ugly Metropolitan (the one on 25th and Brickell, not the Met) has. Its at the southern extent of brickell set slightly to the west of the surrounding buildings so the north facing units have an uninterupted view to the north of all of Brickell and Downtown. Also, any of those buildings on 37th Ave at the edge of the gables have amazing downtown views in their east-facing units. I remember when I was in someone's place at the former Alexan (now DaVinci) on Douglas, I think I almost pissed myself when I saw the views. Neolofts has a pretty nice view as well. And everyone's favorite Vue at Brickell has its east facing units looking right at Espirito and Four Seasons.
 

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lauderdalegator said:
I didn't know Miami Beach had a new height limitation. Is that part of what's driving tower construction downtown? How long ago did that happen?
I think it was 1997 or so that David Dermer spearheaded the "Save Miami Beach" effort against high rises south of fifth. He was a commission,and is now Miami Beach's Mayor. Buildings approved were gradfathered (Murano, Murano Grande, Icon, Continuums, Bath Club, Setai, and a couple others that I may be forgetting.
At that same time, the City of Miami was nearly bankrupt with their general obligation bonds rated as "junk" and no developer in his right mind would develop in the CBD, Brickell, Park West, Arts district.
Bad poiticians went to jail or were voted out. Manny Diaz was elected mayor (against 11 challengers, including every living Miami ex-Mayor) Johnny Winton won the district fromerly held by 29 year incumbant, JL Plummer.
Within 4 years, Miami turned it around and brought up their bond rating...then EVERY developer in his right mind started buying up parking lots and old hotels, and every piece of developable land with a water view.
Did Save Miami Beach have anything to do with downtown's development? A little...but the economic/political stability of Miami's government is the single largest factor in my mind.
Remember, Miami Beach was being developed like crazy with 8% interest rates.
The rest of the United States was developing and booming throughout the 1990's.
Sure interest rates are a factor, demographic shifts are a factor, immigration is a factor, but hats off to the politicians that understand how real estate development in partnership with local government can improve the quality of life.
 

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Discussion Starter · #17 ·
Save Miami Beach accomplished very little....other than launching Dermer's political career. The Miami Beach height limits are arbitrary and result in condo canyons and short fat buildings.

I much rather they simply reduced FAR and left height limits alone. That would have encouraged skinny tall buildings that let in light and air rather than the obsese buildings we routinely see today.

Let's take Bath Club for example. Wouldn't this building look a lot better if it was 40 stories tall with the same number of units and took in half the footprint?

 
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