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Verticus

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2828miami03.jpg

28miami07.jpg

It is a concept by some designers right now...150 stories, almost 2400 feet up.

Right here in Downtown no less.

I say do it.

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Guest LeVeL

I agree...dam wouldn't I love for that Baseball Stadium for the Marlins to be built in Downtown.

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Guest pod

That's why they wouldn't do it now I surmise. Hence it is just a concept right now.

Undobutedly a commercial building, I wouldn't see it even being mixed-use.

Still a killer looking concept though. I'd say if they did do it, construction wouldn't start until the next decade at least.

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Guest pod

Beats another stinking condo.

I'm starting to hear some nasty stories on that front actually...people getting evicted from their buildings with little to no warning because a condo developer wants to knock it down.

Florida law apparently says that only a 15-day notice is required in a case like that.

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Guest swirlundergrounder

OH HELL YEAH! THEY NEED TO BUILD SOME THING LIKE THIS....!!

NY has the Empire State BUilding

Seattle has the Space Needle

Chicago has the Sears Tower

LA as the Hollywood sign.

Miami needs a landmark like this...

Sick baseball stadium also

What will this all cost? $4 Billion Dollors?

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Guest macboy

Beats another stinking condo.

I'm starting to hear some nasty stories on that front actually...people getting evicted from their buildings with little to no warning because a condo developer wants to knock it down.

Florida law apparently says that only a 15-day notice is required in a case like that.

Starting to hear? Dan, I've been hearing these horror stories since I moved here 3 years ago. It's good you moved out of that Biscayne Blvd neighborhood. All those apartments are going to get torn down soon, all with 15-day notices.

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Guest pod

My Biscayne place is actually being converted, was around the time I left.

There was a Herald article a few weeks back about some place around 20 something and Biscayne, they gave the tenants 15 days to move out. I remember the place, it actually looked like it would be really cool if they fixed it up. But they're knocking it down for yet another cookie-cutter condo complex. They all look the same. They all open the same multi-million dollar sales centers, and the same boring condo parties.

It's why I like the Verticus, it is like a knife in the air.

I got the notice on my current place just a few weeks ago....I lucked out though, it is January '06 at the earliest I have to move.

That being said, 15 days is like way unrealistic. Most people don't have the financial reserves to pony up first, last and security, or a downpayment on a home within 15 days.

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Guest LdySphynx

I agree...dam wouldn't I love for that Baseball Stadium for the Marlins to be built in Downtown.

SHUT UP LUIS.......................The BaseBall Stadium is there, DUHHHHHHHHHHH

Its part of the concept!!!!!

SO CALLATE, Sapo :P!!!!!!!!!!!!!!

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the conversions will be slowing down big time... These condo builders are gonna loose thier ass... They are way over building the market and as soon as rates go up again, all 40% of mtg in south fla are adjustable and things will get bad, real bad, lots of foreclosures will be here in a year or two..

I pray for a market crash, so I can buy cheap.. Dec was the worst month for home values here in florida in a long long time..

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Guest trancepriest

I pray for a market crash, so I can buy cheap.. Dec was the worst month for home values here in florida in a long long time..

I share your prayers.

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Guest pod

You know, I often wondered how these condo developers can build and build...you think they'd be recognizing that there's only so many people to go around that need, or want a place to live.

Condos suck anyhow, just fancy apartments really. If I'm gonna buy, it is gonna be a full fledged home so I don't have to answer to some stupid association and can put pink flamingoes on my lawn.

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Guest tres-b

the conversions will be slowing down big time... These condo builders are gonna loose thier ass... They are way over building the market and as soon as rates go up again, all 40% of mtg in south fla are adjustable and things will get bad, real bad, lots of foreclosures will be here in a year or two..

I pray for a market crash, so I can buy cheap.. Dec was the worst month for home values here in florida in a long long time..

Half the people who bought houses/condos over the past 2 years are glorified renters. I saw a development while looking at propery yesterday that said "Condos from the $120s. 100% Financing Avail." What a deal...Move in, risk nothing and if you cant pay, bail and you only lose a few months of payments.

Foreclosures are going to skyrocket in the coming months and apartments are going to start filling back up again.

Verticus concept looks cool. Love the split tower.

Pink Flamingos rock.

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Guest pod

Where are all these people who can put up a quarter of a mil minimum, or qualify for a decent mortgage of at least that much? Last time I checked, the economy wasn't too hot, and even if it was, where are all these condo buyers coming from. Now I know there's investment groups and resellers and that whole bit, but still there's a lot of units to go around, and I'm afraid not enough people.

Nevermind how I feel about what these associations end up doing to the neighborhoods if a club or anything remotely fun is nearby.

I say build Verticus, the Marlins Stadium, and be done with it. Miami needs a Really Big Thing of some sort. Plus it looks like something out of Blade Runner, like those cross-beams in the middle are landing ports for flying cars. 8)

I'm gonna save my money and buy an actual house in Coral Gables in a few years.

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Guest tres-b

You are exactly right about more units that actual people. Investors are snatching up a lot of these with no intention of ever living there. When more investors than true residents buy into a condo development or the like, the market isnt opertating under the normal laws of supply/demand. These investors push values and create artificial demand which is great for the original developer/builder/convertor. However, when demand is created this way, it is a pay me now/pay me later type thing. The investors are risking a lot and will eventually get burned.

The baloon will pop.

I agree with you pod. Build Verticus and the stadium. The economy will eventually catch up and it will look great in the meantime.

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Guest pod

It is also how they get enough money to pony up for the construction loan. Most of these places wouldn't get built if they relied solely on actual occupancy. Developer and contractor don't care though, they get their money, and leave the investor to get burned.

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by Robin Benedick and Fafael Gerena-Morales

Sun-Sentinel

April 18, 2005

Everywhere you go these days, it seems people are

talking about the fortunes being made in South

Florida real estate.

But is it too late to jump on the bandwagon?

"I'm getting my hair cut last week, and the owner

tells me she and her husband just bought two

condo conversions in Boynton Beach by giving them

$50,000. Now she's frightened and wants to know if I

think she'll be able to sell them in a year or so

and make a killing," said Anthony Trella,

president of Meranth Co., a Deerfield Beach consultant

for developers, builders and investors. "I'm

thinking there aren't enough buyers and renters to go

around to feed this monstrosity we're creating."

On the other hand, Jeff Merlin, 57, a car

salesman turned real estate investor from Coconut Creek,

plans to buy two townhouses in Wellington with

the $71,000 profit he just made on the sale of a

Coral Springs townhouse he purchased last year. "I

don't believe" there's a housing bubble, he said.

In the same way the stock market's bull run in

the late 1990s seduced investors, South Florida's

sizzling housing market of the past five years has

created a feeding frenzy, pushing prices to a

record median of $300,000. There is such demand for

new homes that buyers often must enter a lottery

for a chance to purchase. Resales move quickly,

frequently with multiple offers on them.

To get in the game, buyers say they are cashing

in retirement funds, selling stock and using their

primary homes as sources of cash through home

equity loans or refinancing. They're also turning to

interest-only and adjustable rate mortgage loans,

which offer low initial payments.

If you're thinking of taking the plunge, consider

this: If you buy with the intention of holding,

chances are your adjustable-rate mortgage,

homeowners insurance and property taxes will go up.

If you plan to resell quickly, economists say,

higher housing costs could shrink the pool of

potential buyers and lead to a slight drop in prices,

or smaller increases. Or you might have to hold

on longer than you wanted.

If you plan to rent out a unit, you may have

stiff competition finding a tenant. Thousands of new

condos are being built in Miami-Dade, Broward and

Palm Beach counties, and speculators who can't

sell their units may flood the rental market.

If you do find a tenant, the rent might not cover

your expenses. Say you buy a $300,000 home and

put down 20 percent. If you take out a five-year,

interest-only loan, your monthly payments would be

about $1,675 with taxes and insurance.

But according to McCabe Research and Consulting

in Deerfield Beach, monthly rents average only

$948 in Miami-Dade, $1,003 in Broward and $1,059 in

Palm Beach County.

"People buying have to be concerned about their

monthly costs going up, and if they can't at some

point sell the place or lease it, can they cover

their expenses by letting it sit empty for six

months or longer?" asked Scott M. Kahan, a

certified financial planner in New York who specializes

in housing.

Burton E. Brenn, 67, a retired carpenter in

Boynton Beach, got into real estate in January and has

since bought and fixed up four rundown houses in

Lantana. He now rents them out.

Investing comes with risks, he said, so "you need

to do your homework, figure out what a home can

rent for. ... If you put the time and effort into

anything, you can accomplish almost anything."

Knowing your market is crucial. Right now, real

estate experts fear an oversupply of luxury

condos, particularly in Miami-Dade, will drag down

other sectors of the market throughout the region.

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the second half since CJ limits your message lenth.

"Everyone is watching the Brickell [Avenue]

market, and it's inevitable there will be a domino

effect," said Marcia Snyder, executive vice

president of Fort Lauderdale-based BankAtlantic.

Real estate consultants estimate investors make

up about 70 percent of the new condo buyers in

Miami. In Broward and Palm Beach counties, they make

up between 20 percent and 40 percent of buyers.

"The market for condos has become flooded," said

Orlando-area economist Hank Fishkind, who thinks

the region's housing market has peaked already.

"If you're an investor, you have probably missed

the window by a year or so."

He also cautioned against investing in apartments

being converted to condos, saying they offer less

chance of profit as they compete with newer ones

being built.

The potential oversupply of condos has some

investors forming "vulture funds" to capitalize on

looming bargains as interest rates increase and

speculators can't sell, rent or afford to hold their

units.

David Dweck, a real estate agent with Re/Max

Advantage Plus in Boca Raton, said he thinks the days

of quick "megaprofits" may be history, but there

are still some deals to be made in all price

ranges -- just not as many as before.

Still, Dweck, founder of the Boca Real Estate

Investment Club, said he expects a flood of

foreclosures by 2007 because of buyers who overextended

themselves. In South Florida, about 40 percent of

mortgages issued at the end of last year were

adjustable rate, or ARMS, economists said, which

could spell trouble when interest rates, and

therefore monthly payments, rise.

Gary Mozda, 21, a Lynn University senior from

Boca Raton, has delayed plans to join the Air Force

so he can study the housing market and determine

whether to make his first purchase.

South Florida's "real estate market is very hot

right now. But we're in some pretty unclear

economic conditions, " he said. "I want to make sure I

have thorough knowledge" before making any deals.

Historically, the housing market has ups and

downs. In the 1980s and early 1990s, developers

overbuilt South Florida's multifamily market. Entire

projects went into foreclosure, and most

individual sellers lost money, as well.

Today, South Florida's housing market is

outperforming the national market with double-digit

appreciation, in part because of high demand from

immigrants and retiring Baby Boomers. But some

economists say the market can't continue at this pace.

They cite the bloated federal deficit, higher gas

costs, signs of a weakening economy and

overbuilding as reasons for less appreciation.

Jason D. Brown, 26, is undeterred. He quit his

$30,000-a-year job as a waiter after earning about

$80,000 last year doing four real estate deals

part time.

Now, the Sunrise resident spends six days a week

searching for homes to purchase by knocking on

doors in Sunrise, Lauderhill, Tamarac and Margate.

Once he contracts to buy a home, he usually sells

it to a network of outside investors.

So far this year, Brown, earned about $30,000.

"I don't plan on going back to working a regular

job," he said. "I'm doing great."

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Guest tres-b

Good article Saleen. 70% :o

As I said, artificial demand. I think there will always be $$$ in the pre-foreclosure/foreclosure market, but the condo thing is ultra risky and the competition between investors makes it impossible to determine what the places are really worth in an open mkt.

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Guest The_Man

Insightful article. It'll be interesting to see how long it takes the market to build back up after it eventually slows.

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Guest tres-b

Insightful article. It'll be interesting to see how long it takes the market to build back up after it eventually slows.

Slows or crashes? I think it is optimistic to think that it is just going to slow at this point, but I hope you are correct.

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yes, 70% is a scary number...

I asked the bosses at my bank what they thought, and since our biz relies on high home values, they all say the same thing, "they say this every year"...

the time will come when the bubble bursts and then I buy...

My mom is an agent in NJ, and said new home sales are down 17% and things appear to be going back to a normal market...

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Guest The_Man

Insightful article. It'll be interesting to see how long it takes the market to build back up after it eventually slows.

Slows or crashes? I think it is optimistic to think that it is just going to slow at this point, but I hope you are correct.

I'm not sure what will happen. The market cannot continue the trend it has forever (obviously). I'm hoping that at the worst, there are small increases in values.

I'm really interested to see what happens in the next two to three years with foreclosures, the overall market, construction, etc.

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