[bobdreamz]

Miami's Downtown Comes Alive as Condos Fill With Young Renters
By Prashant Gopal - Jul 13, 2010
Bloomberg Business

Brandon Klein has done what few Floridians can: go weeks without driving his car.

The 26-year-old tax accountant walks three blocks from his condominium tower on Biscayne Bay in Miami to his office at Deloitte LLP. On weekends, he and his friends hang out on the pool deck or share a cab to a local Irish pub.

He lives in Downtown, a neighborhood where young people are renting condos built during the 2004 to 2008 boom to attract second-home buyers. Thanks to the housing crash, Klein and two roommates pay about $900 a month each for a wraparound balcony, water views and access to a gym, spa and steam room.

“Five years ago you wouldn’t have kids fresh out of college living in luxury like this,” said Klein, sitting in front of the 24-hour concierge in the three-story lobby of his building at 50 Biscayne Boulevard, coordinating happy-hour plans by text message. His friends are concentrated in nearby Met I, which has 447 luxury units and a steakhouse on the first floor. They refer to the building as “Deloitte Dorm” because it’s home to so many employees of the accounting and consulting firm.

The 7,000 unsold condos in Miami’s core -- a symbol of a building boom that collapsed and dragged the city into recession -- are filling up and giving life to neighborhoods that previously closed after dark. New, year-round residents are cramming into restaurants, nightclubs and bars that didn’t exist a few years ago, and enjoying a lifestyle made possible in part by developers and banks seeking to recoup losses by renting luxury dwellings until the market recovers.

Creating A City

“I’m a big city person, and I always thought Miami didn’t have a real city,” said Dejan Krsmanovic, a 39-year-old biomedical engineer who was on a first date at Segafredo, a busy Italian restaurant and bar that opened in 2008 in the adjacent Brickell neighborhood, where the same trend is playing out.

“Miami Beach is not a city, it’s a resort,” he said. “This is beginning to resemble a city.”

The unsold condos represent almost a third of the 22,079 units in 75 buildings, mostly opened after 2004, tracked in a study released in March by the Miami Downtown Development Authority. The report focused on central neighborhoods including Downtown, Brickell and Wynnwood/Edgewater.

Occupancy rates in the new buildings, including owner- occupants and tenants, increased to 74 percent in February from 62 percent in May 2009, the study shows.

Price Cuts

The development authority estimates that the population of Miami’s urban core jumped to about 70,000 from 40,000 since the 2000 census, said authority spokesman Robert Geitner.

rest of article here: http://www.bloomberg.com/news/2010-07-13/miami-downtown-comes-alive-as-unsold-condominiums-fill-with-young-renters.html

[LAsam]

$900/month for that? Seems to good to be true! What's the catch?

[J. Will]

$900/month for that? Seems to good to be true! What's the catch?

It says "each".

[LAsam]

It says "each".

Still, that's not bad at all. Considering you're supposed to spend no more than 1/3rd of you income on rent, that means you would only need to make $32,700 in take home pay to live comfortably in a downtown high-rise apartment on the coast of Miami.

[J. Will]

Of course their rent is going to be "not bad" when there's three guys splitting the rent. $2,700 is still a lot. Don't act like it isn't because you misread it in the first place and thought it was $900 total. Just admit you were wrong and $2700 is a lot.

[bobdreamz]

http://www.stradacondosmiami.com/sitetemplates/www.stradacondosmiami.com/images/50%20Biscayne%20Exterior.JPG
pic by stradacondosmiami.com

This is 50 Biscayne which fronts the Boulevard and has a Metromover station across the street as well as Bayfront Park, Bayside Marketplace, Miamarina & the AA Arena a few blocks away. A 3 bedroom for $2700 a month with all of the amenities in the building plus the bay & ocean views isn't really that out of the norm.

http://i108.photobucket.com/albums/n12/MiamiCondoInvestments/Viewfrom50Biscayne2.jpg
^ view of the port, South Beach, Biscayne Bay & the Atlantic.
pic by miamicondoinvestments

[LAsam]

Of course their rent is going to be "not bad" when there's three guys splitting the rent. $2,700 is still a lot. Don't act like it isn't because you misread it in the first place and thought it was $900 total. Just admit you were wrong and $2700 is a lot.

I stand my ground in saying a three bedroom for $2,700 is not that bad. Of course, I'm used to LA rents so maybe that's part of it. Especially if that includes a gym & spa!

[dktshb]

Cool! I love the look of all those condos but do they keep their attractiveness at street level or are they all for the most part parking podiums? I ask because we never get pictures of these areas at street level.

[brickell]

depends on what side you're looking at... The fronts generally do a good job of meeting the sidewalk and incorporating retail, the back and some sides though are usually an abortion. They hide the parking well enough but you're left with blank walls, drive ways and utilities.

[dave8721]

The best quote from the article (if only every building in every City had this problem):

Axis, which attracts students from the University of Miami because of its easy access to public transportation, is implementing new rules to keep partying to appropriate levels. The building has received complaints from residents about crowds by the pool, loud music and women taking their tops off, according to Piazza, the project manager.

[J. Will]

I stand my ground in saying a three bedroom for $2,700 is not that bad. Of course, I'm used to LA rents so maybe that's part of it. Especially if that includes a gym & spa!

So you've changed from "too good to be true" to "not that bad". $2700 rent a month for an apartment is hardly "too good to be true". I don't know why you can't just admit you misread it and that it's not "too good to be true" instead of trying to cover up for your mistake.

Cool! I love the look of all those condos but do they keep their attractiveness at street level or are they all for the most part parking podiums? I ask because we never get pictures of these areas at street level.

Go on Google Streetview and "walk" down Brickell Avenue through the southern part of downtown Miami (I'm assuming that's where this is). It's pretty spotty. There's some retail at sidewalk, but it's hardly continuous. There's a lot of parking podiums, blank walls, green space, setbacks, curb cuts, raised plazas, etc. even right on Brickell itself, never mind the side streets.

[LAsam]

So you've changed from "too good to be true" to "not that bad". $2700 rent a month for an apartment is hardly "too good to be true". I don't know why you can't just admit you misread it and that it's not "too good to be true" instead of trying to cover up for your mistake.

$2,700 a month to live downtown in a 3-bedroom waterview condo with associated gym and spa services in a major city like Miami IS a good deal in my opinion. Not sure why you feel such a strong urge to attack my opinion, but it is what it is. I didn't misread the article, and I'm not going to back down to your bullying. :tup:

[J. Will]

Yes, you did misread the article. And no, I am not "bullying". You thought it meant $900 total per month. And now for some reason you are too stubborn to admit that you were wrong about something. So you're covering it up by pretending that paying $2700/month rent for an apartment is "too good to be true". "A good deal" and "too good to be true" aren't even close to the same thing.

Give me a break!

[spyguy]

I guess my only question is what happens to the neighborhood when these rentals convert back to condos that are no longer so affordable for young professionals?

[LAsam]

Yes, you did misread the article. And no, I am not "bullying". You thought it meant $900 total per month. And now for some reason you are too stubborn to admit that you were wrong about something. So you're covering it up by pretending that paying $2700/month rent for an apartment is "too good to be true". "A good deal" and "too good to be true" aren't even close to the same thing.

Give me a break!

Yeah, I though a three bedroom condo in downtown Miami was renting for $900 a month. I'm not a complete idiot despite what you appear to believe. I live in LA for the love of God... two bed apts in Venice that aren't nearly as nice as the one shown in that ad go for nearly the same price. Look, I really don't want to argue about this. Not sure why we even are...

[dave8721]

Go on Google Streetview and "walk" down Brickell Avenue through the southern part of downtown Miami (I'm assuming that's where this is). It's pretty spotty. There's some retail at sidewalk, but it's hardly continuous. There's a lot of parking podiums, blank walls, green space, setbacks, curb cuts, raised plazas, etc. even right on Brickell itself, never mind the side streets.

The C\condo is north of the River, at 50 Biscayne Blvd, across from the park. A much more traditionally "urban" area.

[arbeiter]

Lay off of LAsam. I saw that 900 figure when I read the article and for a split second thought "that's only $300 a person", then paused and looked at the figure again, and thought $2,700, and moved on.

[J. Will]

The difference is that he won't admit that he made his initial comments based on what he thought was $900 total. Instead he pretends that $2700/month rent for an apartment is really "too good to be true", even in a market that has tanked and seen home prices drop precipitously.

[tayser]

$2,700 a month to live downtown in a 3-bedroom waterview condo with associated gym and spa services in a major city like Miami IS a good deal in my opinion. Not sure why you feel such a strong urge to attack my opinion, but it is what it is. I didn't misread the article, and I'm not going to back down to your bullying. :tup:

$2700pcm / $900pcm each is actually pretty good.

I flat shared in South Melbourne overlooking Albert Park (The Australian Grand Prix circuit) for $1028pcm each in 2007-2009 ($500 per week split in half). Small gym included, didn't have a gas bill (paid for by body corporate thus the landlord), elec, water / phone / net were at tenants cost. About 3km walk to the Melbourne CBD (which I did every day), 1.5km to South Melbourne beach and had the choice of about 10 tram routes within 300m walk.

[pottebaum]

Cool article. But, yeah, it'll be interesting to see what happens when prices stabilize..

The difference is that he won't admit that he made his initial comments based on what he thought was $900 total. Instead he pretends that $2700/month rent for an apartment is really "too good to be true", even in a market that has tanked and seen home prices drop precipitously.

...petty much?

[Chico Loco]

Yeah, I though a three bedroom condo in downtown Miami was renting for $900 a month. I'm not a complete idiot despite what you appear to believe. I live in LA for the love of God... two bed apts in Venice that aren't nearly as nice as the one shown in that ad go for nearly the same price. Look, I really don't want to argue about this. Not sure why we even are...

You have never been to Miami, sir.

[Chico Loco]

Lay off of LAsam. I saw that 900 figure when I read the article and for a split second thought "that's only $300 a person", then paused and looked at the figure again, and thought $2,700, and moved on.

He's fun to pick on! :)

[LAsam]

You have never been to Miami, sir.

I have been to Miami a few times since my Mother-in-Law lives in Ft Lauderdale and I have relatives in West Palm Beach. It's not like were talking about downtown Des Moines here. You're in walking distance from American Airlines Arena, right next to Bayfront Park, a short MM ride away from Brickell Village, and a short drive/bus ride away from South Beach. Maybe I'm wrong, I have not problem being wrong. What do the Miami locals think? Is this a great price in your opinion for that living situation?

[pj3000]

Wow... must be that time of the month...

[Shawn]

J. Will, stop being confrontational just for the sake of it. Looks like you were gunning for a fight from the beginning, and it's childish shit like this which is driving long-time members off the boards.

[J. Will]

No, I was not "gunning for a fight from the beginning." Nor is it my fault if anyone has left this board.

[Kingofthehill]

For real, man. You really have nothing better to do than bitch over utterly insignificant stuff like this? Come on, now.

[Shasta]

Am I the only one that read the article and thought; "disaster!"?

72% occupancy is TERRIBLE. I'd also assume that this is a for-sale building that the landlord is forced to rent out. If that's the case, I am not sure $2700 a month would cover the mortgage if this unit was purchased at the high end of the market.

[sobchbud1]

Am I the only one that read the article and thought; "disaster!"?

72% occupancy is TERRIBLE. I'd also assume that this is a for-sale building that the landlord is forced to rent out. If that's the case, I am not sure $2700 a month would cover the mortgage if this unit was purchased at the high end of the market.


Yes, I totally agree that the housing/financial situation in Miami is still a mess. Many have lost their shirts, and still many more will take severe losses.

This is a case of "taking lemons and making lemonade." I can't say how many times I've heard about "all those empty buildings in Miami," here and in other discussion forums. Too many of you here have been quick to point them out; some of you have with some relish. Those of us living here can now take some satisfaction that there is a silver lining here, and that scorn might now turn to envy. It isn't about how this "new city" was born. It is built. The vibrant downtown is coming quickly!

IMHO occupancy at almost 3/4 is pretty good considering what's happened. More people are moving in daily, so its got nowhere to go but up. Restaurants and other service business are opening up at a rapid pace. People are out in the streets; and the whole area has an new exciting vibe about it. It certainly isn't there yet. We've still got a long way to go, but we are finally seeing the fruits of all this pain in a an emerging downtown.

[Mr Roboto]

I dont think it sounds so bad considering the dire predictions I had read. Sure they overbuilt some, but eventually these buildings will fill up, whether owners or renters. Hopefully downtown Miami will become a busy place and somewhat of a destination spot for tourists as well.

[sobchbud1]

This video is interesting because it was taken at the height of the building boom 3 years ago. As a development junkie, it was like crack! It was exciting to witness the transformation. The city is finally beginning to realize its potential. :tup:

http://www.youtube.com/watch?v=5lJTFEyh3q8&NR=1&feature=fvwp

[alex1]

Yeah, I though a three bedroom condo in downtown Miami was renting for $900 a month. I'm not a complete idiot despite what you appear to believe. I live in LA for the love of God... two bed apts in Venice that aren't nearly as nice as the one shown in that ad go for nearly the same price. Look, I really don't want to argue about this. Not sure why we even are...

i hear you, man. $2700 for a newish 3 bedroom, downtown living, on the coast, with a gym and spa is an unbelievably good price.

I can get a somewhat run-down one bedroom in Manhattan for that price.

[alex1]

The difference is that he won't admit that he made his initial comments based on what he thought was $900 total. Instead he pretends that $2700/month rent for an apartment is really "too good to be true", even in a market that has tanked and seen home prices drop precipitously.

i think you're being a tad unfair. $2700 is a decent price for those of us in cities that are stupid expensive.

[futuresooner]

Finally some good news coming from Miami. While it is terrible at how many people lost it all because of the boom and following huge bust, we're finally seeing the potential of downtown Miami being tapped and fulfilled.

[Buckeye Native 001]

However, the State of Florida, much like the rest of the sunbelt, is in economic turmoil and there's no end in sight. Looking for silver linings at this point is stupid.

[Avanine-Commuter]

No, I was not "gunning for a fight from the beginning." Nor is it my fault if anyone has left this board.

How uptight do you have to be to bicker over his comment trying SO HARD to prove him wrong... on the internet? Please, get that stick out and chill out. WHO CARES IF HE READ IT WRONG OR RIGHT? Does it make a difference? No.:yuck: I'm guessing you're from NE no?

[J. Will]

How uptight do you have to be to bicker over his comment trying SO HARD to prove him wrong... on the internet? Please, get that stick out and chill out. WHO CARES IF HE READ IT WRONG OR RIGHT? Does it make a difference? No.:yuck: I'm guessing you're from NE no?

:haha:

Almost as uptight as someone bringing up a comment I made nearly a month ago.

Seriously, what was the point of that? I hadn't made a single comment in this thread for more than three weeks until you came along. I had let it go. Why couldn't you? I had "gotten that stick out and chilled". It's you bumping ancient threads for no reason who needs to learn to chill. Is this what you do? Bump month-old threads to bitch and bicker at people for no reason.

:jester: