Midtown Miami overcomes challenges (Everglades: sales, real estate market, foreclosure)

[WINTERFRONT]

Growth at Midtown Miami hasn't been easy. But the project is overcoming its challenges.

BY ELAINE WALKER

EWALKER@MIAMIHERALD.COM

The dream of Midtown Miami as an urban community where people can live, work and play is starting to happen after a long eight years.
But getting there has taken a combination of foresight, luck and deep pocketed owners with a long-term commitment.
Developer Midtown Equities acknowledged in 2008 that the Miami condo market was overloaded and closing the sales of four condo buildings was going to be impossible.


Read more:

Midtown Miami overcomes challenges - Real Estate News - MiamiHerald.com (http://www.miamiherald.com/2010/08/15/1775428/midtown-miami-overcomes-challenges.html#ixzz0wioVulW9 - broken link)

[Wild Style]

Cayre's goal is not to sell until the condo prices get back to the vicinity of $350 a square-foot. At its peak, the Midtown units sold at an average of $400 a square-foot.

So I guess these will not be going to condos then.

[Coconut1]

Originally Posted by Wild Style

So I guess these will not be going to condos then.

Correct.

But, at the same time, rentals are not bad, either. It's much better that they're renting these units then have them 1) Sit and rot like Everglades on the Bay seems to be doing, 2) Allow people the option of renting in a newer area and 3) Continue making Midtown vibrant.

A healthy city needs rentals so I'm actually glad to see these will be staying rentals for quite a while.

[Wild Style]

Originally Posted by Coconut1

Correct.

But, at the same time, rentals are not bad, either. It's much better that they're renting these units then have them 1) Sit and rot like Everglades on the Bay seems to be doing, 2) Allow people the option of renting in a newer area and 3) Continue making Midtown vibrant.

A healthy city needs rentals so I'm actually glad to see these will be staying rentals for quite a while.

You gets no argument from me sir

They need to lower the rental rates though. Place is still pretty empty, so is the northern part of downtown Miami. On the weekends its (Northern half of downtown Miami) like a scene from 28 days later. Well except for the occasional bum. Which is so weird/good. They did a great job of removing a lot of the homeless from downtown Miami proper. But just a few blocks north there are still pockets of them sleeping on sidewalks. Also whats up with all those darn empty shops.

Miami will get there though. I have faith in Miami.

[WINTERFRONT]

Me hazzzz faiwwthzzz 2 ^___________^

[Coconut1]

Originally Posted by Wild Style

You gets no argument from me sir

They need to lower the rental rates though. Place is still pretty empty, so is the northern part of downtown Miami. On the weekends its (Northern half of downtown Miami) like a scene from 28 days later. Well except for the occasional bum. Which is so weird/good. They did a great job of removing a lot of the homeless from downtown Miami proper. But just a few blocks north there are still pockets of them sleeping on sidewalks. Also whats up with all those darn empty shops.

Miami will get there though. I have faith in Miami.

No argument from me on lowering the rental rates!

In Downtown if you go down NE 7th, 8th, 9th Streets and a couple other streets (west of NE 2nd Ave) you'll see the transformation at night. It goes from just a few homeless during the day to jam packed at night. There are literally homeless people crowded onto the sidewalks there. Terribly sad.

I'd like to see the City of Miami offer a property tax incentive to building owners to give small business entrepreneurs with solid business plans and ideas free rent for 2-3 months while they got their business on its feet.

Business will return sooner or later, but I believe if some "drastic" or unconventional measures are taken now it will not only make Downtown an even more vibrant area, but will also increase tourism, small business ownership within the city, and help the real estate market, among other things.

[Wild Style]

Originally Posted by Coconut1

No argument from me on lowering the rental rates!

In Downtown if you go down NE 7th, 8th, 9th Streets and a couple other streets (west of NE 2nd Ave) you'll see the transformation at night. It goes from just a few homeless during the day to jam packed at night. There are literally homeless people crowded onto the sidewalks there. Terribly sad.

I'd like to see the City of Miami offer a property tax incentive to building owners to give small business entrepreneurs with solid business plans and ideas free rent for 2-3 months while they got their business on its feet.

Business will return sooner or later, but I believe if some "drastic" or unconventional measures are taken now it will not only make Downtown an even more vibrant area, but will also increase tourism, small business ownership within the city, and help the real estate market, among other things.

thats a good idea in terms of business. But they also need to fill up those condos. Without the warm bodies in there, there will be no one to frequent the businesses. I say lower the rates to a sensible rate and then implement your plan with the store fronts. They need to do something because that park west area or whatever its called is pretty bad.

[Coconut1]

Yes, it's almost a catch 22. If there's nothing around, who wants to move there? If there's nobody around though, how will a business survive there?

At this point I think condos are pretty cheap still and if the businesses did move in and it (condos) were promoted on a couple different points, i.e.- this building is sustainable, up on it's HOA fees, have foreclosure rates in there etc. etc. then people would begin buying more. There are good buildings in Miami that were built during the boom, it's just a matter of convincing buyers that.

[Wild Style]

Originally Posted by Coconut1

Yes, it's almost a catch 22. If there's nothing around, who wants to move there? If there's nobody around though, how will a business survive there?

At this point I think condos are pretty cheap still and if the businesses did move in and it (condos) were promoted on a couple different points, i.e.- this building is sustainable, up on it's HOA fees, have foreclosure rates in there etc. etc. then people would begin buying more. There are good buildings in Miami that were built during the boom, it's just a matter of convincing buyers that.

I agree with you on everything accept price. I still think they are over priced given incomes for the area.

[hurricaneMan1992]

What Midtown needs is better public transit to downtown:

Route 36 morning peak hour service:
06:54AM, 07:14AM, 07:34AM, 07:54AM, 08:14AM, 08:34AM, 08:54AM
And this only takes you to the Omni metromover station!

God forbid you have to get between downtown and Midtown during lunch hour...