why do you think downtown dadeland failed? (Jacksonville, Miami: apartment, rental market)

[msh0146]

Originally Posted by eddostarr305

that should have been their target demographic from the beginning
the bachelor who gets his entry level position making 40,000 - 60,000 who can afford
to pay 1,200 for a single bedroom
that would have been ideal and i think most real estate agents can sell that

and with the addition of young professionals comes everything else

but starting at 1,500 is too steep for that neighborhood....at the moment atleast

Agreed.

My job just moved me to Miami from Atlanta. I looked, and looked, and looked for suitable housing stock right in Dadeland. It would have been perfect for me -- two young kids, and I like to take the Metrorail to my office in downtown Miami.

Keep in mind that I moved here from Atlanta, where housing prices are very low, especially for a major metro area. So I had slight sticker shock at first, but the more I looked, I realized that the interior finishes and fixtures in all those condos are laughably bad. It's like "Building by Ikea." Horrible.

We decided to rent until we know the area better, and I was completely shut out of finding any rentals that would accept my small dog. Found an older TH about a mile away from the Metrorail station, so it works out fine for the time being.

I never, ever would "root" for a development to fail. I hope this one succeeds, but I can't understand what the developer(s) were thinking here.

[WrongStreet]

I have a hard time disagreeing with a lot of what's been said in this thread. I feel like Dadeland is still trying to sell a lot of it's older inventory, which is more affordable, and leaving all the newer developments untouched until prices stabilize or reach a happy medium. I'm sure things will get better for the area as the key centers like Brickell, Coconut Grove, Sunset start spreading out with more development.

This is off topic, but anybody have any thoughts on the developments being constructed all over the Grove? Off S. Bayshore and 27 ave the old Wyndham Grand Bay was torn down and becoming some bayfront condos. I think the same developer has ideas for the big parking lot where Coconut Grove bank is.

[shamrockfisher]

Originally Posted by msh0146

Agreed.

My job just moved me to Miami from Atlanta. I looked, and looked, and looked for suitable housing stock right in Dadeland. It would have been perfect for me -- two young kids, and I like to take the Metrorail to my office in downtown Miami.

Keep in mind that I moved here from Atlanta, where housing prices are very low, especially for a major metro area. So I had slight sticker shock at first, but the more I looked, I realized that the interior finishes and fixtures in all those condos are laughably bad. It's like "Building by Ikea." Horrible.

We decided to rent until we know the area better, and I was completely shut out of finding any rentals that would accept my small dog. Found an older TH about a mile away from the Metrorail station, so it works out fine for the time being.

I never, ever would "root" for a development to fail. I hope this one succeeds, but I can't understand what the developer(s) were thinking here.

Buyers are unfortunately not as discerning in Miami as they are in Atlanta or other major metro areas and from finishes to lot sizes developers get away with a lot of garbage in South Florida.

[straight shooter]

Originally Posted by shamrockfisher

Buyers are unfortunately not as discerning in Miami as they are in Atlanta or other major metro areas and from finishes to lot sizes developers get away with a lot of garbage in South Florida.

I have noticed that too, but I cannot figure out why. It just seems that the buyers in Miami are less informed and knowledgeable.

[Chelito23]

Many people in Miami are Miami centric. They put up with the lower quality for higher prices because it's Miami. That is because of low information buyers, low standards and people tripping overthemselves to compromiso and get a piece of the Miami bubble real estate pie.

[bale002]

People with means, based on the fruits of an industrialized society, want Miami, a narrow sliver of land between ocean and swamp, because of warmth, water, US soil, and US administration.

As far as strictly downtown Dadeland, what do you expect after less than 10 years, the last five of which under overall constrained growth conditions?

Miami overall is only a century old, compared to New York, about four centuries, and, say, Rome, three millennia.

Overall, I take Dadeland area to mean, besides downtown Dadeland, east Kendall to around 87th Avenue and the hospital, South Miami (notwithstanding its own "downtown"), northern Pinecrest, and parts of southern Coral Gables, and anyone who regularly shops at the Dadeland Mall and all the other retail facilities in the area (e.g. "downtown" for northern Pinecrest is the Dadeland Publix, the Dadeland Mall, and of course all of nearby US 1; for southern Pinecrest the Falls and all of nearby US 1).

I think of the Dadeland area, then, in terms of the very close proximity of retail shopping and banks, as well as public transportation, the close proximity to at least three hospitals and all kinds of general and specialized medical services, of public and private schools from pre-K to university, churches, and intercontinental airport, and certainly not in terms of late-night watering holes about which most people, the weirdos, do not care.

The Dadeland area beats both Brickell and Coral Gables with a stick in terms of the very close proximity to a wide and deep variety of retail shopping, and it beats Brickell with a stick in terms of the close proximity to a wide and deep variety of educational facilities.

To be sure, there are still some distressed units in the condo buildings in the area, but I would bet not more percentage-wise than in other areas, and on a price-per-square-foot basis they are still less expensive than Coral Gables and Brickell. To be sure, the designs are lacking in terms of family comfort, but, again, compare that to, say, a 1930s building in UES Manhattan (Atlanta?, you've got to be kidding me, right?). And yes, it would be nice to have some significant green park or some other developed open public space within walking distance of the immediate area, but in the US, the mall is the piazza, so make the best of it.

Overall there is a lack of quality inventory in the area, both SFHs and condos/townhouses (comfortable, family-sized condos and townhouses exist, but they are rarely on the market, gee, I wonder why?), the rental market is very fast, liquid and robust, and, yes of course, developers are really stupid with their money and they continue to build condos and rental communities because they see no unsatisfied demand whatsoever, neither now nor going forward.

Yes, the real and potential damage of monetary bubbles sucks, but we cannot wait around all of our lives in fear of such real and potential damage, it happens. But there is the upside too: would you rather live in the swamp, or in extreme humid heat in summer (e.g. Jacksonville, Atlanta, or even New York which, by the way, gets blasted with hurricanes too) and/or in freezing effing cold in winter?

[msh0146]

Cool story bro. Why so defensive???

[eddostarr305]

honestly if you ever lived by the jamba juice/guitar center/starbucks infront of starbucks on 77th avenue
theres a ton of apartments for 900 a month....walk in closets the size of rooms....walking distance to starbucks,dadeland etc

downtown dadeland eventually is going to have to make adjustments or their going to end up like the bakery centre

given on a smaller scale

[straight shooter]

The main question is why pay a premium to live within walking distance to dadeland mall. It is not like you are going to go there everyday. You pay a premium for a water view, a safe area or a close commute to work. Those are things that you will take advantage of and enjoy everyday.

[jasper12]

Overpriced for location. Why rent there, when a few blocks down apts are $800?