Good-bye to the boom. The South Florida Condo Graveyard.

[larrysofla]

I have been reading about more and more condos in the Fort Lauderdale/Miami/Palm Beach areas that are never being built. The Waves Las Olas is a good example, as is 300 Third in Fort Lauderdale, and I hear that ICE Brickell is being scrapped. It looks like everyone is coming to the realization that the we didn't need over 100,000 new condos for the richest of the elite in the tri-county area. It is a shame though. I liked the new tall and pretty buildings. Too bad none of them included units that people who would actually consider living downtown could afford.

So lets make a list, shall we? The South Florida Condo Graveyard? Can you think of any other projects that are dead?

[Dale]

1101 Brickell

Onyx 2

Premeire Towers

And what's that mixed-use tower by Stiles for downtown FTL ? 200 Brickell ?

[Urban Catalyst]

ICE 2

*This is a depressing thread

[Urban_Legend]

Yeah this is depressing. I wish developers would start building affordable housing in South Florida. I'm not even talking just skyscrapers. You can't even find affordable single family homes in southern Palm Beach County. Where do the nurses, teachers, firefighters, and all those other middle-class employees live?

[Dale]

Although for the sake of accuracy, no one could have expected all these projects to be built. And I daresay that to date, Miami has had comparatively few of its projects to cancel.

[Urban Catalyst]

I imagine it would be very difficult to build just affordable single family homes because of the high cost of land.

However, in older, higher-density neighborhoods, we can partly blame gentrification for the lack of affordable housing. But on the other side, it brings in a higher property tax base from which the government can use to subsidize affordable housing. I guess effort is the answer.

Wait. There's no Ice Brickell, is there? I hope larry wasn't talking about Icon Brickell!

[Dale]

I imagine it would be very difficult to build just affordable single family homes because of the high cost of land.

However, in older, higher-density neighborhoods, we can partly blame gentrification for the lack of affordable housing. But on the other side, it brings in a higher property tax base from which the government can use to subsidize affordable housing. I guess effort is the answer.

Wait. There's no Ice Brickell, is there? I hope larry wasn't talking about Icon Brickell!

No, Icon Brickell is well underway. In fact, I read somewhere this week that the timetable has been accelerated.

[OutlawSteph]

I live in an apartment complex west of 441 which was supposed to be going condo. Guess what? They are not selling, and our leases have been extended seven months. My unit which is about 1200 square feet, 2 bedrooms/2 bathrooms was selling for $266,000. It's not even worth half that. Plus, they let section 8 tenants move in. When are the developers going to charge fair prices? Real estate here has become a get rich quick scheme.

[metropolis]

Developers will charge, "fair" prices when people quite paying the high prices. Developers do not set prices, they simply make an offering of a high price, if no one buys then they lower the price, if people take the higher price and buy quickly, then the developer raises prices. In the end, it's the consumer that sets prices, not developers. The developer takes a risk and hopes that the market will allow it to make a profit...the higher the profit the better for the developer, obviously.

Back to the topic: Another project that was scrapped was the Mission Bell in Kendall, next to Baptist Hospital. This was, I believe, like 400 condos and a lot of them were actually sold, but the city didn't give the final approval at the end and all the buyers got their money back, plus 7% interest.

Also, I know it's depressing to hear that some of these gorgeous buildings are not going to be built afterall, but let's think long-term: it's really better that we don't overbuild at a rate that cannot be met by demand, otherwise the real estate could crash and this will scare many developers from touching South Florida in the future. I think it's good that many of these plans have been scrapped. We have enough condos for the next 5 years. Let's let people start moving into South Florida to fill these condo buildings to capacity; once this happens and the demand begins to outweigh the supply again, then we can begin building again.

[renner01]

Developers will charge, "fair" prices when people quite paying the high prices. Developers do not set prices, they simply make an offering of a high price, if no one buys then they lower the price, if people take the higher price and buy quickly, then the developer raises prices. In the end, it's the consumer that sets prices, not developers. The developer takes a risk and hopes that the market will allow it to make a profit...the higher the profit the better for the developer, obviously.

Back to the topic: Another project that was scrapped was the Mission Bell in Kendall, next to Baptist Hospital. This was, I believe, like 400 condos and a lot of them were actually sold, but the city didn't give the final approval at the end and all the buyers got their money back, plus 7% interest.

Also, I know it's depressing to hear that some of these gorgeous buildings are not going to be built afterall, but let's think long-term: it's really better that we don't overbuild at a rate that cannot be met by demand, otherwise the real estate could crash and this will scare many developers from touching South Florida in the future. I think it's good that many of these plans have been scrapped. We have enough condos for the next 5 years. Let's let people start moving into South Florida to fill these condo buildings to capacity; once this happens and the demand begins to outweigh the supply again, then we can begin building again.

I have these also as dead:

Park Lane Tower

Platinum on the Bay

Soleil

The Sapphire

[JRS1]

was 1101 Brickell that 3-tower deal?

[Urban Catalyst]

was 1101 Brickell that 3-tower deal?

Just one. Brickell Citi Centre and Icon Brickell are the ones with three towers.

[Urban Catalyst]

I want Cima and the rest of the River Front community to die. Gated communities don't belong in world-class cities like Miami.