Miami Condo Fiasco

So I called The Plaza on Brickell this morning. I had a few important questions and I had to tell them about the price reduction. So as it turns out, my asking price is the lowest in the upper part of the building. I have mine listed at $379,000 and it’s on the 45th floor. The closest unit is on the 43rd and they are asking $399,000…come on people…time to buy!

I also learned that building 901 will be ready in December but my building will only be ready 1st quarter of 2008 (January or February). It was nice to hear that the entire building had sold out three years ago, which means I am not competing with the builder…all the units they are selling belong to suckers like me.

The maintenance fee on the building will be $400/month. This means that if I have to rent it out, my mortgage will be maybe about $1700/month + $400 maintenance fee, $2100/month. I would have to rent it at $2100 to break even.

The other thing I asked is about is how many units are available for purchase…now I’m a bit depressed. There are still 250 units available. They have resold 150 units since the original sell out. On a positive note, there will be a real estate office in the building when it is completed and they will handle rentals for a fee…would love to know what that will be.