Is Mandarin Oriental Residences Miami a Smart Condo Investment? Prices, Floorplans, Views & Finishes

[@ian-pea]

Very interesting but surprised that you didn’t mention the Waldorf Astoria Residences in your comparisons and wonder why?

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[@ikGREENY]

I don’t even need to watch this. No. It’s not. And if you say it is you’re going purely off speculation because Miami prices have been dropping rapidly for a while now. Just look at the numbers. There’s too many huge luxurious residential buildings being built. You have very small areas with insanely luxurious high value high priced units / real estate and then you have a large area of completely worthless low income and low value property. That has to shift with how rapidly the city is growing because of the amount of units becoming available along with the fact that you’re already priced above almost any other big city in America. You’d be surprised. More than most of NYC. More than Chi. More than LA. Those prices have to drop according to basic data analysis of the market.

[@rudyfidelino3995]

@@ikGREENY Thanks for the insight. Note my comment about how MO sounds a bit too good to be true. You hit the nail on the head as to why.

[@don_kandon6006]

Yeah, i checked some of those mentioned condos here, and in the past 3-6 months, everything sells at up to 20% discount of the original asking price. Average is probably like 10%. Also in these areas, inventory is spiking. Inventory still not at prepandemic levels, but heading there. Do not forget that fed rate is not equal mortgage rate, it actually spiked recently. But thats just overall observations. The mandarin building is definitely #1 for upcoming 10 years+. Only negative is you got no beach, but everything else is top, top notch. If i had to buy, i would probably buy in continuum, just love that south of fifth area, or maybe something on the beach in bal harbor by the shoping center, or biscane bay. Oriental is for somebody who is doing business in brickle/downtown and wants mini island.

[@rudyfidelino3995]

Relative to comps, the pricing of the MO Residences actually sounds too low. I have to wonder what's the catch.

[@nickgeorgiou7770]

All the comments about how expensive the Miami RE market is coming from people that have no clue about high end RE. $2500/ foot for a property this luxurious is a fair price. Especially with the property won’t be ready for 5 years. I predict when the building is finished it goes for over $3200/ foot.

[@JeremeyHowlett]

Do not invest in real estate. It only makes sense to own a primary residence. These condos are priced so high, that you must have deep pockets to afford the taxes and maintenance fees that can easily run over 5k per month, it’s just not worth it. Plus we are heading towards a cash less society meaning , everyone is going to have less cash because we are not going to be creating high paying jobs. Instead people will pay little to no rent, this will enable many people to live comfortably and work the service job positions that we so desperately need to fill. This is also why the government is keeping the home prices high, that way more investors sell to the government without losing all their money.

[@don_kandon6006]

Not worth it for who? This is exactly the building that is FOR DEEP POCKETS. Cheapest one starts at 5 mil. A lot of these will be 2nd or 3rd residencies, so 5k/month hoa is pocket change for who ever buy these. You have to understand, this is not toyota dealership, this is bentley, rolls-royce.

[@rudyfidelino3995]

Also, is the bridge that connects Brickell Key to the mainland just 1 lane in each direction? That could be a dealbreaker. Imagine being in a rush to get somewhere, and a car breaks down or there's an accident. If there's just a single lane to get off the island, be prepared to put your car in Park and wait a looooooooong time.

[@don_kandon6006]

Its 4 total, 2 in and 2 out.

[@GilMirin]

To add to this the bridge never goes up and its quite short

[@gregorysteele718]

WHATS THE PRICE WHEN ITS UNDER WATER?

[@juverparadox]

Another condo building for the 1%. In the meantime, the 99% is worrying about the prices of homeowners insurance.

[@jasonhutchinson8060]

By delivery in 2030 you will be fortunate to be physically or financially above water. And fundamentally, nobody should buy at the top of the market cycle. And we are here. Or do you think a >100% gain in condo values in 3 yrs is somehow, normal or sustainable? Put your money in an S&P 500 ETF for the next 6 years. This ocean facing condo and all its myriad of taxes, fees, insurance policies, weather damage, maintenance, depreciation, etc, etc.....is a bad, bad, bad idea.

[@drdorann]

Having just gone through the purchase of an ultra luxury condo in Manhattan that took 3-4 years to occupy I can say I don't think I would ever do this again. There are so many issues with being the first in with some of the worst being lack of elevators with the heavy use of them for ongoing construction/furniture deliveries and many amenities that are not completed for 2-3 years on average after moving in. I got a notice that the Rooftop deck and one of the IMax theaters was finally opening up the week I was going to the closing to sell the place. Also, some of the final finishes and exterior were not as pleasing (super dark hallways and elevators). Love the finishes though on this property.