Over 80% Of Hyde Midtown Units Have Already Closed

Just over two months after Hyde Midtown opened, and most units already been closed.

In total, 470 units were built, split between 410 residential condos and 60 hotel units.

As of today, 363 deeds have been recorded in county records, or over 80 percent (there is often a delay in county records). Closing started in late February.

The 60 hotel units were sold to a single buyer for $21.8 million, but the hotel doesn’t appear to be taking reservations yet.

On the MLS, there are 75 units listed as available for rent. There are also also 21 units listed for sale (with some listed both for rent and sale).

Asking prices for units range from $415,000 to $1.3M, while rentals range from  $1,900 to $3,450.

Owners have access to hotel services from Hyde, and can rent the units up to 12 times per year

 

 

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Anonymous

rental 1brs are closing for ~$2k/month, and there is massive inventory. for buyers who thought they might get a premium rental income for this product, things are not turning out well.

Anonymous

Worst investment ever in Miami Real Estate. Sorry for the buyers.

Anonymous

trust me there have been worse than this… MUCH worse

Anonymous

Return on investment less than 2%. Since buyers overpaid in order to cover the 8% realtors commissions and other developer profits, then the loss is even higher. Again, sorry for the stupid buyers that just buy without analything the investment. Shame on developers and brokers who are responsible for this ficticiuos prices.

Anonymous

Plus, NO PARKING FOR UNIT OWNERS, just valet.
Plus, cheap, very cheap overall construction. Pool with no sun most of the day…
Tell me about ripping off buyers.

Anonymous

I can’t wait for automation to wipe out all these bullshit realtors just raking in thousands for listing a property and signing some paperwork. Between them and bogus developer fees, it’s no wonder the market is overpriced and a terrible investment.

Anonymous

If you knew how to invest in the market there’s plenty of opportunities to invest in no matter the point of the cycle ie: new development, resale residential and/or commercial.. BELIEVE ME. Don’t blame the realtors for your lack of experience or your stupidity… Such and ignorant comment would only come from someone who lacks knowledge or to put it bluntly is just simply a Hater with no capital….

Anonymous

Massive?
20% of the inventory for rent isn’t a lot in building that is still in the closing stage. ESPECIALLY when they can be rented for 1 month intervals. If someone furnishes the apt, and has it rented/occupied right now….they will leave it on the MLS as active. If they are renting a 1 bed as an Airb&b, they are making probably making $150 a night.

Anonymous

Now, reality is hitting hard. Return on investment less than 2%. What is it so attractive to invest in this type of buildings? well overpriced and still selling. I cant believe there is people investing here, losing money…

Anonymous

My least favorite building of late

Anonymous

The huge parking garage is my problem.

Anonymous

At least it doesn’t line a chunk of a whole block like Edgewater condos. But yeah, there should have been no excuse for so much parking if Coastal Link existed already like it should.

Anonymous

If I am buying a residence for $400k+, I sure as heck hope it comes with a parking spot.

Anonymous

Parking garages are the 1st defense in budget cut for developer, it’s much cheaper to hire valet and not have to comply with safety codes for self parking…

Anonymous

WHERE ELSE IS MY SELF-DRIVING CAR GOING TO PARK ITSELF?!

Anonymous

No need to yell.

Anonymous

all caps does not have to be a yell

Anonymous

What is your problem with the parking garages?
There is not even a mass transportation plan in Miami, people will need to park their cars somewhere.
Look at what the Ft. Lauderdale all white baby boomer activists did to the Wave Streetcar?

Anonymous

well its sort of chicken and egg. The other issue is that its just shortsighted, self driving cars are coming and private vehicle ownership isn’t going to be as big a thing. We are building a city of garages that will only be relevant for a decade at most.

Dirk Digler

So what?

Anonymous

Self driving cars. That is funny

Anonymous

“Relevant for only a decade” ….? Dude lay off the bong pipe, you’re talking nonesense…

A. Nonymous

I will be happy to turn my dedicated garage space into storage when I no longer need it.

Anonymous

And if it’s valet and you don’t have access?

Anonymous

Are you kidding?