I was notified tonight that twenty condo units at Platinum Condominium will be auctioned off on September 20, 2007. Eight of those units will be auctioned “absolute”. This means that the condo(s) will be sold to the highest bidder. There are no minimums and no reserves.
This is major news! The 20 units up for auction at Platinum Condominium represent 16.8% of the overall units in the building. The are a total of 119 units in the building with 7 units per floor. I think 20%-30% default rates in other developments is not out of the question.
A few months ago, after Platinum Condominium began closings, I did a pictorial and video review of the building. You can view it by clicking on the following link: pictorial and video review of Platinum Condominium. Any information that you seek regarding this development will be found there. If for some chance, you have a question that isn’t answered there, then feel free to contact me.
For you Miami condo vultures, this might be a great opportunity to own a bulk of units at a really good price. If they can be acquired at a good price, you may even be able to rent them out with positive cash flow until the neighborhood turns around and sell them for a nice profit.
Those looking to buy a single condo at an auction at a good price, this may be your opportunity. I am very knowledgeable in the various floor plans at Platinum Condominium. My services are available to you to act as your representative at the auction. I will be attending the auction regardless. I will act in your best interests. If I walk out of that auction without one of my clients acquiring one condo then you can be assured that the prices offered were too high. I am completely comfortable walking away from that auction without one sale being made. The people who know me well know that I am not a tough or pushy salesman.
Contact me for more information regarding the Platinum Condominium auction.
- Unit 301 – 3 bedroom/3 bath
- Unit 501 – 3 bedroom/3 bath
- Unit 1001 – 2 bedroom + den/2 bath
- Unit 1101 – 2 bedroom + den/2 bath
- Unit 1201 – 2 bedroom + den/2 bath
- Unit 1404 – 1 bedroom/1.5 bath
- Unit 1602 – 1 bedroom/1.5 bath
- Unit 1802 – 1 bedroom/1.5 bath
- Unit 2002 – 1 bedroom/1.5 bath
- Unit 2102 – 1 bedroom/1.5 bath
- Unit 1705 – 2 bedroom/2 bath
- Unit 1905 – 2 bedroom/2 bath
- Unit 707 – 2 bedroom + den/2 bath
- Unit 1607 – 2 bedroom + den/2 bath
- Unit 1907 – 2 bedroom + den/2 bath
- Unit 2007 – 2 bedroom + den/2 bath
- Unit 2107 – 2 bedroom + den/2 bath
- Loft 103 – 2 bedroom/2 bath
- Loft 107 – 1 bedroom/1.5 bath
26 responses so far ↓
1
Alberto Gonzalez
/Aug 10, 2007 at 5:22 pm
Vote: 
How I do register for the Platinum condo auctions in Sept 20?
Regards
Alberto Gonzalez
2
rita hentschel
/Aug 10, 2007 at 6:19 pm
Vote: 
can you please send me email about this auction and a number that i could call….
ritah1306@aol.com
thank you
3
Jim
/Aug 10, 2007 at 6:20 pm
Vote: 
What is needed to register for auctions – what is range of prices for 3br’s 2br’s and 1br – your best estimate? use email
4
oscar rodriguez
/Aug 11, 2007 at 3:40 pm
Vote: 
What is needed to register for auctions – what is range of prices for 3br’s 2br’s and 1br – your best estimate? use email
5
J. Perez
/Aug 11, 2007 at 6:58 pm
Vote: 
Do you know what the monthly maintenance costs are and what is the average rent for a 1 br and a 2 br?
Thanks.
6
marco delpozo
/Aug 12, 2007 at 11:30 am
Vote: 
plse foward me some info on the sale im very intrested
7
German Hoyos
/Aug 13, 2007 at 3:34 pm
Vote: 
What is needed to register for auctions? Please use email
8
Maria Gagliardo
/Aug 14, 2007 at 2:34 pm
Vote: 
I am interested in the up coming auction registration and viewing of units
9
ROBERTO Massuh
/Aug 15, 2007 at 10:47 am
Vote: 
I am very interested in buying one or more of these condos. How do you get registered to bid? Please contact me by email or by telephone
10
Perez
/Aug 15, 2007 at 9:34 pm
Vote: 
Lucas, congrats on the NBC piece.
http://video.nbc6.net/player/?id=142137
I think this auction will provide buyers a great opportunity to own in a great, water-view building.
11
Lucas Lechuga
/Aug 15, 2007 at 9:53 pm
Vote: 
Perez,
Thank you! And thanks for the heads up on the auction.
12
Zelmira Hatala
/Aug 16, 2007 at 11:05 am
Vote: 
How can I rgister to bid online
and could you reveal aproximate prices?
Tx
13
Lucas Lechuga
/Aug 16, 2007 at 3:05 pm
Vote: 
I don’t think they are going to have online bidding. As far as I know, you need to be present, send in an absentee bid or give someone power of attorney to bid for you.
14
CJ
/Aug 23, 2007 at 12:04 am
Vote: 
I am interested! Can you kindly email me a list of the 20 units available, their respective listed prices and square footages. I also believe that if the developer wants to sell/move these remaining units, they must be offered at prices more favorable than pre-construction and/or any recorded purchase price on the County’s site. Those prices were inflated and we, as potential buyers, can not forget that approx. 55,000 units will be coming online within the next year to year and a half. There will be plenty of good, if not great deals to be had. The buyers market has only begun. Do you agree?
15
Lucas Lechuga
/Aug 23, 2007 at 5:15 pm
Vote: 
CJ,
The list of units are above. You can reference the developer’s website at http://www.platinumcondo.com to see the square footage of each unit.
55,000! It seems like the number keeps jumping every week. Are you counting all of South Florida or just Miami? Miami is not even close to 55,000.
16
vincent gonzalez
/Aug 24, 2007 at 5:47 am
Vote: 
Please informme of thisauctionwith more info.
thanks
17
larry
/Aug 27, 2007 at 4:43 pm
Vote: 
I bet there will be plenty of schill bidding on these units. Most 2brs originally sold in the low to mid 400’s. These should go in the mid 300’s, that is if the shills are not involved.
18
Kerry Fisher
/Sep 12, 2007 at 9:44 pm
Vote: 
No deal, why to go there with a cashiers check of 10 k + 10% down payment to any of the units purchased when next year they will be finishing over 20 buildings and the economy brokening in pieces? Most of the economits predict that 2008 will be an economic disaster for the United States and of course the housing sector. I will not invest in anything until I see whats going to happen in this country. Renting the property? pleeeease… to who and for how much? did you forgot that there are 120 buildings to be finished in the next 2 years? I guess they all use the same sales pitch, ” buy and then rent ” is a good investment… thats because many are declaring bankrupties, and banks are foreclosing.. .think please, if the economy goes hell, may will be fired due to this and very few will be able to “rent” your property for tousands of dollars and more in Miami, where there is not a solid industry but a broken tourism that indeed is sensitive to recesions… If you are going to buy something, do it when is really low in price, like almost 3 times less of the original price of even lower… otherwise.. dont bother and dont trust anyone that tells you the oposite. thanks
19
hisham ferzli
/Sep 15, 2007 at 7:38 am
Vote: 
hi lucas, how do i register and bid for the auction. thanks
20
George Sanchez
/Sep 15, 2007 at 12:12 pm
Vote: 
Could you please e-mail me the original pre-construction list of sales prices of all units in the building when it first went on sale over 2 years ago. Thanks!
21
hisham ferzli
/Sep 18, 2007 at 9:58 am
Vote: 
High Lucas, I saw on the pictures in front of the platinium right on the water some low rise apartments, can they be later on developed into a high rise and block the views? Thanks
22
Lucas Lechuga
/Sep 19, 2007 at 1:27 pm
Vote: 
The developer of Platinum Condominium has the rights to those low-rise apartments. Platinum on the Bay was supposed to be developed there but the project was scratched. The developer is looking to sell the land and development rights.
23
Andres
/Sep 21, 2007 at 10:59 pm
Vote: 
Will there be another auction coming up? If so when.
24
Lucas Lechuga
/Sep 24, 2007 at 9:10 am
Vote: 
I haven’t heard of any big auctions being announced. You can be sure though that when I do, I will post something about it on my blog.
25
leszek zajac
/Oct 24, 2007 at 8:47 pm
Vote: 
looking for auction on low price condo soth beach
26
jay patel
/Dec 20, 2007 at 1:56 am
Vote: 
please forward info regarding 3 bd room condo & price. also procedure to register.
thanks.
Jay.
Leave a Comment