Miami Condos Investments

All Non-Absolute Offers Rejected

September 21st, 2007 · 6 Comments

I just received word that the 7 high bids that were contingent upon approval from the developer have all been rejected.

Fisher Auctions did a great job last night. It is just too bad that they weren’t working with a truly motivated seller. What was the developer expecting?

Tags: Condo Auctions · Miami condo news · Miami condos


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6 responses so far ↓

  • 1 kim /Sep 21, 2007 at 3:18 pm  Vote: Add rating  Subtract rating  

    Do you have any idea what the developer’s plans are for these remaining units after rejecting the bids? Nearly a third of the units are still for sale in this building. This doesn’t even include FSBO’s. These units can’t be rented at a price point anywhere near to carrying costs. I have a feeling that the developers will attempt a serious marketing campaign using the “back-up bidder forms” as well as the registration roles. When asked, no one would tell me how many registered bidders were there (I counted only around 20 or so — just going by name tags). Surely, the developer cannot expect to get prices higher than the pure market prices established at the auction. This was a well-advertised event that drew a disproportionately tiny pool of registrations.

    BTW, it was a pleasure meeing you last night. Keep up the excellent research…

  • 2 Anonymous /Sep 21, 2007 at 4:51 pm  Vote: Add rating  Subtract rating  

    How much do you you think the auctioneer’s 10% fee figured into this debacle?

  • 3 q /Sep 21, 2007 at 4:58 pm  Vote: Add rating  Subtract rating  

    No way will the remaining units fetch much higher than the auctioned amounts. The developer is either in denial, or has the bank calling the shots. And we know how misinformed the bankers are.

  • 4 qt /Sep 21, 2007 at 5:24 pm  Vote: Add rating  Subtract rating  

    Rumors are that the developer plans to rent out the remaining units. My guess is this was always his plan from the beginning. He got huge media coverage and now people who never heard of Platinum Condominium know all about it. But his asking rental fees are comparative to the Brickell area and NE 30th St is not Brickell. When the bulk of buildings open soon near the Carnival Center and he has 15 or so empty units, he’ll regret his decision. It’s just a shame he wasted so many people’s time.

  • 5 Jaime /Sep 21, 2007 at 8:52 pm  Vote: Add rating  Subtract rating  

    Sad.
    People travelled from out of state and internationally for this auction too.

  • 6 Kevin /Sep 22, 2007 at 11:03 pm  Vote: Add rating  Subtract rating  

    Jaime-Why is this sad? The people that came to this auction were coming there to see if they could “steal a deal.”

    I feel far worse for the people who purchased in that building in the first place.

    qt- The developer doesn’t have any choice. There are not any buyers for that product.

    Platinum now has a reputation of being a loser–how could that be good for it’s reputation?

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