Brickell on the River North Tower – 2 Bedroom/2 Bath Foreclosure – $159,000
$151 per square foot! That’s the asking price of a 2 bedroom/2 bath condo foreclosure at Brickell on the River North Tower that came onto the market a few days ago. The 15th floor condo has 1,051 square feet of interior space, faces east towards the bay and overlooks the swimming pool.
The listing does not include any pictures but the property details state that the condo has marble and wood flooring. The current asking price of $159,000 for the 2 bedroom condo foreclosure is $91,000 less than the next best priced 2 bedroom. The condo was purchased in April 2006 for $461,500.
Last week, I inquired with the association of Brickell on the River North Tower about the percentage of condo owners who were delinquent more than 30 days on their HOA fees. They wouldn’t disclose a specific figure to me but they did reveal that it was over 15 percent. This means that any serious offers would need to be all cash due to the new Fannie Mae guidelines that went into effect in January 2009. Contact me if you would like to view this 2 bedroom condo foreclosure in person.
Brickell on the River North Tower is a Groupe Pacific high-rise condo development that was completed in 2006. It has 24-hour concierge/security, valet parking, swimming pool, hot tub, state-of-the-art fitness center, men’s and women’s spa, conference room and club room.