Neo Vertika Auction – Going, Going…Not Gone?
August 20, 2007 by Lucas Lechuga
A few weeks ago I mentioned that a 2 bedroom + den/2 bath unit at Neo Vertika would be auctioned on August 20, 2007. I attended the auction this morning.
A single family home in Palmetto Bay was auctioned first and about 5-6 people participated in that auction. There were probably about 35-45 people in the room but most were spectators. The highest bid for the Palmetto Bay house was $476,000. After that auction was over, the room pretty much cleared out.
Only 2 people participated in the Neo Vertika auction. It seemed as though they were unfamiliar with Neo Vertika but participated for a few rounds simply because no one else was bidding. I think it was a bad idea to have the auction in Palmetto Bay. The highest bid came in at $135,000.
Before everyone gets excited, let me tell you that it is almost certain that the bank will reject that bid. I spoke with the auctioneer afterwards and he told me that it is very, very likely that it will get rejected. He said that the bank is looking for something in the $300K's.
The unit at Neo Vertika is a 2 bedroom + den/2 bath with 1,255 square feet of interior space and a balcony that spans the length of the unit. It has 20-foot ceilings with floor-to-ceiling windows. The unit is on the 29th and 30th floors, faces south with views of Biscayne Bay and comes "decorator-ready". Neo Vertika was completed in August of last year.
It isn't too late to grab this 2 bedroom condo at Neo Vertika. Give me a call if you're interested in acquiring it.
If the bank rejects the bid, does that mean they will try to auction it off again, or in ur experience they will just put it on the market for showing?
John,
They are still accepting offers. I have someone flying in tonight to present a cash offer to them tomorrow. We’ll see how low they are willing to accept.
Great website Mr Lechuga. Keep it up. I’d recommend posting google maps with the locations of each building because they are so many that u lose track
Jaime,
Thanks for reminding me. I did that for about a week but that was a while ago. I’ll have to start doing it again.
That $135K is painful – but knowing that there might be a sales in the $300’s is still a good buy.
Can you please provide an update on the status of the Neo Vertika unit? Thanks, and congratulations on the excellent website. Very helpful and professionally done.
Can you provide an update on this unit? thanks!
Hello, Can you please update us on this unit! Thanks!!
great website
Interested in purchasing high floor truly minimalistic building one bedroom or a studio
any thoughts