Villa Regina Auction – A Much Better Result

August 21, 2007 by Lucas Lechuga

Villa Regina

The Villa Regina auction that I attended this afternoon had a much better turn out and active bidders than the Neo Vertika auction I attended yesterday morning.

Villa Regina is a very well known building residing on the southern end of Brickell Avenue. It was built in 1982 and recently had a special assessment to update the common areas and the marina behind the building. Much of the work recently started and should be completed in upcoming months. The modernization project will also restore the impeccable reputation that Villa Regina once had.

Villa Regina is well known for its spacious floor plans. The 2 bedroom/2 bath unit up for auction today has 1,895 square feet of living space and a large terrace. The condo also has a nice bay view from within the unit and the terrace. I posted the pictures here a few weeks ago. As you can see from the pictures, the condo is in need of about $100,000 to $120,000 worth of work to make it into an A+ unit. The condo can easily be converted into a 3 bedroom.

The bidding started at $100,000. I attended the auction with a client who was looking to fix it up and sell it one to two years down the road. The bidding quickly jumped to $200,000 and then $300,000. $400,000 was called out but no takers. Then $350,000 was called out and quickly taken. We were out once that bid was made. It slowly proceeded north from there.

The winning bid was $385,000. The guy got a great deal, in my opinion. A highly upgraded unit six floors higher is currently listed at $699,900. That condo will probably sell for around $620,000 to $650,000.

My client and I were both hoping for a turn out much closer to yesterday’s auction for the condo at Neo Vertika. But as my client said, “Brickell Avenue is Brickell Avenue, living on it has much value”. I couldn’t agree with her more.

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2 Comments on "Villa Regina Auction – A Much Better Result"


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Anonymous
Cesar Prato
9 years 1 month ago

Lucas:

From what I see in your recent articles condos in Brickell are starting to fall below de $300 per sq. ft. price level. Do you agree?

Anonymous
9 years 1 month ago

There’s always been properties in Brickell for under $300 per square foot. They’ve been in the much older buildings though that require at least $50-$100 per square foot in work. The recent condo auctions have offered opportunities to get condos for under $300 per square foot but I would say that at least 95% of the condos in Brickell are still priced over $300 per square foot.

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