100+ Properties to be Auctioned This Saturday
October 17, 2007 by Lucas Lechuga
I decided to go ahead and inform everybody about it though because a few of the condos reside in developments that I've previously mentioned. For example, two condos from Vue at Brickell will be auctioned on Saturday while The Club at Brickell Bay will have one. No surprise there!
Here is a list of some of the condos in some of the more well known developments that will be auctioned:
- Cite on the Bay - Unit #110 - 3 bedroom/2 bath - 1,475 SF
- Four Ambassadors - Unit #344 - 1 bedroom/1.5 bath - 940 SF
- Loft Downtown - Unit #204 - 1 bedroom/1 bath - 784 SF
- The Club at Brickell Bay - Unit #1823 - 2 bedroom/2 bath - 1,105 SF
- Vue at Brickell - Unit #1215 - 2 bedroom/2 bath - 1,116 SF
- Vue at Brickell - Unit #2307 - 1 bedroom/1.5 bath - 814 SF
None of these developments are particularly exceptional but it'll still be interesting to see at what price they will be auctioned. I think the unit at the Loft Downtown has a good chance to go for around $100,000 or less.
Check out the Hudson & Marshall website for more information about this auction.
By the way, I did noticed that Deutsche Bank is now in possession of a large number of the properties that will be auctioned on Saturday.
how do you know what properties on this auction will be absolute.
Talking about downtown Miami, a $9,000 property tax bill on a 1200 square feet condo is what kills this market! Don’t tell me you should be happy because you bought four years ago and the property appreciated so much, you still need a place to live and for a property of this size $9,000 is plainly OUTRAGEOUS, UNAFFORDABLE, UNFAIR and DISCRIMINATOY, for Miami residents and for out of state buyers the same. Legislators, wake up, you need to cut taxes DRASTICALLY and real soon, replace these taxes with an increase in sales tax, that way everybody will pay, even the… Read more »
None of them are absolute
AR, I feel your pain! You forgot to mention insurance. And in most cases, people who bought four years ago (late 2003) are actually looking at a loss if they factor in the cost of carrying the place for four years (taxes, insurance, cost of capital, condo dues, repairs and assessments) vs. the alternative of having rented an identical unit over the same time period. My guess is they’re in at a bigger loss than they think, too. Renting kinda rules right now, Lucas’s precautionary post of a few days ago notwithstanding. I wish we could post pics here, because… Read more »
Lucas, one question on your post. Why $100K or less for the unit at The Lofts Downtown? It’s too late now for me to get my act together and see it or bid, but I’m curious as to whether you are negative on the unit in question (second floor, possibly looks at the train – not familiar with the building) – or the building itself. There’s a ton of listings for this building on realtor.com, generally ranging aroung $180k-$190k for the 1BRs. Folks can list for what they like of course, but are you suggesting the sellers need to cut… Read more »
Kerry, I can answer the question regarding the Loft. For one, it’s on the 2nd floor right next to the elevator & lobby. The 2 windows are directly facing the building that is being built next door and right now there is scaffolding, so there is almost no light. Plus, for the building in general, parking is across the street…not the safest place to park coming home late at night. On the flip side, the apartment is in great shape and doesn’t look like it’s ever been lived in. Unlike, the other units that are up for auction.
Thanks, Shannon. Helpful post. That explains a lot on this unit and the building. As I said, have not visited, not aware of parking problems or dangerous commutes form the parking lot. Although I am always home by 6PM, I don’t need to deal with this.
Kerry,
I’m definitely not saying that sellers need to slash their prices 44%. I just don’t think there will be much interest in that unit for the reasons that Shannon mentioned and properties sold at auction tend to sell for less than those sold through conventional means.