Avanti at The Villages of Normandy Isle – Another Developer Closeout Auction

October 21, 2007 by Lucas Lechuga

Avanti

Avanti at The Villages of Normandy Isle is a multi-story townhouse community located at 155-193 North Shore Drive in the neighborhood of Normandy Isle in Miami Beach. I’ve visited several units at Avanti in the past and was very impressed. The layouts were great and most had a large rooftop terrace that would be an ideal place for a Jacuzzi hot tub.

Avanti

Apparently, the developer still has six unsold units and has decided to auction them. Two of them will be sold “absolute” to the highest bidder. Five of the six units are 3 bedroom/3.5 bath units with 3,108-3,440 square feet. The sixth unit is a 2 bedroom/2.5 with 2,790 square feet. Avanti was completed at the end of 2005. Has the developer been holding onto these this whole time?

Avanti

At present time, there are ten 3 bedroom/3.5 bath units that are listed in the MLS. They range in price from $700,000 to $1,155,000.

A cashier’s check in the amount of $10,000 is required to bid on the day of the auction. Any winning bids will be required to provide the balance of 10 percent of the total contract price in the form of a personal check. There will be a 10 percent buyer’s premium for units sold at this auction. Closings shall occur on or before 45 days following the auction. All units are sold “as-is” and without any contingencies.

The auction will be held Saturday, November 3, 2007 at 12pm at Avanti. Contact me if you have an interest in bidding at this auction and would like to view the units.

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23 Comments on "Avanti at The Villages of Normandy Isle – Another Developer Closeout Auction"


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Anonymous
Dave
8 years 11 months ago

10% buyers premium seems a bit high, don’t you think?

Anonymous
Ad
8 years 11 months ago

I agree. 10% is a bit too much given the current situation. Nice units but location isn’t anything to bank on appreciation.

Anonymous
perez
8 years 11 months ago

These units are pretty cool looking. I think you’ll either face the waterway or the park and golf course. It seems the City is making a lot of improvements in Normandy and its near North Beach which has a lot of new developments and city improvements.

Anonymous
8 years 11 months ago
This is the first time I’ve stumbled onto your website, and it’s excellent. I drove by the developments in Normandy/ North Bay Village and wondered who in their right mind would pay premium pricing to be in a mediocre part of the city, so close to the ‘danger zone’ on 79th and Biscayne where all the hookers/drug dealers/etc come out as soon as the sun goes down. It’s also a bit misleading to say that you live on the golf course out there, since the public c0urse has been closed since late 2004! Sure, it’s *supposed* to reopen in 2009… Read more »
Anonymous
Juan
8 years 11 months ago

Lucas,

What is the best way of seeing upcoming auctions in Miami? I’m looking for both residential and commercial properties. Thanks.

Anonymous
8 years 11 months ago

Juan,
I usually post any auctions that I know about on this site.

Anonymous
mike
8 years 11 months ago

i agree–10% buyer’s premium is ridiculous—today most are 5%.

if they were really serious about unloading, the developer would have used a down and dirty auction company to move it.

Anonymous
Pete
8 years 10 months ago

Any news on what the units went for and how many finally sold? Absolute sales and otherwise. Thanks for any updates. The website is great by the way.

Anonymous
8 years 10 months ago

Nope. I didn’t attend the auction. I received very little interest. I wouldn’t be surprised if the two absolute units went really low.

Anonymous
John C
8 years 10 months ago

What is an “absolute” unit ? No idea on what others sold for ? Any idea on good price ? These are big square footage units in up and coming area close to water and beach.

Anonymous
8 years 10 months ago

John C I believe an absolute unit is one that is sold at auction regardless of price.

Developers will typically hold a reserve price for a majority of the auctioned units (i.e. unit cannot sell below a set certain price) and sell a handful ‘absolute’ so as to generate interest in the auction.

Anonymous
Don
8 years 10 months ago
I went to the auction. It was very poorly attended. The first unit (the biggest) went for $420K + the buyers premium, and the second unit (the second biggest) went for $385K + the buyers premium. Then, in a bizarre twist, the auctioneers stated that they had just made a side deal with someone else for 2 more units, and that the remaining 2 of 6 were being withdrawn from the auction by the developer. You call that an “auction”?! Although the auctioneers touted the auction (and the development as a whole) as a great success, it was clearly not.… Read more »
Anonymous
John C
8 years 10 months ago

Thanks for info. I toured condos – they look great.

Anonymous
doc T
8 years 10 months ago

This is unbelievable to me.The scams continue in the real estate market. No one will want to purchase a condo when there is such a lack of trust. The developers are continuing to make a black eye even worse for the condo market. Investors must stick with higher quality properties in order to avoid further disasters.

Anonymous
Melanie
8 years 10 months ago
Don, It really did not work the way, that you think it did. They took more units out of the market because a buyer panicked that he may loose them and went to tell the developer that he will make a higher offer than the last two bids. He bought two units for family members. The same day later on, another unit went under contract with a private offer. All the information is accurate and will be in public records, as soon as this units closed on December. And, the reason he did not keep going, it’s because he got… Read more »
Anonymous
Melanie
8 years 10 months ago

Also, Privata has a different developer.

Anonymous
Melanie
8 years 10 months ago

By the way, the purpose of an Auction is to sale. That was not an scam, he got a better offer from the people that attend the auction.
The developer was trying to sell, so he got a good offer and took it.

Where is the scam?? Did they steal money from you?

Anonymous
JOHN BEAR
8 years 9 months ago

MELANIE IS ”ON THE MONEY”….THE AUCTION WAS A SUCCESS AND THE AUCTION COMPANY WAS EXTREMELY PROFESSIONAL IN HANDLING ALL ASPECTS OF THE AUCTION…….MOST IMPORTANTLY THE ”SELLERS” ACHIEVED THEIR ”GOAL”

Anonymous
8 years 9 months ago

Was the Seller the Berman/MAMC company? I’ve read in other articles that they bought the land initially…now they’re bankrupt.

Anonymous
Don
8 years 7 months ago
Melanie and John, Thank you for your comments. In view of your assertions that the developer did not end the auction due to the scarcity of bids, and in view of the details you provided, I would assume that you are somehow connected to the developer. Are you employed by, or in a business relationship with, the developer? Or, are you an agent involved in the sales of these units? To give the county time to record these sales, I have waited until today, January 31, 2008, to check the tax records. As of today, only one sale has been… Read more »
Anonymous
Don
8 years 4 months ago
An update….as of May 19, 2008, Privata Miami Beach construction has been stopped for months. The construction company pulled out several months ago, taking their trailer and all equipment with them, and there are no signs of anyone picking up this project. Unsurprisingly, the units continue to be offered for sale by the developer, Akron Development Corp., and they have stated to the community reps here that everything is going well. Clearly, that is not the case. I am dissappointed to not receive any response from Melanie and John Bear. If I am incorrect in my assertions in the above… Read more »
Anonymous
Tony
8 years 2 months ago

anyone driven by privata latley any know whats going on???

Anonymous
Inga
8 years 28 days ago

Hi Don,

Great blog! Do you have any recent updates about Avanti and Privata townhomes?

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