Foreclosure at Yacht Club at Portofino – 2 Bedroom/2 Bath – $669,900
July 30, 2007 by Lucas Lechuga
There's a 2 bedroom/2 bath condo foreclosure at Yacht Club at Portofino in South Beach. It has 1,090 square feet of interior space and faces west towards Biscayne Bay, Fisher Island and the Miami city skyline. The condo also has a view of the swimming pool deck at Yacht Club at Portofino. The unit is listed at $669,900, or $615 per square foot. The South Beach Condo Index for July revealed that Yacht Club at Portofino had an average price per square foot of $745.27 for units listed in the building. The average price per square foot of units sold over the preceding six months was $665.19. According to the Miami-Dade County website, the previous owner paid $780,000 for the unit in May of 2006. The list price is good but I think it has room to come down quite a bit.
The unit looks to be in great shape. Take a look at the picture slideshow below to view a variety of pictures that accompanied the MLS listing.
This is not a short sale. It is a bank owned property. From my experience, buying a bank owned property is much easier than buying a short sale. When you purchase a short sale the bank usually takes 4-6 weeks to respond to any offers received. Just because the seller signs the contract does not mean that the bank is going to accept the submitted offer. In the past two months I had two short sale deals fall apart because the bank was not willing to negotiate. They wanted market value for the unit and would take nothing less. I find it shocking, that with foreclosure rates soaring, that banks are so inflexible. It will end up costing them more in fees if they end up repossessing the property. Bank owned properties are much easier to deal with because you usually get an answer back from the bank regarding your offer within 2-3 business days.
Yacht Club at Portofino is a luxury high-rise condo building located in the South of Fifth neighborhood of South Beach. It is arguably the best and most luxurious neighborhood in South Beach.The address of Yacht Club at Portofino is 90 Alton Road. If you or anyone you know is interested in this 2 bedroom foreclosure then please feel free to contact me by phone or email.
[…] Foreclosure at Yacht Club at Portofino – 2 Bedroom/2 Bath – $669900 In the past two months I had two short sale deals fall apart because the bank was not willing to negotiate. They wanted market value for the unit and would take nothing less. I find it shocking, that with foreclosure rates soaring, … […]
Lucas, First let me congratulate you on your excellent blog; your comments and observations are insightful and well-researched. I find myself checking the site each morning. One thing I’ve noticed however, is that you appear to misapply the term, “market value”. As a former trader, you of all people should know that when a bank, or any other seller for that manner “refuses to sell for less than market price” — they don’t know what the definition of market price is… Market price is exactly what it sounds like: what a willing buyer is willing to pay for a given… Read more »
Thank you for your comment Kim. I should have made myself a little clearer. When I mentioned market value I was referring to the level that transactions have occurred in the past six months. It had nothing to do with the list price.
Hey Lucas I’m looking for a foreclosed 1/1 In the yatch club at portofino, or a 1/1 or 2/2 In the La Perla in sunny Isles. If either Is available and we can come to a mutal agreement on price with the Bank I would be able to close In 30 days.
Hi Lucas– I’m considering getting into a pre-construction condo in Miami-Downtown/Brickell area and I was wondering if developers are reducing the asking brochure price these days? In other words how desperate are they?
In most cases developers haven’t lowered their brochure prices but they are willing to accept offers. The best way to buy a preconstruction condo is to buy it from an existing contract holder. Many do not want to close. Some are willing to walk away from their deposit. These units were purchased in 2004 for the most part. If you give them a quarter of their deposit back you can get an additional 15% discount off 2004 prices.
I am looking for a bank owned or desparate seller on Southbeach on the beach no more than 1.3 million. Can you help?