Some Great Deals at Today’s Real Estate Auction!!!

December 15, 2007

I wasn’t able to attend this morning’s real estate auction, held at the Miami Beach Convention Center, but did learn the results of several condos that were auctioned. From what I’ve heard, there were more people in attendance at this auction than the Hudson & Marshall auction held on October 21, 2007, which I did attend. However, properties auctioned today sold for much less.

Below are the results of some of the condos that were auctioned this morning:

• Courvoisier Courts – Unit 2312 – 3/2.5 – 1,655 SF (Brickell Key) – $540,000
• Isola – Unit 1509 – 1/1 – 735 SF – (Brickell Key) – $185,000
• Jade at Brickell Bay – Unit 502 – 2/2 – 1,460 SF – (Brickell) – $625,000
• Jade at Brickell Bay – BL45 – 2/3 – 1,730 SF (Brickell) – $735,000
• Murano Grande – Unit 805 – 2/2 – 1,400 SF (South Beach) – Withdrawn
• Neo Lofts – Unit 1006 – 2/2 – 1,109 SF (Miami River) – $185,000
• Ocean View – Unit 210 – 1/1.5 – 1,005 SF (Sunny Isles Beach) – $140,000
• Ocean View – Unit 909 – 1/1.5 – 1,005 SF (Sunny Isles Beach) – $160,000
• The Club at Brickell Bay – Unit 2114 – 1/1 – 818 SF (Brickell) – $180,000
• The Club at Brickell Bay – Unit 2603 – 1/1 – 825 SF (Brickell) – $175,000
• The Club at Brickell Bay – Unit 3102 – 3/2 – 1,232 SF (Brickell) – $225,000
• The Club at Brickell Bay – Unit 3202 – 3/2 – 1,232 SF (Brickell) – $270,000
• The Cosmopolitan – Unit 2603 – 2/2 – 1,010 SF (South Beach) – $405,000
• Vue at Brickell – Unit 811 – 1/1.5 – 796 SF (Brickell) – $180,000
• Vue at Brickell – Unit 3606 – 3/2 – 1,551 SF (Brickell) – $290,000

It’s interesting to note that the units at The Club at Brickell Bay and Vue at Brickell sold in the range of $187-$226 per square foot. I think we’ll be seeing much more of this in the months to come. The high bidders of the units in these two buildings at the Hudson & Marshall auction simply overpaid.

The two units at Jade sold for around $425 per square foot. I think the BL45 unit is a terrific buy!

In June of this year, I submitted an offer of $440,000 for a client on unit 2603 at The Cosmopolitan when it was a short-sale. The bank rejected our offer. We were prepared to close within 30 days. It sold today for $405,000. This happens all the time! It really frustrates me which I why I rarely will deal with a short-sale. Banks just don’t get it yet! It’s a better use of my time to wait until the bank takes it back and have my client buy it for much less.