Preparing for the Platinum Condominium Auction

As many of you already know, the Platinum Condominium auction will be held this Thursday, September 20, 2007 at 7pm. 20 of the developer’s unsold condo units will be auctioned with 8 of them being sold absolute to the highest bidder regardless of price. The auction will be held at the Miami Biscayne Marriott located at 1633 N Bayshore Drive.

Today, I attended the open house at Platinum Condominium to take another look at the building, and specifically the units that will be auctioned. For those of you unaware, the 20 condo units up for auction have been organized into the following three groups. The 8 absolute units are underlined.

Group A

• Unit 1602 – 1 bedroom/1.5 bath – 1,042 total square feet – approx. monthly maintenance fee: $357
• Unit 1802 – 1 bedroom/1.5 bath – 1,042 total square feet – approx. monthly maintenance fee: $357
• Unit 2002 – 1 bedroom/1.5 bath – 1,042 total square feet – approx. monthly maintenance fee: $357
• Unit 2102 – 1 bedroom/1.5 bath – 1,042 total square feet – approx. monthly maintenance fee: $357
• Unit 1705 – 2 bedroom/2 bath – 1,142 total square feet – approx. monthly maintenance fee: $432
• Unit 1905 – 2 bedroom/2 bath – 1,142 total square feet – approx. monthly maintenance fee: $432
• Unit 1806 – 1 bedroom/1.5 bath – 988 total square feet – approx. monthly maintenance fee: $357
• Unit PH-2206 – 1 bedroom/1.5 bath – 988 total square feet (11-foot ceilings) – approx. monthly maintenance fee: $357
• Loft-107 – 1 bedroom/1.5 bath – 1,117 total square feet (17-foot ceilings) – approx. monthly maintenance fee: $394

Group B

• Unit 1001 – 2 bedroom + den/2 bath – 1,639 total square feet – approx. monthly maintenance fee: $589
• Unit 1101 – 2 bedroom + den/2 bath – 1,639 total square feet – approx. monthly maintenance fee: $589
• Unit 1201 – 2 bedroom + den/2 bath – 1,639 total square feet – approx. monthly maintenance fee: $589
• Unit 1607 – 2 bedroom + den/2 bath – 1,766 total square feet – approx. monthly maintenance fee: $594
• Unit 1907 – 2 bedroom + den/2 bath – 1,766 total square feet – approx. monthly maintnenace fee: $594
• Unit 2007 – 2 bedroom + den/2 bath – 1,766 total square feet – approx. monthly maintenance fee: $594
• Unit 2107 – 2 bedroom + den/2 bath – 1,766 total square feet – approx. monthly maintenance fee: $594

Group C

• Unit 301 – 3 bedroom/3 bath – 2,254 total square feet – approx. monthly maintenance fee: $729
• Unit 501 – 3 bedroom/3 bath – 1,975 total square feet – approx. monthly maintenance fee: $729
• Unit 707 – 2 bedroom + den/2 bath – 1,766 total square feet – approx. monthly maintenance fee: $594
• Loft 103 – 1 bedroom/2 bath – 1,406 total square feet (27-foot ceilings) – approx. monthly maintenance fee: $551

The auction house may or may not start the auction with Group A. They may take a vote to see which group participants in the auction would like to see auctioned first. Once the first group is selected, bidding will begin and the highest bidder will select his/her preferred unit from within that group. If the unit is not an absolute unit then the developer will have an opportunity to decide whether or not he would like accept that bid. If the developer declines the offer, then the bidder can select a different unit from within that group or sit down and select nothing. If the developer accepts the offer, then the unit is scratched from the list and bidding will start again. The process will be repeated until all units within that group have either been auctioned or the bidding fails to reach an acceptable price by the developer for the remaining units.

Group B, in my opinion, has the best units and should be auctioned at the highest prices. Many would think that Group C would be auctioned highest because it has the only 3 bedroom units available. The views from these 3 bedroom units though are horrible. However, Group C has Loft 103 which is my favorite unit in the entire building. It is truly an amazing loft with its 27-foot ceilings. It doesn’t have much of a view but who cares. The auction participants who haven’t toured this unit will likely hold very little value in it because it is only a one bedroom. It’s a great sleeper pick.

Loft 107, in Group A, pales in comparison to Loft 103. It has 17-foot ceilings and the layout is just decent. There’s a reason why it’s an absolute unit. I definitely prefer the 02 line over the 06 line in Group A but Penthouse 2206 was nice because of the additional 2 feet in ceiling height. The 2 bedroom/2 baths in Group A should go highest, followed by the 02 line units and finally the 06 line units. Loft 107 likely will go somewhere in the middle.

There’s definitely a big difference in the 01 line and 07 line condos found in Group B. Not only does the 01 line have much better views but the layout is much better as well. The living room space in the 07 line was lacking to say the least. It was more like one big kitchen/dining room.

Every unit in the building comes with only one parking space. Each additional parking space will cost you $20,000. There is also an option to buy a storage space that is 23 feet x 38 feet for $5,000.

If you intend to bid at the auction, you will need to present a cashier’s check or certified funds in the amount of $10,000 made payable to Pardo & Gainsburg, LLP Trust on the day of the auction. All winning bids will be required to pay the balance of 10% of the total contract price on the day of the auction in the form of a personal or business check. A buyer’s premium of 10% will be added to the final bid price and included in the total contract price. Make sure you take the buyer’s premium into account when bidding. The balance of the purchase price is due at closing on or before Monday, October 22, 2007.

Additional Information
Pet Policy: Two pets allowed, not to weigh in excess of 50 pounds each
Rental Policy: Minimum of 6 months
Maintenance Fee Includes: Building insurance, water, sewer, garbage, 24-hour manned security, basic cable TV and use of the common areas and amenities

Click on the following link if you’d like to view a bunch of pictures and video footage of Platinum Condominium that I shot on May 31, 2007.

Contact me if you’d like me to register you or if you have any questions regarding the auction. I will be attending the auction and look forward to seeing many of you there. Good luck!

Four Bank-Owned Condos in Miami & Miami Beach to be Auctioned September 19, 2007

Four condos will be auctioned off Wednesday, September 19, 2007 at approximately 3pm. Three of the four condos are located in Miami while the fourth is located in Miami Beach. All four condos have gone through the foreclosure process and are currently owned by the bank.

1. Meridian Place – 325 Meridian Avenue #6 | Miami Beach, FL 33139

This is actually a townhouse. Of the four units being auctioned, it will probably hold the most interest because of its fantastic location. Some of South Florida’s most expensive condominiums reside in the South of Fifth neighborhood of South Beach. Built in 1994, this 3 bedroom/2 bath townhouse has 1,300 square feet of interior space, as well as two parking spaces (one garage space and one driveway space). County records indicate that the bank is owed $549,000. The opening bid is $100,000.

2. The Club at Brickell Bay – 1200 Brickell Bay Drive #2114 | Miami, FL 33131

Let’s just say that I’m not surprised. I’ll leave it at that. This 1 bedroom/1 bath condo has 818 square feet of interior space. The bank is owed $610,000. I guess they’re in for a rude awakening come September 19th. The opening bid is $100,000.

3. Venetia Condo – 555 NE 15th Street #16-H | Miami, FL 33132

Venetia Condo is located at the entrance of the Venetian Causeway in Miami. The building was built in 1980. The condo up for auction is a 1 bedroom/1 bath with 800 square feet of interior space. It faces south and has views of Biscayne Bay as well as the cities of Miami and Miami Beach. The bank is owed $410,000. The opening bid is $50,000.

4. Blue Lagoon Condominiums – 5091 NW 7 Street #705 | Miami, FL 33126

Of the four condos that will be auctioned on September 19, 2007, I think the 2 bedroom/1 bath at Blue Lagoon Condominium will hold the least amount of interest from the people attending the auction. However, this makes it a great candidate to be acquired at bargain prices. Blue Lagoon Condominium is located near the airport, about 12 minutes from Brickell. It’ll make for a great investment property if it can be obtained for $175,000 or less. The unit has 862 square feet of interior space. The bank is owed $305,000. The opening bid is $50,000.

Contact me for more information regarding this auction featuring the above four condos.

Villa Regina Auction – A Much Better Result

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.

Neo Vertika Auction – Going, Going…Not Gone?

A few weeks ago I mentioned that a 2 bedroom + den/2 bath unit at Neo Vertika would be auctioned on August 20, 2007. I attended the auction this morning.

A single family home in Palmetto Bay was auctioned first and about 5-6 people participated in that auction. There were probably about 35-45 people in the room but most were spectators. The highest bid for the Palmetto Bay house was $476,000. After that auction was over, the room pretty much cleared out.

Only 2 people participated in the Neo Vertika auction. It seemed as though they were unfamiliar with Neo Vertika but participated for a few rounds simply because no one else was bidding. I think it was a bad idea to have the auction in Palmetto Bay. The highest bid came in at $135,000.

Before everyone gets excited, let me tell you that it is almost certain that the bank will reject that bid. I spoke with the auctioneer afterwards and he told me that it is very, very likely that it will get rejected. He said that the bank is looking for something in the $300K’s.

The unit at Neo Vertika is a 2 bedroom + den/2 bath with 1,255 square feet of interior space and a balcony that spans the length of the unit. It has 20-foot ceilings with floor-to-ceiling windows. The unit is on the 29th and 30th floors, faces south with views of Biscayne Bay and comes “decorator-ready”. Neo Vertika was completed in August of last year.

It isn’t too late to grab this 2 bedroom condo at Neo Vertika. Give me a call if you’re interested in acquiring it.

Miami Condo Auction – Platinum Condominium – 20 Units Up for Auction in September

I was notified tonight that twenty condo units at Platinum Condominium will be auctioned off on September 20, 2007. Eight of those units will be auctioned “absolute”. This means that the condo(s) will be sold to the highest bidder. There are no minimums and no reserves.

This is major news! The 20 units up for auction at Platinum Condominium represent 16.8% of the overall units in the building. The are a total of 119 units in the building with 7 units per floor. I think 20%-30% default rates in other developments is not out of the question.

A few months ago, after Platinum Condominium began closings, I did a pictorial and video review of the building. You can view it by clicking on the following link: pictorial and video review of Platinum Condominium. Any information that you seek regarding this development will be found there. If for some chance, you have a question that isn’t answered there, then feel free to contact me.

For you Miami condo vultures, this might be a great opportunity to own a bulk of units at a really good price. If they can be acquired at a good price, you may even be able to rent them out with positive cash flow until the neighborhood turns around and sell them for a nice profit.

Those looking to buy a single condo at an auction at a good price, this may be your opportunity. I am very knowledgeable in the various floor plans at Platinum Condominium. My services are available to you to act as your representative at the auction. I will be attending the auction regardless. I will act in your best interests. If I walk out of that auction without one of my clients acquiring one condo then you can be assured that the prices offered were too high. I am completely comfortable walking away from that auction without one sale being made. The people who know me well know that I am not a tough or pushy salesman.

Contact me for more information regarding the Platinum Condominium auction.

• Unit 301 – 3 bedroom/3 bath
• Unit 501 – 3 bedroom/3 bath
• Unit 1001 – 2 bedroom + den/2 bath
• Unit 1101 – 2 bedroom + den/2 bath
• Unit 1201 – 2 bedroom + den/2 bath
• Unit 1404 – 1 bedroom/1.5 bath
• Unit 1602 – 1 bedroom/1.5 bath
• Unit 1802 – 1 bedroom/1.5 bath
• Unit 2002 – 1 bedroom/1.5 bath
• Unit 2102 – 1 bedroom/1.5 bath
• Unit 1705 – 2 bedroom/2 bath
• Unit 1905 – 2 bedroom/2 bath
• Unit 707 – 2 bedroom + den/2 bath
• Unit 1607 – 2 bedroom + den/2 bath
• Unit 1907 – 2 bedroom + den/2 bath
• Unit 2007 – 2 bedroom + den/2 bath
• Unit 2107 – 2 bedroom + den/2 bath
• Loft 103 – 2 bedroom/2 bath
• Loft 107 – 1 bedroom/1.5 bath