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.
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.
Foreclosure at Yacht Club at Portofino – 2 Bedroom/2 Bath – $669,900
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.
Apogee South Beach: Ultra-Luxury Living at its Finest – Prices & Availability
The video above is of the construction progress at Apogee South Beach located in the neighborhood of South Beach known as South of Fifth. South of Fifth has become the most luxurious neighborhood in South Beach. Apogee is situated at the southern tip of South Beach, along South Pointe Drive at 800 South Pointe Drive. As you can see above, Apogee is almost complete. Closings for condo units at Apogee are scheduled to begin in September 2007. Apogee rises 22 stories high with only 67 private residences (4 units per floor).
Apogee South Beach will be THE ultra-luxury condo building of South Beach. Celebrities from all over have purchased residences at Apogee. When sales began at Apogee prices started at $3M. The list below will show you information pertaining to the resale units that are currently available at Apogee. Original buyers were given the option of modifying the floor plan of their residence which means that some of these units may be modified versions of the original floor plan. Apogee is known for having very large and spacious residences with top-of-the-line appliances and fixtures.
“A” Residence:
4,154 Sq Ft a/c
2,441 Sq Ft terrace
Line “04”, West corner with N, S, & W exposures
Unit 704 – $7.6M ($1,829/SF) 3BR
Unit 1104 – $7.75M ($1,866/SF) 4BR
Unit 1504 – $7.75M ($1,866/SF) 3BR
Unit 1704 – $8.2M ($1,974/SF) 4BR
Line “01”, East corner with N, S, & E exposures
Unit 901 – $5.2M ($1,252/SF) 4BR
Unit 1401 – $6.5M ($1,565/SF) 3BR
“B” Residence:
3,100 Sq Ft a/c
1,042 Sq Ft terrace
Unit 703 – $4M ($1,290/SF)
Unit 902 – $4.5M ($1,452/SF)
Unit 1203 – $4.349M ($1,403/SF)
Unit 1402 – $4.449M ($1,435/SF)
Unit 1603 – $4.9M ($1,580/SF)
Unit 1903 – $5.2M ($1,677/SF)
Take a look at level of quality that will go into the luxurious residences at Apogee South Beach:
Update #2: 2 Bedroom Foreclosure @ The Cosmopolitan in South Beach
The list price of the 2 bedroom/2 bathroom foreclosure condo at The Cosmopolitan in South Beach has been reduced from $520,000 to $495,000. This is the second 2 bedroom foreclosure at The Cosmopolitan in the past month. The first condo unit went under contract after it was reduced to $485,000. That unit was inferior for several reasons. The first 2 bedroom foreclosure had one parking space, tiled and wood floors and no balcony. The most recent 2 bedroom foreclosure has two assigned parking spaces, marble floors and a balcony that offers a partial ocean view. The pictures below will show you the most recent 2 bedroom foreclosure at The Cosmopolitan.
In 2007, there have been two 2/2 condo units at The Cosmopolitan that have closed. They sold for $581 and $558 per square foot. This unit is being offered at $490 per square foot.
The Cosmopolitan was built in 2004 and is located two blocks from the beach at 110 Washington Avenue in South Beach. The map at the top will show you a street-level view of the building. Please refer to my first and second foreclosure postings on The Cosmopolitan for more information about the building and the neighborhood.
UPDATE: I finally got to see this condo at The Cosmopolitan for myself. I’ve seen a lot of condo units at The Cosmopolitan and this one holds up to or even surpasses what I’ve seen. Marble floors, 2 parkings spaces, granite countertops, stainless steel appliances, partial ocean view from the balcony and a spacious floor plan. What more does someone want in South of Fifth for under $500K? This one is a steal!
Update: 2 Bedroom Foreclosure @ The Cosmopolitan in South Beach
The 2 bedroom foreclosure at The Cosmopolitan in South Beach that I blogged about two days ago is under contract. However, there is a second 2 bedroom foreclosure in the building that is currently listed at $520,000. The previous owner of this South Beach condo paid $590,000 in September 2006, according to the Miami-Dade property search. This one has a balcony and a partial view of the ocean. The pictures below are from the MLS listing for that unit.
2 Bedroom Foreclosure @ The Cosmopolitan in South Beach is Prime for the Picking
There’s a 2 bedroom foreclosure at The Cosmopolitan in South Beach that is prime for the picking. Located on the corner of 1st Street and Washington Avenue, The Cosmopolitan is two blocks from Ocean Drive and the beach. Having been built in 2004, The Cosmopolitan is one of the more recent additions to the South Beach neighborhood known as South of Fifth, commonly referred to by locals as SoFi. South of Fifth is arguably the best neighborhood in South Beach, and with a few exceptions, such as The Setai, has the most expensive real estate in South Beach. The neighborhood is also home to some of the hottest nightlife spots in South Beach, such as Nikki Beach, Pearl, Prive, and Opium Garden, and has top restaurants, such as the world-famous Joe’s Stone Crab, Monty’s Raw Bar, China Grill and Smith & Wollensky.
Earlier this year, the bank took possession of this 2 bedroom/2 bathroom condo unit, with 1,010 square feet, and has recently listed it with a traditional real estate agent. On May 1, 2007 it was listed at $560,000. At that price, it was the second best priced 2 bedroom unit at The Cosmopolitan but still far from being considered a true bargain. The owner of this unit paid $545,000 in July 2006. Two days later, on May 3, 2007, the price of the property was reduced $40,000 to $520,000 which, according to closed sales figures in the MLS, is the lowest that a 2 bedroom unit at The Cosmopolitan has ever been resold. Still no takers. On May 15, 2007, the bank once again dropped the price to $485,000. In the past six months, only one 2 bedroom/2 bathroom unit with the same square footage has sold in The Cosmopolitan. It closed in January 2007 for $587,500. Another 2 bedroom/2 bathroom unit that was 186 square feet larger sold for $668,000 in April 2007.
In my opinion, this is one price drop away from being considered an excellent deal. The only problem is that if another price drop should occur, several South Beach real estate investors, with their money on the sidelines, will likely submit offers on this property. The better option is to make an offer now, below the current list price, to avoid being in a multiple-offer situation. I don’t know about you, but anything under $450,000 sounds pretty juicy to me.
I’m going to try to take pictures and video footage of this unit tomorrow and post them here if I can. It may take a few days since it says that the unit is currently tenant-occupied.
