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All Non-Absolute Offers Rejected

September 21, 2007 by Lucas Lechuga

I just received word that the 7 high bids that were contingent upon approval from the developer have all been rejected.

Fisher Auctions did a great job last night. It is just too bad that they weren’t working with a truly motivated seller. What was the developer expecting?

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6 Comments on "All Non-Absolute Offers Rejected"

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Do you have any idea what the developer’s plans are for these remaining units after rejecting the bids? Nearly a third of the units are still for sale in this building. This doesn’t even include FSBO’s. These units can’t be rented at a price point anywhere near to carrying costs. I have a feeling that the developers will attempt a serious marketing campaign using the “back-up bidder forms” as well as the registration roles. When asked, no one would tell me how many registered bidders were there (I counted only around 20 or so — just going by name tags).… Read more »

How much do you you think the auctioneer’s 10% fee figured into this debacle?


No way will the remaining units fetch much higher than the auctioned amounts. The developer is either in denial, or has the bank calling the shots. And we know how misinformed the bankers are.


Rumors are that the developer plans to rent out the remaining units. My guess is this was always his plan from the beginning. He got huge media coverage and now people who never heard of Platinum Condominium know all about it. But his asking rental fees are comparative to the Brickell area and NE 30th St is not Brickell. When the bulk of buildings open soon near the Carnival Center and he has 15 or so empty units, he’ll regret his decision. It’s just a shame he wasted so many people’s time.


People travelled from out of state and internationally for this auction too.


Jaime-Why is this sad? The people that came to this auction were coming there to see if they could “steal a deal.”

I feel far worse for the people who purchased in that building in the first place.

qt- The developer doesn’t have any choice. There are not any buyers for that product.

Platinum now has a reputation of being a loser–how could that be good for it’s reputation?

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