Avanti at The Villages of Normandy Isle – Another Developer Closeout Auction

October 21, 2007

Avanti at The Villages of Normandy Isle is a multi-story townhouse community located at 155-193 North Shore Drive in the neighborhood of Normandy Isle in Miami Beach. I’ve visited several condos at Avanti in the past and was very impressed. The layouts were great and most had a large rooftop terrace that would be an ideal place for a Jacuzzi hot tub.

Apparently, the developer still has six unsold units and has decided to auction them. Two of them will be sold “absolute” to the highest bidder. Five of the six units are 3 bedroom/3.5 bath units with 3,108-3,440 square feet. The sixth unit is a 2 bedroom/2.5 with 2,790 square feet. Avanti was completed at the end of 2005. Has the developer been holding onto these this whole time?

At present time, there are ten 3 bedroom/3.5 bath units that are listed in the MLS. They range in price from $700,000 to $1,155,000.

A cashier’s check in the amount of $10,000 is required to bid on the day of the auction. Any winning bids will be required to provide the balance of 10 percent of the total contract price in the form of a personal check. There will be a 10 percent buyer’s premium for units sold at this auction. Closings shall occur on or before 45 days following the auction. All units are sold “as-is” and without any contingencies.

The auction will be held Saturday, November 3, 2007 at 12pm at Avanti. Contact me if you have an interest in bidding at this auction and would like to view the units.