The Results of Today’s Auction

September 19, 2007

Six properties were auctioned this afternoon. Five of them were condos and one was a single family home. A couple of weeks ago I wrote about four of the condos.

The auction was held in the back yard of the single family home that was being auctioned, located at 5900 NW 13 Avenue. The single family home was the first property to be auctioned and sold for $53,500. It was a 2 bedroom/1 bath with 622 square feet of interior space. The house was in pretty bad shape but it resides on a large corner lot with .149 acres.

The auctioneers decided that since the remaining properties to be auctioned were all condos they would make it “buyer’s choice”. This meant that the highest bidder got to choose from the remaining available condos. He or she also had the opportunity to buy multiple condos at the same purchase price.

The highest bid for the first round was $496,000. As expected, the bidder selected the 3 bedroom/2 bath townhouse in South Beach. I think the person paid fair market value for the property. I personally visited the townhouse this past weekend and it is in need of a lot of work to make it into a nice residence.

The second round of bidding ended with a high bid amount of $272,000. The bidder selected the one bedroom condo located at The Club at Brickell Bay. I was surprised that bidding went this high.

The highest bid for the third round was $230,500. The bidder selected the 1 bedroom/1 bath condo at Venetia Condo.

The 2 bedroom/1 bath condo at Blue Lagoon Condominiums was selected fourth with a high bid amount of $195,750.

The final condo to be selected was a 2 bedroom/2 bath at Grandview Palace located in North Bay Village. The high bid amount was $190,500.