By Peter Zalewski
CondoVultures.com
Miami’s real estate cycle is about to move into the auction era.
The developer of the new Platinum Condominium in Miami’s Biscayne Boulevard corridor has revealed the details of the upcoming auction to unload the 20 remaining units in the 22-story building on Northeast 30th Street.
In an effort to increase the pool of potential purchasers, the auctioneer - Sperry Van Ness Fisher Auction Co. Inc. with Louis B. Fisher III AU#220 AB#106 - will allow prospective buyers to bid in person, online, or with an absentee bid process.
The developer plans to auction seven 1 bedroom/1.5 bathroom units, one 1 bedroom/2 bathroom units, two 2 bedroom/2 bathroom units, eight 2 bedroom/den/2 bathroom units, and two 3 bedroom/3 bathroom units.
Eight of the 20 units to be auctioned will be sold regardless of the bid price. The remaining 12 units will be sold at a predetermined price set by the developer.
Individuals who want to bid on one or all of the units to be auctioned will be required to bring a $10,000 cashier’s check to the Sept. 20 auction for each unit that they intend to try to buy. For example, two cashier’s checks are required for someone hoping to buy a pair of units.
The auction process is expected to take about 90 minutes. The auctioneer expects bid amounts to range in increments of $5,000 to $25,000. Bids of $1 more than the previous offer are unlikely to be noticed.
The highest bidder will be required to put down a nonrefundable $10,000 cashier’s check immediately after winning the auction. The highest bidder will also be required to immediately write a personal check in an amount that coupled with the cashier’s check equals 10 percent of the purchase price.
The purchase price will be computed by adding a 10 percent premium on top of the winning bid amount. The premium is to cover real estate commissions, including the auctioneer. For example, a buyer who is willing to pay $300,000 should stop bidding at about $272,000.
Winning bidders are required to close within 30 calendar days of the auction or risk losing their $10,000 cashier’s check deposit. This is an “as-is” purchase with no opt-out rescission period to review the Platinum’s condominium documents.
Condo buyers who are thinking about participating in the 7 pm Sept. 20 auction need to consider that there are currently 20 units to be sold off in addition to the 14 units that are actively listed for sale in the 119-unit building. That equates to 34 units available, or 29 percent of the building.
Current pricing in the Platinum (It is the blue and white tower with the huge “auction” banner hanging on top third of the building) ranges from $349,000 to $699,000. On a price per square foot perspective, the pricing starts at $347.10 and goes up to $546.18.
If you have any additional questions or requests, please don’t hesitate to contact Peter Zalewski, Licensed Real Estate Broker of Condo Vultures™ Realty LLC, at 305-865-5629.
Copyright © 2007, Condo Vultures™ LLC
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1 comment:
It appears the developer turned down all offers, except for the absolute units. Was this some marketing ploy?
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