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Developer Close-Out Auction

Discussion in 'The Watercooler' started by Ariba, Sep 28, 2007.

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  1. Ariba

    Ariba Senior Member

    Feb 8, 2004
    Professional Status:
    Certified Residential Appraiser
    Anyone in Florida know what these condominiums went for?

    Developer Close-out Auction
    20 remaining condominium units
    8 sold absolute to the highest bidder
    No minimiums, no reserves

    Platinum Condominiums
    480 N.E. 30th Street, Miamai, Fl 33137

    Auction date was September 20, 2007 7P.M.

    Attached Files:

  2. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    I don't know about that one, but another one in the Orlando area sold a bunch at auction a couple weeks ago at around 60% of what they had been asking / selling (few!) for.
  3. murray stroupe

    murray stroupe Senior Member

    Apr 27, 2005
    Professional Status:
    General Public
    I wonder

    I wonder about that also;
    & what ''no minimums'' means in plain english, or turn key price.
    Suprising difference brtween fine print english & plain english.
  4. Marcia Langley

    Marcia Langley Senior Member

    Aug 26, 2005
    Professional Status:
    Certified Residential Appraiser
    One of our local big money private financing guys has had frequent periodic auctions over the years. His most recent (elaborate) flyer has that "absolute" label on a large number of properties in a certain county.

    I'd never seen that before. Inventory is getting harder to move here.

    For a private guy like this I'd guess he really means it. Taking a big loss on a few properties to cut down on inventory sounds like a good strategy to me.

    For the really big companies like condo builders in Florida, they probably are fighting for their lives.
  5. 3 Putt

    3 Putt Member

    Aug 18, 2005
    Professional Status:
    Certified General Appraiser
    Recently in our neck of the woods, Ryan Homes pulled out of about 8 to 10 subdivisions. They simply have pulled up stakes and are gone. A couple of the neighborhoods have about 4 houses done out of 200 lots. Many of the families are concerned that the $300,000 home they just built will now be the high end and that the $200,000 home will start filling the empty lots.
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