Successful for selling the majority of Miami Dade’s most undesirable foreclosed homes… There were over 300+ homes for auction with the majority selling to end users as a primary residence and possibly 30% as investors snapping up rental properties prior to the market turnaround. Average Miami home selling price may have been $150,000 with hundreds of people gathered for a long day on Sunday. The company hosting the auction is REDC who does an excellent job at creating “the frenzy” needed to sell properties and many which, in my opinion, were at or slightly above market value. What a lucrative business REDC has with 5% a buyer premium added to each auctioned property… In 2008, REDC auctioned over 32,800 US properties!
I went with a friend and customer looking to purchase at Blue Bay Towers of North Bay Village Real Estate. There were only a few other selected potentials as investment condos but each ended up selling for more than we expected.
Blue Bay Towers #1203 (3/2 at 1771 Sq Ft) Asking $299k Sold for $300,000
The Venetia PH-G (1/1 at 800 Sq Ft) Asking $135k Sold for $80,000
King Cole #321 (1/1.5 at 920 Sq Ft) Asking $109k Sold for $95,000
401 Blu #800 (2/2 at 1287 Sq Ft) Asking $302,650 Sold for $210,000
Grand Venetian #2941 (2/2 at 1496 Sq Ft) Asking $269k Sold for $170,000
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