The Miami Property Auction was a Success! Successful in 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 before the market turnaround.
The average Miami home selling price may have been $150,000, with hundreds of people gathering for a long Sunday day. The company hosting the auction is REDC which 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 a 5% buyer premium added to each auctioned property… In 2008, REDC auctioned over 32,800 US properties!
North Bay Village Real Estate
I went with a friend and customer looking to purchase at Blue Bay Tower of North Bay Village Real Estate. There were only a few other selected potentials as investment condos, but each sold for more than we expected.
Miami Property Auction
- 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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