Miami Property Auction was a Success!

flickr photo by cafemama

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

Call or email for the very best deals along Sunny Isles Beach, Bal Harbour & South Beach. If you’d like to receive local Miami Beach FL real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper right column) or by email above every time a new posting occurs. Visit JADECondosSunnyIsles.com website & Blog relaying all new information for JADE Beach & JADE Ocean! Have a great week and call any time toll free 1.888.383.7326 or view new condos here. South Beach to Sunny Isles Real Estate Sales & Marketing.