Miami Real Estate Learning Center - 2007/10 Newsletter
October 2007
Many asked me how the Platinum
auction went, I have decided to share with you
the results this month.Also, scroll down to the
absorption rates as some of you might be very
entertained by the numbers. Finally, for the
perpetual bargain hunters, have a look at my
new tool
4 interesting subjects this month:
New tool for bargain hunters
Bentley beach managed by Hilton
Results of the Platinum Auction
Our usual deal of the month
Want to purchase a great deal? Try CondoShark
I have just created a tools that tracks down
distressed properties and I am sharing it with
you. The price of these properties has been
slashed down more than 15% up to 35% in
some cases. This tool was specifically created
for bargain hunters, investors and speculators
who are ready to react quickly as opportunities
arise.
It works very simply, you just have to consult
the database (extract provided hereafter) and
let me know which property could be of interest
to you. I will then provide you with detailed
information on it.
Please click here to check it out.
Bentley Beach (101 Ocean Drive) becomes a Hilton hotel
You have probably heard about the
troubled
life of Paris Hilton in South Beach. Well
perhaps daddy wanted a new place closer to
the nightclubs so his little girl wouldn't get
caught into a DUI driving back home !
The Hilton Hotels Corporation is making its first
venture into the South Beach market with the
recent announcement that the Bentley Beach
condo hotel is being converted into the
HILTON BENTLEY. The hotel sits across
from
legendary restaurant PRIME 112 in the most
southern part of South Beach. While most
hotel guests may not realize that this Hilton
property is a condo hotel, owners should be
delighted with this change. Condo hotel units
start at $315,000 and are sold completely
furnished.
The Platinum Auction has passed and I am
really sorry that many couldn't attend due to
the late notice. Approximately 300-400 people
showed up. The developer had very high
expectations.The 8 absolute units sold (no
minimum price). The other bids were not
approved by the developer.
The outcome of this auction can be seen in 2
different ways. First there are buyers out
there, it's just that the Miami prices need to
settle down a little. On the other side, the
developers saw the auction as a last resort.If
this last resort doesn't satisfy them, what's
left?
The big picture is that the developers are
controlled by banks who
have shareholders. Ultimately,
these properties will get sold for 50 cents on
the dollar, or less, to large investment funds
that can buy in blocks of $10M+.
Unit 1001 (1375sqft) sold at $324,500
(listed at $585,000)
Unit 1907 (1380sqft) sold at $324,500
(listed at $575,000)
Unit 1607 (1380sqft) sold at $324,500
(listed around $500,000)
Unit 301 (1298sqft) sold at $352,000
(listed around $450,000)
Unit 707(1380sqft) sold at $324,500 (listed
at $495,000)
Unit 1602 (819sqft) sold at $220,000
(listed at $340,000)
Unit 1806 (826sqft) sold at $192,500
(listed around $300,000)
Unit L-107 (913sqft) sold for $176,000
(listed around $260,000)
