Miami Condos Auctioned at Half Price
Miami Condos Auctioned Off at Half Price
Here is a story about a recent auction in Miami, Florida that gives you a good indication of the blood bath to soon follow in the housing market. A couple of years ago Miami was one of the nation’s housing hot spots. Look for other former hot spots, like Las Vegas and San Diego to be conducting auctions with
similar results.
The downturn in the US housing market will not be pretty. Even those who seem to be getting bargains now may soon wish that they had been a little slower to act. The story from Miami follows:
“There’s a large inventory of unsold condominiums in the Miami market. Economists are saying major cities like Miami and Los Angeles have been in a housing recession for the past year, the worst in 16 years.
There are at least 50 buildings under construction or nearly completed in the downtown Miami area alone, consisting of about 20,000 units.
To move inventories along, developers have gone to the auction block to get them sold.
On Thursday evening, at the Miami Biscayne Bay Marriott Hotel the gavel struck as auctioneers sold about 20 units in the 119-unit Platinum development owned by Alex Redondo.
Redondo never thought his luxury building would ever have to resort to the highest bidder.
Peter Girgoraus of Canada was one of hundreds who came to get a bargain. “I’m hoping to pick up a good property for a good price.”
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