There are many condos available in the City of Aventura. Many people bought Aventura condos when they really couldn't afford it, they were able to qualify for a mortgage so these buyers jumped in the deep end. This leaves many properties headed for foreclosure. There are many trying to save themselves by auctioning off their Aventura condo. Is this a good idea?
The developer of the new Platinum condominium in Miami's Edgewater neighborhood auctioned 20 units Thursday in hopes of speeding up sales in the sluggish housing market. But Maysville now says bids were so low that it is rejecting all offers except those it promised to honor regardless of price. It plans to rent the units and wait until the market improves.
''The bids were significantly lower then even our preconstruction prices,'' said Alex Redondo, Maysville president.
''I had hopes that units would at least sell north of that,'' he said.