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Tuesday, September 25, 2007

Aventura Condo Auction?

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?

Last week there was an auction for condos in Miami. Here is a excerpt from the article (click to read more) in the MiamiHerald.com...

South Florida condominium developers may be reluctant to resort to auctioning off unsold units anytime soon, if last week is any indication.
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.
The auction drew widespread attention because it was the first to sell newly-built Miami condos since the housing boom soured, drawing curious developers assessing whether they should auction units as well as bidders. Cameras from cable business channel CNBC rolled.

This issue with the Aventura condo supply will work itself out as time passes. If you are thinking about buying or selling, make sure to contact a real estate professional. In these turbulent times when everyone is trying to get out of trouble by structuring different buying and selling gimmicks, it's important that someone who knows helps you with the process.

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