The Return Of Bidding Wars?

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I recognize that some of you may find this hard to swallow, but recently we have experienced a few scenarios where there have been multiple buyers bidding on a bank owned property. This is certainly not occurring as often as it was during the boom years, however, it is taking place at certain price points and in areas and buildings of high demand.

What is also encouraging are the many full price offers that closed in Miami Beach and downtown Miami in the past 60 days. These properties can come and go before you even source the deal for you client, so you have to be on top of your game. This is not fiction, it is fact and I am going to back it up with the following recent transactions:

Example 1:  934 16th Street #5, Miami Beach  -  An updated 2/2 art deco condo in the Metropolis, located in the heart of South Beach, asking price $234,000, sold price $255,000, cash transaction, 35 days on the market.

Example 2:  770 Claughton Island Dr #2104, Miami   –  A two bedroom, two bathroom unit located on Brickell Key in the Isola Condo, asking price $189,900, sold price $225,000, cash transaction, only 8 days on the market, international purchaser, Russell Development Inc., from the British Virgin Islands.

Example 3:  1331 Brickell Bay Dr #1802, Miami  -  This large two bedroom unit is located in the Jade Residences on Biscayne Bay in downtown Miami, asking price $445,900, sold price $500,000, financed with $10,000 in seller concessions, 27 days on the market, local buyer Anthony Ferguson paid $327 per square foot.

Example 4:  1250 S Miami Ave #2406, Miami  -  A two bedroom unit in the Vue on Brickell Condo in downtown Miami, asking price $128,500, sold price $170,000, cash transaction, only 6 days on the market, local investor Bakerloo, Inc., paid $149 per square foot, versus the previous buyer who paid $638 per square foot in 2006.

Example 5: 2301 Collins Ave #629, Miami Beach  -  This large studio oceanfront unit is situated in the Roney Palace Condo in Miami Beach, asking price $159,900, sold price $165,000, cash transaction, 69 days on the market, local investor Roney Holdings LLC paid $275 per square foot.

Example 6:  335 S Biscayne Blvd #1212, Miami  -  This three bedroom, two bathroom unit is located in the the One Miami East Condo at the entrance to the Miami River and directly on Biscayne Bay, asking price $294,900, sold price $310,000, cash transaction, 21 days on the market, international buyer, Evgeny Konavalov, paid $219 per square foot for this fantastic location.

I think that in spite of the overwhelming negativity out there, including all the Miami condo doomsayers, that when you have a piece of real estate in a great location and offered at an attractive price, it is going to create good demand. Hence, increased bidding between interested parties and buyers willing pay over what a seller is asking.

For more information on Miami or Miami Beach bank owned properties, please contact us at info@miamiangelproperties.com.

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