Real Estate News

Don’t know if you should buy in this market? Then consider lease to own. Midtown Miami is presenting a lease-to-own option for some of the units available in 2 Midtown Miami Condominium. How does this work? You agree to a rental price and purchase price at the beginning of the lease and before the end of your ninth month of living in the property you can decide to follow through with the purchase. If you decide to purchase, your rental payments will be used towards your purchase.  Here is an article published today in the Daily Business Review about the program:

http://www.dailybusinessreview.com/news.html?news_id=46559

If you are interested in this program or just interested in purchasing or leasing in Midtown Miami give us a call at 305-503-6183.

Here are some units for lease in midtown (some may or may not be lease to own):

There are currently 5 units in 2 Midtown Miami Tower available for Lease:

1 Bedrooms Available for Lease:

2 Bedrooms Available for Lease:

REF#:	Unit#:	Price:	% Change:	$/sq.ft.:	sq.ft.:	Bed/Bath:	List Date:	Details:
D1411676	H1513	$1,950		$1.69	1154	2/2/1	08/05/2010	MORE INFORMATION
M1400489	H1205	$2,000	9.09%	$2.07	964	2/2/0	06/30/2010	MORE INFORMATION

Source: Southeast Florida MLS. Data updated . The data relating to real estate for sale on this web site comes in part from the participating Associations/MLS's in the Southeast Florida Regional Multiple Listing Service cooperative agreement – Realtor Association of Greater Miami and the Beaches, Realtor Association of Greater Ft. Lauderdale, Realtor Association of Miami–Dade County, Northwestern Dade Association of Realtors, South Broward Board of Realtors. The information being provided is for consumers' personal, non–commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. Copyright 2008, Participating Associations/MLS's in the SEFMLS – Realtor Association of Greater Miami and the Beaches, Realtor Association of Greater Ft. Lauderdale, Realtor Association of Miami–Dade County, Northwestern Dade Association of Realtors, South Broward Board of Realtors. All rights reserved. The information being provided is for consumers' personal, non–commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Use of search facilities of data on the site, other than a consumer looking to purchase real estate, is prohibited.

An auction of 20 condominium units in Platinum Condominium was held tonight and here are the results.  The auction was held at 7:00 pm on Thursday September 20th 2007.  It was operated by Fisher Auctions which did an excellent job.  The auction consisted of 9 units which were sold “absolute” and 11 which were auctioned at “subject to developer approval.”  This simply means that the absolute auctioned units were sold at the highest bid price no matter what the bid was.

The auctioneer explained that the winning bid price would be adjusted to include a 10% premium to result in the final contract price.  Each bidder had to register and be ready to go to the contract room upon winning with a $10,000 cashier’s check and a personal check for the remainder of a 10% deposit.  All closings will be held on or before October 22nd and all sales are final as these were being sold As-Is with no contingencies.

Units were split up into 3 groups of units and each group went on the auction block.  The auction team quickly realized that the best way to approach the auction was to start the bidding on all absolute units first so they did just that.  Only 8 units were scheduled to be auctioned absolute but a 9th one was added to this category during the auction.

Here are the final winning bids in the order in which the units sold:

Absolute Auctions:
Unit #1001 - 2 bed + den / 2 bath (1363 sf) - $295,000
Unit #1907 - 2 bed + den / 2 bath (1380 sf) - $295,000
Unit #1607 - 2 bed + den / 2 bath (1380 sf) - $295,000
Unit #1602 - 1 bed / 1.5 bath (828 sf) - $200,000
Unit #1806 - 1 bed / 1.5 bath (828 sf) - $170,000
Loft #107 - 1 bed / 1.5 bath - $160,000
Unit #301 - 3 bed / 3 bath - $320,000
Unit #707 - 2 bed + den / 2 bath (1380 sf) - $290,000 - Sold to an Internet bidder
Unit #1905 - 2 bed / 2 bath (1005 sf) - $245,000

Subject To Developer Approval Auctions:
(These were the highest bids but are subject to the Developer’s final approval)
Unit #1705 - 2 bed / 2 bath (1005 sf) - $230,000 subject to approval
Unit #2102 - 1 bed / 1.5 bath (828 sf) - $185,000 subject to approval
Unit #1201 - 2 bed + den / 2 bath (1363 sf) - $300,000 subject to approval
Unit #1101 - 2 bed + den / 2 bath (1363 sf) - $300,000 subject to approval
Unit #2107 - 2 bed + den / 2 bath (1380 sf) - $265,000 subject to approval
Unit #2007 - 2 bed + den / 2 bath (1380 sf) - $265,000 subject to approval 
Unit #501 - 3 bed /3 bath - $300,000 subject to approval
Loft #103 - 1 bed / 2 bath - Required a minimum bid of $330k - No Bids
Unit #1802 - 1 bed / 1.5 bath (828 sf) - $200,000 subject to approval
Unit #2002 - 1 bed / 1.5 bath (828 sf) - $200,000 subject to approval

Condo misery [Daily Business Review]
Boom of condo crash loudest in Miami [Sun Sentinel]
Big Real estate slowdown spurs legion of condo opportunists in Miami [Orlando Sentinel]
The Morrison attains $85 million construction loan advance [Business Wire]
Condo trouble further squeezes lenders [Wall Street Journal]
Hulk Hogan sells Miami Beach mansion to Michael Bay [Luxist]
Once hot Miami struggles to weather housing downturn [Turkish Press]
Corus Bank swept up in condo undertow [The Street]
Luxury Miami Condo conversion is facing financial trouble [NY Times]
Security cameras will scan Downtown [Miami Today]
Coral Gables Safe Haven for Real Estate? [Realty Times]
Christa Development moves forward with Kobi Karp’s plans for Caribbean Miami Beach [CG Gazette]