Miami condo units to be auctioned [South Florida]
Panoramic views of Biscayne Bay. A short distance to the Carnival Center and downtown Miami. Living in the heart of Miami’s emerging Edgewater neighborhood.
It’s all yours — for auction next month inside a Marriott Hotel ballroom.
In what may preview the straits the ailing South Florida condo market faces in the coming months, developers of the Platinum condominium are auctioning 20 condos in its 119-unit, 22-story tower. Eight will go to the highest bidder, no matter how low the sales price. The rest require the developer’s approval.
Carmen Redondo, a principal with Maysville, the property’s builder, said buyers started closing on units at Platinum, 480 NE 30th St., in May, but the remaining inventory couldn’t attract enough interest in the sluggish market. ”We decided to auction the last 20 units so we can finish this project and go to a new thing,” Redondo said.