Thursday, June 23, 2011

127 South Beach Condos Face $50 Million Bankruptcy Auction


 MIAMI, FL--After an 11-month bankruptcy process, the ultimate ownership control of 127 unsold South Beach condo units with more than 127,000 square feet of livable space could be determined by the end of the month, according to a new report from CondoVultures.com. 

On June 29, the U.S. Bankruptcy Court in Miami is scheduled to auction off 124 residential units and three commercial units in the new Artecity project (top left photo) - the official declaration of condominium documents for the constructed complex have not yet been registered in Miami-Dade County - in the South Beach neighborhood of Miami Beach, according to court records.

The upcoming auction does not immediately include an additional 35 residential units with more than 38,000 square feet of salable space that are under contract for nearly $16 million – a price of nearly $420 per square foot - to individual buyers, according to court documents.

The nearly three dozen condo purchase contracts - with combined deposits of more than $2.9 million - were written up before April 25, 2011, according to court records. It is unclear how many of the purchase contracts resulted from a condo launch party hosted at the project in March 2011.

“Bulk buyers have been searching for a sizable chunk of unsold developer units in South Beach since even before the real estate crash began in 2007,” said Peter Zalewski (lower right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC

. “At the right price, Artecity has the potential to turn into a memorable venture for the ultimate owner of the 127 units being auctioned.

Besides efficient floor plans, Artecity enjoys a location that is within Miami Beach’s cultural district and walking distance of the sand, the Lincoln Road pedestrian mall, and some of South Beach’s most popular destinations.”

 Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
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