MIAMI, FL--The U.S. Bankruptcy Court plans to auction off a block of the remaining 40 developer units in a new, waterfront condominium tower fronting Biscayne Bay in Greater Downtown Miami, according to a new report from CondoVultures.com.
On Oct. 5, the U.S. Bankruptcy Court is scheduled to sell off more than 60,000 square feet of livable space, 56 parking space reservations, and 15 storage areas in the 28-story Onyx on the Bay condo tower (top left photo) to cover some of the outstanding construction debt of more than $22.3 million still owed by the developer, according to U.S. Bankruptcy Court Southern District of Florida records.
The opening auction bid amount is set to start at effectively $7 million, which equals the current 2010 assessed value for the block of units set by the Miami-Dade County Property Appraiser.
The winning bidder must also cover a host of additional costs that are required to complete the nearly finished building and satisfy unpaid property taxes, according to the court order signed by U.S. Bankruptcy Court Judge A. Jay Cristol.
"The auction should finally bring closure to the drama that has surrounded this distinct, waterfront project that was delivered simply about a year too late," said Peter Zalewski, (middle right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"If purchased at the right price, some bulk buyer is going to amass a sizable block of new units with waterfront views in Greater Downtown Miami that could have upside going forward. As is always the case, the key will be purchasing at the right price."
The Onyx on the Bay auction portfolio is comprised of six one-bedroom units, 26 two-bedroom units, seven three-bedroom units, and a single four-bedroom unit, according to the licensed Florida buy-side brokerage Condo Vultures® Realty LLC.
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