MIAMI, FL---A developer in Greater Downtown Miami is days away from losing 21 unsold new condo units and a combined 163-rental apartments located on Biscayne Bay to a lender following a foreclosure auction, according to a new report from CondoVultures.com.
The lender, an entity ultimately controlled by Mellon United National Bank's acquirer Sabadell United Bank, won a foreclosure auction on March 16. This was the last step in taking ownership of the Platinum condo (above centered photo) units on Northeast 30th Street and nearly 87,400 square feet of rental space in a series of 1950s and 1960s buildings fronting Biscayne Bay, according to an analysis of Miami-Dade County records.
Completed in 2006, the Platinum condominium tower is a 119-unit project where 98 units have been sold at an average price of $340 per square foot, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.
"The irony is, this developer held a public auction to dispose of the condos back in 2007 but ultimately decided not to sell the units to the highest bidders," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"In the end, the lender is days away from taking control of an attractive block of units and more than 115,000 square feet of developable land on Biscayne Bay. It is clear from the location that the future use of the land is new development when the market warrants it."
The foreclosure auction was the last step following a "final judgment of foreclosure" in the amount of nearly $24 million - the entire real estate portfolio has an assessed property value of a combined $11.97 million - signed by Miami-Dade Circuit Court Judge Lester Langer, according to court records.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
