Orlando Condos Auction!

By: Marcus Burke

 

Two of Orlando’s condo communities will be holding an auction in just under a month which could mean massive savings for those who are ready to act fast and are qualified to buy. The communities, located in the Altamonte / Wekiva neighborhoods, have been selling for a year or so and the developers are ready to close out those communities with a bang!

In order to be able to bid on the condos, you must pre-qualify through an approved lender and attend a 15 minute seminar which explains how the auction will take place. For more info on how to sign up for this exciting opportunity, contact us here at Condo Metropolis ASAP on 407-290-3408 or Info@CondoMetropolis.com.

PROPERTY DESCRIPTION
COME JOIN US FOR LUNCH TO HEAR ABOUT OUR EXCITING AUCTION IN ALTAMONTE SPRINGS!! On September 16th 60 Residences, 30 in each Subdivision will be offered at a REAL ESTATE AUCTION! The first 20 Residences will be sold REGARDLESS of price! As you may be aware, residences were originally priced to $280,000 and now the starting bids will begin as low as $30,000! You are cordially invited to attend a brief seminar from 12 to 2pm. Lunch will be served, you will be given Auction Information regarding both properties…

PROPERTY FEATURES

● ARE YOU READY TO PURCHASE?

● 30 UNITS AT VILLAGE TOWNHOMES

● FINANCING THROUGH SUNTRUST & CHASE

● ONE DAY SALE ONLY!

● 30 UNITS AT WEKIVA

● 1, 2, and 3 BEDROOM UNITS

● 10 UNITS IN EACH SUBDIVISION TO BE SOLD ABSOLUTE!

● Save the date! SEPTEMBER 16th

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Trackbacks & Pings

  1. Roofable » Blog Archive » Condo Auctions in the Orlando Area on 30 Aug 2007 at 7:31 am

    [...] couple of properties are having multiple-unit auctions. Both of the following were found via Condo Metropolis, contact Marcus for more [...]

  2. Altamonte Condo Auction Not Alone at The Condo Metropolis Blog on 31 Aug 2007 at 6:39 am

    [...] Altamonte Springs condo auction (Sept 16) seems to be causing a flury of interest and could well turn out to be the most exciting [...]

  3. Condo Auction Sells over 40 Condos in Lake Mary at The Condo Metropolis Blog on 17 Sep 2007 at 2:19 pm

    [...] day was finally here. After weeks of buzz and excitement around our most popular story to date, the Orlando real estate market was getting ready to make headlines about buying and [...]

Comments

  1. M.B. wrote:

    From: Michael Freedberg — The “Mass Mouth”

    There’ll be more of this. It happened in the late 1980s and it is happening again. This is how “market bottoms” are established. Let’s see more news like this blog.
    08/20/07 11:01:22AM EDT

    Posted 20 Aug 2007 at 10:24 am

  2. Ana wrote:

    I want to be part of becoming an owner of the $30,000 apartment. I just cannot go because I am in Miami and I work for the school system, Can you help me? Ph. (305)244-2247.

    Posted 29 Aug 2007 at 7:06 am

  3. Andrew wrote:

    These will not sell for 30k, they will start at 30k and end in the low 6 figures for 1/1s

    Posted 01 Sep 2007 at 9:46 am

  4. M.B. wrote:

    What do you think the 3/2’s will go for?

    Posted 01 Sep 2007 at 10:24 am

  5. Andrew wrote:

    Let’s see.. the starting price is “from the 120s” according to WekivaBend.com.. granted, they probably haven’t sold many recently at that price, but what do you think they’ll fall to at auction? Even with a 25% loss in value, that still places them at 100k for a 1/1.

    I haven’t seen these places, but I bet they’re worth a $600 mortgage payment to someone who wants to try landlording.

    Posted 04 Sep 2007 at 4:24 pm

  6. Andrew wrote:

    Looking on zillow.com, 226 Riverbend Dr #103 which is a 729sf went for $115k on 7/24/07, so the prices seem to be holding. Zillow estimates it at $125k today, and this is the lowest priced one that I could find.

    Posted 04 Sep 2007 at 4:36 pm

  7. M.B. wrote:

    Interesting figures Andrew. Question is, what’s it worth in an auction?? What should the top price be?

    Posted 04 Sep 2007 at 6:46 pm

  8. Andrew wrote:

    I haven’t seen the units and all I’m going on is the recent online price estimates and transaction amts, deducting a conservative amt of value due to the recent slow-down in sales and a lot of inventory coming on the market at once.

    Just a guess- I’d say 100-110k for the 732sf 1/1s, 130-150 for 930sf.. etc.. about $150/sf. I would be very surprised if any went for less than $135/sf, which is right about 100k for a 1/1.

    Posted 04 Sep 2007 at 10:10 pm

  9. M.B. wrote:

    Thanks for the info. I guess it depends how many folk show up. I’m hoping there will be slow demand for some of the 1/1 units and that they will go for for under $100/SF. You never know with an auction. Sometimes there is little demand and great deals, other times a ton of people come and it’s not worth it.

    Posted 04 Sep 2007 at 10:20 pm

  10. Les wrote:

    These condo’s are refurbished rentals. Do they really still sell for big money & if so why? I would have thought ex-rentals would not be in such demand. Does anyone know when they were originally built?

    Posted 06 Sep 2007 at 1:47 pm

  11. Andrew wrote:

    Built 1985. Went by there today and they don’t look bad, but they are obviously former apartments. Maybe 90k as a floor for the smallest ones.. we shall see

    Posted 07 Sep 2007 at 5:00 pm

  12. M.B. wrote:

    Les, they don’t generally sell for “big” money (depending what you mean by that) but they are an affordable first time home choice and also good for investment (and rental) if you can pick one up at a good price. This auction might be one such place to find a deal. If you can make one cashflow, then why not? One was built in ‘85, the other a few years later.

    Posted 07 Sep 2007 at 6:12 pm

  13. Jim wrote:

    I saw the apartments today and absolute ones are really bad no carpet,no drywall and many more,beware of these condos.But some of them were renovated and they were good but not a lot available.3/2 should go around 110K and hence forth.

    Posted 15 Sep 2007 at 9:37 pm

  14. Tom wrote:

    Hey I had gone to loo at these befroe the auction and I wondered what were the final units and sales prices were individually. I had looked at both properties as possible rental investment. The main problem I saw with the investment was the HOA fees and taxes. At the village or the bend. You started off with $400 to $600 then you add on your mortgage payment. So if you were lucky enough to get a place with a 700 or 800 payment you had to to add 500 on a average to your payment. Well that would be as high as 1400 a month for a 1/1. Well with the current market and it still projected to go down another 20-40%. I f one is smart about shopping there are hundreds of 3/2’s homes out there in nice neighborhoods at auction right now that you can pick up in the 125k to 200k range. According to national builders and banks this market will only get worse and we are not showing recovery for years. So please let me know waht the individual selling numbers wer and for those of you buying. Patience and diligence will save you 50k to 100k easily. Final example of this. It was one of the national channels. A home sold at 595k and the builders are now selling the same properties for as low as 435k. This also applies to their less expensive properties. 395k now selling for about 225k. Good luck

    Posted 13 Oct 2007 at 3:13 pm

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