Miami Condo Auction unsuccessful

Maysville, the developer of the new Platinum condominium in Miami’s edgewater neighborhood, auctioned off 20 of the unsold condo units in Thursday in the hopes of moving some of its inventory. This auction was particularly important as it was the sale of the first newly-built Miami condos since the housing boom ended.

However, the auction did not go as planned for either buyers or sellers.  8 of the 20 condos being auctioned were being sold without a minimum so “lucky” buyers were able to pick them up between $195 per sq ft to $269 per sq ft.  Compare this to the $450 per square foot most of the units in the building were sold for pre-construction.   The developer chose not to sell 11 of the reamining 12 units without minimums due to offers being too low.

So is this a good indication of what’s happening with the Miami condo market?  Well, many say the 22-story Platinum high rise condo is not a good example because of its location in an area on Northeast 30th Street, a struggling district in downtown Miami.  Let’s hope they’re right.