Thursday night, 2/25/10: Just received an e-mail from Accelerated Marketing Partners announcing that the Auction scheduled to be held Sunday, 2/28/10, for the 21 Coconut Grove Condos has been cancelled. I included excerpts from their e-mail below:
“Over 1500 site tours have taken place in the past four weeks….the overwhelming majority of our registered bidders are out-of-state buyers or International buyers. The severe snow and weather conditions impacting the Northeast have created flight cancellations and logistical problems associated with this storm for many of our registered bidders. In addition, Power of Attorney challenges have arisen for our International buyers and now those who are delayed due to the storm….Therefore we plan on selling the remaining 21 units immediately, at a great value determined by you, by providing you with the opportunity to make an offer on the residences that you have interest in. You already knew how much you were planning on bidding at auction, and we recommend that you offer that amount….Attached to this email please find an offer letter for you to specify the unit you are interested in purchasing…In addition, the developer is still willing to offer the $5,000 quick close incentive, as well as the ability to utilize MetLife as a preferred lender if you are interested in financing…..As you already know, this is a once in a lifetime opportunity to own your dream home in the last new luxury residence to be built on the sand in the city of Fort Lauderdale, at a price that you will have set.”
I was scheduled to accompany 2 interested Buyers to the Auction on Sunday, February 28, 2010. Since the Auction has been cancelled, it will be interesting to see the progress with closings. Significant interest remains since this is Ft. Lauderdale’s only DIRECT Oceanfront Condo with new Units for sale. Besides the fact that they’re new and very limited in supply, the significant price reduction is obviously a huge benefit as well. I don’t think they will remain available for purchase for very long. Even the offering prices BEFORE the Auction was planned were prices that were far below current market value for similar properties. The reduced prices WERE NOT a reflection of significantly declining property value in the building, but a reflection of the Developer’s motivation to sell the remaining inventory quickly. I make that statement based on the fact that many Condos that are MUCH older are selling for similar prices IN THE CURRENT MARKET. Coconut Grove completely fits the definition of a really great deal!