Hudson & Marshall Auction Results

October 21, 2007

Below you will find the results for the condos of interest that were auctioned this past Saturday:

• Cite on the Bay – Unit #110 – 3 bedroom/2 bath – 1,475 SF – $300,000
• Four Ambassadors – Unit #344 – 1 bedroom/1.5 bath – 940 SF – $169,500
• Loft Downtown – Unit #204 – 1 bedroom/1 bath – 784 SF – $128,500
• The Club at Brickell Bay – Unit #1823 – 2 bedroom/2 bath – 1,105 SF – $392,500
• Vue at Brickell – Unit #1215 – 2 bedroom/2 bath – 1,116 SF – $340,000
• Vue at Brickell – Unit #2307 – 1 bedroom/1.5 bath – 814 SF – $222,000

There were a large amount of people in attendance at the Hudson & Marshall auction on Saturday. There also seemed to be a higher percentage of active bidders in the crowd than I have seen at past auctions. Regardless, the first 20-30 properties that were auctioned all failed to crack the $100,000 mark. A condo in Homestead was auctioned for $56,000, which was the lowest that I saw a property go. This auction had a 5 percent buyer’s premium.

Slowly, throughout the rest of the day, properties began to garner higher and higher prices. With the exception of the 3 bedroom at Cite on the Bay and the one bedroom at Vue at Brickell, I was expecting the condos to go for less. I think the three bedroom at Cite on the Bay for $300,000 was the only great deal of the six condos above. The one bedroom at Vue at Brickell for $222,000 was a good deal but given the high number of short-sales and foreclosures in the building I think it went for the right amount.

I was shocked that the two bedrooms at the Vue at Brickell and The Club at Brickell Bay went for so much. I’m not sure about the unit at The Club at Brickell Bay, but I know that the one at Vue at Brickell needed some work. It had mold in the unit and the carpets needed to be replaced. In my opinion, the highest bidder of each of these units paid too much. That’s just my opinion though.