More Condos to Enter Miami Foreclosed Homes Auctions
Several condo units are set to get sold off in foreclosed homes auctions in South Florida after several condo complexes were foreclosed by their lenders in July.
A total of 101 unsold condominium units in the 15-story Jenny Tower in the Miami area will be auctioned off after Carles Properties failed to pay its $19.3 million loan owed to Miami-based Mellon United National Bank.
Carles took out a loan of $20.3 million in 2006 to build the 115-unit condo tower and completed it only last year, when the market is already collapsing. It sold only 14 units, which had a pre-development price of $206,000 to $376,000.
The condo units will be sold through public sale in January next year, based on Miami-Dade County Court records.
Another foreclosed condo complex is the 373-unit Oaks at Biscayne Landing condominium tower in North Miami. The developer, Boca Developers, decided on a friendly foreclosure so it will turn over the complex to its New York-based lender iStar Financial and will no longer contest the foreclosure after failing to pay its loan of $29.9 million.
The Oaks condo, located on a former dumping site along Biscayne Bay, was completed in 2007. It was able to sell around 200 units. Before the market collapsed, iStar planned Oaks as its launching project for a total of nearly 6,000 residential units on 188 acres in North Miami.
Another residential development in foreclosure is the Sion Estates project in the western portion of Miami-Dade County. The residential project will be sold off through a public sale after the developer, Sion Estates LLC, failed to pay its loan of $3.5 million.
In 2007, Sion Estates took out a loan of $3.9 million from Miami-based Premier American Bank to further improve the project which it acquired for $1.4 million in 2006.
The 2.6-acre Sion Estates project, run by managing partners Roy Nardinedat and Victora Ortega, planned to develop 21 residences but it had only partially built some of them. The project would be sold through public sale in August in the courthouse of Miami-Dade County.
Another recent foreclosure is the seven-story Porto Alegre condo tower foreclosed by Great Eastern Bank of Florida after the developer failed to pay its $3.9 million loan balance.
According to housing analysts, the pace of condo foreclosures in the Miami area and in other parts of Florida is soaring because of the record numbers of low-priced houses across Florida that took away the attention of potential condo buyers.
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