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More than a month after a standing-room-only auction in Greater Downtown Miami, the developer of the new San Lorenzo condominium has sold only nine units out of the 65 units that generated high-bid offers, according to a new CondoVultures.com report.
The new condo units that did transact in the 10-story tower in Miami's Little Havana neighborhood, sold for an average price of $134 per square foot, according to the report based on Miami-Dade County records.
The closed sale amount far outpaces the $121 per square foot average realized at the April 10 auction that attracted more than 300 people to the Hyatt Regency Miami Hotel.
"The San Lorenzo auction is considered by some industry watchers to really be the canary in the coal mine from a condo sales perspective," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "Before the San Lorenzo, it had been three years since a developer tried to auction off the remaining condo inventory at a new Miami tower. That developer had limited success, selling only a few units after a widespread marketing campaign.
"Time will tell how the industry views the San Lorenzo auction."
It is unclear how many more units will actually be sold to the original highest bidders as the closings were supposed to occur within 30 days, according to the original auction guidelines.
The auction was contingent upon approval by the developer and the lender, which alone is owed about $216 per square foot, according to the report based on Miami-Dade County records.
Units at the San Lorenzo - a project located some three blocks east of the Florida Marlins new ballpark - were put up for auction with an average minimum asking price of $50,500 per unit or $63 per square foot, according to CondoVultures.com.
At the San Lorenzo auction, the winning bids ranged from $101 per square foot to $153 per square foot. There were 34 units that generated winning bids below the average price of $121 per square foot, and 28 units that produced winning bids at prices above $121 per square foot. There were three units that sold at an average of $121 per square foot, according to CondoVultures.com.
The overall winning bid amount generated at the auction was nearly $6.4 million for an average of $97,800 per door. The three one-bedroom units had an average winning bid of $71,700 per unit or $133 per square foot, and the 62 two-bedroom units generated an average winning bid of $99,000 each or $121 per square foot, according to the report that was based on data collected by Condo Vultures® Realty LLC.
Prior to the auction, 22 units, or 24 percent of the project's inventory, have closed in the San Lorenzo at an average price of $224,300 per condo, or $329 per square foot, according to the CondoVultures.com report based on Miami-Dade County records.
Built in 2007, the San Lorenzo condominium is comprised of three one-bedroom and 59 two-bedroom residential units with nearly 70,000 square feet of saleable space and five commercial condo units with about 6,700 square feet of space, according to a recent CondoVultures.com report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or view our Video Gallery. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™ , Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and the First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
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