First you have to have $100. Keep reading if you do.
This brand new oceanfront condo building with 53 three-bedroom units (Islamorada) in Daytona Beach Shores, was officially sold today for only $100... (plus what was owed to them)
This condo building was just recently completed. At the time when market is down and condos in Daytona Beach Area had trouble selling off their inventory, this building was going up as if there could be no trouble for it in sight.
And then it was completed… and then nothing happened.
I gave the information about the project to a good developer, and he tried to contact the owners, but they never responded. And then we saw it scheduled for sale for October 20. Which was today. We watched it for a few days, checking whether it would be cancelled, but it stayed.
So, we went to Deland, our county seat, where the court is, and asked how much the bank will be bidding for. $16 Mil. That’s quite a discount from the judgment amount for $24,367,964.74 . But with 53 units in 11-story condominium, $16 Mil was still too high. Even for Daytona Beach Shores.
There was no bidding war. The plaintiff, represented by an attorney from Miami, bid $100 and the property went to plaintiff.
Strangely enough just a week before the foreclosure Wachovia Bank recorded an assignment to a Delaware Limited Partnership. From what we could figure, the new owners are Canadians.
We do not have any idea for how much they got the assignment; nobody thinks it was for $16 Mil. We will see what happens to the building.
But today I already saw Sliger and Associates Surveying doing the work there. Guess it is for the Condo Documents. Well, maybe life is coming to this building. It is time. Buildings, like pets, can’t live without humans.
So, how to buy a 53-unit condo for $100? Easy. First you need to lose $24,367,964.74 And do not forget this 74 cents. it is very important...
Going...going... gone...
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