I recently blogged about Ft. Lauderdale Oceanfront Condo steals and included Coconut Grove Residences as one of those. Well, Coconut Grove Condo has just become an even better deal and is the only DIRECT OCEANFRONT Building of the steals previously highlighted. The Developer just decided to Auction the remaining 21 Developer owned Units and is offering them at starting Bid prices that reflect up to a 57% discount off of the most recent asking prices, which were already significantly discounted below the original asking prices.
The Auction will be held on February 28, 2010 in Ft. Lauderdale.
The available Units are:
- Eight 1-Bedroom Units
- Ten 2-Bedroom Units
- Three 3-Bedroom Units
Their Starting Bid price range is $260,000 - $1,700,000, which are prices that are significantly below CURRENT market value for similar properties.
To date, Broward Property Tax Records indicate that 43 Coconut Grove Residences have been purchased with a purchase price range of $450,000 - $10,500,000. The most recent purchase recorded was Unit #506, purchased on January 15, 2010 for $650,000.
- View Coconut Grove's full Building profile here
- View Coconut Grove Floor Plans
- View Coconut Grove Residences Auction information
This is Ft. Lauderdale's first Luxury Condo Auction offered to the Public and the opportunity is unique because there aren't any other direct Oceanfront Buildings, ON THE SAND, in Ft. Lauderdale that have new Units available for purchase. Coconut Grove is Ft. Lauderdale's newest direct Oceanfront Condo and will most likely be the last built for quite a while, due to City Ordinances and the lack of availability of Oceanfront property for Construction.
Unlike several other Cities in Florida, Ft. Lauderdale doesn't have similar high inventory levels of new Condos. Demand for new Oceanfront Condos that are this deeply discounted significantly exceeds supply, so I think that the 21 Units will probably be purchased quickly.
If you're local and would like to schedule an appointment to view Units and participate in the Auction OR if you're not local, but would like to Bid on 1 or more Units, contact me for details.
Vickie Arcuri, Realtor®
EWM Realtors, Inc.
1700 E. Las Olas Blvd.
Ft. Lauderdale, FL 33301
Phone: (954) 708-9309
Fax: (954) 414-0492
Ft. Lauderdale Homes for Sale
South Florida Real Estate Blog