Miami had its first condo auction yesterday – 20 new units at Platinum Condominium, a 22-story, 199-unit tower. More than 300 people showed up – investors hoping for a bargain; homebuyers hoping for a good deal; and other condo developers curious to see how auctions work. In the end, the units probably sold for slightly less than what they’re worth on today’s market. Eight of the 20 units required no minimum bid, and selling prices ranged from $181,500 (one-bedroom) to $357,500 (three-bedroom). The sales could be bad news for the developer, however. The selling prices now become comps used for appraisals, and that will impact the value of all other units in the building. “Next week or the week after, look for the lawsuits on this building,” says Jack McCabe, a Deerfield Beach real estate analyst. “Many people who bought (earlier) are now upside down. The place isn’t worth what they borrowed, suddenly, thanks to this auction.”
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