Bidders interested in a bulk purchases of commercial and residential property on Miami Beach will have the opportunity to buy at auction June 29th… by pre-registering … and by putting down a hefty (albeit refundable) earnest money deposit.
The U.S. Bankrupcy Court in Miami will be auctioning off residential units and commercial space (both) in the Artecity project which is located between Collins and Washington (and prospective bidders are required to put down a refundable $1 million dollar escrow deposit for the opportunity to bid).
Artecity is in the heart of South Beach, right near the Setai and the W South Beach Condo Hotel. The auction however will take place at the US Bankruptcy Courthouse in Downtown Miami.
Artecity, slated to be massive, was to include both new construction as well as retrofitted art deco construction. But the project never got off the ground.
Over 75% of all new construction, constructed within the past decade on South Beach, has been sold, leaving less than 25% still available for purchase. And bulk purchase buyers have been scrounging for investment opportunities that are hard to come by.
There are 127 unsold Artecity residential units that will be auctioned, along with several commercial spaces in there … The units up for auction include those in both the North and South Towers, as well as in the Artecity Plaza, Park Villas, and Governor Condo Conversion.
The location of Artecity is prime, proximal to Miami’s South Beach restaurants, bars, and nightlife that stretch South Beach’s Ocean Drive… a mere stone’s throw to the white sandy beaches and crystaline waters that Miami is known for. And there’s the intrisic appeal that nearby pedestrian-friendly Lincoln Road has … and that walkability allure that with today’s gas prices has so many of us clamoring for places like this to hang our hat on. Whether bulk condo purchases are what you are looking for, or a single condo or home in sunny South Florida, the Restivo Team, EWM’s local real estate team would love to help you find it. Let us know how we can help, and we will make every effort to do so. 305 793-1365 or send us a note here
