The Real Deal Miami

Discounted Little Havana condos snatched up at auction

April 13, 2010 12:38PM

After years of sluggish sales, Miami developer Urban All Development Group sold 65 remaining units in the San Lorenzo condominium at auction last weekend. One-bedrooms fetched a minimum of $80,000; two-bedrooms went for at least $141,750, according to Real Estate Disposition, which conducted the auction. As real estate consultancy Condo Vultures previously reported, the 10-story, 90-unit condo in the Little Havana section of Miami was completed in 2007, having sold 22 residential units for an average price of $224,000, or $329 per square foot, prior to the auction. All sales took place between August 2007 and February 2008, before stalling. The auction, with a minimum asking price of $50,500 per unit, or $63 per square foot, drew a crowd of 375 to the live auction at the Hyatt Regency Miami, in addition to those bidders who put in their offers online. All units sold in less than three hours. TRD