The Real Deal Miami

Altos auction unloads 39 units

June 17, 2010 01:45PM

Altos de Miami

The Altos de Miami tower has sold 39 condos at auction, according to real estate consultancy group, with an average price per square foot of $118. The Miami-Dade County Property Appraiser had valued the units at $156 per square foot, while the starting bid had been around $58 per square foot. A bulk buyer purchased the development in March 2009, but has struggled to resell the condos since then, unloading just 14 units at $135 per square foot. Peter Zalewski, principal with Condo Vultures, said that the auction tactic was particularly effective and useful in this case. “The auction approach appears to have worked for the seller, who has been struggling to sell the units on an individual basis,” Zalewski said. The 131-unit development had originally planned to put just 37 units on the block, when it first announced the auction in May. TRD