Court to auction 40 Biscayne Bay units

On Oct. 5, the U.S. Bankruptcy Court is set to sell off 40 developer
units in the 28-story Onyx on the Bay condo tower in Miami to help cover
some of the outstanding debt of more than $22.3 million still owed by
the developer, according to a report from Condo Vultures. The auction
bid amount is set to start at $7 million, equaling the current 2010
assessed value for the block of units. The properties include 60,000
square feet of livable space, along with 56 parking space reservations
and 15 storage areas. TRD