The Real Deal Miami

Miami condo block heads to auction

January 14, 2011 08:41AM

A 100-unit condominium block in the Jenny Tower near the Jackson Memorial
Hospital campus will go to auction in February, according to a report
from Condo Vultures. The units are also located near the new Florida
Marlins stadium in Little Havana. The amount at auction is $19.4
million, comprised of $17.2 million in principal, $2.1 million in
interest and $900,000 in court costs and attorneys’ fees. The judgment comes  to around $233 per square foot on the units. “The judgment
amount works out to an extremely rich price for today’s bulk condo
market,” said Peter Zalewski, founder of Condo Vultures. Zalewski said
he found it difficult to understand how projects in Greater Downtown
Miami have traded in the $180-per-square-foot range, while this
property, which is not near the water, is somehow trading nearly $50
more. TRD