Miami Condo Market and Lifestyle Updates
Residential Cooperative Auctioning Off Their Building, Starting at $26 Million

Residential Cooperative Auctioning Off Their Building, Starting at $26 Million

by Sep Niakan | December 30, 2015

A residential cooperative has convinced its members to auction off their Miami Beach building.

As per the cooperative’s bylaws, at least two-thirds of the members voted to sell the building. The bidding will start at $26 million. Interested buyers must submit their bids by January 15, 2016 in order for it to be considered. After that, the top bidders will have a chance to purchase the property at a live auction held on the 20th of the same month.

Fisher Auction Company will be holding the auction, and they are teaming up with the brokerage firm Cushman & Wakefield to sell the building.

The building itself is on about a third of an acre, located at 1446 Ocean Drive in Miami Beach. It was built back in 1960, and has a nice view of Lummus Park.

It currently has 45 units inside, but can be demolished, rezoned, and replaced with a mixed-use development, a five-story condo tower, a hotel, or commercial space, according to Cushman & Wakefield. 

 

Source: miamiherald.com

Photo credit: miamiherald.com

 

Recent posts

Opinions and Advice

Miami Pre-Construction Frequently Asked Questions

by Sep Niakan | May 22, 2017

How much is the fee to have a knowledgeable and licensed Miami real estate broker help me select the right property? How much of my money does developer use during construction? What are the penalties if I decide to cancel my pre-construction...

Opinions and Advice

Comprehensive Guide to Buying a Pre-construction Property or Condo in Miami

by Sep Niakan | May 22, 2017

Why You Need to Read This Miami Pre-construction Condo Guide Miami Pre-Construction Phases How to Negotiate the Best Miami Pre-Construction Deal How to Finance Pre-Construction Property Closing Costs for Pre-Construction...

Lifestyle

Save the Date for these Stellar June Events in Miami

by Sep Niakan | May 20, 2017

With summer here, Miami turns up the heat with the hottest events lining up for the month of June. You can find a new way to spend each day, whether it's catching up on international cinema, going on a food-eating spree, or peering over the...

Lifestyle

The Top Ten Highest-Rated Restaurants in Miami

by Sep Niakan | May 14, 2017

It’s no secret how Miami’s local food scene is going global with innovative restaurants populating the landscape. We’ve got locals to tourists and even celebrities raving about how Magic City's culinary scene has grown leaps...