So the verdict is in for all of those folks that wanted to know what happened at March 1st’s auction for Solaire condos. Before we begin, here are some of the facts:
- Appx 150 people registered and were in attendance for this event
- Auction lasted about an hour and a half
- 1br units started at 170K and 2br units started at 250K
- 42 units were available for sale(what was advertised)
- 30 units total sold
- No spectacular, once in a lifetime deals emerged(surprise surprise)
I was not able to attend this auction but have done quite a bit of reading up on the subject. Basically, I think this event shows that we’re feeling a false bottom in the downtown Orlando Condo market. The interest of living a metro-urban lifestyle is there but
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So heres a bit of info for those of you interested in this Inventory Close-Out Auction…
Date: Saturday, March 1, 2008
Time: Bidder Check-in is at 12 Noon and the auction will start at 1pm
Duration: appx 1.5 hrs
Place: Embassy Suites Orlando-Downtown – 191 East Pine St., Orlando, FL
Number of Units: 42 units are available to be sold
The Auction Information Center is open daily 12pm to 7pm.
More Solaire at the Plaza Auction talk here…
Okay, sorry I’ve been a little busy lately but this one was big enough that I have had several people talk to me about it and ask that I post on it. So, I am just catching wind that there will be an auction for some of the units at Solaire next month. There will be a 5k fee to even get in the door and if you win a bid for a unit, you have to put 5% down before walking out. This auction will be held at the Embassy Suites in Downtown Orlando on March 1st.
I don’t know how most of you feel about this but I must say that I am just a tad bit skeptical. One reason for this is because this is not an absolute auction(meaning there is a preset minimum bid of 170k). I guess it’s to weed out the “window-shopping” prospective buyers but that’s what the 5k entrance fee is for right? If they are really wanting to just liquidate, why the min bid? Sounds a bit “Salesy” to me so I have to agree with Mike Thomas of the Orl Sentinel. I am also weary about the financial stability of the entire plaza with such recent events as OUC making it public that Kuhn’s Plaza development is overdue somewhere in the ballpark of $283,000 in utility bills. And hey….where the heck is that darn theater we’ve all been waiting for? Also it kind of sucks if you were one of the early bird closers that thought you were getting a steal by getting in before groundbreaking. Real estate is a fickle industry and does not make exceptions for people when it’s ready to slope downwards. Just the luck of the draw on that one.
Now I love to be optimistic most of the time but this one kind of has me cautious…I think the developers met and thought it’s their best shot of making back “some” of the money spent on the project and be the trendsetter for auctions to come in the future for such projects as Tradition Towers, Star Tower, The Paramount, 101 Eola, The Vue, and 55 West.
I think they are making the right choice in being first becuase from here, the prices will only decline for other potential auctioneers. My only concern is the amount of real interest they will drum up having a non-absolute bidding scheme.
We will all know if a few short weeks.
I’ll pass on this auction and wait for The Vue to do the same with they’re much nicer/contemporary floor layouts and other amenities.
According to sources familiar with the Solaire project, a number of people(60-80 total) are walking away from their deposits in the next few days.
The developer anticipates having 80+ units available after all is said and done. He also mentioned that there are no plans to reduce the prices of these units to sell them.
