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…

So the trailer for this future condo has been sitting there on the corner of Liberty Ave. and Jackson St. for at least a year now and I drive past it at close to 3 times a week…is it me or does it now seem to be completely vacated? I haven’t seen a single sole walking in or out of it nor have I seen a single car in the parking lot in ages. Somethings up.

Ohhh and It gets better. I now hear that there is some sort of “notice” on the sign in front of the trailer… Is it a notice to vacate…or a notice to potential buyers that their window of opportunity has been shut…? Chime in if you know.

Check back in a day or two as I am going to be looking at this sign when i’m driving downtown in the next day or two to see what the deal is…

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.

Today is the official “Grand Opening” of the Vue in Downtown Orlando. The ribbon cutting ceremony starts @ 5:30PM and should last until around 8:30PM. If you’re interested on how the place turned out, tonight would be a good time to go and see what all of the hype is about. This facility boasts a 407 foot tall residential tower with great views of Lake Eola(it’s main selling point). Reports released say there are about 50 residents currently living in the facility and another 100 more expected to close soon.

In my personal opinion, I would hold off on getting in on the grassroots level. The Vue has 300+ units and right now…only half of these look likely to be filled soon. That means there are plenty more units available and I am sure there are not enough buyers here in “Poorlando” that can afford it. Half a million for a 1,100 sq/ft seems quite unattainable for most of us. Who the heck are the people that are living there now and what do they do for a living…what do you guys think???

Nonetheless, the unit looks great(overlooking the hefty price tag) and will add a nice touch to the emerging Downtown Orlando skyline.

Other perks are:

• secured private parking for residents only
• 24 hr doorman
• pool, tennis court, cyber cafe, and media room
• acoustically engineered concrete floors and walls to minimize sound transfer between units
• storage rooms available
• club quality fitness center

It looks like those of us who have been wondering about the Premier Trade Plaza’s theater plans(adjacent to Solaire Condo’s) will finally see some light.

On November 8, AMC Entertainment Holdings Inc. gave the developer Kuhn a commitment to become the permanent tenant in the 1,800-seat, 12-screen multiplex theater built on Orange Avenue downtown. We’ve all heard the mystique before, but let’s see if things “really” pan out this time.
View other posts regarding the Plaza’s movie theater

Last Wednesday, the Mayor of Orlando Buddy Dyer and City Commissioner Pat Sheehan made a visit to Star Tower and amassed views of the city via the roof-top amenity deck. Their tour was part of the grand opening and ribbon-cutting festivities of Star Tower to Orlando’s core business district. Dyer is confident that the development will be successful over time and is glad to see the CBD’s residential market continuing to absorb more young, business savvy professionals and retiree’s alike.

The 100-unit complex is said to have over 80% of it’s inventory sold which is a miracle in itself considering the state of the local condo economy and the real estate market in general. I find this interesting considering I don’t see these units being listed or really advertised for sale anywhere…do you?

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If getting groceries on the way home from work is something that’s been a chore for those who live downtown currently, your frustrations should be over by mid year 2008. A Publix supermarket will be outfitted on the ground floor of the new 16-story mixed use project Paramount on Lake Eola. This should be a nice accent to the city’s growing downtown area and convenient for those who typically had to drive miles out of the way to do their shopping.

Zom Realty Services Inc. of Orlando revealed plans for the south side of downtown development on Orlando’s Lake Eola in 2004.

What a relief!

As of Thursday 10/4/07, I still have not heard of anything new on this. Those out there reading…feel free to chime in on the status of this if you know anything. I am going to continue to pry around some more to see if I can get this info for everyone…Stay tuned!!!

Orlando Mayor Buddy Dyer will be hosting the 2007 State of Downtown Address today @ The Ballroom at Church Street. He is expected to talk about the achievements of the past year which include the $3.8 billion in construction planned or underway in the city.

This address is scheduled to start @ Noon today.

For more information and coverage of the speech, click here