Housing Crisis Leading To Auction Steals
MIAMI (CBSMiami.com) – While the foreclosure crisis still has a stranglehold on the South Florida real estate market; it is leaving some great deals out there at local auctions that could put you in a great house for not much cash.
The views from the pool at Brickell Townhouse high-rise is nothing short of awesome. Realtor Sepehr Niakan has been showing it quite a bit lately.
"When someone sees a 2 bedroom, 2 bath, condo 1300 square feet in South Brickell with a waterfront building. They want to come see it. They get excited." Niakan told CBS4's David Sutta.
What they are even more excited about is the price.
"In this building the least expensive sale in the last six month has been $260,000." This weekend though this condo is headed for auction. Starting bid is just $49,000," Niakan explained. "This pricing gives them the opportunity to put a little extra money in after the sale to make it how they want. Make it their own."
The Brickell condo unit is one of hundreds that will be sold at auction on Saturday morning at the downtown Hilton. You'll find condos all the way up to 7 bedroom, 4400 square foot houses in Homestead.
"That's what makes auctions so interesting. It's kind of like a treasure hunt," Niakan explained.
It's a treasure hunt on the cheap that could land you the home of your dreams.
"How much are they asking for this?" Sutta asked Realtor Diana Lopez De Castro about a home in Kendall. "At the auction, $19,000," De Castro said.
Castro said the four bedroom house would fetch $200,000 if it were in good condition. Because it's a bit rundown "they will negotiate more."
One thing is for sure, before you buy, check out the house; some of them will need significant repairs.
"Do your homework. Visit the property," Castro said.
And Niakan recommends lining up your finances.
"They'll give you 30 days to close so if you can get a loan in 30 days you can get this property with a regular loan just like anyone else," Niakan said.
The auction will be held at the Downtown Miami Hilton this Saturday at 9 a.m. For more information on the auction, click here.
