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Hello and welcome to this week’s The Local Block! Today, we’re analyzing an auction deal at 3720 South Ocean Blvd, Highland Beach, FL—a combined two-unit condo (#1501/#1601) being sold by my former firm, Concierge Auctions. 🏡 List Price: $4,250,000 📏 Size: 4,670 sq. ft. 💰 Asking Price per Foot: $910 The auction is happening live in Dubai, with expected starting bids from $1.5M to $3M. 📊 Market Breakdown • 🔻 Slow sales: Only two units have sold in the building over the past year. • 📉 Active listings: Four units currently for sale, including another double-unit (#1406/#1407) priced at $3,498,000—a $750K discount compared to the list price of the auction units. • 📌 Recent sales: Unit #1610 (2,700 sq. ft.) sold for $2.5M (~$900/sq. ft.), this price per sq. foot is unrealistic for the auction given the double-unit for sale at $750 per sq. ft. 💡 What’s the Play Here? This auction is happening because of high inventory + slow absorption—two years’ worth of supply in this building alone. With a 12% buyer premium, I estimate a realistic sale price of ~$2.75M, possibly hitting $3M if there’s strong demand. Bottom line: If you’re looking for a deal in a high-end South Florida building, this auction could be an opportunity. But with other listings available for negotiation, buyers should be strategic. Interested in Bidding? If you’d like to discuss this opportunity further or are interested in being a buyer at the auction, reply to this email and let’s connect. Until next time, |
Here's Your Chance to Grab a Great Deal Others are Ignoring
Each week, I bring you a great property with a highly motivated seller. I break down the listing, the market, and what it would take for you to close the deal.