Solaire Auction

SOLAIRE Auction Update:

Solaire Auction OrlandoAuction for the Solaire condos at the Plaza will be held on Saturday March 1st 2008 in Orlando.

42 Luxury condos will be auctioned: 1 bedrooms will start at $170k; 2 bedrooms at $250k. We will be registering potential Solaire buyers starting on Saturday at 11am – 5pm. Pre-qualification through a preferred lender will be required.

Contact us for more details and to register – all buyers must register prior to the auction which will take place downtown Orlando.

  • Registration is free.
  • You can use this form to begin pre-registration.
  • Floor plans and unit numbers here.

Call: 407-901-5161 or Info@CondoMetropolis.com

16 Comments

  1. Just a correction, that FOX news reported innaccurately that there would be an issue with the power to the Plaza, when in fact it is an issue with one of the commercial towers not Solaire, the residential tower. Solaire is a completely seperate entity from the neighboring commercial office condos. We have met with CBRE, the property manager for the entire Plaza complex, and in no way can debts of other tenants be assessed to the Residential component of this project.

    Crisitan Michaels, Realtor, P.A.
    Director of Sales
    Solaire at the Plaza

  2. Marcus,

    Interesting posts about The Solaire. I was under contract to buy a 1 bedroom/1 bathroom on the 23rd floor in that building. However, I walked from my deposit. It sounds like that was a smart move on my part. I think I was under contract for around $265k. What do you think? Are the prices down in that building? What made me nervous was the huge investor participation.

  3. You weren’t the only one to walk away Marc – they were basically sold out and wound up with about 90 coming back – enough to have to re-open the sales center – but by then no one wanted to pay the prices they were asking. Maybe you want to re-consider at the auction – lol?

  4. Yes, Marc, prices are way down now, or at least they will be at the auction – although who knows what will actually happen. The starting prices look good – but they’re only the starting prices. If an inexperienced bidding population show up they will drive the prices up again – and while the developers will love that, buyers will find the prices aren’t much better than are being offered now.

    I’m not sure why they are choosing auction – they had the opportunity to sell to investors at a guaranteed rate, with a guaranteed sell out. We called them personally to make an offer – they didn’t even return our call and have been unresponsive to emails for many months. I know that Condo Metropolis had the same experience.

  5. Chris, I think the reason that developers often find themselves in a bind like this is because despite what one might expect, builders and developers are psychologically very similar to any other seller, ie. they are in denial about the value of their product and are slow to match their prices with what the market is prepared to pay. While they are quick to raise prices in a seller’s market, they drag their feet when it comes to reducing them (understandably), and by the time they are prepared to lower their prices, the market has dropped even further – and so they are still too high. Thus, like most sellers in the current market, they always find themselves behind that point on the curve where they need to be in order to clear out their inventory.

    I can understand it because I’m like that when it comes to fashion. By the time I’ve accepted that it looks cool to wear your pants half way down your ass, fashion has moved on without me and I’m left standing there with my butt cheeks showing.

  6. I can’t wait for the auctio, this will be a good indication for a coming ‘bottom out’ in the downtown market.

  7. Is anything known about the auction procedures yet, I mean as far as how many units are on offer at one time, reserve bits etc. ?

  8. I think the reason they are not selling an investor at a guaranteed price is they need to get the building occupied so they can lease the retail space. that is where the real money is to be made.

    Why would they sell to an investor that is going to let all 42 units sit empty?

    Why would someone lease retail space in a building with 42 empty units?

    Very good Point. Thanks, Greg.
    Marcus.

  9. This message is for Greg. The retail part of the Development known as The Plaza can be accessed by all. These spaces are directly on Orange Avenue and cater to downtown clientele.
    The Solaire Condo does not have retail space and cannot be accessed by the general public. It has a completely seperate entrance and private owner elevators.

    The retailers count on the downtown pedestrian traffic for business. The vacant and/or auction units in The Solaire have no impact on the retail spaces. There will certainly be more folks at the eateries and coffee shops once those units are sold off but as Christian, the Sales Director says at the top of this page, the residential and retail are completely seperate entities. One day in the not so distant future when the working men and women of downtown Orlando get tired of dealing with the traffic jams of I-4 and the 408, more will relocate to the downtown area and the residential focus of downtown will thrive once again…

    Hey Brian, thanks for that. I think the point that several people are making or wondering about here, is why auction? Greg was trying to posit an answer that question I think. Because there seems to be a consensus (rightly or wrongly) that an auction is the worst case scenario for a developer.
    Marcus.

  10. The point I am trying to make is that is commercial space is more valuable then residential space. It is in the best interest of the developer to sell/lease the more valuable property now, before prices move even lower.

    If I was opening a service type business (food, salon, spa, etc) in a combination building, I would want what they were selling 3 years ago when they were pulling permits.

    All the hype was about how cool it would be to shop – live – work all in the same space. If this is the selling point, then as a business I would want residents, and a resident I would want businesses (services).

    How long until this all comes together?

    /those condos above the super target at Orange and Michigan are starting to look better everyday.

  11. It is my understanding that the parking garage that the residents of the Solaire use was owned by Mr. Kuhn and has since been foreclosed. How do I get comfortable that a parking space will always be there for me?

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