Tradewinds Auction MetroWest

Tradewinds CondosTradewinds CondosTradewinds Condo Auction

100 Will Sell Absolute!  
No Minimums! No Reserves!
Saturday, March 29 2008 at 11:00AM

The owners of Tradewinds condos in MetroWest Orlando, have decided to take their chances at auction, after a series of no-go, low-ball offers from investors,

There are still over 200 condos at Tradewinds, and the first 100 will be sold “absolute” (regardless of price). The remainder may be added depending on the outcome of the first 100. There are 1 & 2 bedrooms available with private patios and balconies.

TERMS:

  • 1-Bedroom, 1-Bath Condos – $5,000 down per condo by personal check, business check or certified funds;
  • 2-Bedroom, 2-Bath Condos – $10,000 down per condo by personal check, business check or certified funds. Closing in 30 days.
  • Tradewinds Living RoomPreferred auction financing provided exclusively by MNET Mortgage Corporation. For additional information on financing, contact us.

Tradewinds is a great development and the developers are a solid crew (they also converted Central Park in MetroWest). Many of the condos have views of one of the nicest lakes in the area and the neighborhood is beautiful. (I still hear people talking about MetroWest being crime ridden. People, you’re about 8 months out of date! See our previous post.)

Inspections and tours begin by apt. March 14.

5 Comments

  1. I have several questions if anyone knows the answers:

    1. What year were these units converted from apartments to condominiums?

    2. What does anyone know about the company that is conducting the auction and their reputation?

    3. Multi-parter: What does anyone know about the the management company of this development–in terms of their solvency, any other holdings they have in Central Florida, and how long they have managed this property?

    4. How common is it for companies to hold a “no minimum bid” auction for real estate like this?

    Honestly, I’m not sure whether to view this as something that seems too good to be true or not.

    Thanks in advance for any response folks may have.

  2. Ken: They were built in 1989 and converted to condos in 2005. The National Auction Group has been around a while and I know of no particular issues with them.

    This isn’t something that’s too good to be true Ken. It’s a pretty normal state of affairs in South Florida and is becoming increasingly common in Orlando. The market demands it. Developers are desperate to move inventory.

    Last year’s condo auction in Lake Mary went pretty well and so developers are willing to give it a try. McRae & Stolz are the developers in this case – from Atlanta – and they have a great reputation. This isn’t their first condo conversion in Florida.

    As for price, don’t forget there will still be a suggested start price – and it’s likely to go up from there. Yes, it’s possible that if no one were to bid they might go down, but that’s unlikely to happen – and based on the experience of the auction company, they’re prepared to take that chance. So yes, it’s very normal for a certain number of the units to be sold ‘absolute’ or without reservation. It’s a great way to attract buyers.

    How much they are ultimately sold for will be decided by you the buyer. No one knows how it will go until the day comes. Certainly, you have nothing to loose by registering. It costs nothing and you are under no obligation to either attend or bid. But without registration you won’t even have the option to be there on the day.

    Feel free to call us on: 407-290-3408 (or email us at: Info@CondoMetropolis.com) with any other questions. We can also get you registered if you want to join in the fun!

  3. I actually attended this auction this morning. To sum it up in a word: brutal. My guess would be about 40 condos actually sold before they halted it. Of the two bedrooms, high bid was $105k (one sold at this price), next was 100k (2-3 more), 1-2 more in the $90’s, and several (15 or so) went at the minimum of $85k. One bedrooms had even less action, naturally. Bidding was floored at $65k for the 1BRs.

    The “100 being sold absolute” did not happen.

    Given how many people attended it, I was impressed that so many of them had actually doen the math ahead of time and did not bid over market value.

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