Bankrupt Tampa condo tower collects $21.9-million
The Place at Channelside, 240 condos housed in two towers in Tampa's Channelside District, sold at auction Wednesday for $21.9 million.
Key Developers Group LLC was order by a bankruptcy judge to sell off its property to satisfy creditors. Like many condo projects in the Tampa Bay area, The Place attracted reams of investors during the housing boom. Many grew skittish when the housing market collapsed and refused to close on the units.
The purchaser, who remains anonymous pending approval of the sale by the bankruptcy court, will pay about $128,000 for each of the 171 units still unsold. The bidding started at about $17,.2 million, or about $100,000 per unit.
(Un)Real Estate offers a peek at the housing market usually reserved for insiders. While it focuses on the Tampa Bay area, it won't neglect dipping
into the rest of Florida and beyond. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
But..but..but..but I want to sell mine for 5 times that much! Why isn't anyone coming to look at it?
http://www.realtor.com/realestate/tampa-fl-33602-1101879041/
Posted by: Tino | October 16, 2008 at 12:31 PM
$625,000
2 Bed, 2.5 Bath, 1,745 Sq. Ft.
Tino: The price and the sqft. says it all! The listing is a future foreclosure in the making as the owner is upside down.
Posted by: Fuzzy Bear | October 16, 2008 at 03:12 PM
The Tampa Tribune is reporting today that the new owners have decided to turn The Place into apartments.
The poor 70 or so owners that bought before the auction are wiped out, as they are now holding assets with no resale value.
Posted by: Tino | November 12, 2008 at 01:12 PM
Ahh..the benefits of owning a single family home..
Posted by: | November 12, 2008 at 01:43 PM