Miami Condo Auction - 97 Units at Cynergi

As the Florida Condo Con unravels, I will be posting some of the more interesting foreclosures, auctions and cons. Cyngergi is a 100 unit building at 2700 N. Miami Avenue where the developer is on the hook for $30.57 million. Actually, the developers are probably off sipping cocktails on a beach in the Islands. The Banksters are on the hook for the $30.57 million of their clients' money they foolishly handed out like candy.

Just four of the 100 units have been sold, leaving 97 units set for auction on September 30th. Here's the rub. I expect the high bidder to walk away with the 97 units for somewhere around $12 million, leaving the Banksters on the hook for another Florida Condo Con to the tune of $18.57 million.

These are ugly numbers that are just beginning to ooze to the surface. It will get a lot more stinky as thousands and thousands of units are forced into the market.

If you're interested in bidding - I'd welcome the opportunity to assist you and make sure you understand the pros and cons of this property. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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