A couple of weeks ago I wrote a piece about the auction of 97 condos in the Cynergi project. I thought the high bid would be $12 million on this project with banks stuck for more than $30 million. I was wrong. The 97 units sold for an unbelievable $9 million, leaving the Banksters stuck for $21 million. Actually, the bank's not stuck with anything, because the lender will stick it to shareholders and the FDIC. The developers and the Banksters basically skimmed off $21 million for their own pockets.
But this goes to show that there are deals to be made. At $9 million, this project makes sense as a rental building.
If you are interested in foreclosures like this, please call me. Mike Morgan - 888-227-5217 or email me Mike@Morgan7.com
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Monday, October 5, 2009
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