Harbor Club Bubble Unit – DEAL!

Posted on September 14, 2010 | by Denny Oh

A little while ago, a bubble unit at the Harbor Club went to auction, but ended up going back to the bank.  One this particular day, the auction actually started on time, opposed to the normal 20–30 minutes late, and there were no investors present to bid on it.  So…even though the opening bid was about $500K below market value, it went back to the bank and is soon going to be on the MLS as an REO.

 

HarborClubBubbleUnitUnit 2402 at the Harbor Club is a bubble unit.  This is the 1474 sqft, 2br/2ba floor plan that faces south, as well as east and west.  People love this floor plan for its incredible water views and expansive windows.  Based on some information I’ve gathered, this condo is going to come on the market well below the comps.  My guess is that it will be listed below $800K, but I’m not sure.  Recent comps(no bubble units have sold in the last year) suggest that this condo should sell for about $1–1.1M.  Unit 2102(same floor plan but 3 floors lower) sold in April of 2009 for $1,050,000.  Currently, unit 2205(same floor plan but two floors lower and in the other tower) is listed at $1,495,000.  Also, unit 3302 is listed at $1,475,000.

Yes, the subject property, unit 2402, could use a bit of a face lift, but it’s in great shape.  My guess is that someone will pick it up, paying cash, for somewhere around the mid $900K range – still a great value – about 20% below market value.

Harbor Club #2402 is in the east tower(200 Harbor Drive) and was owned by Terrance and Sonya Tucker(aka Terry and Cheri Tucker), who purchased it in 2007 for $1,375,000.  FYI – these are the people who were involved in a huge mortgage ponzi scheme, which eared them both 10 years in jail.

If you’re interested, please contact me immediately, as this condo will not last.  I’m guessing that they will list it within the next week and they’ll probably wait 5 days before accepting an offer.  With that said, you never know what a bank will do and if you’re interested, contact me now.  This will probably be one of the best deals this year.  Also, if you have cash and want to get involved in auctions, please let me know.

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Denny Oh 858–243–2092 [email protected]

Click here to see condos for sale at the Harbor Club

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