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Updated almost 3 years ago on . Most recent reply

My building is a teardown but the land is worth a fortune
Hey everyone, I live in a 60 year old building on the Bay in Miami. Because nobody in Miami pays their condo fees, the building is falling apart and needs to be torn down. It is worth something though as it has all surface parking and a huge bayfront lot. The lot is probably 150 yards wide by close to 300 yards deep. Units in the building directly next door start at about $2.5 million. So my question is, is there any way I can present this to a commercial real estate firm and make some money for myself? I am not a realtor or even an owner but this will happen and I want to be part of it. There is a bidding war already starting but the bids are low and I am guessing not enough to get the deal done. I am guessing it would take at least $100 million to get the owners to sell. My very uneducated guess.
Most Popular Reply

- Lender
- Lake Oswego OR Summerlin, NV
- 63,747
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well if its 5 years out go get your license go work for a top shelf Commerical brokerage and then specialize in these condo conversion tear downs.. Create a real career for yourself. You have the idea you now have to get in the game and I can tell you no developer doing a 100 million dollar deal is going to pay you some big fee. But if you have legit listings on the building and are representing the sellers legally thats HOW you make MONEY in this type of real estate . you have the idea now get in the game
- Jay Hinrichs
- Podcast Guest on Show #222
