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Updated over 2 years ago,
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.