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.

Miami, Florida

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Jay Hinrichs

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Jay Hinrichs

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Lake Oswego OR Summerlin, NV

Replied July 10, 2022 07:37

Quote from @Sean Cassidy:

Hi Chris and Ecaterina. The building is obviously broke and barely passed inspection. They took down the website and stopped the bulk trash removal among other things to save money. I do not agree there are a lot of bayfront properties left that are big enough to build a big tower on. They do seem to have offers but they are low I believe. ONe for about $350k a unit and another for about $250k a unit. This works out to $84 and %63 million. Units have been selling for $250k. Just a thought I had as I am sure this is going to happen within 5 years. BUt it looks like it would be tough for me to get involved.

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