On Thursday, October 8th, at the Martin County Courthouse, 12 town houses in the Renar River Place development will be sold to the highest bidder. With a $4.3 million judgment, Bank of America will be lucky to see anyone bid higher than about a third of their judgment amount.
Deal or No Deal? We'll be watching. I've advised my clients to bid no more than $1,020,000 or $85,000 a unit, and I'm not even happy with that. Unlike the Cynergi deal in Miami the other day, this development has an absolutely horrible location. It should have never been built, and obviously no one at Bank of America did any due diligence. But the developer walked away with a huge paycheck for a development that will sit empty or eventually become some type of affordable housing.
If you're interested in bidding, I suggest you call me before Wednesday. Mike Morgan - 772-260-5448
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