America's Auction Network buys, flips 82 condo units

BUYER: Keywealth Meridian LLC (principals: Jeremiah's International Trading Co. and Keywealth LLC), Tampa

SELLER: Bank of Miami NA

PROPERTY: 7605 Pinery Way, Tampa, various units

PRICE: $2.38 million

PREVIOUS PRICE: $12.8 million, January 2006 (includes additional units)

LAW FIRM ON DEED: Isicoff Ragatz & Koenigsberg PL, Miami

PLANS, DESCRIPTION: St. Petersburg-based America's Auction Network and Orlando-based KeyWealth Corp. purchased 82 units in the 176-unit Meridian Luxury Condominium for $2.38 million.

The price equated to $29,000 per condominium.

The partners purchased the remaining unsold units in the condominium development.

America's Auction Network, which broadcasts live auctions nationwide on its television channel, marketed the units over the past month and has found buyers for all of them. The closing process has already begun for some units.

Units were priced from $35,000 to $75,000 and range in size from 660 to 1,170 square feet.

“They were nice clean units that we could get at the right price,” says Brandon Cole, a broker with AANTV Realty, a real estate subsidiary of America's Auction Network. “They were fully converted before the bank foreclosed. I would say it's in the top of the real estate ventures we have done. We had one customer buy nine of them.”

The condo development features a clubhouse and a laundry facility. It also has tennis and basketball courts and a swimming pool.

KeyWealth Corp., a real estate management company, will manage the complex.