News On Miami Foreclosures — JLo’s Icon Brickell Condo Has Been Sold On Foreclosure Listings
The personality in case happens to be the famous actress, dancer, recording artist, TV personality, businesswoman and entrepreneur, Jennifer Lopez who also goes by the name JLo. Unfortunately, she is now one of the many who have had to lose their real estate properties to Miami foreclosures which is essentially the result of the inability to keep up with the legal obligations that come with real estate property ownership.
It all began in 2009 when JLo and her then husband, Marc and Anthony, had started leasing one residential condo at the Icon Brickell which was initially a set marketing strategy that would create an impulse among people to become interested in moving into the same waterfront luxury condo community which is located on 10 acres of prime land which is adjacent to Miami Circle, Brickell Park, and Miami River.
JLo and her then husband had been presented with an offer by the Icon Brickell’s condo developer, Jorge Lopez, who had given them the opportunity to rent out the residential condo unit for a low price which is easily an offer that they found to be irresistible. Furthermore, an offer to purchase the residential condo for a sum of $1.7 million was also presented to them.
Soon after that, the couple had released statements to the media about their purchase and that the condo community would soon be the sexiest place in town. There were even rumors that the couple had purchased 10 other residential units at the Icon Brickell.
The residential condos within the condo community had an average of at least $450 per square foot n the early months of 2010. Later on, the last remaining condo units were going on the market for $465 per square foot.
No details have been given as to what had happened when the aforementioned condo unit with a value of $1.7 million had become one of over 1,000 condo units that were subject to being seized by HSBC Bank which actually had ownership right to these real estate properties.
But word is finally out that the residential condo had already been sold to an investor that had purchased the unit for a sum of $1.5 million or an average of $431 per square foot, effectively assuming JLo’s lease. And today, property buyers who are looking out for Miami foreclosures on the market can expect to find many other Icon Brickell residential properties back on the market for property prices which are guaranteed to range in sums that are less then their actual real estate value.
Joan Vonnegut
Miami Foreclosures
