HomeMy WebLinkAboutR-96-0429Om*�
RESOLUTION NO. 9 6— 429
A RESOLUTION, RELATING TO THE SALES AND MARKETING OF FIFTEEN
(15) REMAINING CONDOMINIUM UNITS SITUATED AT THE SAINT HUGH
OAKS VILLAGE CONDOMINIUM PROJECT, LOCATED IN THE COCONUT
GROVE NET SERVICE AREA; AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, WITH FORTUNE INTERNATIONAL REALTY, (REALTOR), TO
RETAIN SAID REALTOR'S SERVICES FOR THE PURPOSE OF ASSISTING
THE CITY OF MIAMI IN THE EXCLUSIVE MARKETING AND SALES OF SAID
CONDOMINIUM UNITS; AUTHORIZING THE CITY MANAGER TO PAY A
REAL ESTATE COMMISSION OF FIVE (5%) PERCENT TO SAID REALTOR
PURSUANT TO SECTION 18-81, CODE OF THE CITY OF MIAMI, FLORIDA,
AS AMENDED.
WHEREAS, at the April 13, 1995 City Commission meeting, the City Commission
held the homebuyers' lottery for the Saint Hugh Oaks Condominium Project, which
established the order which the lottery winners would select their particular model and the
location; and
WHEREAS, of the original twenty-two (22) homebuyers selected through the City's
lottery, nineteen (19) of the lottery winners withdrew from further consideration regarding
the purchase of a home at the Saint Hugh Oaks Village Condominium Project; and
WHEREAS, to date, marketing and sales activities undertaken by City staff has
resulted in only eight (8) potential homebuyers being under contract and are in various
CITY COMMISSION
MEETING OF
J U N 1 3 1996
Resolution No.
96- 429
of Fortune International Realty, to assist the City in the exclusive marketing and sell -out of
the remaining unsold units;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution
are hereby adopted by reference thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The City Manager is hereby authorized' to execute an agreement, in
a form acceptable to the City Attorney, with Fortune International Realty (Realtor), to
retain said Realtor's services for the purpose of assisting the City of Miami in the exclusive
j marketing and sales of fifteen (15) remaining condominium units at the St. Hugh Oaks
jCondominium project, located in the Coconut Grove NET service area.
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The herein authorization is further subject to compliance with all requirements that may be imposed by the City
Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions.
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96-
429
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CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
TO: of the City Commission DATE 'c�^, FILE
SUBJECT: Resolution Approving Retention
of Real Estate Firm
St. Hugh Oaks Housing Project
FROM : Ces 1 REFERENCES:
City er City Commission Agenda
ENCLOSURES :Item - June 13, 1996
RECOMMENDADON:
It is respectfully recommended that the City Commission adopt the attached resolution,
authorizing the City Manager to enter into an agreement with Fortune International Realty, for
the purpose of assisting the City of Miami in the marketing and sales of the condominium units
situated at the St. Hugh Oaks Village Condominium Project.
NET recommends ratification of the attached resolution, authorizing the City Manager to enter
into an agreement with Fortune International Realty, in connection with the marketing and sales
of the condominium units situated at the St. Hugh Oaks Village Condominium Project, located in
the Coconut Grove NET Service Area.
At the April 13, 1995 City Commission meeting, the City Commission held the homebuyers's
lottery for the St. Hugh Oaks Condominium Project, which established the order the lottery
winners would select their particular model and the location. Of the original twenty two (22)
homebuyers selected through the City's lottery, nineteen (19) of the lottery winners withdrew
from further consideration regarding the purchase of a home.
On -going marketing and sales activities undertaken by City staff has resulted in only eight (8)
prospective homebuyers being under contract and are in various stages of securing private
I mortgage financing, in order to culminate the purchase transaction. To date, three (3)
homebuyers have closed on their condominium unit.
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i. Moreover, over the past several months, the City has also solicited, the services of real estate
firms through an "open listing" in an attempt to secure potential homebuyers for the remaining
unsold condominium units. Both City staff s efforts and the utilization of various real estate
j firms through the use of an open listing has not generated the interest of the real estate industry
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as was anticipated.
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96- 4291
.,any
Honorable Mayor and
Members of the City Commission
Page 2 -
The attached resolution authorizes the City Manager to retain the services of Fortune
International Realty, for the purpose of assisting the City in the exclusive marketing and sales of
the remaining condominium units not under contract with prospective homebuyers. Moreover,
the attached resolution authorizes the City Manager to pay a real estate commission of five (5%)
percent, based on a selling price of $115,000/unit to the aforementioned firm, pursuant to Section
18-81 of the City Charter and Code.
In an effort to expedite the sell -out of the St. Hugh Oaks Village Condominium Project, City
Commission approval of the attached resolution is recommended.
96- 429