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Absolute Auction at Emerald Greens (07/20/08)
 
 
  
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       The Emerald Green condo development in Gulf Shores had an absolute auction yesterday for condos that had never sold. I am not sure how many units were available, but two-bedroom units went for $127,500 and one-bedroom units went for $82,500. Trust me, those are amazingly discounted prices for these properties - and they're on a golf course.

          Absolute auctions boast that units will sell regardless of the price. There are many stipulations on these auctions, and they all vary according to the property and the auction company. I have heard that this happened back in the mid-80's where there were too many condos for sale and the developers were eventually pushed into these types of auctions. How time does repeat itself. If you've got money for a condo, now is a good time to jump on one.

          While there are numerous auctions scheduled for my area (Perdido Key, Florida and Orange Beach and Gulf Shores, Alabama), one is very close and coming up in August. I will be keeping an eye on this one both pre and post auction. Not that I am going to buy anything. No, my days of buying real estate are on hold for awhile; but I do want to see who is showing up to buy these properties. Where is the money coming from? Here is a brief listing of the auctions (all of the details are on the auction website (http://www.national-auction.com/auction_detail.php?ID=385910).

         
Absolute Auction
Harbour Pointe Luxury Condos

Date:
Saturday, August 16th, 2008  at 11:00AM CST

Location:
154 Ethel Wingate Drive
Pensacola, FL 32507

Brief Description:
10 New Waterfront Condos on Big Lagoon with Spectacular Views of the Gulf Island National Seashore and the Gulf of Mexico. Boat Slips, Lagoon Pool with Cabana & Hot Tub, Tropical Landscaping. 2,3 & 4 Bedrooms. 25 New Condos to choose from.


          The property is impressive, and the location is impressive. I will be making a trip out there before the auction to check it out. I will post my comments once I do. Who knows, maybe I can get my banks to put my properties in an absolute auction to unload them.

 
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