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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.
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