Tuesday, June 19, 2007

‘Substantial Discounts’ at Condo Auction—St. Petersburg, FL

Fifty condos went up for auction this Saturday in St. Petersburg, Florida. Twenty were offered at absolute price (sold to highest bidder regardless of price). Out of the fifty that were being offered, twenty sold, and at 'substantial discounts'.

Tampa Bay Business Journal. “The Enclave at Sabal Point sold at least $1.7 million worth of inventory during the two-hour auction June 16 that attracted 39 registered bidders, some from as far away as Arizona and Canada.”

The converted apartments, which included one- to three-bedroom units in five floor plans, sold for an average of $86,000 each. Their previous asking prices ranged between $95,000 and $190,000.”

“‘Most of the units were occupied so we had a number of investors seeking to buy them as income properties,’ Craig King, president of J.P. King Auction Co., stated in a release. A few Enclave residents bought their own units, he said.” read more >>

From J.P. King Auction Co.

“‘This was a good turnout in a market where condominium sales have been slow at all levels. Because these were entry-level condominiums, our target market was very different than it would be for new or renovated units. We succeeded in reducing the seller’s inventory by 20 units, and the auction marketing program has also led to negotiations that could lead to sales of quite a few more units in the very near future,’ said Craig King, president of J.P. King.”

“‘Most of the units were occupied, so we had a number of investors seeking to buy them as income properties. But we also had some individuals buying units for their own personal use,’ said King.”

Have these 'investors seeking income properties' read the latest post titled A Renter’s Paradise In Florida from Ben's Blog?

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