Auction Set For Luxury Condos

Auction Set For Luxury Condos DAYTONA BEACH SHORES, FL - The developer of the oceanfront Ocean Vistas condos here is auctioning off 26 units next month with minimum bids ranging between 59 percent to 73 percent below the last asking price.

A $1.266 million, three-bedroom/3.5 bath condo could sell for a minimum bid of $395,000 and a two bedroom-two bath unit listed at $1 million could go for $270,000.

With the slide of the national and local real estate markets, prices and values are in flux, said Steve Brooks of Ambling Land & Resort of Valdosta, Ga., developers of the 108-unit Ocean Vistas. One auction goal is to determine market values.

"The reality is people do not know what the property is really worth. We have offers that we consider too low and some say our asking prices are too high," Brooks said. "We have set minimum bids levels to get people's attention, so they stop and look. We wanted prices so affordable to get them sold, get people moved in. We want to see how many people want to live in the building if price was not an issue."

The 12-story building at 1925 S. Atlantic Ave. was completed in March 2007 and the seven floor plans were marketed as a vacation and second-home getaway. Original sale prices ranged from the mid-$500,000s to $1.3 million. So far, 63 units have been sold. The two- and three-bedroom units range between 2,000 and 3,000 square feet.

Auctions have become popular ways for developers and condo owners to drum up interest, excitement and sales in the sluggish real estate market, said Jon Gollinger, founder of Boston-based Accelerated Marketing Partners, the firm hired to auction off the Ocean Vistas units.

"This auction is an unusual model for your part of the world," Gollinger said. "There are no hidden or nonpublished reserves, so if someone meets the minimum bid price or higher, it's sold. The owners will not reject the bid. These are once in a lifetime opportunities."
Source: news-journalonline.com

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