ORLANDO, FL - Fisher Auction Company and Cushman & Wakefield today announced the completion of a bulk sale auction of 165 new condominium units within The Vue at Lake Eola, a premier brand new condominium development in Downtown Orlando. The portfolio, along with approximately 8,000 square feet of retail space, sold at an auction ordered by a bankruptcy court decision for $25.9 million to the highest bidder March 15, and is now pending court approval. The property contains a total of 375 units.
Source: Cushman & Wakefield
"The Vue at Lake Eola was a prize piece of real estate," said Lamar Fisher, President and CEO of Fisher Auction Co., Inc. "Bidders had to submit a signed non-contingency contract of no less than $20 million just to be qualified to participate in the live auction. Our combined marketing efforts resulted in nine qualified bidders in the live auction and we were thrilled with the results."
Orlando-based brokerage professionals Jay Ballard and Ken Delvillar, senior director and director, respectively, of Cushman & Wakefield's Apartment Brokerage Services Group, handled the marketing and sale of the units along with Fisher Auction Co. According to Mr. Ballard, the process needed to be accomplished within a short 60 day timeframe. "We had an expert team in place to put together our due diligence package, conduct tours and help keep our potential bidders informed," Mr. Ballard said.
The Fisher Auction and Cushman & Wakefield team are not new to handling the targeted marketing of this type of real estate. They have successfully handled similar properties and have become the new experts of fractured condo auctions.
"We had over 250 groups sign confidentiality agreements on this property and over 50 potential buying groups conduct property tours," said Mr. Ballard. "We had inquiries from throughout the U.S. and over 11 countries – truly a superior response to our marketing plan. Our buyer ultimately came from out of the country and we were able to achieve 104 percent of fair market value for the Bankruptcy Court. In this real estate market, that is outstanding."