Property auctions have been around for sometime. Just a quick visit to web’s best known auctioneer Ebay, lists a myriad of real estate available to buy through auction online. It is often perceived as a marketing gimmick used by desperate sellers hoping that by auctioning rather than selling, it might spark enough interest in their property to finally close a sale. Florida developers it seems are no different, in these tough times, the US credit crunch calls for desperate measures and not one but two of Florida’s top real estate developers are putting scores of their properties on auction with NO reserve on January 19th.
[googlevideo width="400" height="326"]http://video.google.com/videoplay?docid=8244875662065609529&hl=en[/googlevideo]Next week on Saturday at 11am, luxury apartments in developments enjoying two of Florida’s best locations, Naples and New Smyrna Beach go on auction with no reserve and no minimum prices and sold to the highest bidder no matter how low that bid may be. The auction to be conducted by Stirling Sotheby’s International Realty in association with British Homes Florida will take place on site at Lely Landings in upmarket Naples, on Florida’s west coast. Independently valued at $393,000 (£196,500) back in November 2007, each of the entire inventory of twenty-seven, 3 bedroom elegant coach homes of 1600 sq ft+ are to be auctioned individually or as a bulk purchase. The following week, 30 brand new apartments at Oceanwalk Condominiums on Florida’s Atlantic east coast in the south beach area of New Smyrna Beach with the world famous attractions of Walt Disney, Sea World and Epcot just over an hours drive away, will also be auctioned off. Currently being marketed for between $250-440,000 (£125-220,000), this really is an opportunity to bag a bargain basement!
This is a move which smacks of desperation and is yet another indication that within the market for Florida real estate, the ball sits firmly in the buyer’s court. The latest quarterly forecast from the University of Central Florida featured in The Orlando Sentinel
, the business newspaper of the region reported on December 28th predicts that Florida's economy should hit it’s low point
within the next three months making these tough times for sellers who faced with poor dollar
/euro and sterling exchange rates are further motivated by a need to close sales by it appears any means possible.
For buyers in the market for a second home in Florida or investors who view this purely as a money making exercise, potential buyers can register online at the Stirling Sir Website
and join in the live auction online or by calling UK freephone 08000 518 893.