Friday, October 1, 2010

Auction announced for Oasis Condominiums in Ft Myers, FL

Auction to be held to auction off 125 condominium units at OASIS Condominium Project in Fort Myers, Florida!

Timing is everything, huh.

I can remember when construction began on this project. Unfortunately, by the time the project was ready for occupancy (in 2008) the market in Florida for high-rise residential condominiums had plunged, and buyers who had placed deposits decided not to go through with their purchases.

Now, some two years later, the owners of the project are going to try to "move things forward" by auctioning off 125 units (in the first of the two towers.) The first 40 units to be auctioned off will be sold "regardless of price", in other words, no minimum price. The owner of the Signature Condominium, a beautiful project in downtown St Petersburg, held a similar auction last year (or, maybe it was earlier this year), and that auction proved to be very successful (at least for buyers; most buyers got great deals.)

Here's one sentence from an article I just read about the auction to be held in November (2010) for the Oasis units in Ft Myers:
......"For example, Ewing said, one client whose contract was for $607,900 was offered the chance to purchase for $216,900: 64 percent off the original price."

Wow, imagine buying a condo for $217k that was originally priced at $608k!

Wonder how much the "oil" problem in the Gulf is affecting west coast Florida real estate.

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