Gulf Coast Condo Auction - Wow . . . have we come off those '05 and '06 highs of $600 sq. ft. This past Pensacola Beachweekend saw an Absolute Auction of 30 new condos in Gulf Shores, AL (aka the Redneck Riveria, part of the Emerald Coast running from Panama City, FL, through Orange Beach, AL).

This is an amenity laden condo of 170 units. A total of 100 units were sold at preconstruction prices. The developer held back 70 units for appreciation. Things didn't go that direction so . . . look at this sample of the buys this weekend:

Bid Price

10% Buyer Prem

Actual Price

Price Per Sq. Ft.

$250,000

$25,000

$275,000

$263.92

$285,000

$28,500

$313,500

$260.60

$315,000

$31,500

$346,500

$288.03

The fundamentals are roughly the same as they were when we were selling at above $500 a sq. ft. The sun still shines and the rent still comes in. HELLO investors . . . you can see that the smart money is waking up to the bargains to be had! There will be more Gulf Coast Condo Auctions!

 
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Robin Sherman, CRS, Broker Associate Robin@PensacolaForYou.com

Pensacola, FL

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Keller Williams

Address: 22A Via DeLuna, Pensacola Beach, FL, 32561

Cell Phone: (850) 516-8185

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