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Auction at Crystal Tower in Gulf Shores Alabama
GULF SHORES
Sunday, May 04, 2008 By KATHY JUMPER Real Estate Editor GULF SHORES, Ala. A driving rainstorm didn't stop bidders from buying 44 condominium units for more than $13 million at an absolute auction that attracted more than 1,000 people to the Crystal Tower condo complex Saturday afternoon.
Amid wall-to-wall umbrellas, more than 500 registered bidders from 20 states came to look for a deal or at least catch a glimpse of the condo-buying fever evident on West Beach in Baldwin County.
The lowest unit sale prices were $275,000 and the highest purchase price was $350,000, which included the 10 percent buyer's premium added to the bid amount, according to the National Auction Co. based in Gadsden.

"My brothers and I had not intended to go that low," said Collier Merrill, the developer of the 170-unit Crystal Tower on West Beach Boulevard. "But we wanted to move some product and in an hour we sold 13 million dollars' worth."
The Merrill family had planned to sell 30 units at absolute auction or with no minimum bid, and instead sold 44. They kept about 20 for rentals, Merrill said.
"Considering the weather, we had a lot of people come out," Merrill ... more

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