Real Estate Auctions Work - Condos sell for nearly $6 million above minimum

Real Estate Agent with Palatium Auction and Appraisal Service, Real Estate Auctions, Estate, Moving, Downsizing Auctions 618-233-1000 USPAP Appraisals

A package of 165 condominiums in downtown Orlando, Fla. was sold for $25.9 million at an auction there Monday, the auctioneer, Fisher Auction Co., said.

The winning bid compared with a minimum of $20 million set before the auction of units at a building called the Vue at Lake Eola and shows that investors are pouncing on what they see as bargains even in glutted condo markets like Orlando.

The winner among the nine registered bidders was Condo Developer LLC. Michael Messersmith, a Chicago-based lawyer representing that firm, said it was owned by a family trust but he declined to identify the family. The owners of Condo Developer are interested in acquiring more condo developments in large metropolitan areas across the U.S., Mr. Messersmith said.

The winning bid works out to about $125 per square foot. That compares with an original price of $350 to $450 on the condos several years ago, said Jeff Morris, a managing director at Jones Lang LaSalle, a broker that wasn't involved in the sale

The 35-story building contains 375 condos, of which 210 already had been sold. The package sold Monday was all the remaining condos plus a vacant retail space of about 8,000 square feet on the ground floor.

The developer of the building, Vue-Orlando LLC, spent about $100 million to construct the tower, opened in 2007, and owes about $53 million to lenders, according to Scott Shuker, a lawyer for the developer. The banks forced the developer into bankruptcy proceedings in November.

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Paul Roesch
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