National Auction Group auctioned off over 30 units in the Crystal Tower complex in Gulf Shores today. The units sold in the range between $250k and $315k. Several of the highly desired top floor end units fetched prices in the upper range between $285k and $315k. A large number of units sold for $250k. The developer opted to end the auction after selling more than 30 units but less than the 60 available units. Four units were removed from the available unit list prior to the start of the auction. The 30 units represented the minimum number of units promoted to be released in the absolute auction format.
The auction was heavily attended and presented a unique investment opportunity for investers in the Gulf Shores vacation rental market.
A ten percent buyers premium was to be included on successful bidders bid amounts. Onsite financing was available. Units could be closed as early as today and must be closed by June 2, 2008.