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6:30pm on a Wednesday night: An unlikely start time for an auction perhaps, but over 800 were seated by the time bidding began, and the total number of visitors over the course of the next four hours likely topped 1000 according to our estimates.
The REDC auction of central Florida bank owned properties included million dollar mansions and mediocre condos – and some bargains were had with most properties selling for about 40% of their prior estimated worth (and although some of those “estimates” looked a way too high, others seemed reasonable.)
One of our bidders claimed a 1000 SF, 2/2 condo in MetroWest’s The Fountains for just $55k, while across the street at Central Park a similar 2/2 condo loft sold for just $60k (plus 5% auction fee).
Who said investors can’t cash flow in today’s market!?
At the other end of the scale, this beautiful 5 bed, 4 bath 3,500 SF home on Anna Catherine Drive sold for just $235k cash and was previously valued at $529k (44%). And I know plenty of wood frame condo conversions that are still listed for more than that…
Prior Orlando Home Auction Posts:
Village Townhomes and Wekiva Residences Auction, Lake Mary, Orlando FL.
World Quest Condo Hotel Auction
Absolute Auction! Harbor Vista Lakefront Townhomes, Leesburg
Tradewinds Condo Auction – MetroWest Orlando