Palazzo Auction today

did not attend, but according to Ch 7 News, they sold 20 of the 67...prices were in the $400,000 range.

That's weird. I just heard on Ch 7 news (10pm report) that they sold about 50 properties for $18 million. I have no idea if the twenty properties sold were absolute, and maybe the additional thirty were with reserves. Did you see the earlier evening news broadcast, goodwitch?

yeah, I saw it...pretty sure they said 20; but perhaps I misheard. I know she said the prices were inthe $400,000 range.

Jason from the PCBDaily site was in attendance and posted the results on the following link:

http://pcbdaily.com/?p=610

Looks as though folks got some good deals.

Little Fish

yeah, I saw it...pretty sure they said 20; but perhaps I misheard. I know she said the prices were inthe $400,000 range.

Doing the math, I don't think you misheard, because $18 million into 50 properties is about $360K each. Just interesting that they reported it that way. I remember the big auction held at the WaterColor Inn last year, where most properties were auctioned with reserves, and while to a news reporter, it looked like they sold, but in fact, most did not.

yeah I remember that too. One needs to "read/listen to" the "fine print" at these auctions.

Sounds as though some peeps got a good deal on this one...

Palazzo Auction Results

I was in attendence. Chris Arnold put all of the auction results on his blog site. Here is a link to the Palazzo Auction Results.

Palazzo Auction

The auction at Palazzo was a big success. It proves that if you price the units right, they will sell. Hopefully this will lead sellers to be more realistic to the current market conditions so we can sale the excess inventory on the market and look forward to a brighter future. Please call, or have your realtor call, Nathan Abbott at 850-685-2851 if you are interested in purchasing a unit from the developer and we will try to negotiate a good deal for you. There are approx. 20 units left to sale.
Sincerely,
Nathan Abbott
Palazzo Sales Team
www.PalazzoCondominiums.com

Nathan:

Do appraisers consider auction sales as comps for folks looking to purchase units at prices higher than the auction pricing?

Thanks
Little Fish