Big Condo Auction Ahead In Gulf Shores

Alabama Economy Some property is being auctioned regardless of price.

by Steve Alexander

Published: Thu, August 07, 2008 - 8:20 pm CST Last Updated: Thu, August 07, 2008 - 8:32 pm CST

The housing crisis is hitting the beach this summer, but for people looking for a vacation getaway, you can find bargains.
36 condominiums, homes and other properties are going on the auction block this weekend in Gulf Shores and other parts of Baldwin County.
Some of them are being offered in an absolute auction, which means the property is going to sell regardless of price.
William Bone is president of the National Auction Group, which is auctioning the property.
He says, for instance, one home across the street from the beachfront in Gulf Shores is appraised at $795,000.
But, he says, "If you bid $100,000, and nobody else bids $200,000, its yours."
The group is auctioning the property for Vision Bank.
Bone said, "They (the bank) foreclosed. There were people that had bought them and couldn't make the payments for whatever reason. Locally, on these waterfront properties in Baldwin County, its just an oversupply. You've got an oversupply and they hadn't sold."
Auction officials call it a win-win situation: the bank gets rid of foreclosed property, the auction house makes ten percent, and buyers get discounts.
When asked if he had ever seen anything like this, Bone said, "Not in at least twenty years."
The auction takes place Saturday at 11 am at Perdido Beach Resort in Orange Beach.

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mustuknow Says:

Sun, Aug 31, 2008 at 10:40 am

So did these condos sell or what? I hate it when they do a story like this and then there is no follow up. I mean I understand it is not the hot topic of the day but it does effect our economy and I would really like to hear the outcome.