| Subject: High Dollar Gulf Coast Condo's Being Auctioned at Any Price |
Author:
Jackie Juntti
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Date Posted: 11:22:02 04/27/08 Sun
I remember all the construction on my couple trips to the Gulf Coast while living in TN. Everywhere you looked was construction and lots of what appeared to be ILLEGALS doing the work. In a way I have to laugh - All those greedy (HIRE THE CHEAP LABOR) employers, investors - who went after the CHEAP LABOR so as to INCREASE their PROFITS - well, many are now reaping the harvest of their efforts..... CHEAP SELLING PRICES. hahahahaha
Here is an item from a WGEN reader who is now living in the Gulf Coast and sees it first hand.
Jackie Juntti
WGEN idzrus@earthlink.net
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Date: Sun, 27 Apr 2008 09:03:15 EDT
Subject: High Dollar Gulf Coast Condo's Being Auctioned at Any Price
To: idzrus@earthlink.net
The real estate everyone thought would be immune to downturns is now a victim of it too. They are selling at ANY PRICE. It is conceivable to buy it for a penny.....funny how fortunes do turn...
Steve
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http://pnj.com/apps/pbcs.dll/article?AID=/20080427/NEWS01/804270334&referrer=FRONTPAGECAROUSEL&GID=Dj5CSXuvIfDDsh313IbfCTUCzy+RKCRhnWeRNkTbChY%3D
Condos up for auction at any price
Auction to feature 30 condos at Crystal Tower in Gulf Shores
Lauren Villagran ? News Journal correspondennt ? April 27, 2008
It's like a clearance sale for condos.
On Saturday, Pensacola businessman Collier Merrill plans to auction 30 condominiums ? at any price ? at his Crystal Tower developmepment in Gulf Shores, Ala. Merrill has been sitting on an inventory of about 65 units in the 170-unit tower since August 2006, when prices in the Gulf Coast condo market began to tumble amid a glut of inventory.
There is no minimum bid on the properties, which sold for $450,000 to $650,000 at the height of the real-estate boom and just before 2004's Hurricane Ivan.
"It's a way to sell some units quick, and that's what we wanted to do," Merrill said. "What they'll sell for at this point is anybody's guess."
...................snipped............snipped...........
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