The proof of pent up demand for gulf front condos was evident yesterday in Gulf Shores, Alabama were over 30 unit at San Carlos were auctioned off. There must have been over 250 bidders and well over 1000 people in attendance.
Keep in mind these are cash buyers or non Fannie/Freddie borrowers. Many closed the deal on auction day.
Buyers paid anywhere from $215-279 a sqfoot for 2-4 bedroom condos at San Carlos. The condos were built in 2006 and the units auctioned where owned by an financier out of CA.
video link to crowd before auction.
http://www.youtube.com/watch?v=79dPulTmZZM
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I strive to use my experience to make the home buying or 2nd home purchase both smooth and advantageous to my clients. Areas of expertise are west Pensacola and Perdido Key. Prior Naval Officer.
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