Chicago-based Sheldon Good & Co. is conducting the auction. A total 118 of the home sites are in Putnam County, about 70 miles north of Downtown Orlando. The other lots are south of Jacksonville in the Palm Coast area of St. Johns and Flagler counties; in Citrus County; and near Ocala horse country in Marion County.

The Putnam lots are in the Interlachen area, off Route 20, which runs between Jacksonville in the northeast and Gainesville in the northwest portion of the state. The two-lane area is scheduled to be widened to four lanes, "creating a major east-west corridor across Northern Florida," says Sheldon L. Good, chairman and CEO of his company. Area land brokers tell GlobeSt.com it is difficult to forecast prices. "On the commercial side, most builders and developers buy [residential] lots in bulk so the price per lot goes down according to the number of lots purchased and the buying terms involved," a Marion County broker tells GlobeSt.com. "But when you buy single lots or just a few lots at one sitting, the price generally is much higher than the commercial rate."

Projected auction prices could range from $50,000 a lot to more than $100,000 per lot, depending on their location and accessibility to a lake or major highway, the broker tells GlobeSt.com.