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Atlantic Front Condos Bring $16M

MELBOURNE BEACH, FL-Ocean Dunes sells 51 of its 68 available units at an auction.

By Carl Cronan | Updated on October 26, 2009

MELBOURNE BEACH, FL-A receiver and auctioneer sold 51 of the 68 available units at Ocean Dunes Condominium at Aquarina Golf and Beach Club here. The total amount of the beachfront condo sales was $16.3 million, or roughly $240,000 per unit.

The auction attracted buyers from several Northeast and Midwest states as well as Canada, says Scott Brenner, president of Fort Lauderdale-based Brenner Real Estate Group. The firm worked with Pompano Beach-based Fisher Auction Co. Inc. and Melbourne-based Prudential Sterling Properties on an eight-week marketing campaign.

“The property had been in disarray for over two and a half years,” says Brenner, the third receiver appointed for Ocean Dunes. He adds that the auction process provided a more lucrative conclusion to the sale of the condos than mortgage holders would have realized through a bulk sale, with units sold absolute with no minimums or reserves.

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