Out of 60 properties, 44 of them are in Florida, says Scott Stay, a Carlton senior vice president. The seller of the properties is Orlando-based Westgate Resorts, a time-share developer, which is selling all of its non-core assets, he says. These assets will trade far below replacement costs, says Stay, perhaps as much as 50% below prior value, even though they are not in default or foreclosure.

Judging by recent auctions, says Stay, "the market has moved." Buyers who have not bought properties for a couple of years are coming out, he says. "We had a $307 million sealed bid sale," earlier this spring after which 67 out of 67 properties sold , says Stay.

Among the properties being auctioned is the GreneLefe Golf and Tennis Resort, located 30 miles south of Orlando in Haines City, Florida. The property, which has over 1000 acres, has three golf courses, 59