FORT LAUDERDALE, FL-In a sign that the appetite for auctioned properties is still strong, The Fountain on Ocean Boulevard condo project finally sold out. The 20 remaining luxury residences exceeded the seller’s reserve price by 14% to total $7.6 million at a March 5 auction.
Auction.com conducted the sale at the Hilton Fort Lauderdale Beach Resort. The auction attracted 1,233 bidders.
Starting bids at the Ft. Lauderdale auction ranged as low as $124,000 for a two-bedroom that had a previous high value of $585,000 and as high as $279,000 for a three-bedroom that had a previous high value of $999,900.
The 20-unit auction's combined contract price of $7.6 million represents an average of $232 per square foot. This is a premium on the $112 per square foot minimum bid amount at the auction and only a 20% discount off of the developer's average sales price of $295 per square foot to date, according to Peter Zalewski, CEO of CondoVultures.
“Overall, the buyers at the Fountains on Ocean Boulevard auction realized a fair price given the size of the units—an average of 1,635 square feet—and the location—near but not on the sand north of the main Fort Lauderdale Beach strip,” Zalewski tells GlobeSt.com. “The key for the developer will be formally transacting the units at these prices now that the excitement and urgency of the standing-room only auction has passed.”
North Ocean Condos had sold two thirds of the two-building project. The buildings offer 61 units and came to market in 2009.
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