It’s The 80′s All Over AgainJanuary 17th, 2008 by PA - Bloger
It’s been a while- 25+ years or so since the big condo sell off craze of the 1980′s. Auctioneers are warning developers to think about the mistakes that others made at that time and don’t get caught with a building full of empty units. Those who did back then, paid dearly for it.
Marsha Wolak Auctions is putting on an auction of condo’s on the east coast of Florida in early February. A minimum of 10 units are being sold absolute. It seems like these are the last 20 units in a 250 unit complex, the developer is probably just trying to close out their position. This certainly spells out good deals for buyers as the “absolute” offering really gets the juices flowing.
Developers are listening- From Florida to Maine, from New York to California, here we go again. Advice to buyers: pick up as many as you can hold until the market turns. Advice to developers: sell as many as you can in one shot to get your cash out and move on to another project.
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