A real estate auction of luxury condominiums is scheduled to take place at 10 a.m. June 29 at the Sheraton Bay Point Resort in Panama City Beach.
According to Lamar Fisher, president and CEO of Fisher Auction Company, to be a qualified bidder one must have a $5,000 cashier’s check per condo and should have their financing in order as they will be signing a non-contingency contract — meaning a contract that is not contingent upon any financing, whatsoever.
The seller decided to offer his portfolio of 95 condominiums through the competitive bidding process of a live auction with real time online bidding available.
“This is a unique situation where our seller is offering a fantastic opportunity for investors and end users to purchase their own small piece of paradise,” said Fisher.
With the recent resurgence of the Panama City Beach real estate market, buyers have already purchased eight of the condos pre-auction and additional contracts are anticipated before the auction. Twenty-five of the remaining condos on auction day will be offered with no minimums or reserve. The auction process eliminates the long listing process and will expedite the sale of these condos.
“This is a remarkable opportunity for anyone to take advantage of the current Florida real estate climate,” Fisher said. “A few of years ago, a condo like this may have been on the market for months but with real estate prices starting to rebound, now is the time to buy! This complex (which is located across from the beach) offers great Gulf views from most units, infinity pool and spa overlooking the Gulf, state-of-the-art fitness center, theatre, game room and entertainment areas — just great amenities.
“Panama City Beach is a beautiful stretch of white sand along the Gulf of Mexico, which provides for a location that is great for those looking for a vacation getaway, end users that want to live and enjoy an upscale lifestyle, or investors looking for a nice return — now is the time to buy.”