By Order of U.S. Bankruptcy Court, Fisher Auction sells 335 Condos in Miami, Florida at Bulk Auction Sale for $14.1 Million

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A portfolio of 335 unsold condominium units located in “The Residences at the Falls” in Miami, Florida was sold via auction Tuesday, November 2nd.

The Residences at the Falls

“We had highly competitive, fast-action bidding which resulted in a final sales price of $14.1 million - that is 157% above the minimum bid of $9 million." said Lamar Fisher, President/CEO of Fisher Auction Co., Inc.

Fisher Auction Co., Inc. today announced the successful bulk sale via auction of 335 condominium units in "The Residences at the Falls", Miami (Kendall), Florida for $14.1 million. Auction was ordered by the U.S. Bankruptcy Court, Southern District of Florida – Miami Division, Kenneth A. Welt, Chapter 11 Trustee, Case No. 09-18087-BKC-RAM Re: Lucky Chase II, LLC.

The 628-condo development had been in foreclosure, the auction was to sell the remainder of 335 unsold units.

“The Residences at the Falls was a prime real estate investment opportunity,” said Lamar Fisher, President and CEO of Fisher Auction Co., Inc. “We had highly competitive, fast-action bidding which resulted in a final sales price of $14.1 million - that is 157% above the minimum bid of $9 million. Our marketing efforts resulted in seven qualified bidders for the live auction. We were highly satisfied with the final price achieved for Bankruptcy court.” Fisher added.

“Marketing and sales needed to be accomplished within a short 45-60 day timeframe.” Kenneth A. Welt, Bankruptcy Trustee stated, “Fisher was chosen to promote this property because they are a highly experienced team in the fractured condo marketplace, and we are extremely pleased with the results.”

Fisher has successfully handled similar properties and has become the new expert of fractured condo auctions. They are looking forward to conducting similar engagements in the near future.

“We had over 177 groups sign confidentiality agreements on this property,” said Fisher. “At the end of the day, we were able to obtain 157% above the minimum bid for the U.S. Bankruptcy Court.”

For additional information visit our website http://www.fisherauction.com.

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