Tampa Developer Files Bankruptcy - 171 Condos Now Scheduled for the Auction Block

• 

Photo of Auction Brochure

With marketing conditions having stagnated for the last couple of years, we are looking to move this portfolio which will benefit both the creditors and the local economic area. No one wants empty units sitting - I think conditions are in place for the real estate market to begin a transition.

Tampa, FL (PRWEB) September 18, 2008

The Auction is scheduled for October 15th at 11 AM - the entire portfolio of 171 units (there are 245 units within this upscale development) along with 12,930± square feet of retail space will be offered as one unit of sale with a starting price of $17.250 million.

According to Lamar Fisher, President and CEO of Fisher Auction Co., Inc. this is an unbelievable concession on the Court's part because the developer owes the bank more than $47 Million.

The United States Bankruptcy Court engaged Fisher Auction Co., Inc. along with Cushman and Wakefield to market and auction this portfolio. The Developer fell into insolvency trying to cope with rapidly declining condo prices and buyers who backed out of their contracts. "We are pleased to bring our experience with bankruptcy and bank-owned property auctions throughout the country to this case" said Fisher.

"This is an absolute remarkable opportunity for investors to take advantage of the current marketing conditions and capture this trophy development." Fisher continued "With marketing conditions having stagnated for the last couple of years, we are looking to move this portfolio which will benefit both the creditors and the local economic area. No one wants empty units sitting - I think conditions are in place for the real estate market to begin a transition."

For additional auction information or photographs visit http://www.fisherauction.com

###

PDF Print