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

Share Article

By order of the U.S. Bankruptcy Court, a portfolio of 171 brand new condominium apartments is now slated for the auction block. Complex is known as "The Place at Channelside", near the Port of Tampa, Florida

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.

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

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Lamar Fisher, President / CEO
Visit website