Gulf-front Condos Sold at Half Price

GULF SHORES, Ala. (AP) - Buyers at a Gulf Shores auction purchased 62 new, Gulf-front condominium units at the San Carlos complex for almost half of the original presale prices. The two-, three- and four-bedroom units sold over the weekend for a total of $20.4 million in less than three hours, and drew 269 registered bidders from 30 states. More than 1,400 attended the auction. William Bone of the Gadsden-based National Auction Group says San Carlos owner Canyon Capital, based in Los Angeles, was ecstatic about the results. He says the firm had only sold a few units in the last two years. Realtors say the original presale prices were between $475,000 and $1.2 million. But on Saturday, units sold for $240,000 to the high $400,000s.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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