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
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