Auction sells 62 Gulf-front condos at half price

By: Associated Press
By: Associated Press

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.


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