The Real Deal Miami

Condo auction will establish price floor

October 16, 2008 01:42PM

Wood Partners, developer of the Edge condominium, on Australian Avenue in West Palm Beach, will auction off 41 unsold units next month, at as much as a 70 percent discount off of the asking prices. A one-bedroom unit originally priced at $337,000 will start at $95,000 in the auction, a discount of 72 percent. The marketing firm conducting the auction said the auction results will establish how low prices can go in the area. Half of the 307 units in the building have sold, and those who have already purchased units worry that the auction will decrease their home values below their mortgage amounts.