The Real Deal Miami

Auction sets prices on the Edge

March 02, 2009 12:35PM

West Palm Beach condo the Edge staged an auction in November that got 33 units sold in the 307-unit complex — and that’s broken the logjam. The property, along South Australian Avenue, has sold another 40 units at similar prices, said Jay Jacobson, regional director for Wood Partners, the development firm behind the project. Sales are moving, but at far lower prices than originally sought. One auction buyer got a one-bedroom unit originally priced at $385,000 for $141,000. Jacobson said he expects sales to continue at a rate of three or four a month.