The Real Deal Miami

New luxe condos go right to auction

January 28, 2010 10:55AM

The depressed South Florida real estate market is prompting one developer to adapt to the weak sales climate by skipping the foreclosure process and going straight to auction. Twenty-one luxury condos at CGD’s Coconut Grove Residences on Fort Lauderdale Beach will be up for grabs Feb. 28 in the state’s first major real estate auction for a new, oceanfront development. Current market conditions have left many buyers on the sidelines, said Jon Gollinger, co-founder of Accelerated Marketing Partners, which will conduct the auction on behalf of the developer. He said he believes the auction process will give buyers some incentive to act. The condos, one-third of the 63-unit, 14-story development, will range in asking price from $260,000 to $1.7 million, as much as 57 percent below previous asking prices. The building’s amenities include a concierge, valet, fitness center and heated pool. The project is ready for immediate occupancy and is approved for Fannie Mae financing. TRD