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South Florida

Miami Beach auction nets $9.3 million

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Buyers picked up 154 foreclosed properties yesterday in an auction at
the Miami Beach Convention Center, for an average of about $60,390 per
property. The auction was run by REDC, which said one Fort Lauderdale
home sold for $20,000, or 91 percent of its previous high value. A
Delray home went for $99,750, a 51 percent discount. The day followed a
similar Orlando auction on Monday when buyers spent $10.1 million on 139
foreclosed properties.The auctions are part of an eight-city Florida
tour which could sell over 1,500 foreclosed properties. [Sun
Sentinel]