The Real Deal Miami

Related pulls Ft. Myers condos from auction

November 29, 2010 04:32PM

The Related Group cancelled the auction of 85 units at its Oasis condominium tower in Fort Myers this past weekend after the first 40 units failed to fetch the kind of prices the developer was hoping for. Units went for as low as $147,500 in the sale that was originally supposed to help the company unload 125 units at the high-rise. The first 40, which did sell, were intended to go to the highest bidders, while the rest, which were pulled from the auction, were supposed to sell, provided that bidders met minimum prices set by the developer. Oasis is the latest in a string of Related projects to struggle. The company’s Trump Hollywood recently went into foreclosure after lenders were reluctant to cut prices to the point at which CEO Jorge Perez believed would help to spur sales. [Fort Myers News-Press]