Condo auction attracts many bidders, few sales
Tampa Bay Business Journal - 2:55 PM EST Monday
Forty condominium units at The Hamptons at Tampa Palms were sold at a public auction over the past weekend, at an average price of $148,000 a unit.
J.P. King Auction Co. of Gadsden, Ala., managed the sale of the units, which were among the most expensive converted apartments in the Tampa Bay area. The auction attracted 171 bidders from 15 states as far away as Minnesota, Nevada and California
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The sale disposed of 20 two-bedroom units, 15 three-bedroom units and five one-bedroom units, at a total price of just above $5.9 million, a J.P. King spokesman said.
Bay Communities Real Estate Inc. converted the 315-unit Hamptons complex in July 2005 and decided to put 100 condos on the block during the Dec. 9 auction, conducted at the Grand Hyatt Tampa Bay hotel on Rocky Point.
"We came to reduce our inventory, and that's what we did," Bill Harkins of Bay Communities stated in a release Monday. "We got 40 units sold and some people got a great deal. It's a very soft market."
Among the crowd were several other condo developers who observed the Hamptons sale as they consider auctions to reduce their own inventories.
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