$25.9 Million Orlando Condo Sale Closes
25 May, 2010, Orlando
Fisher Auction Company and Cushman & Wakefield today announced the closing of a bulk sale condominium auction for 165 units at The Vue at Lake Eola for $25.9 million. The closing was May 17.
The entire portfolio of 165 units within the 375 unit development, along with a roughly 8,000 square foot retail space, was offered as a bulk-buy auction to the highest bidder. It was ultimately acquired by a foreign investor.
"The Vue at Lake Eola is a prize piece of real estate," said Lamar Fisher, President and CEO of Fisher Auction Co., Inc. "Bidders had to submit a signed non-contingency contract of no less than $20 million just to be qualified to participate in the live auction." Fisher added "Our combined marketing efforts resulted in nine qualified bidders in the live auction with a final sale price achieved of $25.9 million. We were extremely pleased with the results."
Fisher Auction Co., Inc. along with Cushman & Wakefield handled the transaction for this portfolio. Marketing and sales needed to be accomplished within a short 60 day timeframe. Jay Ballard, Senior Director of Cushman & Wakefield of Florida, Inc. stated, "We had a highly experienced team that put together the due diligence package, conducted tours and helped to keep our potential bidders constantly informed."
The Fisher Auction Co., Inc. and Cushman & Wakefield team are not new to handling the targeted marketing of this type of real estate. They have successfully handled similar properties and have become the new experts of fractured condo auctions. They are looking forward to conducting similar engagements in the near future.
"We had over 225 groups sign confidentiality agreements on this property and over 49 potential buying groups for property tours," said Mr. Ballard. "We had inquiries from throughout the U.S. and 11 countries, which was really a strong response to our marketing plan. Our buyer ultimately came from Rio de Janeiro and we were able to achieve 104% of fair market value for the Bankruptcy Court and the creditors."
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