Marina Landing Absolute AuctionMarina Landing Absolute Auction
Posted by: chris
on Jun 27, 2008 
Marina Landing is a new bayfront condominium located next to the Hathaway Bridge in Panama City Beach. They scheduled and conducted an auction for 25 units on June 26, 2008.
The condominium stands 16 stories and holds 87 units. The developer truly went above and beyond with the floor plans, finishing, appliances and the project as a whole. Most condominiums have longer length than width. This allows developers to maximize the number of units in a given building. Marina Landing is an exception with condominium units featuring a longer width then length. Benefits to this particular layout include at least 2 bedrooms overlooking the water, oversized balconies, and a more open feel to each unit. Your minimum unit ceiling height is 10 feet and the windows overlooking the bay are truly wall to wall. There is a private marina onsite. Slips are available for lease exclusively by the condominium residents.
Original Preconstruction prices varied from $534,500 to $2.09 million depending on floor plan. The building has been complete for almost one year now and many preconstruction contracts did not close.
The auction is for 25 condos. The developer had the right to cancel the auction at any time after the first unit. They completed one three bedroom unit and one two bedroom unit before they called for a recess to talk to the developer. After commencing again they announced that only two more units would be auctioned before ending the auction.
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Chris
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Marina Landing Auction The same auction company will be auctioning off Palazzo units August 2, 2008 |
McLovin
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McLovin I hear this auction was shut down early - even though the owners said any/all bids would be accepted. What's the deal here? How many units sold at auction? What was the average bid? How many units are still unsold? |
Chris
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... The Marina Landing Auction was canceled after the fourth condominium went up for auction. Two separate 2-bedroom condominiums were successfully bid on, along with two separate 3-bedroom condos. At that time the auction was canceled. In the terms and conditions of this auction the developer had the write to cancel the auction at any time after the first condo was sold at absolute auction. The same terms apply to the Palazzo Auction coming up this weekend. Out of the four condos that did sell, both of the successful 3-bedroom bidders walked away from their winning bid before they left the auction. Because these are new condominiums in the state of Florida, any bidder has fifteen days to review the condo docs. They can cancel any contract for any reason at any time within that fifteen day period without penalty or loss of escrow. Both of the successfully 2-bedroom bidders closed on their respective condos. |
