The developer of Ocean Reef Condominium has scheduled an absolute auction for 31 two-bedroom and four-bedroom gulf front condominiums on October 18, 2008.  There will be no minimums and No Reserves.  The terms will be 10% down and closings will be within 30 days of the auction.  There will be a 10% buyer's premium paid to the auction company at closing (if you bid 300k, you will owe 330k at closing).  The auction will take place on site at Ocean Reef Condominium at 11:00 am.  Pre-sale inspections dates will be posted at a later date.  This condo is completely gulf front in Panama City Beach Florida.  Ocean Reef contains two, and four bedroom floor plans.  To see pictures, floor plans, and current listings you can click here.  The auction is being performed by the same group that did the Marina Landing and Palazzo auction.  The style of the auction is likely to be the same.  If you have questions or would like to register, please feel free to contact us.

Ocean Reef Absolute Auction Questions And Answers

Q. Why is the property being auctioned?
A. The seller has determined that the project needed accelerated marketing and an opportunity to sell multiple units in one day. 

Q.  What is the date and time of the auction?
October 18, 2008  11 A.M.

Q.  What is the earliest date I may register?
A.  The earliest date to register is the day before the auction, October 17th, starting at 10:00 to 5:00.  The day of the auction registration begins at 9:00 a.m. up to the auction time.

Q. What do you think the condos will sell for at auction?
A. We have no idea what the price will be, the bidders will determine the market value of the condos.

Q. What does Absolute Auction mean?
A. It means that the Seller is going to sell regardless of price.

Q.  Can an offer be submitted prior to the auction?
A.  Yes.  Offers prior to the auction will be submitted to the seller.  If the offer is accepted, the buyer and sales associate will be required to sign a confidentiality agreement.  Any offer made prior to the auction must close by  October 17th  and should be accompanied by a check of 20% down.    

Q. Will the property convey with clear title?
A. Yes

Q. How many units are going to be auctioned?
A. There are 31 of the inventory that will be sold Absolute at auction. 

Q. Will the purchase include an Assigned Parking Space beneath the Building?
A. Yes

Q.  What is a "Buyers Premium"?
A.  A "Buyers Premium" is a fee paid to Seller, by a buyer, for 10% of the High Bid, if the Condo unit is contracted for by a buyer at the Auction. 

Q. What is the "Purchase Price"?
A.  The "Purchase Price" shall be the amount of the High Bid and the Buyer's Premium. 

Q.  What are the terms?
A.  Day of auction - 2 BR - 10K per condo, 4 BR - 15K per condo to register. (This registration fee can be in the form of a personal check, business check or certified check.)  If heir bid is accepted,  10% down is due the day of auction in the form of a personal check, business check, or certified funds. Closing in 30 days.  

Q.  When do the purchasers receive the set of condominium documents? 
A.  They may request a set of condominium documents from the listing agent when they visit  the property to preview.  As with any new construction, there is a 15 day rescission period from their receipt of documents and signing of their contract.