It has now been roughly 6 weeks since the Ocean Reef Absolute Auction.  According to my review of Bay County Records, Ocean Reef sold forty-seven developer owned units as a direct result of the Auction.  At the end of the auction the sales boards showed thirty-five units under contract.  Offers continued to come in weeks after the auction ended.  I believe it is fair to say that the buyers were happy with there contract prices.  All contract holders had fifteen calendar days to walk away from there contracts without penalty. 

Condos at Ocean Reef continue to sell and go under contract.  For those of you who missed the Ocean Reef Auction Results article, here were the results:

Please keep in mind that a 10% commission was added to everyone's purchase price.  So, if you bought a:

4 Bedroom End Unit for 305k, you paid $335,500 which is $209 a square foot

2 Bedroom Interior for 205k, you paid $225, 500 which is $196 a square foot