Shores of Panama auctionShores of Panama auction
Posted by: chris
on Mar 30, 2011 
Let's start out by answering the question most people will be asking. No, the Shores of Panama auction is not for individual units. It is a bulk sale offering.
CB Richard Ellis is handling a sealed bid auction for the remaining unsold developer inventory at the Shores of Panama condominium. These remaining developer units have changed hands through the first auction ordered during
the bankruptcy (more info here). Silverton Bank was the only bidder in that auction (more info here). Silverton Bank was taken over by the FDIC shortly after that (more info here). This will include the remaining 320 unsold units and the club membership entity (the entity that owns the pool and certain amenities at the Shores of Panama). This auction is a bulk sale and not for individual unit bids. The deadline for sealed bids is April 28, 2011.
Subscribe to this comment's feed
Dan Statlander
said:
 |
... Thanks for your work on the site it is fantastic very informative.God bless you all. Dan Statlander Real estate experts in Boca Raton Florida |
Weazel
said:
 |
... Interested to know if the bulk sale has gone through or still held by FDIC. Also would like to know what this does to the level of risk in purchasing one of these condo units at Shores of Panama. |
Chris Arnold
said:
 |
... The auction attracted a number of bidders. Out of those, a lesser number were asked to come back with "best and final offers". One offer was selected. That potential buyer is currently performing their due diligence. In response to Weazel's question above, a successful bulk sale could be a good thing. It is certainly possible for someone to make the right choices and sell the remaining inventory at a pace the market could easily absorb. |
Moe Jackson
said:
 |
... I hate this hitting the market. This means 320 units bought at a fire sale price will be hitting the market. It is going to further drive down both sales prices on condos AND the rental market. I think we are not even close to the bottom yet, the worse is yet to come. And these are brand new, so owners at older complexes will have it even worse. |
