Palm Coast, Florida Warehouse Condo Real Estate Auction Results
Good news – the units sold to end users, not investors
Palm Coast, Florida – June 20, 2008 – Palm Coast, Flagler County, FL witnessed its first successful multiple unit real estate auction Thursday. On the auction block were 30 commercial/light industrial warehouse condominiums in the Palm Coast Commercial Center, located off Hargrove Grade west of US Rt1.
By auction’s end, 21 of the units had been sold. The successful bidders with whom I spoke were not investors. They intend to use the units themselves. Some bought adjoining units in the flex-space complex. Auctioneers believe that additional units will sell in the upcoming days now that the market price has been established.
Each 1,000 square foot unit has a 140 square foot office with a wall air conditioning unit plus an ADA compliant bathroom. The warehouse space features 3-phase power, 12′ ceiling, and a 10′ by 10′ overhead door.
Public records show that 16 units were sold in early 2007. Prices ranged from $140,900. Most sold for $149,900. One buyer paid $179,000. All are currently appraised at $125,001.
The first auctioned unit fetched $78,000. Each successive winning bidder was allowed to select one or more units from the available inventory at the winning bid price. Then other bidders were offered the option to select at that price before another round of bidding. The next two units sold for $69,000, followed by two more for $67,000. The remaining 16 units sold at $66,000.
Under the terms of the auction, each bidder paid an additional 10% buyer’s premium to cover auction expenses, including the auctioneer’s commission and commission to cooperating brokers who brought their clients to the sale. The auctioneer was Orlando-based Stirling Sotheby’s International Realty, Inc.
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