Fort Lauderdale Real Estate Auction | Fountains on Ocean Drive

Posted by Eric Miller on Thursday, February 3rd, 2011 at 8:12am.

Fountains Fort Lauderdale – officially called the Fountains on Ocean Boulevard announced yesterday that the remaining units available within this Fort Lauderdale Condominium will be marketed via an auction process. 

A long time supporter of the Fountains of Ocean Boulevard and the former Fort Lauderdale Realtor representing the project I do want to make it clear that anything said here is strictly my opinion. I have not officially worked with the developer since June of 2010, though our relationship has remained cordial.

Auction Marketing approaches are usually done for three reasons, 1) to establish a correct market value of a property, 2) To identify a large pool of buyers very quickly for the property, buyers who may buy units even after the process is complete, 3) To quickly sell as many units as possible at market value.

The marketing approach at many auctions, I am unfamiliar with the auction company hired for this auction at the Fountains at Ocean Boulevard, is to name an “opening bid” that attracts tons of people to the property feeling that the auction is absolute and that this opening bid will involve the sale of units.  This is often not the case, it’s just an opening bid, not a bid the seller will accept, or maybe will accept on one property, which most likely is not the one for you.

Recently I attended an auction and bid on a property with an opening bid of $1000, with only two bidders myself being one of them the property was sold after auction for ten times the highest bid they received the day of the auction.

Please do not get me wrong, I do no think the auction process is a bad thing for the Fountains on Ocean Blvd, I just don’t think the units will be brought down to the prices that I expect the marketing of the auction to imply. There is a definite market value for the Fountains of Ocean Boulevard, and the units will sell accordingly. I have been a long time supporter of this condominium and if you’ve read my article about 2011 being the Last Year to buy a New Condominium in Fort Lauderdale, this marketing process is simply going to help move some additional inventory into the sold column.

As always Eric Miller and Associates is always here to help you with any questions about the Fountains on Ocean Boulevard or any Fort Lauderdale Condominium development. As the former sale manager of the Fountains on Ocean Boulevard, I am available to be your buyer’s agent, if you plan on pursuing a potential purchase of a condo at The Fountains on Ocean Boulevard

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

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