At least 25 of the condo units being sold June 29 will be part of an “absolute auction” in which the unit is sold to the highest bidder regardless of how low the bid.
PANAMA CITY BEACH — An auction scheduled Thursday is aiming to offload 85 units in the Origin at Seahaven resort.
At least 25 of the condo units being sold will be part of an “absolute auction” in which the unit is sold to the highest bidder regardless of how low the bid.
An absolute auction has no minimum bid.
The bid prices of the units that are not included in the absolute auction must be approved by the owner.
The auction is scheduled for Thursday at 10 p.m. in the ballroom of the Sheraton Bay Point Resort, 4114 Jan Cooley Drive.
“It is going to be a live auction,” said Lamar Fisher, the CEO of Fisher Auction Co. that is handling the event. “If you can’t make it, we are offering online bidding as well. You have to get pre-registered and set up with a password to enable you to get on the site. You have to pre-qualify.”
Fisher said it is likely that owner will sell more than 25 units at absolute auction as the auction proceeds depending on how things are going.
“At least 25 units are going to be sold (at absolute auction) regardless of price,” he said.
To be a qualified bidder, a person must have a $5,000 cashier’s check per condo and should have their financing in order as they will be signing a non-contingency contract — meaning a contract that is not contingent upon any financing.
With units sold under the regular bidding process, the unit owner has to agree to the price and the person needs to not only have the $5,000 cashier’s check on hand but put down 40 percent of the purchase price. “The rest can be financed,” Fisher said.
All one needs to put in an absolute bid is the $5,000 cashier’s check and the ability to finance or pay off the unit within 30 days. If the unit isn’t bought in that time frame, the person loses their $5,000 cashier’s check, Fisher said.
The 280-unit Origin at Seahaven building, built in 2007, is at 15100 Front Beach Road, across the street from the Gulf, with unit sizes ranging from studios to four bedrooms. The building offers Gulf-front views from most units, a press release states, and includes an Infinity pool and spa overlooking the Gulf, a fitness center, theater, game room and entertainment areas.
“This is a remarkable opportunity for anyone to take advantage of the current Florida real estate climate,” Fisher said. “A few years ago, a condo like this may have been on the market for months, but with the real estate prices starting to rebound, now is the time to buy.”
The units being sold in the building are owned by a bulk buyer, who chose to go through the auction process to get it all done in one day rather than go through a long sales process, Fisher said.
Clair Pease, whose company handles property management for the building, said the auction seems to be getting some interest. “I know they have some (units) that have sold already and they are going to do 25 absolute,” auctions, she said.
She said the building is in really good shape.
“The lobby has been remodeled. It’s near Pier Park. It’s a popular spot,” she said.
For more auction information, visit www.fisherauction.com.