USA. Green Bay condominiums sell at auction for $2.8 million

Tuesday, 18 July 2006

Four condominiums in the new Gibraltar Condominiums complex overlooking Green Bay in Fish Creek sold at auction for a total of $2,821,500 Saturday, July 15.

Bidders from five states -- Michigan, Colorado, Illinois, Wisconsin and New Mexico -- gathered at the Stone Harbor Resort and Conference Center in Sturgeon Bay for the auction -- each presenting a cashier's check of $25,000 to register for the sale. The auction itself took only 30 minutes.

"We felt like we'd have a good turnout, because we'd had 260 different groups tour these units. We felt all along that these were special, and apparently the bidders agreed with us," said auctioneer Craig King, of Gadsden, Ala. Selling the condominiums was Madison-based real estate executive Terrence Wall, owner of T. Wall Properties.

All of the buyers indicated they were purchasing the units as vacation homes, said King, who is president and chief executive officer of Gadsden-based J.P. King Auction Company.

Wall said he was pleased with the outcome. "Based on seeing the auction occur and seeing the bidding, I know that I got the best possible price I could have gotten," he said. "If I ever did another project that an auction might fit in, I seriously would probably go straight to auction," he added.

King said the sale is part of a growing trend. "There's a growing interest in using the auction method to sell condominiums all over the country. Like other real estate sectors, condominiums have cooled a bit, and there's a growing backlog of unsold units. The auction provides a way for developers to realize their investment and move on to future projects," said King.

Last Updated ( Tuesday, 18 July 2006 )