Forty condo units sell at auction for $5.9 million

TAMPA, FL – Bidders from as far away as Minnesota, Nevada and California gathered Saturday at the Grand Hyatt Tampa Bay for the auction of condominiums in the Hamptons at Tampa Palms development in the New Tampa area. And after more than an hour of frenetic bidding, 40 of them had purchased units at a total price of just over $5.9 million.
“We expected a good crowd because of the large number of people who had toured the property, but I think some people were surprised at how far some of these people came for the auction,” said Craig King, president of J.P, King Auction Company, which managed the sale.
“I had several developers tell me they were impressed with the size of the crowd and the ability to sell a large number of units. In this market, an auction can enable them to reduce their ongoing costs for interest, taxes and marketing and come out ahead in many cases,” said King.
Sold were 20 two-bedroom units, 15 three-bedroom units and five one-bedroom units.
Developer Bill Harkins said he accomplished his main objective. “We came to reduce our inventory, and that’s what we did. We got 40 units sold, and some people got a great deal,” he said.

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