November 8, 2007
Auction Action – Homes and Condos in Gulf Shores, AL
You can still find great buys on real estate in Baldwin County, Alabama. I attended an auction the other day that did not have anything to do with the owners defaulting or being close to defaulting on the loan for their homes or condos in Gulf Shores, AL.
This was a horse of a little different color…
The former Mayor of Orange Beach was involved in a beach house in Gulf Shores, which was central in the public corruption case that resulted in his unfortunate incarceration. This resulted in a 5,300 square foot, 8 bedroom, Gulf front home on West Beach being offered in an absolute auction by federal marshals.
About 50 people gathered on a breezy fall day last week to watch a dozen bidders from eight states bid on this Gulf front home that was built in 2005 and never occupied. The final bid for this real estate in Baldwin County, Alabama, was $1.65 million by a couple from Columbia, MO.
There have been only eight Gulf front homes and condos in Gulf Shores, AL, that have closed above the million dollar mark in our multi-listings this year. Three of the eight were homes.
As I left the auction that day, I thought, “OK, they got a pretty good deal, but I don’t think they stole it.” They paid $1.65 mill, but they are responsible for unpaid property taxes, insurance and new furnishings and appliances. I figure that tab should be somewhere in the neighborhood of $200,000. That puts the final number around $1,850,000, which is $346 per square foot.
Considering that the least expensive Gulf front home in Gulf Shores was a four bedroom home that sold for $575 per square foot, I’d say they got a pretty darned good deal on their purchase of real estate in Baldwin County, Alabama!
What do you think? Just post a comment and let me know if you think the Columbia, MO, couple got a good deal. Have you gotten a good deal? Post a comment and tell me about it!
Several extremely well priced homes and condos in Gulf Shores, AL, have come on the market recently. Give me a call today at 251-978-7118 or email me at John@CondosinGulfShores.com, and I’ll share the details about these good deals with you.
John Ricks
RE/MAX of Gulf Shores
Gulf Shores, Alabama
www.CondosinGulfShores.com
John@CondosinGulfShores.com
251-978-7118