The developer gave up on selling the residential condos the traditional way, even though the agent had cash offers at $300/sf. Instead, they're being auctioned, with opening bids around $300/sf.
When you watch the video, you'll see how these babies were once listed for $1,456,900 and are now being auctioned with minimum bids of $595,000.
Jim the Realtor suspects most of these will go for between $600,000 to $700,000 and buyers will pay in cash.
This is the kind of collapse in upper end condo and town home prices which I'm beginning to see in the Florida Keys.
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