Edge condo: Bids start at $95k - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Edge condo: Bids start at $95k

By John Bachman email
Posted by Rachel Leigh email

WEST PALM BEACH, FL (WFLX) - The building is called The Edge, and if you're wanting a condo, an auction is being held next month.

Bids start at just $95,000.

But not everyone is happy about that price.

Something has returned to the real estate market. If this isn't the bottom, it's as close as you are going to see in your lifetime.

Doctor Lee Freedman is just one of many people people who want to get in on the action.

Forty-one condos at the Edge building in downtown West Palm Beach are being auctioned off.

Dan Gollinger is managing the project. "We are trying to create a floor for what the market value is. Where the market is today."

What's great about this auction process is the buyers get to set the market value.

The developer, Wood Properties, wants to unload the condos and their taxes, and Home Owners Association fees from their books. And, they say, it just makes sense financially.

Real Estate agents, like Anthony Pizzarelli, say if other builders hold similar auctions it could cause condo prices to fall and get the market moving again. "I think, it's good for consumers. You know, because these prices are low."

Based on the lowest of the low sales in our local market, there are a solid 25 percent less. But not everyone likes the idea - especially people like Mike and Susan Dushock. They bought here two years ago, and worry the low prices invite investors.

Which, for them, means more renters and fewer owners living in the building. They also hate the idea of buying high when prices are so low now. "It is very upsetting when you buy at the top of the market, and people are now buying at half and some cases a quarter and a third of what you paid for it."

Like it or not - the prices are affordable compared to what we've seen in recent years. Prices range from $95,000 to $260,000. The auction is November 15.

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