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Bay Communities' planned auction of some 100 units at its condo conversion in Tampa Palms was cut short when the 40 units that were to be auctioned with no reserve, brought much lower than list price.
One bedroom units sold for $70,000 and three bedroom units for around $140,000. Three bedroom units with two car garages had a "list price" of around $300,000. These "upscale" condos have been known to be among the priciest in the area. Additionally, the complex has been plagued with liens--property tax, Home Owners Association, etc.
One condo owner who purchased before the auction is said to have amounted $10,000. in legal fees.
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