Auction of Biltmore Lake condos coming up; bidding starts at $46,500

Here's the press release. Sounds like a good deal in the making:

Candler, NC (PRWEB) November 25, 2009 -- "The Seasons at Biltmore Lake" is a beautiful complex nestled in the North Carolina Mountains. It has all the amenities a luxury complex could boast. Spacious 1, 2 & 3 Bedroom units, many have beautiful mountain, lake and creek views. On location is an elegant clubhouse, lap-style pool, picnic area, outdoor fire pit, business center, state-of-the-art fitness center, playgrounds, family and pet friendly. So why an auction?

With sales stalled on this development, Montecito Realty, Inc. and Fisher Auction Co., Inc. were enlisted to market and auction this portfolio. Fisher has experience with fractional condominium auctions, where you might have different investors / private individuals owning portions of a larger complex. "Knowing our experience with this type of property, the Developer approached us to market and auction these beautiful units" said Lamar Fisher, President and CEO of Fisher Auction Co., Inc.

The majority of the Condos have already been sold but sales began to slow down along with the economy. Even with the Real Estate market still in slow motion, the Developer has successfully leased units and they are currently 86% occupied, with the complex as a whole 92% occupied. That is great news for any potential investor.

"With a minimum bid of $46,500 per unit, this is a remarkable opportunity for investors to take advantage of the offering." Fisher continued "Investment properties in addition to individual real estate offerings have been at a standstill for the last couple of years, new opportunities are now becoming available and for those able to take advantage, it's a prime time to buy."

Comments

[information]

The date for this event?

[TuckerDaugh]

When? Where? Not a good press release for information, but since I also write them for a living, and my clients are slim to none here, I guess I shouldn't be surprised when information like this passes as a press release. I'm sure we'lll read about it after the fact in the "early to bed, last to rise" Citizen Times.