Crowd Zaps Condos at Miami Auction

Sixty-five condos offered at auction in Miami recently were snapped up in just two-and-a-half hours, according to Real Estate Disposition, LLC (REDC), based in Irvine, Calif.

About 25% of the San Lorenzo Condominiums in the Little Havana district were sold to online bidders, while the remainder were purchased by participants among the crowd of 375 people who showed up at the Hyatt Regency Miami.

"We're obviously very pleased with the results from the auction," says REDC CEO Jeff Frieden. "Our clients were able to sell their entire inventory at the auction.”

REDC has scheduled 125 auctions in 70 days. The company conducted several other live and online auctions over the same weekend as the San Lorenzo auction, with total sales exceeding $48 million.

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