Fisher Auction and Cushman & Wakefield close $25.9M Bulk Sale Condo Auction in Orlando

Co-brokers complete 165-unit portfolio auction of brand new condominium units at The Vue at Lake Eola in Downtown Orlando

ORLANDO,  FL – Fisher Auction Company and Cushman & Wakefield today announced the closing of a bulk sale condominium auction for 165 units at The Vue at Lake Eola (top left photo) for $25.9 million. The closing was May 17.

The entire portfolio of 165 units within the 375 unit development, along with a roughly 8,000 square foot retail space, was offered as a bulk–buy auction to the highest bidder. It was ultimately acquired by a foreign investor.

“The Vue at Lake Eola” is a prize piece of real estate”, said Lamar Fisher (middle right photo), President and CEO of Fisher Auction Co., Inc.

“Bidders had to submit a signed non-contingency contract of no less than $20 million just to be qualified to participate in the live auction.” Fisher added “Our combined marketing efforts resulted in nine qualified bidders in the live auction with a final sale price achieved of $25.9 million. We were extremely pleased with the results.”

Fisher Auction Co., Inc. along with Cushman & Wakefield handled the transaction for this portfolio. Marketing and sales needed to be accomplished within a short 60 day timeframe.

 Jay Ballard, (lower left photo)  Senior Director of Cushman & Wakefield of Florida, Inc. stated, “We had a highly experienced team that put together the due diligence package, conducted tours and helped to keep our potential bidders constantly informed.”

The Fisher Auction Co., Inc. and Cushman & Wakefield team are not new to handling the targeted marketing of this type of real estate. They have successfully handled similar properties and have become the new experts of fractured condo auctions. They are looking forward to conducting similar engagements in the near future.

“We had over 225 groups sign confidentiality agreements on this property and over 49 potential buying groups for property tours,” said. Ballard.

“We had inquiries from throughout the U.S. and 11 countries, which was really a strong response to our marketing plan. Our buyer ultimately came from Rio de Janeiro and we were able to achieve 104% of fair market value for the Bankruptcy Court and the creditors.”

For additional auction information, please  visit http://www.fisherauction.com/, or http://www.apartments.cushwake.com/
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Contact Information:
Lamar Fisher, President / CEO Jay Ballard / Senior Director, Fisher Auction Co., Inc.,  954.942.0917 x 13
http://www.fisherauction.com / info@fisherauction.com
Jay Ballard,  jay.ballard@cushwake.com, Cushman & Wakefield,  407-541-4406
Brook Hines, Cushman & Wakefield, Tel: 407-541-4401, brook.hines@cushwake.com