Palms Club 3/2 up for absolute auction, should I feel bad?

I was working on site for the Palms Club back in 2007. I still feel they have some of the best amenities of all the Orlando Condos, including 3 pools, hot tub, great club house, fitness center, valet trash, Business center, even a bowling ally.

When I was onsite I sold a few of the 3/2 models, great floor plans, 1362 SF, my personal highest sale for this model was over $300,000 in 2007. Now we have one up for auction with the current high bid at just over $41,000.

Looking closer at it, I am almost positive that this is the exact unit #301 that I sold for $315,000 in April 2007. Wow, should I feel bad about this?  The buyer was an investor who was represented by a broker, who should have been looking out for her best interests. My obligation was to the developer, and to that end I did my client a great service. The broker representing the buyer was paid very handsomely, while I got a measly onsite fee.

This is just all the more reason to make sure you have a good Realtor by your side when looking at new condos or any real estate deal.

And if you want a great deal on a Condo, check out this Palms Club offering.

2 Comments

  1. John, I don’t think you should feel bad – although it’s natural that you should do so if you have a conscience.

    I also don’t think it’s the fault of the buyer’s Realtor. No one knew back then that the market was going to crash like it did – and the Realtor didn’t make the decision, the buyer did. It’s horrible, but remember plenty of Realtors also lost out. I know one who bought about TEN condos in MetroWest herself.

    The truth is, everyone fell victim to the market (and to our own greed back in 2005). Hopefully we all learned the same lesson… Realtors, bankers and the public alike.

  2. The Palms Club is a condo conversion. It was a nice apartment community but they’re constructed to apartment standards, not condominiums…they have very little insulation so utility bills are higher than a comparable sized unit built to condo standards, the windows aren’t energy efficient, and there is little sound insulation in the walls, floor, or ceiling. You can hear your neighbors brushing their teeth, flushing the toilet, and doing other intimate activities in their bedroom through the walls. Once the current investors who are still making mortgage payments on $300,000+ mortgages realize their units are now only worth $50,000, they all will walk away and let the banks foreclose on the units. So if you missed this one, keep checking, they’ll dozens more coming up on the foreclosure lists over the next two years.

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