The much anticipated auction at the The Vue at Lake Eola condominium tower finally took place this morning, ending with final bid of nearly $26 million. The buyer of the remaining units at the downtown Orlando tower is reported to be Condo Developer LLC, a Delaware-based corporation that appears to have been created specifically for this purchase.
Of the 375 units originally for sale, approximately 165 unsold units remain, along with nearly 8,000 fee of retail space. This averages out at about $157K per condo, not a bad price considering the original asking prices. They will, of course, be resold for a profit however it remains to be seen what the new retail prices will be. The sale still has to be approved and the sale is unlikely to be considered ‘closed’ until the end of April.