News

On Feb. 28, AMP Will Auction 21 Condominiums at Coconut Grove Residences, Located on Fort Lauderdale Beach; Minimum Bids From $260,000 to $1.7 Million and Are Up to 57 Percent Below Last Asking Prices

Ft. Lauderdale, Fla. (Jan. 27, 2010) – Accelerated Marketing Partners (AMP) today announced that it will conduct South Florida’s first major real estate auction for a new, luxury oceanfront development when it auctions 21 condominiums at Coconut Grove Residences on Sun., Feb. 28, 2010 at 1:00 p.m. at the Westin Beach Resort, located at 321 North Fort Lauderdale Beach Blvd., in Fort Lauderdale. Minimum bids for the homes range from $260,000 to $1.7 million and are up to 57 percent below the last asking prices.

The auction information center and model homes for Coconut Grove Residences, a boutique residential condominium developed by CGD, LLC of Fort Lauderdale, are open daily through Feb. 27 at 1200 Holiday Drive, on Fort Lauderdale Beach. Advance registration for the auction is required. The project is Fannie Mae approved and conventional financing is available as well. All interested parties can obtain additional information at www.coconutgroveauction.com.

“Current market conditions have left many buyers on the sidelines, so we have developed several innovative initiatives, including auctions, to empower homebuyers to come out and bid on some of the most luxurious beachfront homes in Fort Lauderdale,” said Jon Gollinger, co-founder and east coast chief executive officer of Accelerated Marketing Partners, a national, full-service real estate marketing firm. “We have accelerated sales for both primary and second-home new developments throughout Florida and around the country, and believe auctions like this will enable buyers to secure the home of their dreams.”

The boutique, 14-story Coconut Grove Residences features just 63 condominiums, with wide-ranging and expansive floor plans designed to maximize light and views, as well as distinct amenities for residents. The 21 condominiums available at the Feb. 28 auction include:

• Six one-bedroom condominiums. Five of these homes have 1.5 baths, while one has two baths, all of which range in size from 1,465 square feet to 1,797 square feet. Minimum bids range from $260,000 to $420,000, which are up to 57 percent below last asking prices.
• Two one-bedroom-plus-den, 2.5 baths condominiums are 2,032 square feet, with minimum bids of $475,000, which are up to 50 percent below last asking prices.
• Eight two-bedroom, 2.5 bath condominiums ranging in size from 1,603 square feet to 2,379 square feet, with minimum bids ranging from $335,000 to $750,000, which are up to 52 percent below last asking prices.
• Two two-bedroom-plus-den, 3.5 bath condominiums are 2,729 square feet, with minimum bids of $750,000, which are up to 46 percent below last asking prices.
• Two three-bedroom, 3.5 bath condominiums are 3,183 square feet, with minimum bids of $975,000, which are 40 percent below last asking prices.
• One three-bedroom-plus-media-room, 3.5 bath condominium is 5,195 square feet, with a minimum bid of $1.7 million, which is 49 percent below the last asking price.

“In working together with our lender, we have decided that this auction is the best current course of action to sell the remaining units at today’s market prices,” said Ron Mastriana, managing member of CGD, LLC who is the property’s developer. “We’ve engaged one of the country’s premier auction firms, Accelerated Marketing Partners, and look forward to a successful sale for one of the few luxurious beachfront properties in Fort Lauderdale.”

Available for immediate occupancy, the residences are completely finished and feature 24” travertine flooring and Level-5 drywall. Kitchens offer Thermador® and SubZero® appliances, customized cabinetry and granite countertops. Residents also enjoy spacious walk-in closets in the bedrooms, and laundry rooms in each residence complete with washer/dryer and utility sink.

Located on the widest stretch of private beach in Fort Lauderdale, Coconut Grove Residences invites homebuyers to embrace a resort lifestyle. The development features amenities such as complimentary Crestron-touch control panels which grant owners instant access to building concierge, valet and security, and more. The building also features an award-winning, 90-foot heated swimming pool, 11 beachfront cabanas, on-site Cybex fitness center and media room, key-operated elevators, and resident discounts to spa and other services at the neighboring Marriott Harbor Beach.

For more information on the real estate auction for condominiums at Coconut Grove Residences, please visit www.coconutgroveauction.com or call 954.530.2169.