The Place At Channelside Condos To Be Auctioned

The fallout from an overbuilt condo market intensified as a bankruptcy judge has ordered the auction of the remaining vacant condos in the Place at Channelside, an insolvent development near the Port of Tampa. The Oct. 5 auction takes in 171 of 245 condos at the Place, ranging in size from 596-square-foot studios to a mammoth 3,665-square-foot penthouse. The whole portfolio will be sold as one unit with a minimum reserve price of $17.25-million. Based on the minimum bid requirement, units could sell for $100,000 each, far shy of the several-hundred-thousand-dollar asking price for previously purchased, modest-sized units.

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