Seeking bargains on top-dollar properties at auction [South Florida]
It was like a folksy old-time revival crossed with a white-knuckle, high-dollar real estate sale.
The Sky Sotheby’s/J.P. King real estate auction — offering one of the largest luxury home portfolios ever presented in a single swoop — drew an overflow crowd of 300 people to a huge white tent on the front lawn of the Ritz-Carlton Sarasota.
What the event showed even those in Southwest Florida’s all-important real estate industry who decided to bypass the gathering was that people are willing to buy, but definitely not at top dollar.
Some properties only generated half of their listed prices, while others commanded up to 80 percent.