Bank auctioning 75 condos in Fort Myers' Rivera

FLORIDA WEEKLY FILE PHOTO A bank-auction of 75 condo units in the Rivera in downtown Fort Myers is set for May 16. A lender-ordered auction of 75 new waterfront condominiums in the Rivera in Fort Myers will take place May 16 at the Harborside Event Center in downtown Fort Myers.

Lamar Fisher, president and CEO of Fisher Auction Co. Inc. said that to be a qualified bidder, one must have a $10,000 cashier's check per unit and should have financing in order. Contracts will not be contingent on financing.

Both the lender and the developer are cooperating to sell the balance of this 160- unit condominium complex.

"This is a unique situation where both lender and developer are working together to sell these units, making it an easier transition for all." Mr. Fisher said.

With the rapid decline of real estate, especially in the Fort Myers area, sellers have had to contend with not only dropping prices but the competition of so many condos on the market for sale. The auction process eliminates the long listing process and expedites the sale of these condos.

"The condominiums were originally selling upwards of $500,000 but in recent years some have closed as low as the high $200,000s," Mr. Fisher said. "Fort Myers has been hard hit by the recent real estate slump, but it is a beautiful city and these condos are directly on the (river), close to historic downtown with restaurants and theaters — a location that is great for those looking for a vacation getaway or professionals that want to live and enjoy an upscale lifestyle - now is the time to buy."

For additional auction and preview information or photos, visit fisherauction.com.