Auctions on Aug.1 for condos in Disney Town
At the height of the real estate’s booming market in 2005, properties in the Disney-sponsored town of Celebration were so heavily in demand that prices soared, investors rushed in, and flipping condos for tidy profits seemed like the thing to do. In a sign of just how far the real estate market has tumbled, a few dozen condominium homes in Celebration, formerly listed at prices ranging from $480,000 to $600,000 will be auctioned off next month. The suggested opened bid: $95,000.
The picture-perfect town seeks to replicate an idealized slice of small town American life but like most Florida towns it has become a victim of the real estate crisis. The auction starts at 10 a.m. on Aug.1 at the Celebration Hotel. Some units have a waterfront view and the complex includes a clubhouse with a swimming pool, cabana and restaurants all amid Celebration’s cookie-cutter perfection.
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