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Florida Real Estate Auctions

Auctions of Florida real estate are becoming more common. Now even high end real estate is involved, and this has sparked a debate over how good of a method auctions really are for expensive pieces of Florida property. Many real estate agents feel auctioning off properties hurts the overall land value.

Thus far, closings have totaled $42 million, less than half the $100 million that auction promoters originally thought they would complete. The centerpiece sale of the day — a $14.1 million bid for the expansive Sugar Bay estate on Casey Key — fell through after the bidder’s checks bounced.

But behind the differing views and tensions is a sense that Sky’s November auction was a watershed moment that could at least temporarily shift the way the real estate business is conducted in the region and state.

Three major Southwest Florida real estate companies have jumped into the business in the ensuing months.

Right now, the auctions seems to be a fact of life for many.