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Today I had the pleasure to attend to an auction of one of the units of the Yacht Club on the Intracoastal.

Unit 109 at building 160 was during the condo conversion sold as a model based on the Palm Beach Property Appraiser's website for $ 335,900 on August of 2005, with granite counter tops, stainless steel appliances, crown molding, upgraded curtains, fully furnished and decorated, with custom mirror. The unit is a Capri, the smallest of the 5 models available at the Yacht Club.

The same unit was listed on the Multiple Listing  on November 01st 2008 for $ 134, 900. The unit currently has its bathroom ceiling open, with a possible water damage from the upstairs unit. From the time the unit was listed till June 2009, it had several price reductions reaching its lower asking price on June 2009, of $ 74,900. Today, the unit went for auction, and based on what I heard the highest bid was of $ 99,000.00. 

The current real estate market and its bargains are sure a challenge to keep up with.
The Yacht Club is a boater's paradise, with Intracoastal breathtaking views from its main swimming pool and club house. Water and basic cable are included in the units monthly maintenance/association fee.This desirable gated community offers 380 units, reduced number of garages and boat docks. 

From 02/27/09 till today, based on a report from the Multiple Listing there were 7 units sold from $ 95,000 (a 2/1 closed on 05/20/09) to $ 145,000 ( a 2/2 closed on 05/18/09, fully upgraded, currently rented and with some Intracoastal views).

If I knew the buyer that made the highest bid to unit 109, as a buyer's agent my question would be why they didn't contact me before the  property went to auction. I am an active buyer's agent/ real estate broker in the community and also an unit owner since 2005. I lived in the community in 2004 for a few months and have been selling and renting units in the community since its condo conversion in 2005.

As an unit owner I am happy that the prices at the Yacht Club are recovering and I hope that our community soon gets fully occupied with even more proud owners.