I have read about a few auctions in the last few weeks. There was an auction in Panama City last week where 67 units were up for auction (27 guaranteed to be sold). The prior week 39 condos were auctioned off in Cali. These had starting bid prices at roughly 50% the previous selling price. These could be deals for some that were looking for condos in these areas. I think the market is getting closer to realistic in some areas, but not exactly deals yet.
Locally I have seen people trying to get rid of land as opposed to developing it. I have not seen great prices, but previously these types of deals would have never hit the market. These would have been things sold to those in the know. So times are a changing. The areas that I really would like to get into are not seeing a decline in prices. They are only continuing to grow. I am not sure yet if they will be hit at all or if they will be hit at the end of the downward trend.
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