FORT MYERS, Fla.- Investors and potential homebuyers poured into a foreclosure auction at the Harborside Event Center this afternoon.
Harry Boghigian bought a 2 bedroom 2 and half bath condominium in Bonita Springs.
"They say that the property is valued at $800,000 and I got it for under $300,000, so I thought it was a pretty good deal," said Boghigian.
Marshall Cohen also got a pretty good deal on a condo in Fort Myers. He saved tens of thousands of dollars on his purchase.
"It's 1,100 square foot, 2 bedrooms in 7 Lakes. It's got a golf course, tennis court, pool," explained Cohen.
Chris Alcedo, the Vice-President of Auction.Com says these types of events help stabilize foreclosure- stricken communities.
"The great thing about what we do is taking the properties and turning them back into homes," said Alcedo.
But not everyone thought there were good deals.
"We're investors; we came here to buy 10 homes today and we didn't get any. I guess that tells you what is going on," said David May, co-owner of Keystone Developers Services.
David and Tom May own Keystone Developers Services.Since the housing crisis hit southwest florida, they've purchased 12 homes.Now they say the market has swung back.
"The economy is picking up. Things I'd say are 5%-10% more than what we were paying six months ago," said Tom May.
The deals made today aren't set in stone. It will be up to the lender to determine whether or not the bidder receives the property. The auction company tells WINK News about 95% of their deal go through.