FORT MYERS, Fla. - Luxury riverfront condos go on the auction block and investors take advantage.

Hundreds of people toured the condos at the Riviera in the last few weeks. the 62 units up for auction are still brand new, sitting empty since the building's completion in 2007.

Condos originally worth upwards of $500,000 were auctioned off for prices as low as $150,000.

"These units along with many many others were just over-priced, and now the realism has caught up," said Benny Fisher with Fisher Auction. "The buyers are here to establish a new price paradigm that we've never seen before."

Potential buyers from all over the country and as far away as Singapore were on the phone making bids.