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Updated: Saturday, 07 Feb 2009, 10:11 PM CST
Published : Saturday, 07 Feb 2009, 7:24 PM CST
GULF SHORES, Ala. - Housing sales are down and foreclosures are up across the country, but Gulf Shores is still a "hot spot" for real estate. "You can buy them for less than replacement cost, and that's what been driving the market down here," said real estate agent Desmond Gatti.
The fact that hundreds of people showed up for the auction at the San Carlos Property is proof there's a lot of interest in the area. William Bone wasn't surprised. He's president of the Gadsden based company that put on the auction.
"The people with money want the bargains, and they come out and they think it's the time to buy. These things are getting down to prices where rent will pay for them," Bone said.
Once the bidding started the units went fast, oome of the early winning bids were just under $500,000. But, these bargain prices weren't for everyone; Henry McCrea decided to pass.
"Well it's a wonderful place. It's nice, but I don't think it's $350,000 worth." McCrea said. When it was all over, 58 condominiums were sold totaling a little more than $19 million.
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