SOLD! Gulf-front condos move in depressed market

Thirty-one condominiums sold at live auction for more than $12 million in less than an hour Saturday at Escapes! To The Shores in Orange Beach, according to The National Auction Group.

The event drew a large crowd, more than 500 , but the Gulf-front units did not seem to bring big-bucks prices, with the top bid at $600,000 for a two-story, three-bedroom penthouse on the 17th floor.

The developers, Cooper Communities based in Arkansas, had 48 of the 88 units to sell, but stopped the auction after selling the 31 units allotted for absolute sale, which means there was no minimum bid on thos

SOLD! Gulf-front condos move in depressed market