Lincoln Harbor auctions condos
In three weeks, 35 condominiums at Logan Martin Lake’s Lincoln Harbor go on the auction block, and that sale will mark a parting of the ways between the builder and the developer.
Lincoln Harbor Development, which is part of Shoreline Real Estate LLC, will be handling “building and marketing, and taking over total control of the site,†according to Lincoln Harbor general manager Jason Kauffman. Compass Real Estate LLC, which built the condos, will be pulling out of the development to pursue other projects, he said.
Signs advertising the Sept. 8 auction of “The Overlook†went up recently within several miles of Lincoln Harbor, which is located just off Talladega County 207, on the east bank of the lake. A little over half the condos in the four four-story buildings have already been sold. The remaining 35 are scheduled to be sold at auction, with 10 to be auctioned “absolute.â€
Lincoln Harbor is a “seven-year, $750 million-dollar project,†according to Bob Godard, president of Compass Communities LLC.
“There is almost no debt in the entire project,†Godard said Thursday. “There is no debt on the land. But we all know the (housing) market is slow. What we’ve found out is the only way to sell a home in this market is at auction.â€
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