JFJ auctioning Gold Coast condos

JFJ Development is hoping to auction the three remaining condos at its four-unit La Schola project, an ultra high-end conversion that was gut rehabbed a year ago but has had trouble finding buyers for its tony homes.
The full-floor residences range from 2,750 to 4,000 square feet and last year were base priced from $1.9 million to $2.3 million. Each home offers direct elevator access, a private terrace and two heated garage parking spaces.

One unit sold in the fall, but the developer has hired Newcastle Limited, a national real estate advisory and development firm, to conduct a sealed-bid auction for the remaining three.

“This is a rare opportunity for a buyer or investor to name their price on a one-of-a-kind home in an incomparable Gold Coast location,” said Jon Zitzman, president of JFJ Development. “At the same time, the sealed bid process gives us a chance to complete La Schola efficiently and focus our time and resources on a number of new residential developments.”

Newcastle will begin marketing the property on Monday, April 5 with a series of property tours and broker receptions. The deadline for offers is Monday, May 3.

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