White elephants at auction.
At the luxury beach community The Peninsula on the Indian River Bay, where residents are pampered with a Jack Nicklaus-designed golf course and a wave pool, the tide of recession-driven frugality has pushed one builder toward a less-opulent vision.
Faced with the reality that luxury homes aren’t the hot properties they once were, Virginia-based builder Miller & Smith has decided to clear the slate with a May auction, with opening bids at $200,000 for houses that once listed for $890,000 — a 71 percent difference.
According to the story, not only is it a gated community, it is a “double-gated” community (in a part of the world where, frankly, security is not much of an issue). Looking at the pictures, I had to wonder why anyone would want houses like that if they didn’t have a wait staff to take care of them.
This is wankery via real estate.