Lee County/Fort Myers real estate hits auction block


Steve Bushey had his eye on three houses near where he lives in Cape Coral.
Perhaps they'd be his by the end of the night.

Bushey, a recently retired air traffic controller at Southwest Florida International Airport, was one of more than 200 people hoping to have the high bid Thursday evening at an auction of about 100 houses in this area.

It's the first of eight that Irvine, Calif.-based auction house REDC is holding in the state in the next week to auction more than 1,500 foreclosures.

The high bidder won't necessarily get the property, said Rick Weinberg, REDC vice president for public relations. Typically, the bank owning the property will have set a minimum price.

But REDC's financial staffers, who attend each auction, will work with the banks to make the deal go through, he said.

"It's in everyone's best interest," Weinberg said. "The bank gets to turn a non-performing asset into an asset - and we get paid."

Bushey said he'd done his homework on how much the houses he targeted are worth.

He hoped to fix them up and resell them at a profit.

On the other hand, he said half-jokingly, "Maybe if I'm lucky I won't buy anything."

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