Avison Young, Fisher Auction To Lead Court-Appointed Receivership Sale Of Condominium Complex

Avison Young and Fisher Auction, at the direction of Daniel J. Stermer of Development Specialists, Inc. as court-appointed Receiver for Heron Pond Condominium Association in case number CACE 24-005243 pending in Broward County, bring to market the Heron Pond Condominium property, a 304-unit, 19-building condominium community positioned on a contiguous ±25-acre site at 8400 SW 1st Street in Pembroke Pines.

All units located at the property have been vacated due to general safety concerns, resulting in the Receivership and the pending termination of the Condominium Association which will allow for the Receiver to market and sell as one fee simple sale.

The Court ordered auction date for qualified bidders who have complied with the court’s bidding procedures is set for September 25, 2025.

Offered on an “as-is” basis, the site boasts an ideal infill location in the heart of Pembroke Pines, one of Fort Lauderdale’s most desirable suburbs, with close proximity to major employment hubs, retail centers and educational institutions. The in-place zoning allows for as many as 321 units by-right and the unit count could more than double with upzoning or utilizing a land use plan map amendment.

Avison Young Principals John K. Crotty; David Duckworth; Michael T. Fay, who is also the Chairman of Avison Young’s U.S. Capital Markets Group Executive Committee; Brian C. de la Fé; and Associate Philip Shapiro, along with Fisher Auction Company CEO Lamar Fisher, President Francis Santos and Executive Vice President Paul Fisher, are leading the marketing and auction process for the site.

“Developable sites of this scale are increasingly scarce throughout South Florida, therefore we anticipate there to be extensive interest in this unique opportunity,” said Crotty. “We look forward to achieving the best possible result for the underlying stakeholders of this condominium association.”

Florida ranks first among U.S. states in net migration with many relocating from high-tax states like New York and California, along with financial services firms, investment companies, and hedge funds, which is driving up housing demand. This influx has resulted in sustained demand for new residential developments and pushed rents and home prices to record highs. With top-ranked schools, a high average household income, elevated median home values and excellent proximity to employment centers and commuter thoroughfares, Pembroke Pines is one of Broward County’s most desirable suburbs.