Results Show: 30 New Condo Auction

This is the Results Show for the Parkside of Alexandria Auction on Sun. Oct 28 at Hilton in Alexandria. As background make sure you read: Parkside Alexandria 47% Off Auction About 300 people showed up. Of which, over 100 were registered buyers with an auction number. About 50% of those had attended an auction practice the night before. Also about 75% of the 100 were 1st-timers at an auction.

To the right is the FINAL unofficial price sheet and my notes with what went for what.

Below is a Youtube of an Auction for a 2br 2 level townhouse. Minimum bid is $225k. (Can't see it? Reading from an RSS reader? Make sure to come back to my blog page to view it.)

The event was publicized as a "one-in-a-lifetime opportunity", as if units MIGHT go for $225,000 for a 2 level 2 bedroom 1.5 bath townhouse. Well that didn't happen. For the units starting at $225,000, they were immediately bid up to $275,000 and the range ended at $287,000, most sold at $300,000, and the highest close was $306,000.

Keep in mind that some units are MUCH closer to 395 and some came already upgraded with Hardwoods and Granite.

The developer even added Hardwood floors midstream as a "free upgrade" for SOME units that currently have carpet. The 3 bedroom units had a minimum price of $275,000 with a "Last Asking" price of $390,000. These units sold for a low of $351,000 and a high of $362,000.

Below is a video of the auction of a 3 bdr with a minimum starting bid of $275k.

Now did these people get a great "deal." Maybe. I'm not sure. What I can tell you is it wasn't at a "no-brainer" price that investors could buy it and easily flip it the next week for a $40,000 profit (don't think the thought didn't cross my mind), but if a buyer was looking to live in it, and was considering the units at $340,000 list, sure, they got 10-15% off.

- Written by Frank Borges LL0SA- Broker/Owner FranklyRealty.com 703-827-4OO6

Please report all typos, I don't like looking stupid.