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Condo Auction in Old Town
Development will sell 30 condos at reduced prices.
By
Mary Clare Fleury
Published Friday, October 05, 2007
Parkside at Alexandria, a condo development in Old Town, announced today that it will auction off condos at reduced prices—a first for the Washington condo market, according to Parkside’s developer.
Accelerated Marketing Partners, a residential real-estate firm that specializes in selling and marketing homes fast, will handle the sale of the final 30 units in the 378-unit development. In a press release, a spokesman from Accelerated Marketing said that Parkside decided on an auction “in order to reduce ongoing marketing expenses and close out the project.”
Up for sale will be 20 two-bedroom and 10 three-bedroom units. Prices will start at $225,000—$115,000 less than what units listed for. The auction will take place on Sunday, October 28, at the Hilton Alexandria Mark Center Hotel in Alexandria, at 2 PM. An auction-information center is now open in the Parkside sales center (1617-A North Van Dorn Street, Alexandria).
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Comments
I bet there is a second auction two months from now with starting bids 50k lower. The builder has made his profit and wants to get out of dodge and onto another deal. Only problem is he’ll leave investors holding the bag.
Posted by: Jon, Oct 25, 2007 03:17:25 PM
I just blogged about this. How will this affect all the buyers that are considering new construction knowing that the builder has 80 units left?
Frank- Va Realtor
Blog.FranklyRealty.com
Posted by: Frank Borges LL0SA- Broker FranklyRealty.com, Oct 05, 2007 02:29:50 PM
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12:00 AM/ET, 10/05/2007 in
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