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).