The West End Condos Auction Results
John Coleman Hayes successfully sold at least 40 condos in the past 60 hours, 32 of which were sold during Saturday’s live auction.
The condo auction, held under a semi-heated tent in the West End’s motor court, was well attended with an estimated 185 potential buyers in attendance. Jerrold Pedigo began the auction promptly at 11:00am by telling auction bidders that 3 condos had sold the prior day and would no longer be a part the day’s auction. The auctioneer did not inform the crowd of the sales prices, but did identify the condos as unit numbers 602, 502 and 503, all 2 bedroom condos with excellent downtown views.
Once the auction began in earnest, the bidding was surprising brisk with the first condo garnering more than a dozen bids and eventually selling for $226.30/ft, an auction high. As expected the next several condos began to sell for slightly lower prices, but the real shock came for me just 5 lots later when the auctioneer accepted a bid of $174.26/ft. Most in the audience seemed surprised that the developer and bank were willing to accept rates lower than $180/ft as well.
Auction prices recovered soon after only to fall to $159.74/ft for the 10th lot auctioned, a 2 bedroom, 2 bath, 1,997 square foot monster condo on the fifth floor. The original asking price for this particular condo was $590,000, but the auction only brought…
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