The West End Condos Sales Update
The auction a couple of months ago at The West End Condos was a great opportunity for buyers to pick up a bargain. These luxury one, two, and three bedrom units sold for around 55% of their asking price. For example, a three bedroom on the 6th floor with 2,525 square feet that was asking $948,000 went for $440,000. A two bedroom on the 4th floor with views of downtown that was listed at $645,000 went for $371,250. A one-bedroom on the 8th floor went for $253,000 at auction that had been priced $425,000.
Unfortunately, those deals seem to be gone. The sales agents representing The West End Condos said that only two of the buyers at the auction have backed out. The rest have closed or are in the process of closing. There were a few units that were not sold at auction – either because they were held back or the developer wouldn’t let them go at auction prices. There are still a handful of 2 and 3 bedrooms left, atlhough the developer is flatly turning down auction prices. Expect to pay 75% to 80% off the asking price, which still may be a good deal… Just not as good a deal as two months ago.