Condo Auctions In Arizona And Oregon Garner Good Deals For Bidders

by Deidre Woollard (RSS feed)
Apr 14th 2010 at 4:02AM

A couple of the condo auctions I recently wrote about have taken place yielding good deals for the bidders. Kennedy Wilson Auction Group announced that they sold 19 units of Northshore, a condominium project located in Tempe, Arizona. The Northshore auction attracted over 300 people and the sale prices nearly doubled the low starting bids of $85,000 and up to $205,000 for units that were once listed as high as $725,000.

In Portland, Oregon 47 units of the John Ross condominium project were sold through two separate auctions on April 10th and April 11th at the Fairmont Scottsdale and the Hilton Portland & Executive Tower. The John Ross auction had over 700 bidders and the sales prices were over 151 percent of minimum bids which started at $110,000.

Neither condo auction sold all the units, at the Northshore project, 19 out of 22 units sold, while at the John Ross, 47 out of 50 units sold. "These auctions prove once again that both buyer and seller benefit," said Rhett Winchell, president of Kennedy Wilson Auction Group. "The winning bidders know they purchased the homes of their choice at fair prices. The sellers realize high volumes of sales at lower costs and are no longer subject to continued uncertainty in the market."

Tags: condos, john ross condos, northshore condominiums