condo auction

Luxury homes and condos continue to hit the auction block. In the Dallas area, homes and condos which once were priced over $1 million will be available at bargain prices during an auction on November 7. Fifteen luxury homes in McKinney's Craig Ranch area and 29 high-end condominiums in Dallas' Preston Hollow neighborhood will be auctioned by the Kennedy Wilson Auction Group. Bidding on the homes will start at $125,000 to $370,000 and starting bids for the condos in Park Hollow, in the Preston Hollow area, will range from $215,000 to $495,000. The auction will take place at the at the Hilton Anatole in Dallas and Kennedy Wilson is holding informational meetings in advance of the event.

More and more I'm seeing real estate projects that I wrote about several years ago hit the auction block. When we first saw Nouvelle at Natick in Natick, Massachusetts it was part of a trend of condominiums attached to retail space. Nouvelle at Natick is a 215-unit development, attached to the former Natick Mall, now renamed the Natick Collection and packed with stores like Neiman Marcus , Louis Vuitton , Tiffany, BCBG , and will also include Burberry , Juicy Couture and Nordstrom in Massachusetts. Things have shifted dramatically since 2007 and bankrupt mall operator General Growth Properties is seeking to unload the condo units at bargain basement prices. In 2007 prices ranged from $425,000 to $1.6 million for a penthouse. At an auction to be run by Accelerated Marketing Partners on October 4 minimum bids will start at $160,000.

Of the original 215 units only 27 sold or are under contract. The auction will include 42 units auction of 42 units on Oct. 4 as a way to jump-start sales and get some desperately needed cash. The Boston Globe quotes Jon Gollinger, East Coast chief executive and cofounder of AMP, as saying that the auction will determine the value for the remaining residences. Condo amenities include a 1.2-acre rooftop garden, Parc Nouvelle, which is the largest of its kind in New England, Club Nouvelle, a private club with a dining area and a library and the Bosse Fitness Center. Sadly, the main selling feature, easy access to the mall, is no longer the draw it once was as malls have gone from bustling centers of commerce to increasingly empty spaces in today's shopping averse climate.

UPDATE: 55 of Nouvelle at Natick's remaining 178 luxury condos sold at auction for 36 to 64 percent off the original asking prices for the condos. The Boston Globe reports that one penthouse suite sold for $626,000, more than $1 million less than its original price.

The Disney-planned community of Celebration, Florida is the latest site of a condominium auction. The picture-perfect town seeks to replicate an idealized slice of small town American life but like most Florida towns it has become a victim of the real estate crisis. Now 27 condominium homes in the Artisan Park complex at Celebration which were once listed from prices of $480,000 to $600,000 will be auctioned off with suggested opening bid of just $95,000. The auction starts at 10 a.m on August 1 at the Celebration Hotel. Some units have a waterfront view and the complex includes a clubhouse with a swimming pool, cabana and restaurants all amid Celebration's cookie-cutter perfection.

[via The Ledger]

You can get a great deal on a condo in Maryland at the end of the month. Max Spann Real Estate & Auction Company will be holding the auction of 28 waterfront condominiums at The Residences of River Marsh on Sunday, May 31, 2009, at the Loews Annapolis Hotel. The new two bedroom units at the community in Cambridge, Maryland have minimum bids starting at $75,000, which is over 75 percent off the previous asking prices from $755,685. The Residences at River Marsh complex also has a marina with 150 boat slips, 18 hole championship golf and more. Previews of the properties are happening from 11:00 am to 2:00 pm on Saturday and Sunday throughout the month of May.

If the current real estate trend keeps going, I just might have to start doing a real estate auction of the day. For now though let me just direct you to today's auction of the Palazzo Condominiums in Panama City Beach, Florida. The seven-month-old condos are located on Front Beach Road facing the Gulf of Mexico. There are 129 units in the building and 67 units will be up for sale today with 27 that will be sold absolute.

The building has a fitness center, tropical pool, conference room and covered gulf side parking. The units include crown molding, and granite kitchen countertops, new appliances, garden tub and separate showers in all units and ceiling fans in living areas and master bedroom suites. To bid on a one-bedroom unit a check for $15,000 is required, two bedrooms require a $25,000 check and three bedrooms, a $35,000 initial investment. Those not in the area can also bid online this morning.

[via WJHG]

Last week , I mentioned a condo auction in Anaheim, California now here comes another Southern California auction. On August 24 at the Hilton Long Beach, 39 condos at West Ocean Two ill be auctioned by Citi Property Investors as part of the tower's grand opening. The condos on Ocean Boulevard in downtown Long Beach are located in a high-rise that includes a large lobby, concierge service, exercise studio, swimming pool, media/club room, wine storage room, game room, guest suite, outdoor entertaining area and more. The starting bid for nine one-bedroom residences will be $275,000, the 25 two-bedrooms will have a $350,000 starting bid, and five three-bedrooms will start at $795,000. As Curbed LA reveals, condo documentation for the auction says that the one bedrooms were previously listed at $534,000 which seem fairly inflated.

[via Long Beach Press-Telegram]