A couple of specifics on ones I was familiar with that illustrate the ranges : the 2270 sq ft unit that was listed for $1.6 went for $750k, and a 1585 sqft unit listed for $560k went for $390k...Some of the ones that were bid on will fall through or never close, and final prices for the ones that do close will become public record when they are recorded.

Pretty good bargains on price, & I believe an opportunity exists for buyers to make lowball offers if still interested. One strategy is to set a price that you feel the property is worth, and if you get it , great...if not, walk away. The trick is to find out what a good price/sqft is knowing the differences in the views, waterfront vs canal front..etc. I have the tools to do this research and gladly do so for buyers I am working with.

Of course price is just one factor that should be taken into consideration with other factors when thinking about owning there, or anywhere when rental units are part of the equation.

Let me know what else I can do for you. DT dtaylor@roseandwomble.com

David,
I would be interested to learn more about these places, most specifically the prices that these went for. I would not want to go any further with out knowing what these condos sold for.

Thanks for your help

Hi VBHB,

The quick answer is that of the 25 or so units that went up for auction, most sold for around 1/2 of what they were most recently listed in the MLS for. The developer had about 35 units for sale; some had accepted offers before the auction, and about 10 did not sell at auction. Also, some of those bid on have fallen through.

Our office had Motley's, the Richmond firm who handed the auction, come to our office of Rose and Womble for details before the auction, and I worked with a buyer who placed a winning bid on a property there. I have been in several of the units and can tell you about finishes, amenities, and overall impressions. - there are pros and cons we could talk about.

Basically the developer's financing had a series of balloon payments, so as sales have been slow and each year as the payments have come due, the developer has auctioned off some units at deep discounts to accelerate sales and make payments due. This year they hoped to sell 25-35 units, accepting that through the auction process, these units would go for around 1/2 of what they were last listed at in the MLS. They opened them for preview in advance, and took offers at a discount as well. An are continuing to do so.

The developement has around 148 units and the developer, down to the last 10-15 units is trying to get rid of the last few new sales, so bargains are still available. There are some resales on the market as well. Also according to the builder -- no chinese drywall here.

Interest rates are great and prices are low, so if you are considering a beach place I have experience as an owner of a second beach place that I use part of the year and rent out weekly in the summer. And I'm a great realtor as well. I would love to help you . There are lots of choices right now and bargains can be had.

Would you care to go see these or a few others? Just looking is OK. I would love to work with you as a buyers' representative and offer my expertise. It doesn't cost you anything, as my commission is typically paid by sellers, and I won't rush you to buy if you're just exploring right now. Call me or send me an email.

David Taylor
Rose and Womble Realty

A Realtor with Taylor-Made Solutions!

(757) 377-2133 direct

dtaylor@roseandwomble.com http://www.taylormadehomesales.com

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