Emerging Market Trend - New Condo Auctions

Real estate auctions for brand new, never lived in condos in Atlanta are a very promising opportunity for both investors and home buyers looking for a good deal. In the past couple of weeks there has been a lot of buzz around upcoming condo auctions here in Atlanta. The general idea of a condo auction is to allow a growing list of developers who use auctions to move multiple units in a matter of hours.

But buyers looking for a deal may not need to wait for an auction to find one, he said. Prices of intown condos are often slashed before the builder even thinks about going to auction.

Mark your calendars and let's plan to check out these upcoming auctions together:

Aqua - May 16

Cosmopolitan - May 17

As is typical for auctions of higher-end developments, the Aqua sale will be at the swanky W Hotel. Prospective buyers can sign up at a Web site for advance information. They can also see units on the block during a preview period in the weeks before the auction.

Bids at condo auctions often start one-third below the original listing price. At the Aqua auction, for instance, bidding for a one-bedroom, one-bath unit in the “Azure” floor plan starts at $179,000, vs. the last listing price of $389,900. Bids on a larger “Sapphire” unit start at $299,000, down from $759,900.

Because Atlanta has so many unsold units, the auction action is
drawing enterprising business people.

www.ajc.com