Thunder

This is not unusual at all, just not common in Houston. 

An auction is just a way to get things done faster. Selling an entire building is not unlike selling every house in a neighborhood - it doesn't usually happen in just a couple of months.  Randall Davis has several major new construction projects under development in Houston, Galveston, and Las Vegas. Word has it that he may sell all of his rental properties if the St. Germain sale works out as hoped.

Two friends are purchasing units in St.Germain and others are considering it. It's a fantastic location, and the as-is units are a very competitively priced per sq. ft. Alas, the best deals were two months ago before prices went up on the more popular one-bedroom units.  The auction may offer a chance for a great deal or two, but it's an auction so you never know.

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Condo conversions are a no-brainer for developers these days, but it certainly makes me wonder about demand if they're resorting to an auction to spur sales. 20 units since November is a mediocre pace, especially considering existing rental tenants' potential interest. I'd be curious to hear how it goes tomorrow.

Very interesting. I called to find out the story and they're auctioning 20 units in order to get to their pre-sale requirement of 40 units.

Has anyone ever heard of this type of sales method before?