Condo Auctions in Houston

[lockmat]

These condos are going for Auction this Sunday.

The lowest starting bid is 75k, a lot are at 100k and a few others start at 125k.

I know there is an unpublished minimum bid that has to be met, but do yall know what the average final bid would be based on these starting bids (or what the average savings is on condo auctions)? A lot of these homes were originally priced at 200k-250k. I thought about going to the action just to see what they would sell at but decided not to.

I went to go see these, they're really nice and they have gas ranges! ;P

http://510lovettauction.com/index.html

Edited December 10, 2010 by lockmat

[HoustonMidtown]

The EDGE condos just did this a couple months ago (with the same auction company). All of the condos sold.

Some of the condos actually went for close to what the asking price was originally (part of the "excitement" that goes on during an auction according to a recent tv report)....most went for about 10-15% below asking price (this is a very rough average, some got a better deal, others just a good deal). There was also a sellers fee (I dont remember the exact amount -- I think 1% of final bid) that was added to the sales price.

All bids had to be approved by the developer.

I had actually bought one of these units 4 yrs ago when Reuther was building them -- obviously that didnt work out (he's out of business now)

[lockmat]

The EDGE condos just did this a couple months ago (with the same auction company). All of the condos sold.

Some of the condos actually went for close to what the asking price was originally (part of the "excitement" that goes on during an auction according to a recent tv report)....most went for about 10-15% below asking price (this is a very rough average, some got a better deal, others just a good deal). There was also a sellers fee (I dont remember the exact amount -- I think 1% of final bid) that was added to the sales price.

All bids had to be approved by the developer.

I had actually bought one of these units 4 yrs ago when Reuther was building them -- obviously that didnt work out (he's out of business now)

Thanks for the info. How did you find out what their final sale price was? I'd like to be able to find out what it is for other ones.

The seller fee for these is 4.5%.

Why did you sell your unit?

Edited December 10, 2010 by lockmat

[HoustonMidtown]

One of our residents went to the auction and relayed the prices to us since there was a lot of concern for us current owners that our values would go down if the auction units went really cheap (they didnt luckily)

I didnt actually sell my Lovett unit -- I cancelled my contract after 3+ years of the building not being completed....never did get my money back from Reuther...there's another thread on here regarding all that...