After selling two 3 bedroom and two 2 bedroom condos, the Marina Landing auction was canceled.
The anticipated selling prices were surely higher than what the market was commanding right now.
The place was packed – over 500 people were crowded outside in various locations on a balcony and downstairs around the auctioneer. The event was outside, so everyone was sweating in the 90+ degree heat and fighting for a spot in the shade. All of the seats were taken and people were standing wherever they could hear and be seen. The parking lot was so full that parking was bleeding into the Woodlawn subdivision. People were hiking across the field.
Check after the break for the SOLD prices.
Originally the auction was supposed to include 25 condos selling absolute. Anticipated selling prices for the three bedrooms ranged from $500,000 to $600,000.
Before the auction started, three 3 bedroom condos and two 2 bedroom condos were sold – $558k, $530k, $523k, $430k, $430k, respectively.
Ok, enough suspense, here are the sold prices for the condos that sold on auction:
The first condo up was a 3 bedroom and they started the price at $600k and quickly got down to $300k with the first bid. They slowly worked their way up to $450k and stayed there for a while (seriously, like 7 minutes). After no bidders at $460k the auctioneer yelled “SOLD” at $450,000 – $234 sqft.
The second condo that was up was a 2 bedroom, it sold for $325k – again, $234 sqft.
After the first two sold, the auctioneer announced that they had to take a break. The guy next to me said they’ll cancel it for sure.
When they came back from the break, the auctioneer stated that they have one more 3 bedroom and one more 2 bedroom to try and if they can’t get better numbers, they’ll cancel the auction.
Well, the numbers did NOT improve.
The next three bedroom sold for $390,000 – $204 sqft. The last 2 bedroom sold for $330k, $5k more than the first one.
I’m sure the developer is quite disappointed, only time will tell what is next with the unsold condos at Marina Landing.