Condos Being Auctioned, Highest Price Goes Regardless Of Amount
Posted: 12:04 pm EDT March 14, 2008Updated: 12:40 pm EDT March 14, 2008
ORLANDO, Fla. -- Some Orlando condominiums are going on the auction block and they will be sold to the highest bidder regardless of the amount of the winning bid. About 100 condominiums near the MetroWest Country Club on South Hiawassee Road will be sold in an absolute auction in two weeks.While crews work as quickly as possible to replace carpets and make other improvements at the Tradewinds Condominiums, workers from the national auction group are going door to door making sure the units are ready for display."This is a large number of condos and we're anticipating a large crowd coming to see if they can get a good buy," said auction director Sue Levin.Levin says 100 condos will be sold individually at absolute auction, meaning if the final bid for a 722-square-foot, 1-bedroom unit is $150,000, that's the sales price. The seller is not requiring a minimum amount."You must factor in that there's a ten percent premium that goes on top of the bid price, so you'll know where you're going and what your final bid price is going to be," Levin said.With the housing market on a decline, the popularity of bidding for property appears to be on the rise, especially for potential buyers who have gone the traditional route in the past. The auction is advertised in numerous national publications, including the Wall Street Journal and USA Today."You have a lot of people who come here several times a year that would like a place to stay for a month or so," Levin said.The property will be auctioned in two weeks.
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