Park Hollow Preston Center Condos To Be Sold At Auction
Downtown condos are not the only units moving as slowly as molasses. That new condominium community at Northwest Highway and Hillcrest, the hot “behind the pink wall” area, is ablaze with yellow signs describing the November 5 auction of these units: Park Hollow. To be clear, these are not foreclosures. The developer, Drexel Development, has apparently decided that an auction might clear out more units so they don’t linger. This advertised starting bid is $215,000 for a unit that “retails” at $620,000 — 1962 square feet, 1/1.5/den. The auction house is Kennedy Wilson out of Los Angeles, and I’ve got interviews with them scheduled tomorrow. Apparently there will be more inventory in this auction that just Park Hollow: raw land for five homesites and 15 luxury homes in McKinney.
Before you get too excited over the prices, the developer has a reserve – -that is, he reserves the right to set the sales price in his head and reject that starting bid. So let’s say I buy that 1962 square foot unit at $215,000 — the developer (who knows what he wants to clear) can refuse or make me a counter offer. According to my sources, that magic number is $150 to $175K more than these low starting bids. All buyers must be pre-qualified for financing, unless they bring cash.
I went through the units, too, and have some opinions — stay tuned.
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And, there is a 4% or more buyers premium…I don’t think there is a pool on the property either…but it is within walking distance of Walgreens for drugs and chocolate…
As a preston hollow homeowner, i curiously made a visit to the property about a year ago during a Sunday open house. The drexel people didnt give me the time of day while i was there, and they never called me afterwards as a proactive sales team should do. I cant be surprised that the poor marketing effort, in conjunction with market conditions, has led to the Auction. I would love to see the project succeed, but Drexel, you sure didnt leave a good taste in my mouth.
Hey Candy! I been waiting to hear your views/opinions on these units. How much do you really think they will sell for (over the starting bid).
I checked the site and the units look nice. I was shocked at the HOA dues! Is that kinda high especially for having NO pool and very little upkeep.
chris, they must have made you as just another curious home owner with no intention to purchase.