Dallas Real Estate: Condo Auctions Netting Good Deals?
I told you two weeks ago about the upcoming auction that Drexel Development has cooked up for some Drexel Park Hollow condo units. Well, I just found this little tidbit from Curbed about another condo auction that recently took place in Boston. Industry experts tell me we are going to see a lot of real estate auctions in the next couple years, and it looks like some folks in Boston got themselves a fair deal, nothing extraordinary. (Or maybe these units just sell at more realistic prices, which makes you wonder why the developers don’t just slash and reduce.) But remember, the developer usually reserves the right to a “reserve” price, a bottom line threshold. As one agent told me, the nice thing about auctions for the developer is they get all pre-qualified buyers, so no tire kickers wasting anyone’s time.
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Hey Candy! You promised your input on these Drexel units. What are your thoughts? How are the amenities? Are they worth it? HOA dues?
The initial prices were unrealistic – whats your thoughts on equitable?
Next up, The House. The days of $450 a foot condos are gone . . . for now.
I lived in MA from 91 to 94 then moved to Dallas. It is difficult to compare since a wider group of home buyers and sellers expect and are adjusted to high prices – not just in homes but everything. This region’s home prices have been elevated for decades and it is simply part of the culture and more so in the Back Bay area where these condos are located. It doesn’t compare well with Texas or Dallas in my mind…having actually lived there.
I’m most curious to know how the condo auction went for 5800 McCommas, which I think was in Sept?? They sure spent a lot of money hiring people to hold signs up and down Greenville every weekend for almost a month. Curious to know if someone actually got one at the auction, and how much?? Are these auctions really giving good deals, or a lot of hype??