Auction for upscale riverfront condos

October 1, 2009 2:51:20 PM PDT
Condos that aren't selling are now up for auction along the Wilmington Riverfront.At the auction, a two-story condo that cost $611,000 14 months ago can be bid on, furniture and all, at the starting price of $95,000.

A three-story condo that has its own elevator once was priced at $1,000,000, but now, the minimum bid is $190,000.

Max Spann, the auctioneer, expects the 40 units up for sale will all be sold in less than an hour and a half.

If you are interested in bidding on one of these places, you will need a $10,000 cashier's check made out to yourself.

It is also recommended you attend open houses first, which begin this Saturday.

FHA financing is available and so is that $8,000 federal tax credit.

Developer Rob Buccini says he's disappointed about the lack of selling and hopes the auction will shake up business. However, his nearby apartment complex is almost full and he says his commercial ventures are making up for the condo's losses

The auction will take place October 24 at the Chase Center on the riverfront beginning at 11 a.m.

For more information: http://maxspann.com/


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