[youtube = http://www.youtube.com/watch?v=ZFzLSalIMN4]
[non-downtown related news, but should be of interest to most DAB readers]
The remaining 23 units at the Sage Condos, located on 1702 S. Lamar, were auctioned off today. JP. King was the auctioneer of the “highest bidder’s choice” style auction where the winning bidder could choose to purchase any unit for the amount of the winning bid. The video above is of the first auction.
Including the 10% buyers premium, the average winning bid was $131 per foot, and prices ranged from $151,250-253,000.
I estimate 300 people were in attendance, perhaps 1/3 of those were registered bidders, the other 2/3 being spouses, friends & family, etc. Though originally slated for only 10 absolute auctions, the developer was on-site and confirmed all but five of the winning bids. The units were offered “as-is.” The bidding interest favored the units with downtown Austin views.
p.s. you’ll notice the video is labeled austincondoauction.com. That will soon become the repository for all the auction results and discussion – as soon as I work the bugs out 🙂
Yeah, those prices are right about in-line with the quality of the units. Your view doesn’t mean much when you can’t enjoy the place you live – the Sage condos were built like utter shit. Low quality from the ground up. The guys that got away for < $180,000 are the only winners here.
I found on MLS that regular sales during the past year were in the $200-$237/sq.ft. range so the auction prices are around 35% or 40% less.