{ May 14th, 2009 }
Buying A Home At Auction
Once upon a time, an auction was where folks might go to sell their grain, buy a steer, or pick up a new tractor. The events were not only an integral part of our economy, but also 100% Americana.
Today, our most prominent auctions are a little bit different. They take place in boutique hotel ballrooms, and the featured merchandise is not cotton- but condominiums. This Saturday, Accelerated Marketing Partners is auctioning off 20 “ultra-sleek” (their words, not mine) condominiums at Aqua, a midtown Atlanta high rise building located at W. Peachtree and Tenth Streets. Minimum bid prices start between 50%-60% below the original list price of these units, and judging from past Atlanta condominium auctions- someone’s going to get a deal.
For obvious reasons, buying a condominium at auction is not for everyone (cue pharmaceutical commercial voice-over). But for savvy investors and home buyers alike, auctions can provide a tremendous opportunity to scoop up a “distressed asset” (my words, not theirs) at a substantially reduced price.If you’re thinking about bidding on a unit at Aqua, click here. You’ll need to tour the property by tomorrow in order to make a bid on Saturday.
For a good, quick read on the subject, check out this recent AJC piece- click here- it’s worth a gander.
