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Updated over 14 years ago,
Condominium auction insight
Hello,
I live in the Boston area and been looking at condos for a primary residence. Recently a new complex of condos has been listed that the condos will be auctioned off. 25 of 31 condos will be auctioned off, the other 6 have already sold. The complex has been completed for about 1.5 years and the condo market in Boston has been pretty bad since mid 2008.
I haven't purchased RE through an auction before, so I was looking for some insight if anyone has any experience with them. The developer has listed the "minimum starting price" for each unit and has quoted them to be >50% off the "last asking price". Most of the last asking prices are ridiculous, close to 30% more than anything would even sell, they are just trying to market it as good deal.
My main question is what can I expect units to be sold for compared to the starting bids? Will they get bid up to 80-90% of their accessed values thus not making these deals?
Thanks.