Hannah Jung, Raleigh Real Estate - Coldwell Banker Advantage

So, I learned today of the West condominium is planning on having auction for some 36 condos. (This is a condominium located just behind 222 Glenwood condominium, off of Glenwood Ave, and it is right next to a railroad.)

This was sort of a surprise to me since I was there just a month ago and was told by the sales agent that everything was going fine at West. Well, just to be clear, having an auction does not necessarily mean the project is financially struggling. And as the article in N&O points out this auction may not be even mandated by the financing bank. Then why would the developer auction off 36 of its 170 units, in which 80 is already sold, condos with listing prices of 300's to 700's at starting auction price of 95,000? Well, this is an auction with reserve, you will see it if you read the fine print on their website. Which means that the developer does not have to sell any of them at the auction if in fact the auction bid does not meet his pre-set reserve, which we do not know what it is. So, starting bid price could really mean nothing except to raise interests and buyers flow to the condo. I mean, it certainly draws interests! My gosh, everyone is talking about it, news stations are on it and newspapers are publishing it. West is even going to Wall Street Journal to advertise this auction. So, if you didn't know there was even a condo project at this location, now you do.

Then, should you ignore this auction as a marketing tactic or should you really be interested and see if you can actually get some great deal?

Well, I am posting both the West's website link as well as three articles links so you can see it for yourself. One thing to keep in mind though, if you are seriously interest in going to this auction, please let me know and I make sure I will get all the information you need know prior to the actual auction and I will accompany you to it.