Find, compare and get expert advice on condos in the Northwest, including Washington and Oregon. Call us at 206-838-9611 for more information or help finding a condo in Washington or Oregon.

Condo Compare Blog | Find Condos for Sale in Washington and Oregon

Click stars to vote (left is low, right is high) <

It’s an auction, it’s waterfront property, and it’s starting at crazy-low prices ($109,000).  Bremerton’s The 400 project has announced it will put 28 of  units up for public auction on April 20th. 

Already more than 500 people have registered to attend this auction, which will be held at the Kitsap County Convention Center. 

A potential buyer quotes, “If it looks like a person could buy one for a price somewhat below what they were being marketed for before the auction, we’d be interested in doing that…But if it becomes a feeding frenzy, we’ll go have a cup of coffee.”

The Seattle Times article compares this method of selling condos to eBay, and it just might turn into a frantic bidding war near the auction’s end. 

These units are being put on the auction block due to the developer’s desire to release the burden of the construction loan.  According to Mark Goldberg, chairman of M.S. Cavoad Co., the building’s developer, it’s not a problem with the building itself but it was simply the timing as the Bremerton market slowed to a stop, joining with the national trend.

Though auctioning property has caught on in places like New Zealand, Australia, and some place in Europe, it’s still pretty new here, which is another reason for interested buyers to be careful of getting swept away in a bidding war and paying too much.  A lesser known tidbit about auctioning is that the “reserve” which this article calls the secret threshold price the seller will accept.  If bids do not reach this or move above it, the seller does not have to sell (thus, the price that the bidding stops at isn’t necessarily the end).

Finally, Goldberg comments on the overall bargain, “Can you show me another steel-and-concrete building, waterfront, that’s under $500 a square foot? If people do their homework, they’ll recognize it.”

The Seattle Times also posted an with tips and info.  Check it out.

 Read the Times article.

> <Share This Post - Instructions Included >

Leave a Reply

Name (required)

Mail (will not be published) (required)

Website

Join the Discussion in Our Social Media Marketing Forums