An auction of 20 condominium units in Platinum Condominium was held tonight and here are the results. The auction was held at 7:00 pm on Thursday September 20th 2007. It was operated by Fisher Auctions which did an excellent job. The auction consisted of 9 units which were sold “absolute” and 11 which were auctioned at “subject to developer approval.” This simply means that the absolute auctioned units were sold at the highest bid price no matter what the bid was.
The auctioneer explained that the winning bid price would be adjusted to include a 10% premium to result in the final contract price. Each bidder had to register and be ready to go to the contract room upon winning with a $10,000 cashier’s check and a personal check for the remainder of a 10% deposit. All closings will be held on or before October 22nd and all sales are final as these were being sold As-Is with no contingencies.
Units were split up into 3 groups of units and each group went on the auction block. The auction team quickly realized that the best way to approach the auction was to start the bidding on all absolute units first so they did just that. Only 8 units were scheduled to be auctioned absolute but a 9th one was added to this category during the auction.
Here are the final winning bids in the order in which the units sold:
Absolute Auctions:
Unit #1001 - 2 bed + den / 2 bath (1363 sf) - $295,000
Unit #1907 - 2 bed + den / 2 bath (1380 sf) - $295,000
Unit #1607 - 2 bed + den / 2 bath (1380 sf) - $295,000
Unit #1602 - 1 bed / 1.5 bath (828 sf) - $200,000
Unit #1806 - 1 bed / 1.5 bath (828 sf) - $170,000
Loft #107 - 1 bed / 1.5 bath - $160,000
Unit #301 - 3 bed / 3 bath - $320,000
Unit #707 - 2 bed + den / 2 bath (1380 sf) - $290,000 - Sold to an Internet bidder
Unit #1905 - 2 bed / 2 bath (1005 sf) - $245,000
Subject To Developer Approval Auctions:
(These were the highest bids but are subject to the Developer’s final approval)
Unit #1705 - 2 bed / 2 bath (1005 sf) - $230,000 subject to approval
Unit #2102 - 1 bed / 1.5 bath (828 sf) - $185,000 subject to approval
Unit #1201 - 2 bed + den / 2 bath (1363 sf) - $300,000 subject to approval
Unit #1101 - 2 bed + den / 2 bath (1363 sf) - $300,000 subject to approval
Unit #2107 - 2 bed + den / 2 bath (1380 sf) - $265,000 subject to approval
Unit #2007 - 2 bed + den / 2 bath (1380 sf) - $265,000 subject to approval
Unit #501 - 3 bed /3 bath - $300,000 subject to approval
Loft #103 - 1 bed / 2 bath - Required a minimum bid of $330k - No Bids
Unit #1802 - 1 bed / 1.5 bath (828 sf) - $200,000 subject to approval
Unit #2002 - 1 bed / 1.5 bath (828 sf) - $200,000 subject to approval
3.85%
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