Condo auction sells 18 of 38 units, yields $3 million
The three-property condo auction held by TeamBuilderJLS this past weekend yielded over $3 million in sales.
According to the press release 18 very fortunate homebuyers took advantage of great prices at the auctions of the Sunrise on the Lake, The Summit, and Avaview condominium projects last Saturday. The condominiums offered on auction day sold for 136% over the recommended minimum bid pricing to the full satisfaction of the Seller.
“A $3 million sales day is significant in the middle of the holiday season,” says Jeff Powell of JL Powell Auction Company, the auctioneer for the event. “This auction was a success and we’re looking forward to conducting more auctions in the New Year,” says Powell.
Koket Fowler of TeamBuilder Auction Group applauds the bidders that participated in the auction. “These buyers received some fantastic deals and we’re very happy for them. To get in on prices like these for an in-city condo is unheard of.”
The Seller of the three communities elected to sell some units subject to their final confirmation and opted to offer some units post-auction.
136% would more that double the minimum price?? So, a 100,000 condo sold for 236,000. 3 mil divided by 18 = 166,666.00 Do they mean that a 100,00 condo sold for 136,000.
I am confused.
arg… go back and take your high school math class again…
Ella – your second example is correct. At a 136% over, a $100,000 condo would have sold for $136,000.
Ella is right to complain about the wording. What if I said I will offer 10% over the bid price? You wouldn’t expect me to say 110% over the bid price.
If the article had instead said “.. sold for 36% over the … price” then that would imply that a $100K ask price condo sold for $136K.
But of course common sense dictates that they meant the condo sold AT 136% of the minimum bid… just a debate over wording today!