Wednesday, November 07, 2007

Alexandria Auction: An Unconventional Success

The Parkside at Alexandria residential community received a surge of sales last week during a real estate auction where more than 200 bidders came to compete on the remaining 30 condos available at the development. The scramble for the discounted townhouse-style residences ended just 60 minutes after the bidding opened - leaving nothing behind for the reluctant, and putting more than $10 million in the pockets of Mid-City Urban LLC and its partner Parkside at Alexandria LLC.

The drawing factor was the obvious chance to get a discount, and in the end, two-bedroom condos sold at an average of almost $40,000 less than their original price of $339,000, while three-bedroom units, which would have originally cost $379,000, were auctioned at almost $30,000 less.

Parkside at Alexandria was originally constructed more than a half-century ago as an apartment complex, the community was purchased by Parkside at Alexandria LLC which converted the rental units into condominiums. Sales on the 378 residences commenced in early 2004.


Anonymous said... auction. That's a new idea!

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