Real Estate Auctions for Value and an upcoming Auction in Leavenworth!

Posted on December 1st, 2008 by Al_Lorenz

There are a couple of notable things regarding real estate auctions. One is an upcoming auction on December 13th of 14 condominium units in Leavenworth by James G Murphy Auctioneers. The auction is being held subject to disclosed minimum bids. The minimums start at $180,000 and range up to $365,000. The minimums look to be 51% to 58% of what is called “original price.” If none of the units are sold, the building will also be offered in its entirety.

I have been in this property and the condominiums are very nice, with premium finishes. Those prices get my attention as being potentially attractive to start bidding. However, maybe one of our Leavenworth readers will comment on the potential value of the units. When I toured the property, the association did not allow nightly rentals. However, the description of the “Builder’s Story” does state potential rental income, so that might have changed.

The other story is how auctions are being used, beyond foreclosures, in this market. A posting from the Real Estate Bloggers tells the story of a Florida condominium developer who is using auctions to determine market value in a stalled market. It will be interesting to see how the Leavenworth Auction works out. Recent auctions in North Central Washington have had mixed results. Sellers have to be willing to offer an attractive minimum to get bidders.