A real estate auction held last week drew plenty of prospective bidders by advertising for a couple of months that “bids begin at $175,000″. But of the 800 who attended the auction and 600 who had requested the 300-page bid packets, less than 50 actually bid on the 26 condomimiums.
It seems that The Pointe at Moore’s Inlet advertising didn’t live up to the billing. When the 25th unit sold for $346,500, the 26th condo was pulled from the sale. The sellers weren’t going to let another go so cheap. That 25th unit was the only one under $400,000. The 24th went for $412,500.
The unique bid format began with the highest bid, which in turn allowed the purchaser to pick from the 26 condos the one he wanted. That high bid was $786,500 for a premium unit originally priced at $1,249,000. The second round bid was $770,000 on a unit originally being sold for $1,049,000.
The total price for the 25 units was $14,459,500, or an average of $578,380. There are 18 units that were held back from the auction, with most being more square footage than those offered at the auction. It’s probably safe to say that those 18 units, plus the one pulled from the auction, will fetch another $12 million or more. Another 17 units were sold by the developer before going the auction route. The most expensive went for over $1 million, and four others broke the $800,000 plateau. So let’s conservatively say they collectively reaped another $10 million.
Adding the numbers, we’re looking at $36 million in total sales, probably more. While it’s not near as much as the developer originally hoped to tally, it should keep the project out of the red ink.
As for the buyers, they didn’t steal the units. But they got a pretty decent deal!
One drawback to the complex is that it is located in the heart of North Wildwood’s bar district. That means loud, raucous crowds on summer nights until 3am, when the bars close. Weekends find assorted festivals, with revelers on the streets practically until dawn.
If you’re like most of us 50-something and 60-something year olds, that’s way past our 10 o’clock bedtime. But if you like to party all night, or want to rent the unit to party-types, this might fit the bill.
- Mountain Man
Tags: Mountain Man and City Girl, North Wildwood auction, North Wildwood real estate, real estate blog, Wildwood real estate