Some of us spent this past Sunday enjoying the beautiful Indian Summer weather. More than 400 others though attended a special auction of the GrandView condominiums, located in the heart of Annapolis Towne Centre in Parole. The successful auction, which brought the developer millions of dollars in sales, was held at the Westin Annapolis.
Bids for the 40 units began as low as 60 to 70 percent off the original listing price. The GrandView is a 150-unit Sturbridge Homes high-rise. Of the 40 units offered, 33 were sold, reported the New York-based auctioneer Sheldon Good and Co.
The largest unit, a 1,655-square-foot two-bedroom, two-bath condo that also features a sun room, sold for $610,000, 36 percent below the original asking price of $955,000. The majority of closing bids for the remaining units ranged from $300,000 to $600,000.
Real estate auctions have become popular in recent years because of the balky housing market. Before Sunday’s auction, close to 75 percent of the GrandView’s units remained unsold.
Leave A Comment