This past Sunday the auction for the condos at the Grand View in Annapolis was the place to be. A motivated group of about two hundred people attended the event, with fifty-five registered bidders claiming all but four of the twenty-five units that were available. Mark Troen, COO of the auction company Sheldon Good & Company, says that every type of floorplan sold and the few that are left will likely find buyers soon given all of the momentum and interest in the building.
"This was great affirmation of a couple of things," said Troen. "First, we found the right market. Second, we found the right price point. Auctions find the true market value for the properties since the bidders will tell you what they are willing to pay. The units went for between $314,000 and $810,000, and they were originally priced from $514,000 to over one million dollars."
As for who came out to buy, it was savvy shoppers who know exactly what they want. "For these properties our sweet spot is the empty nesters. They want a nice place to live that is near all the amenities. The Grand View has exactly that," said Troen.
· Annapolis Condo Auction [Auction Site]
· Luxury Annapolis Condos That Regular People Can Now Afford [CDC]