Parkside Alexandria Auction: The Results Show
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This is the Results Show for the Parkside of Alexandria Auction yesterday (Sun. Oct 28) at Hilton in Alexandria. As background make sure you read: Parkside Alexandria 47% Off Auction
About 300 people showed up. Of which, over 100 were registered buyers with an auction number. About 50% of those had attended an auction practice the night before. Also about 75% of the 100 were 1st-timers at an auction.
To the right is the price sheet and my notes with what went for what.
Below is a Youtube of an Auction for a 2br 2 level townhouse. Minimum bid is $225k
The event was publicized as a “one-in-a-lifetime opportunity”, as if units MIGHT go for $225,000 for a 2 level 2 bedroom 1.5 bath townhouse. Well that didn’t happen. For the units starting at $225,000, they were immediately bid up to $275,000 and the range ended at $287,000, most sold at $300,000, and the highest close was $306,000. Keep in mind that some units are MUCH closer to 395 and some came already upgraded with Hardwoods and Granite.
The developer even added Hardwood floors midstream as a “free upgrade” for SOME units that currently have carpet.
The 3 bedroom units had a minimum price of $275,000 with a “Last Asking” price of $390,000. These units sold for a low of $351,000 and a high of $362,000.
Below is a video of the 3 bdr with a minimum starting bid of $275k
Now did these people get a great “deal.” Maybe. I’m not sure. What I can tell you is it wasn’t at a “no-brainer” price that investors could buy it and easily flip it the next week for a $40,000 profit (don’t think the thought didn’t cross my mind), but if a buyer was looking to live in it, and was considering the units at $340,000 list, sure, they got 10-15% off.
If you are still interested in a unit, let me know. Sometimes they have units that come up if one of the buyers backs out. Megan, an agent with FranklyRealty.com used to live at Parkside and recently sold a unit there for $330,000. She knows the pros and cons for each unit. I believe the developer is now cooperating with Realtors (they were giving 66% less for Realtors during the Auction vs during regular sales), so it shouldn’t cost you anything to have representation.
- Written by Frank Borges LL0SA- Broker/Owner FranklyRealty.com
703-827-4OO6 Please report all typos, I don’t like looking stupid. If you like this post, sign up for new blogs daily, use the form on the right of the page.
Videos at YouTube.FranklyRealty.com
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do you know if they used an auction house to do the actual auction? or who it was? sounds like a very successful event for the builder.
Yes they used Accelerated, an out of state auction company. Their press release should have the exact name.
Thanks for voting D’Ann!
The auction marketing company is a national firm with headquarters in Boston and San Fransico. The company is Acclerated Marketing Partners. http://www.acceleratedmp.com
I attended the auction, but did not bid. I am in the market, but don’t like the location of these units. I must say it seemed like a very well executed event by the auction company. Given that they sold all the units at roughly the same price (after adjusting for the number of bedrooms), which was well above the minimum bid prices, I assume the developer was pleased with the outcome.
Thanks for the report Frank.
I really appreciate it.
Thanks for letting us know how it turned out. If I were a realtor, i would’ve voted for you. Best of luck.
Yes, the greater fool still lives even 2 years after peak. They are just not worth the money spent, period.
Rumor has it that the complex now is advertising the units are available for rent. I guess the auction did not work out after all?
I haven’t heard anything about the developer renting units. Maybe units are being rented by those that bought units.
1653A, 3br – Auctioned for 359k, current asking price on MLS: 340k
the two bedrooms sold in the auction for around 300k. Several 2br’s for sale now for 270-280k, asking price.
Looks like this auction wasn’t a great deal! Buyers wont even get back close to what they paid, even if they were to actually get full asking price.
Hey Ryan,
How do you know about unit 1653’s purchase price? It wasn’t in the tax records.
As for the other units, many of the 2bdrs with 2 levels went for $280k.
Two for sale at $270k and 275k are 1 bedrooms.
The other three are a short sales and were bought in 2005. The Short Sales are “fake” since the bank only approves 1 in 20.
I dont think anybody is flipping their units yet. Let me know if I’m wrong.
I have a blog coming up about why short sales are fake.
The only real listing is for $290k. About the same price as the auction. But don’t forget some face a highway and some are end units facing a courtyard. You have to compare apples to apples.