March 4, 2009
Further Thoughts on the Auction at San Carlos Condominium
It has been 3 & 1/2 weeks since the auction at the San Carlos Condominium took place and I have found the interest generated since the event both interesting and maybe even encouraging.
The auction company’s web site reports that 62 properties were sold on auction day with a sales volume of $20,405,000. Fifteen of those units actually closed on auction day. You know what that means, right? That means at least 15 people (24 percent) showed up that day with the conviction and the wherewithal to pay cash for a $265,000 plus condominium.
Now, back to what has happened since February 7th. There were eleven units that were not sold on auction day. All eleven units were three bedroom interior units that were either 1407 or 1419 square feet. The seller subsequently decided to list the remaining units at a price of $330,000. They came onto our MLS on Tuesday February 24th. I took a look at the MLS yesterday and 10 of the 11 units that were listed a week ago are showing that they are under contract. Wow!! Ten units in which offers were written and accepted. That’s pretty strong in this market.
I reported in my January Market Watch page that only 14 Gulf front condominiums closed in the month of January. While I don’t have all of the information to post last months numbers yet, I can say that at least 26 Gulf front units closed in the month of February. Quite a change in a months time!
While one month does not a market make, you must admit that it is encouraging. If you have any questions about the auction at San Carlos that I haven’t addressed here or if you are interested in getting further market information, e-mail me or give me a call at 1-866-978-7118 and we’ll talk about real estate!