Here's an interesting new twist for builders trying to liquidate inventory: the live auction. Parkside Alexandria, a condo community on Van Dorn St, is selling 30 condos with a minimum bid of $225K for a 2BR/1.5BA unit. There certainly aren't too many 2BR units inside the beltway for that price. There are some catches, of course - you must register by 10/23, sign the contract on the spot if you win, bring $5000 with you, and close before Nov 27, among other things. More details are here. Of course there are also the usual risks inherent to new construction. Contact me to discuss more on these.
One quick note of warning -- if you intend to use a real estate agent to advise you and help review the contract(at no additional cost to you), make sure your agent is with you when you register or the builder will not allow you to be represented.
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2 comments:
This is not new construction. These are really nice and completely renovated. All brick with patios and 10 minutes to DC. The starting bids are unreal!
Thanks for the clarification. You're absolutely correct--it's a conversion project. The same builder risks remain though, so the transaction is more like new construction than a resale.
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