Looks like developers and buyers are warming up to this whole auction thing. Thirty six units will be auctioned off on December 5th from the Avaview in Crown Hill, Sunrise on the Lake in Broadview, and The Summit on Capitol Hill.
Some advice for potential auction buyers:
- Know your walkaway price going in to the process. Don't get swept up in the heat of the moment. If you do your homework and know what the unit is really worth, the process should be as dispassionate as buying a gallon of milk.
- Assume you won't get your first choice and have plans B, C, and D with their related walkaway prices. Of course, if you love one unit and don't want any other, know that in advance and check out all the others beforehand so you can walk away from the auction with the full knowledge you considered all your options well in advance.
- Expect a good deal but don't go to either extreme. Don't overpay because you think this is a once in a lifetime opportunity (there's plenty of inventory on the market) but don't leave empty handed thinking you can only pay $0.10 on the dollar to avoid getting ripped off (most economists agree we're at the bottom of the market so even if prices dip further in the short term, it won't be a huge deal if you're thinking of a 3+ year time horizon).
Hope this helps 🙂