We are deep into the “Desperate Times Call for Desperate Measures” phase of the housing crisis.
First, I noticed this story about a woman who unexpectedly landed a $1 million dollar home after the seller decided to raffle off his property. Now, comes a story out of Rockville where a developer has decided to auction off all the new, remaining units in his condo conversion project.
According to the Washington Business Journal, the building had “sold almost 130 units by July 2006, when the one-bedroom units cost from $300,000 to $350,000. Since then, the developer sold another 30 to 40 or so since then, even though prices had ultimately dropped to $261,000 for the not-quite 700-square-foot one bedrooms.
On Feb. 28, Velocity Marketing will auction off 40 remaining condos, with an opening bid of $159,000 for a one-bedroom, $219,000 for a two-bedroom and $239,000 for a three-bedroom.”
Image by Alykat, Flickr Creative Commons