It appears that the auction scene is significantly heating up in the Ocean City market with the announcement of 2 condo project auctions in the same day, as reported in yesterday’s Ocean City Today:
“Competing auctions will be held later this month for units in a bayside condominium because of a fractured partnership.
“I’ve never seen anything like this,” said Spiro Buas, one of the developers of the Bahia Vista condominium on 10th Street.
The collapse of the real estate partnership led to the competing auctions for the bayfront and bayview condominiums and created an opportunity to get a bargain. The lower prices at auction make the condos affordable to people who otherwise would not be likely to own a unit at the beach.”
The full article -
http://www.oceancitytoday.net/news/2010-02-19/Business/TWO_AUCTIONS_SET_FOR_OC_CONDOS.html
