The recent “dueling auctions” of 20 units in the Bahia Vista project were both proclaimed a success by both sellers and their auction company:
“Marshall Auctions offered 11 condominiums owned by local developer Spiro Buas, a partner in the project, while Max Spann Auctioneers auctioned nine different units on behalf of a different group, Atlantic Planning and Development, Inc.
“It was unbelievable,” said auctioneer Doug Marshall. “We had over 500 people in the crowd.”
Marshall said the bayfront units he was auctioning in Bahia Vista sold in the mid-$400,000 range, while the other units sold in the mid-$300,000 range. Most of the units were originally listed at upwards of $800,000, but with the stagnant market, the seller was happy to move his inventory and the buyers were happy to take advantage of the slashed prices.
Meanwhile, roughly 100 miles away in Annapolis, the Atlantic Planning and Development group was enjoying a similar success story.
“Everything went very well,” auction Max Spann said. “We had close to 300 people on hand and we sold every one of the nine units we were hoping to sell. The sellers were pleased and the buyers got some great values.”
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