That sale apparently went well enough that they are planning another big one on July 31st:

“Max Spann [...]]]> Back in November of last year we discussed how the Makai Condominium in Ocean City Maryland was planning a condominium unit auction sale of  “at least 15… auctioned to the highest bidder regardless of price.”

That sale apparently went well enough that they are planning another big one on July 31st:

“Max Spann Real Estate & Auction Co. … has scheduled a Builder’s Close-Out auction on Saturday, July 31 at 1 p.m. for 30 units in the Makai, a luxury condominium building located one block from the beach in Ocean City, Maryland.

Minimum bidding starts at just $75,000 on six studio units with previous asking prices of as much as $228,400 and $85,000 on 24 two-bedroom units with previous asking prices as high as $394,500.

The auction will be held at the Roland E. Powell Convention Center, 4001 Coastal Highway, (40th Street), Ocean City, MD 21842.”

The full article —

http://www.prnewswire.com/news-releases/max-spann-to-auction-30-bayfront-condos-in-ocean-city-maryland-98519484.html

If you think that this buying opportunity might be your cup of tea, be a savvy buyer and enlist the help of a seasoned Ocean City Maryland based exclusive buyer agent who owes their full loyalty to you.  Don’t attend the auction unrepresented and without the benefit of  thorough research and due diligence.  HomeBuyerPower® can help! Call us today at 410.524.5000 to discuss how we can reduce your risk in an auction setting.

“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, [...]]]> 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.”

The full article -

http://www.mdcoastdispatch.com/article.php?cid=18&id=8267

“Developer and landowner Spiro Buas will auction 11 units from the Bahia Vista I & II condominium buildings. At the same time, his former partners — [...]]]> In what must be a major league sign of the times, dueling and competing auctions are planned tomorrow for the Bahia Vista condominium project in Ocean City, Maryland:

“Developer and landowner Spiro Buas will auction 11 units from the Bahia Vista I & II condominium buildings. At the same time, his former partners — namely, Jeff Thaler, Lew Bush and James Bergey with Ocean Mist LLC — will auction 11 of their units at an Annapolis hotel.

Straddling Edgewater Avenue in Ocean City, the five-story bayside buildings feature three- and four-bedroom units now valued from $500,000 to $800,000. At the height of the market, some sold for as much as $1.5 million, property records show.”

Most interestingly, the comment by the auctioneer, Doug Marshall:

“Auctioneer Doug Marshall, who will conduct Buas’ auction, said auctions are good for Ocean City because they can quickly put “a great big dent in the inventory.”"A lot of people don’t realize that 600 units sold in Ocean City last year, and those condos are being removed from inventory on a daily basis,” he said. “What’ll happen here is, once there are 400 or 500 units left in Ocean City, there’ll be a run on them, and then the market will turn around. That’s why people need to pay attention to these auctions. You always hear people say, ‘I’m going to wait until the market hits bottom.’ When you see absolute auctions of bayfront buildings, you better pay attention.”

We shall see…

The full article-

http://www.delmarvanow.com/article/20100226/NEWS01/2260301/Ocean-City-bayside-condos-to-be-sold-at-dueling-auctions

“Competing auctions will be held later this month for units in a bayside condominium because of a fractured partnership.

“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