Real estate auctions in the Portland area are no longer surprising. The Atwater Place auction led the way last year with an auction that sold off 40 units in under 90 minutes. The John Ross resisted for awhile by initially lowering prices and then holding their own auction of luxury condominiums earlier this year.
The auction trend is moving north. The next auction of high profile condos will take place on Hayden Island later this month. Jim Redden of the Portland Tribune interviewed me last week and his story on the Waterside Condominium auction is now online. 30 units of the complex will be auctioned off with the lowest minimum bid st $165,000. There may also be a reserve price so that bid may not be enough to get you a set of keys.
The auction will be held by Kennedy/Wilson on October 24th. A how-to-by-at-auction seminar will be held on October 17th. Every auction house has its own set of rules so don’t plan on showing up on the 24th with your checkbook expecting to be able to get in on the action. Register and bring your “homework” with you. If you have questions, we can help.
Thanks for this awesome post on real estate auctions. That is really crazy that the auction sold 40 units in under 90 minutes. That really is insanely fast. I wonder if people made some good money on those units or not. I would love to take part in an auction like that. Thanks for the post!