By Farrah:
New condo developers in Oakland have been forced to find creative ways to sell condos in a market with too much inventory and not enough buyers who can meet lenders’ high standards.
Since the successful Eight Orchids auction, two other condo developments have announced auctions. This Sunday, Shadow Woods in the beautiful East Oakland hills will be auctioning off 33 one and two bedroom condos with a starting minimum bid for the smallest units of $220,000. Next Sunday, the developers of Jade in Downtown Oakland are auctioning their remaining one and two bedroom condos starting at $259,000.
Although Jade isn’t near as many cute restaurants and businesses as Market Square, it has few amenities and relatively high HOA fees, and the units do not have as many high end finishes as Market Square and Broadway Grand; after seeing the results of the Eight Orchids auction, I believe that this auction will be a success. The condos will all be sold for what the market is now demanding. The developer will be happy to have moved the condos for at least 75% of list price and auction winners will get a brand new condo in a decent location for a bit less than the market rate.
You’ll have to bring a cashier’s check or “cash equivalent” for a few thousand bucks and there’s no loan or inspection contingency (you can pay for your own inspection before the auction).
Filed under: east bay, farrah wilder, new developments, real estate , east bay, farrah wilder, new developments, real estate
recent comments