In response to the flat market the real estate world is experiencing lately, condominiums in the west end of Alexandria are going up on the auction block, starting at a minimum selling price that is far below the sales price.
On Oct. 28, auctioneers are selling the 30 remaining condos in the Parkside at Alexandria community located in North Van Dorn St. The units for sale include two and three bedroom condos at the less desirable places throughout the 378-unit community. There are one-bedroom units in the community but all were sold.
There is a glut of condos on the market, said Parkside spokesperson Leslie Braunstein.
The two-bedroom condos, which had sales prices at $347,500-$350,000 are starting at $225,000 and the three-bedroom units, which had a sales price at $390,000-$400,000, start at $275,000. Its in response to a tough market, added Braunstein.
Jill Landsman, spokesperson at the Northern Virginia Association of Realtors, noted that the location in the community might have something to do with it. These are more challenging, the location is essential, she said.
According to NVAR stats, condos have stayed on the market an average of 93 days in September, more days than in June, where condos sat for 60 days, but less than in March where condos averaged 125 days on the market. Although the average sold price for condos is $324,440 in Sept. 2007, compared to $320,515 in Sept. 2006, the median sold price for condos has gone from $305,000 to $296,000 in the same time frame.
Jon Gollinger, the chief executive officer of Accelerated Marketing Partners that is conducting the auction, has noted the positive response when the auction was announced. This is a phenomenal minimum selling price, he said.
Anyone interested in attending the auction is asked go by the office at 1617 North Van Dorn Street to register, inspect units and provide deposits.