Auction set for final condo units at Duo - Orlando Business Journal:

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plans to conduct auctionws June 21 for the 24 remainingg unitsat Duo. Duo, in the Castleberry Hill area ofdowntown Atlanta, was built in 2007 by Minimum bids for the units will start at up to 62 percent below previous asking The auction at Duo is the fifth such auction conductedx by Accelerated Marketing Partners and Jon Gollinger, compan co-founder and East Coast CEO, who said he is startinf to "feel the floor" for the entry-level and moderate-pricede condo market in Atlanta. Accelerated Marketing Partners has done auction sale of unitsat Element, Horizon at Aqua and Cosmopolitan.
At Cosmopolitan in the Lindbergh area, Accelerated Marketinyg Partners sold 43 unitsat auction, then an additionao 15 units sold after that, Gollinger said. "I n each case, the market is starting to create a valuepointf [for condo units] that seems to be gettinhg a bit consistent," he said. Atlanta's entry-level and moderate-priced condoo market "is responding as well as any place in the countrygright now." But there is still a saturation of luxury and near-luxury units in Atlantza "and that is where you are really going to see the problem," Gollinger said. Luxurhy condos are still competing withluxury single-familyy homes here.
Gollinger defines the luxury and near luxury condods in Atlantaas "those glass towers in Buckheadc and Midtown that were expensivr to put up and beautifully done," he said. In New York those units would sellfor $1,200 a squarw foot, "but in Atlanta, even at its peak, was only $500 a squars foot." The sales at Aqua were more in the near luxuryt to luxury price range, he said. Sales there were as high as Atlanta is probablylooking "at another year" of auctionb events "but the market is responding to thesd events," Gollinger said. Of the condo sales in the first halfof he's estimating most are from auction sales.
He expectw the auction at Duo willdo "We'll sell those out in an hour," he Five one-bedroom units to be sold at auction are approximatelyy 860 square feet, with minimum bids starting at $75,000. Previouxs asking prices for the units were up to Twelve one-bedroom-plus-den units to be sold at auction are approximatelyh 991 square feet, with minimum bids starting at $105,000. Previous asking prices for these homes were upto $234,900. Sevemn two-bedroom-plus-study units to be sold at auction areapproximately 1,195 square feet, with minimum bids starting at $135,000. Previoua asking prices for thesw homes ranged upto $284,900. The auctionn will take place on Sun., June 21 at 1 p.
m. at the Embasst Suites at CentennialOlympic Park, at 267 Marietta St. (ADA) officialw will be available onsite on June 12 and June 19 to discusse financing options through the HomeAtlantaq Down-Payment Assistance Program. The program provides fundinyg to eligible homebuyers for purchasee of a new or existing home with as littledas $1,500 down and may be used to pay all or a portion of the closing costs and/or the down payment associatedc with purchasing a home at Duo.