GALVESTON – A high rise condominium development on Galveston's East Beach is taking a creative approach to ease the burden in today's struggling market.
At the Palisade Palms the surroundings are posh, the amenities are top notch and with sweeping views of the gulf, you might assume a unit is out of your range. Maybe you shouldn't assume.
On June 6, 27 condos will be auctioned off as part of an inventory reduction, and for that one day it will be buyer, not the seller, who determines market value.
"Sounds good to me," says Barbara Arnold, who currently rents a home on the island. "It's a little scary, because I've never been to an auction, but I'm willing to try."Organizers said tell us this is the new norm in Real Estate.
"The towers have been very successful in selling in the past," says Deanna Sybrant, a project manager for the Kennedy Wilson Auction Group. "Prior to hurricane Ike, they sold more than 187 units. The hurricane came in, and there was a little bit of a decline in sales. Then the financial market took a hit. It's been slow selling since."
Starting bids will range from $125,000 to $375,000, which isn't exactly chump change. But consider this: the most expensive condos in the development, penthouses, were previously priced at $1.3 million.
"It's a win-win situation for everyone involved," says Sybrant. "Sellers are selling the homes all in one day, and buyers are choosing their sales price."
The auction, which is expected to last only an hour, will take place on Sunday, June 6, at The Omni Houston Galleria in Houston. Start time is 1 PM, and early registration is highly recommended. To learn more, go to
www.PalisadePalmsAuction.com.
