Friday, August 25, 2006

Auctions for Houses that Won't Sell

From Today's WSJ

"Brian Michaud just picked up a little something for 40% off -- a brand-new, two-bedroom condominium in Fish Creek, Wis., with a private elevator and harbor views. His method: He bought it at auction. Though the condo was new, its developer decided he wanted to sell quickly, so he put it on the block last month.

Mr. Michaud had been watching the condo since construction started, but figured last year's $1.25 million asking price was beyond his budget. But when it went on the block, Mr. Michaud and his brother snapped it up for $740,000 -- less, even, than comparable units without water views have sold for nearby. "It was a great deal," he says."

Full article..

9 Comments:

Anonymous Anonymous said...

Hahahaha. 740,000 for a Wisconsin condo. A good deal. Right. It'll be worth 120,000 in two years.

Saturday, August 26, 2006 4:28:00 AM  
Blogger chicagofinance said...

from article in case you don't have WSJ subscription


Delaware and Surf Avenues
North Wildwood, N.J.;

$500,000 to $650,000 Sheldon Good, mid-October 2006 The developer put these 18 townhouses, two duplexes and two flats up for sale last summer when the Jersey Shore was hot -- but now it's not.

The three and four-bedroom units are within walking distance of the beach.

Saturday, August 26, 2006 2:41:00 PM  
Anonymous Anonymous said...

"Great Deal ?!", What is he kidding!!! The Jersey Shore is not free and clear of this bubble. Prices are already dramatically dropping. SEASIDE HEIGHTS, NJ 08751
MLS ID#: 10071133 This house is down about $100,000 from its last year listing. Come on, who would buy now when they can just wait a little longer?

Sunday, August 27, 2006 8:50:00 AM  
Anonymous Anonymous said...

"Hahahaha. 740,000 for a Wisconsin condo. A good deal. Right. It'll be worth 120,000 in two years."

Is inbreeding rampant in your area or just your family tree?

Mr. Rant

Sunday, August 27, 2006 7:30:00 PM  
Anonymous Anonymous said...

ITs not imbreeding....its jealousy

Monday, August 28, 2006 9:23:00 PM  
Anonymous Dog Lover said...

I think this is going to be a major trend in the next year or so as reality sets in for different markets.

KJ

Tuesday, August 29, 2006 3:56:00 PM  
Anonymous Anonymous said...

"I think this is going to be a major trend in the next year or so..."

Jealousy or inbreeding?

Mr. Rant.

Tuesday, August 29, 2006 7:11:00 PM  
Anonymous Bottomfeeder said...

On October 1 at the Wildwood Convention Center Traiman Auction House will auction off about a dozen properties (high end) that are located in Wildwood Crest. The properties are being marketed as new construction even though they have renters in them. Read the website info.. Of course the seller has the right to reject the winning bid if he doesnt like it. Sounds like a waste of my valuable time.

Tuesday, August 29, 2006 8:58:00 PM  
Anonymous Gary Anderson said...

Wisconsin? Maybe it is the cold winters or the humid summers that motivates those prices. Lol. Too funny. What a steal. By the seller.

Wednesday, August 30, 2006 1:22:00 PM  

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