Auction of Austin condos draws crowd in J.P. King Auction, resulting in complete sellout

AUSTIN, TEXAS (Oct. 3, 2006) – Forty-two registered bidders gathered Sept. 30 in Austin for the sellout auction of six condominiums in the city’s popular Vista Hills Development, with J. P. King managing the sale.

More than 100 people – 42 of them registered bidders – packed the Capital Ballroom at the Austin Intercontinental Hotel for the bidding, which came in rapid-fire fashion. Units sold at prices ranging from $165,000 to $245,000, reaching a total of $1.27 million.

The condominiums – which developer Rialto-Terra Vista had converted from apartments – were the final units left in the development, according to J.P. King President Craig King.

“The developers had already sold 90 units and just had a half-dozen left, so they didn’t want the end-game to drag out as it sometimes does. The auction lets them put an end to their ongoing marketing expenses and move on to other projects,” said King.

King said interest in auctions among condominium developers is surging as developers face the challenges of slowing sales and record inventories.

“Traffic is down, and inventories are up. That means sellers are having to look at ways to set their properties apart, as they did in this case, and it worked out quite well for them,” said King.

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