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

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plans to conduct auctions June 21 for the 24 remainingf unitsat Duo. Duo, in the Castleberrty Hill area of downtown was built in 2007 by Minimum bids for the units will start at up to 62 percent below previousasking prices. The auctionj at Duo is the fifth such auction conducteds by Accelerated Marketing Partners and Jon company co-founder and East Coast CEO, who said he is startint to "feel the floor" for the entry-leveol and moderate-priced condo market in Accelerated Marketing Partners has done auction sales of units at Horizon at Wildwood, Aqua and At Cosmopolitan in the Lindbergh area, Accelerated Marketing Partners sold 43 units at auction, then an additiona l 15 units sold after that, Gollingedr said.
"In each case, the markeyt is starting to create a valuepointr [for condo units] that seemsw to be getting a bit consistent," he Atlanta's entry-level and moderate-priced condo market "is responding as well as any placde in the country righy now." But there is still a saturationm of luxury and near-luxury units in Atlanta "and that is wherer you are really goiny to see the Gollinger said. Luxury condos are still competing withluxury single-family homes here. Gollinger defines the luxuryg and near luxury condos in Atlantasas "those glass towers in Buckhead and Midtowh that were expensive to put up and beautifully he said.
In New York City, thosd units would sell for $1,200 a square "but in Atlanta, even at its was only $500 a square foot." The sales at Aqua were more in the near luxurh to luxuryprice range, he Sales there were as high as $407,000. Atlanta is probably lookingh "at another year" of auction eventss "but the market is responding to these Gollinger said. Of the condo sales in the firs halfof 2009, he's estimating most are from auctiobn sales. He expects the auction at Duo willdo "We'll sell those out in an hour," he Five one-bedroom units to be sold at auction are approximatelt 860 square feet, with minimumm bids starting at $75,000.
Previous asking pricesa for the units were upto $199,900. Twelve one-bedroom-plus-denj units to be sold at auctionm are approximately 991square feet, with minimum bids startingv at $105,000. Previous asking prices for thes homes were upto $234,900. Seven two-bedroom-plus-studg units to be sold at auctioh areapproximately 1,196 square feet, with minimumn bids starting at $135,000. Previous asking pricesx for these homes ranged upto $284,900. The auctiohn will take place on Sun., June 21 at 1 p.m. at the Embassgy Suites at CentennialOlympidc Park, at 267 Marietta St.
officials will be availables onsite on June 12 and June 19 to discuss financing options through the HomeAtlantas Down-Payment Assistance Program. The program providezs funding to eligible homebuyers for purchase of a new or existinyg home with as littleas $1,50p0 down and may be used to pay all or a portiomn of the closing costs and/or the down paymentr associated with purchasing a home at Duo.