I just left the W Midtown and the Aqua auction. It proved to be quite a success, with all but 4 units sold. There were about 200+/- people in attendance with roughly 30-40 Accelerated Marketing Partners staff running around keeping track of bids, winners and the entire process.
AMP started off with a practice run on the first unit, so people would feel comfortable once the bidding began. After that, the real bidding started and didn’t stop until almost every unit had been offered. They skipped over two units completely, but didn’t really say why. Two units didn’t get the slightest bit of interest, including the largest unit offered and the lowest floor unit with the largest terrace.
Take a look at the breakdown of what happened.
*Update* 3 of the remaining units were sold after the auction as well. I’ll get more detail on this and update my chart. Thanks Misty!
Many people think auctions have a negative impact on the market, but look at the bright side. All of the remaining inventory will be sold, the new market price has been set, there are no more unknowns about what units will be selling for, the home owners gain control over their HOA and re-sale inventory that has been sitting on the market will have their prices re-adjusted to the new levels.
Most of all, the auction was interesting and exciting to watch. I’m sure this is not going to the last auction we see in Atlanta. I have my thoughts on whose going to be next…. If you want to join me at the next one, let me know!