Aqua Auction Closing Index

It’s been a little over two months since the Aqua condo auction was held at the W Midtown. I thought it might be interesting to take another look at the results to see exactly what has closed. This post only deals with the auction results, not the sales in the building as a whole. If you are interested in knowing what has closed in the building, please contact me for more detailed information.

Take a look at the breakdown of what has closed thus far from the auction:

According to the tax records, almost half (9 out of 20) condos have closed so far, with an average of 53% off the last asking price (before the auction). Tax record postings are about two weeks behind, so I’ll have to check back next month to see if the remaining inventory will close.

According to the auction rules posted by Accelerated Marketing Partners, “All sales must close on or before Monday, June 15, 2009 (30 days after the auction). In certain cases, the Seller may grant a fifteen-day extension of the closing date for a non-refundable extension fee of one percent of the purchase price.” We are past the closing and extension dates, so perhaps the developer is granting further extensions, or maybe some of the potential purchasers couldn’t close on their units. I have compared the remaining condos from the auction with the available condos on FMLS (First Multiple Listing Service) and only one has been added.

What does this mean for you? If you missed out on the auction, you still might be able to purchase the condo you wanted. Please contact me and let me know how I can help you.