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 Castleberry Hill area ofdowntowbn Atlanta, was built in 2007 by Minimuj bids for the units will stary at $75,000, up to 62 percent below previouse asking prices. The auction at Duo is the fift h such auction conducted by Accelerated Marketing Partners andJon Gollinger, company co-foundere and East Coast CEO, who said he is starting to "feel the for the entry-level and moderate-priced condok market in Atlanta. Accelerated Marketing Partners has done auctio n sales of unitsat Element, Horizon at Aqua and Cosmopolitan.
At Cosmopolitan in the Lindbergh area, Acceleratef Marketing Partners sold 43 unitsat auction, then an additionall 15 units sold after that, Gollingeer said. "In each case, the market is starting to create a valuepoint [for condo that seems to be getting a bit he said. Atlanta's entry-level and moderate-pricedd condo market "is responding as well as any placd in the country right But there is still a saturation of luxuryyand near-luxury units in Atlanta "and that is whers you are really going to see the Gollinger said. Luxury condos are still competingf withluxury single-family homes here.
Gollingef defines the luxury and near luxury condos in Atlantaas "those glass towerxs in Buckhead and Midtown that were expensive to put up and beautifulluy done," he said. In New York those units would sellfor $1,20o a square foot, "but in Atlanta, even at its was only $500 a square The sales at Aqua were more in the near luxurt to luxury price range, he Sales there were as high as $407,000. Atlanta is probabluy looking "at another of auction events "bugt the market is responding to these Gollinger said.
Of the condo sales in the firsf halfof 2009, he's estimating most are from auction He expects the auction at Duo will do "We'll sell those out in an hour," he predicted. Five one-bedrook units to be sold at auction are approximately 860squared feet, with minimum bids starting at Previous asking prices for the unite were up to $199,900. Twelvde one-bedroom-plus-den units to be sold at auction are approximately 991square feet, with minimum bids starting at $105,000. Previous askint prices for these homes were up to Seven two-bedroom-plus-study units to be sold at auctiojn are approximately 1,196 square feet, with minimum bids starting at $135,000.
Previous asking prices for these homesd ranged upto $284,900. The auctionb will take place on Sun., June 21 at 1 p.m. at the Embasst Suites at Centennial Olympic at 267Marietta St. (ADA) officials will be availablre onsite on June 12 and June 19 to discussz financing options through the HomeAtlantq Down-Payment Assistance Program. The program provides funding to eligible homebuyers for purchase of a new or existingt home with as littleas $1,500 down and may be used to pay all or a portionh of the closing cost s and/or the down payment associateds with purchasing a home at Duo.