Yesterday was my day to preview the townhouse condos coming up for auction at the Parkside of Alexandria. It appears that the marketing is working. The auction signs are all over the property so you can’t miss where you are supposed to go and while touring we ran into numerous other people previewing the property as well.
The best units as far as community location are the 3 bedroom Jamestown models. Obviously the starting price point for these units at $275,000 is attractive but buyers need to remember that there is a monthly condo fee associated with the larger units is currently $312 per month. The smaller Hamilton models are cute and would work for first time buyers and with a starting price point of $225.000 have a lot going for them. The current monthly condo fee on these units is $220 per month. In talking with a couple of prospective buyers at the property yesterday the condo fee was not something they had considered as they were thinking about monthly expenses.
The nice thing about this auction versus the other auctions that have taken place recently is there is no buyer premium. Part of this is due to the fact that the developer is auctioning the properties themselves and they are only paying a 1% co-op fee to agents. The auction itself takes place on Sunday starting at 2PM at the Hilton at Mark Center on Seminary Road. There will be a practice auction at the units on Saturday afternoon between 5:30–6:30 pm for anyone who is thinking of bidding but is unfamiliar with the auction process.
You must be registered by Saturday at the Parkside of Alexandria sales office if you intend to bid and you must be pre-qualifed by a lender before the auction. Closings must take place 30 days after the auction so you will need to be ready to go if you place a winning bid.
As always don’t get auction fever and make sure you have done your homework before you make a bid!
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