Monday, September 21, 2009

Auction ends with 40 of 41 units sold

From the Oregonian:

As hundreds of people crammed a conference room, auction company Accelerated Marketing Partners turned on the rock music, amped up the mics and sent their whistling staffers skipping through the aisles to unload 41 condos.

Their hustle appeared to pay off.

Some condos sold for more than 40 percent off the original price. With those discounts, a pre-auction marketing blast -- which included a national ad in the Wall Street Journal -- seemed to generate the demand they sought.

They attracted a diverse crowd of curiosity seekers, investors and homeowners.

At the start, the auction company was short dozens of chairs, sending staff scurrying. One broker wondered whether the auctioneers did it on purpose to suggest demand was more than anticipated.

At the low end, a one-bedroom condo with a minimum bid of $169,000 sold for $254,000, a 31 percent discount from the original price. A condo with two bedrooms and a bonus room sold for $842,000, a 42 percent discount.

And when the 22nd-story penthouse came up, the auctioneer couldn't entice a single bidder.

The 2,300-square-foot condo that once listed at $1.3 million couldn't find a single bidder at $899,000.