Get Educated Before You Even VISIT Gallery and/or Brix: List of Units up for Auction
As of our most recent visit this afternoon, several potential buyers have already visited Gallery to tour some of the homes going up for auction. Unfortunately, any of those buyers signing in as a guest who will later want representation from an agent will be denied that request. Therefore, it’s important for you to decide if you wish to have representation before you go to visit these two properties. There are several important things to consider before making this decision. We’ll be doing a more detailed post tomorrow as to what those benefits are, but we have had a client who was unable to bring us as their agent during the Lumen auction because we were not present during their initial visit. They were very disappointed that they had to attend the auction without any professional insight. The bottom line is that auctions can get very emotional, and you will need a ‘game plan’, with numbers figured on how much you’re willing to pay. Most all units at Lumen sold for over $100k from the starting bid, and not all of those who won a purchase really made a “great deal”.
Schnitzer’s goal is to auction off enough units to get FHA approval, then adjust the prices on the remaining units afterwards to match current market value determined from the auction. Not a bad strategy in this market.
In the meantime, here is a copy of what units will go up for auction at Gallery (we’ll post Brix tomorrow), and you can see some of them online by visiting our condo profile for the address here. If you would like us to put together a game plan to take full advantage of the up-and-coming auction for either of these projects, please give us a call and see how we can help you. Representation doesn’t cost you anymore money, but getting wrapped up in an auction without it could.