So, how did the Condo Auction in Leavenworth go?

Posted on December 15th, 2008 by Al Lorenz

I’m sure that all depends on your perspective.  An auction like that in a hot market would have drawn hundreds of potential bidders.  On Saturday, there were just under 20 registered bidders.  In a hot market, there would have been lots of active bidding on all of the units.  At this auction, six of the 14 sold for near minimum bids.  There are negotiations continuing on additional homes as well.

I don’t know what the expectations of the developers, banks and auction company were for Saturday’s auction.  I am sure they hoped to have a hundred or more bidders, but realistically I bet they did not expect that to occur.  But, in a market that is virtually stalled, they now have contracts on 9 or more homes of the 14 they have for sale.  They generated trememdous exposure to the project and are likely to get contracts on even more of the homes.

If their expectation was to get some sales happening, they have likely achieved success.  In this market, that is a great accomplishment.  They have identified the pricing that the current market will pay for that property.  If they had realistic goals, they had a successful event.  You can get the Wenatchee World’s perspective on the auction here! 

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