Developer Auctions Condos To Sell Out Project
By Anuradha Kher, Online News EditorDavidson, N.C.–The Condos in South Main Square, a 26-unit project in Davidson, N.C., finished construction in September 2008. But by then, the credit markets had collapsed and buyers who were in contract for 75 percent of the units defaulted, leaving the project largely unsold. To help sell their product, Martin…
By Anuradha Kher, Online News EditorDavidson, N.C.–The Condos in South Main Square, a 26-unit project in Davidson, N.C., finished construction in September 2008. But by then, the credit markets had collapsed and buyers who were in contract for 75 percent of the units defaulted, leaving the project largely unsold. To help sell their product, Martin Grimes Development is now auctioning 17 units through Sperry Van Ness Interstate Auction Co. The project is part of a mixed-use, live-work-play community, located in the heart of the Davidson Main Street Arts District. Three units are reserved for workforce housing and will not be auctioned. “We realized how tough the market was, how folks had a strong interest in our product, but also concern about buying too high,” Latham Grimes, partner at Martin Grimes Development, tells MHN. “We wanted to get people over this psychological bump, which is why we decided to have an auction.”Grimes adds, “We think the auction will establish the rate at which the market values the product and expedite an anticipated lengthy sell-out in a slow economy.” Five of the units will not have a minimum bidding price but the rest will, based on the selling price of the five units. The two-bedroom condos were initially priced between $220,00 and $240,000. They feature balconies, hardwoods, granite countertops and 9-ft. ceilings. Peoples Bank will provide attractive loans to qualified homeowners and investors.