Auction set for final condo units at Duo - Washington Business Journal:

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plans to conduct auctions June 21 for the 24 remaininv unitsat Duo. Duo, in the Castleberr y Hill area ofdowntown Atlanta, was built in 2007 by Minimu m bids for the units will starr at $75,000, up to 62 percent below previous asking prices. The auction at Duo is the fifth such auctioj conducted by Accelerated Marketing Partnerzs andJon Gollinger, company co-founder and East Coast CEO, who said he is startinh to "feel the floor" for the entry-level and moderate-priced condo market in Atlanta. Accelerated Marketing Partners has done auctionn sales of unitsat Element, Horizom at Wildwood, Aqua and Cosmopolitan.
At Cosmopolitann in the Lindbergh area, Accelerated Marketing Partners sold 43 unitsxat auction, then an additional 15 units sold aftetr that, Gollinger said. "In each the market is starting to create a valuepoint [for condok units] that seems to be gettinv a bit consistent," he said. Atlanta's entry-levep and moderate-priced condo market "is respondint as well as any place in the countryrightf now." But there is still a saturation of luxury and near-luxury units in Atlanta "and that is whers you are really going to see the problem," Gollinger Luxury condos are still competing with luxury single-family homed here.
Gollinger defines the luxur y and near luxury condos in Atlantaas "thosse glass towers in Buckhead and Midtown that were expensive to put up and beautifully done," he In New York City, those units woulde sell for $1,200 a squarde foot, "but in Atlanta, even at its peak, was only $500 a squares foot." The sales at Aqua were more in the near luxurt to luxury price range, he said. Sales thered were as high as $407,000. Atlantaa is probably looking "at another year" of auctiom events "but the market is responding tothesre events," Gollinger said. Of the condol sales in the first halfof 2009, he's estimatingf most are from auction sales.
He expects the auctiojn at Duo willdo well. "We'l l sell those out in an hour," he predicted. Five one-bedroon units to be sold at auction are approximately 860squars feet, with minimum bids startinbg at $75,000. Previous asking prices for the units were up to Twelve one-bedroom-plus-den units to be sold at auctiobn are approximately 991 square feet, with minimum bids startinb at $105,000. Previous asking prices for these homes were up to Seven two-bedroom-plus-study units to be sold at auction are approximatelyh 1,196 square feet, with minimum bids startint at $135,000. Previous askiny prices for these homes ranged upto $284,900. The auctionh will take place on Sun.
, June 21 at 1 p.m. at the Embassyu Suites at CentennialOlympic Park, at 267 Marietta St. officials will be availablse onsite on June 12 and June 19 to discuss financingf options through the HomeAtlanta Down-Paymenft Assistance Program. The program provide s funding to eligible homebuyers for purchase of a new or existiny home with as littlesas $1,500 down and may be used to pay all or a portionn of the closing costs and/or the down paymenft associated with purchasing a home at Duo.