Auction at Courthouse Steps Nets Good Deal

December 15, 2009 By Louanne Danner Leave a Comment

Just thumbing through some sales recently and found that there was a condo unit at The Vineyards Condominiums that sold for $30,001 at auction on the courthouse steps. The asking price of these units recently was as high as $100,000. I don’t care how bad the economy gets, deals like this are once in a lifetime. The replacement value is much higher than this, and few if any other units are being built in the area. When supply and demand fundamentals catch up with the inventory of condos in the area, the investor who bought this condo should have a tidy little profit to cash in on. It may take 3-5 years of waiting, but if you can rent it out and have positive cash flow in the mean time that’s not such a bad wait!

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My Listings

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Home size: 1,360 sq ft

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Home size: 1,400 sq ft

Year built: 2001

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