The Week in Real Estate: What Happens at a Condo Auction?
The Week in Real Estate is a column from Mark Wellborn of UrbanTurf, a local blog and newsletter that covers the residential real estate scene in D.C., MD, and VA.
Auctions usually bring to mind a motor-mouthed auctioneer, a frenetic bidding process, and such tight competition between bidders that the actual prize up for grabs can take a back seat to winning.
Condo auctions, like the one held this past weekend in Rockville, veer slightly from this format. While the energy and pace at these property sales is by no means dead, the audience is certainly more conservative than at auctions where a 1969 Mustang is on the block. The bidding is orderly and people are usually very polite to one another.
This level of courtesy isn't likely illustrative of a new era of politeness in the property auction world, though. Rather, it seems to be indicative of an understandable cautiousness among today's bidders — even if the condo up for bid is available for half price, it may still not be worth it in this market.
Are you thinking about taking advantage of the current bleak marketplace by snagging a condo at auction? Read all about my experience at a condo auction here and here.
Photo by brandonwu
A Quick Look at Hillcrest:
Hillcrest is a neighborhood in Southeast that is frequently identified for what it lacks. There are not many restaurants, only a few bars and no shopping areas. But what the neighborhood does not have in amenities and services it makes up for with beautiful homes and some of the best lawns and gardens in the city. And it’s actually affordable (by D.C. standards).
The Best Open Houses Around D.C. this Weekend:
UrbanTurf’s three open house picks for this coming weekend include a one-bedroom loft in a former auto showroom in Logan Circle, a two-bedroom condo in the U Street Corridor and a four-bedroom renovated arts and crafts home that is right outside D.C. in Glen Echo.
Odd and Ends:
- According to the National Association of Realtors, single-family home prices across the DC Metro area plunged 24 percent in the last year, while condo prices came down 11 percent. Ouch.
- Having trouble selling your home in this market? Raffle it off for $50.
- The D.C. neighborhoods where property listing prices are dropping the fastest may surprise you (Adams Morgan), or may not (Trinidad).