Armada Hoffler to auction off 16 remaining condos at Virginia Beach development
- October 19, 2011
Virginia Beach-based commercial real estate and construction company Armada Hoffler plans to sell the 16 remaining condominiums at The Residences at The Westin Virginia Beach Town Center in a November auction.
The company has signed up Accelerated Marketing Partners, which will conduct the developer close-out auction at 2 pm. on Nov. 13 at The Westin Virginia Beach Town Center.
Minimum bids will range from $140,000 to $795,000 and are up to 56 percent below last asking prices, according to Armada Hoffler.
Under this auction arrangement, there are no hidden reserves or buyer’s premiums. Armada Hoffler said advanced registration is required and financing is available for qualified buyers. The auction information center and model homes will be open to preview daily through Nov. 12.
Lou Haddad, president and chief executive officer of Armada Hoffler, said when sales began in 2007 for The Residences at the Westin Virginia Beach Town Center, the company quickly sold out more than two-thirds of the development’s 119 condos. “After much consideration, we have decided that a developer close-out sale is the best way to maximize the value of the remaining inventory as well as the investment of the existing homeowners,” he said in a statement.
Jon Gollinger, East Coast chief executive officer and co-founder of Accelerated Marketing Partners, said the auction would help “”the market to establish true value for homes in the highly sought-after development… In addition to helping expedite sales, the auction will bring transparency to the local market, and its results could serve as a reference for establishing price points at surrounding area and future developments.”
The condos scheduled for auction include five one-bedroom homes with minimum bids of $140,000 to $220,000; eight two-bedroom homes with minimum bids ranging from $250,000 to $385,000; and three penthouses from minimum bids ranging from $640,000 to $795,000,