Rocketts Landing closeout auction generates $7.3 million
- May 27, 2014
The WVS Cos., developer of the Rocketts Landing riverfront community in Henrico County, said Tuesday that a May 20 closeout auction sold 29 one- and two-bedroom condos at prices ranging from $150,000 to $476,000. The 45-minute auction generated a total of $7.3 million.
“The goal of the auction at Rocketts Landing was to close out Phase I of the development by creating an opportunity for the market to speak and set the prices,” Jason Vickers-Smith, president of The WVS Cos. said in a statement. “We are very pleased with the outcome … We were able to virtually sell out the buildings, with only a few units remaining.”
WVS hired Accelerated Marketing Partners (AMP), a residential real estate firm that specializes in sales and auctions, to conduct the auction of units in the Fall Line, Sky Line and 210 Rock buildings. Minimum opening bids ranged from $125,000 for an 893-square-foot, one-bedroom, one-bathroom home to $375,000 for a 2,188-square-foot, two-bedroom, 2.5-bathroom home with a den.
“Utilizing an auction was a strategic move on the part of WVS. This is a tactic that was used regularly a few years ago as a way to mobilize sales during the market downturn, but developers haven’t taken advantage of the option as much since the market rebounded,” said Jon Gollinger, East Coast CEO and co-founder of AMP.
Vickers-Smith announced that Phase II of the project has begun with the construction of custom high-end, waterfront, million-dollar townhomes and city-style townhomes. Work will continue this summer with the construction of a five-story commercial and residential building with 157 apartments.
Phase II also will include the completion of the portion of the Virginia Capital Trail that lies on the property, a connector between existing tracts of the trail in the city and west through Henrico County. Additional restaurants and retail tenants also are expected to sign leases during the next phase.