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103 Manhattan condos sell during two-hour auction.

103 Manhattan condos sell during two-hour auction

One hundred and three luxury condominium units recently sold in Manhattan in less than two hours.

USAuction, Inc. conducted the auction in cooperation with the local Prudential real estate office, Tracey Real Estate. Columbus Common, a new condominium project on the upper West Side of Manhattan and Battery Park's Cove Club both used the auction method as an effective marketing tool.

Approximately 800 prospective buyers pre-registered for the auction, and there were over 1400 attendees at the auction itself." As a result, he said, the auction was able to generate nearly $10 million in sales for the developer, while offering wholesale prices to the consumer (or buyer.)

Many attendees at the Columbus Common event had never been to a real estate auction before. "I was a little nervous before the auction began, but I was put at ease immediately," said Tony Grassi, a pediatric cardiologist and first-time homebuyer. "It's incredible. I've never seen anything like it. I probably wouldn't have been able to afford a New York City apartment if it weren't for the auction process.

"Buyers were able to vote with their checkbooks and as a result they received some great buys," according to Hannah, president and CEO of USAuction, Inc. "Auctions allow buyers to know what the property is worth to their peers so bidders walk away confident that they paid true market value. The average buyer at the Columbus Common auction saved approximately $80,000 on their new home."

"I am thrilled with my new home" said, John De Clef Pineiro, a New York real estate attorney, who had visited the property several times in the month before the auction. "The auction was the culmination of a long search for my first home. Obviously, I think auctions are the greatest way to buy a home. The initial asking prices were higher than what I was willing to pay, and this was a good way to bring things down to reality. I am confident I got a good deal."
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Jun 5, 1991
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