Seven Bridges Will Auction Remaining Units

This way of disposing of units is an anomaly in the market. "We haven't seen a multi-phase auction campaign in this marketplace before, but the developer recognized the potential for such a program which was validated by the success of the first auction," says Craig Post, director of sales for Sheldon Good. "Rather than continuing on with a protracted conventional marketing and sales program, RTG – Seven Bridges LLC opted for a second accelerated sales event which will close out the building and result in considerable savings that are passed onto the buying public though discounted pricing."

The 12-story Seven Bridges, which overlooks the Seven Bridges Gold Club, was developed by RTG – Seven Bridges LLC. Construction on the development completed in 2006, Post tells GlobeSt.com. At the time just fewer than 90 condos were spoken for. In July the auction has a "strong turnout" and 35 condos were purchase through the auction. As GlobeSt.com reported, the July auction hoped to find buyers for 40 units. Since the summer an additional 11 units have been purchased at the regular condo sale price.

Post tells GlobeSt.com the auction method appealed to the owner, which is looking to fill the property. "Based on carrying costs and low velocity of sales in the current marketplace, the auction allows the developer to sell a large amount of inventory in a shortened period of time. A Phased auction program allows the developer to systematically sell-out a project in a defined and structured timeline."

The minimum bid for the units is $125,000; a price that is in some case 50% lower than the original asking price. Units range in size from 1,018 square feet to 1,759 square feet in one-, two- and three-bedroom units.