5th & main auction gives development new start

twenty-five 5th & main condos and town homes went up for auction saturday afternoon at the sheraton hotel.  sale prices averaged about $135/square foot when all was said and done.  it was much less than the $165/square foot the sellers had hoped for and about roughly 43% less than original asking prices.   there is a silver lining for the investors though: the building will now have the numbers they need to have proper fha financing.  federal housing administration requires a development to be 30% sold or under contract in order to qualify.  this will make it easier for first time homebuyers to purchase.

unit 304 was the first on the block, a 755 square foot one bedroom facing downtown.  it went for $192.05/square foot which ended up being the highest price per square foot for the day.   when the dust settled, twenty-five confirmed buyers (nineteen owner-occupants and six investors) left with a deal, ranging from $110,000 on a 785 square foot one-bedroom to $301,000 on a 2,299 square foot two-bedroom facing downtown.

david lang, one of the investors at acg equities inc, stated pricing on the remaining 89 units will be kept at auction value until the end of the year.  here’s the list of units pending from the auction and what they sold for:

UNIT SQFT SALES PRICE SP/SQFT DISCOUNT
304 755 145,000 $192.05 19.40%
204 755 132,000 $174.83 21.90%
509 824 150,000 $182.04 29.20%
609 824 132,000 $160.19 42.40%
309 814 122,000 $149.88 35.80%
417 787 117,000 $148.67 21.90%
313 730 119,000 $163.01 20.60%
219 787 119,000 $151.21 20.60%
215 785 110,000 $140.13 26.60%
512 961 122,000 $126.95 42.20%
302 1,103 176,000 $159.56 31.50%
202 1,103 161,000 $145.97 35.10%
510 2,299 301,000 $130.93 44.60%
410 2,299 301,000 $130.93 41.40%
400 2,333 271,000 $116.16 44.60%
402 2,258 265,000 $117.36 41.40%
404 1,442 175,000 $121.36 47.80%
536 1,061 140,000 $131.95 36.40%
436 1,061 140,000 $131.95 38.00%
300 1,508 223,000 $147.88 36.40%
706 1,873 190,000 $101.44 52.50%
716 1,812 190,000 $104.86 50.00%
200 1,508 215,000 $142.57 37.10%
712 1,812 NO SALE
403 1,365 NO SALE
511 1,543 NO SALE
634 1,052 NO SALE
534 1052 NO SALE
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