Palisade Palms sells out
Houston Business Journal – by Jennifer Dawson Reporter
All 27 high-rise condominiums in Palisade Palms offered for sale at auction on June 6 were snapped up.
The Falcon Group auctioned off the Galveston condos as a way to move the unsold inventory and establish what units are currently worth in the two-tower, 288-unit property.
Units with two to four bedrooms ranging in size from 1,044 square feet to 2,767 square feet that were previously priced from $299,000 to $1.35 million carried an auction starting price of $125,000 to $375,000.
The average unit sales price at auction was $489,801 — higher than Falcon Group anticipated, according to Kennedy Wilson Group Inc., the company that conducted the Houston auction.
The auction was standing-room only and attracted more than 600 people, Kennedy Wilson reports.
Bidders have 45 days to close their sales.
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