Raleigh, North Carolina Real Estate Auction

Newspaper Story: Our client was featured  in a news story in the NEWS AND OBSERVER NEWSPAPER about an upcoming real estate  Auction in Raleigh, North Carolina.

Developer to auction off 36 condos at West in Glenwood South

Another batch of Raleigh condominiums are headed to the auction block.

At the end of this month 36 condos at West, a 17-story project in downtown Raleigh’s Glenwood South entertainment district, will be auctioned off.

The auction is an attempt by developer Gregg Sandreuter to reduce inventory in the 170-unit building.

West is not being foreclosured upon and Sandreuter said today that the project is in full compliance on its loan.

Starting bids for the units, which are all one- and two-bedrooms, will range from $95,000 to $260,000.

On West’s website, one-bedrooms are listed as starting at $224,000 and two-bedrooms at $300,000.

The auction could be bad news for the 80 people who have already bought units in West since late 2008.

But condo sales in downtown Raleigh have been sluggish in recent years and just 18 West units have sold this year.

The units being auctioned off range from 929 to 1,827 square feet.

The auction will take place on Sunday, Oct. 31 at the downtown Marriott on Fayetteville Street.

Participants are only eligible to buy one.