Raleigh, North Carolina Real Estate Auction

Newspaper Story: Our client was featured  in a news story in the TRIANGLE BUSINESS JOURNAL about an upcoming real estate  Auction in Raleigh, North Carolina.

36 West condos in downtown Raleigh up for auction

Triangle Business Journal – by Chris Baysden

How’s this for a fire sale: 36 condominiums at the 17-story West condo community in the Glenwood South area (corner of West and North streets) of Raleigh will be auctioned off on Oct. 31.

Starting bids at West range from $95,000 to $260,000 on condo homes previously priced from $269,000 to $669,500.

The one and two-bedroom condos are between 929 square feet and 1,827 square feet in size. The homes include ten foot high ceilings, granite countertops, hardwood flooring and built-in WiFi and Ethernet wiring.

The auction starts at 2 p.m. and will be held in the Raleigh Marriott City Center Hotel. The developer is Gregg Sandreuter, president of Hamilton Merritt and principal of Wes Developers LLC. “We (West Developers, LLC ) decided to take a pro active marketing approach to move inventory, ” Sandreuter says.

The 17-story, $70 million condominium project on West Street near North Harrington Street has 170 units, 17,000 square feet of retail space and 300 parking spaces when it opened. The developers of West projected in 2006 that they would sell half of the 170 units within the first four months of the condo building opening and the rest by 2010.