Case Studies of Recent Builder Auctionsgreenlightdesignstudios.com/mmgdc/develop-auctions.pdfMax...
13
Auction Date June 2010 Location Wildwood, NJ Project/ Community Royal Beach Description Beach Front Residences Total Inquiries 1031 Pre Registrants 724 Registration Ratio 36.2% Last Average Ask $ 645,000 Average Minimum Bid $ 145,541 Average Sale Price $ 511,958 Percent of Last Average Ask 79.2% Auction Date May 2010 Location Wildwood, NJ Project/ Community Marina Bay Description The Bedroom Condominiums Total Inquiries 454 Pre Registrants 386 Registration Ratio 13.7% Last Average Ask $ 275,000 Average Minimum Bid $ 95,000 Average Sale Price $ 190,014 Percent of Last Average Ask 69.1% Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809 370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com Case Studies of Recent Builder Auctions
Transcript of Case Studies of Recent Builder Auctionsgreenlightdesignstudios.com/mmgdc/develop-auctions.pdfMax...
Auction Date June 2010
Location Wildwood, NJ
Project/ Community Royal Beach
Description Beach Front Residences
Total Inquiries 1031
Pre Registrants 724
Registration Ratio 36.2%
Last Average Ask $ 645,000
Average Minimum Bid $ 145,541
Average Sale Price $ 511,958
Percent of Last Average Ask 79.2%
Auction Date May 2010
Location Wildwood, NJ
Project/ Community Marina Bay
Description The Bedroom Condominiums
Total Inquiries 454
Pre Registrants 386
Registration Ratio 13.7%
Last Average Ask $ 275,000
Average Minimum Bid $ 95,000
Average Sale Price $ 190,014
Percent of Last Average Ask 69.1%
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Case Studies of Recent Builder Auctions
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Case Studies of Recent Builder Auctions
Auction Date May 2010
Location Philadelphia, PA
Project/ Community CU‐257
Description Luxury Old City Condominiums
Total Inquiries 674
Pre Registrants 579
Registration Ratio 64.3
Last Average Ask $ 659,000
Average Minimum Bid $ 118,333
Average Sale Price $ 542,667
Percent of Last Average Ask 82.3%
Auction Date April 2010
Location Union City (Hudson County), NJ
Project/ Community The Altessa
Description Urban Condominiums
Total Inquiries 735
Pre Registrants 495
Registration Ratio 12.38
Last Average Ask $ 327,065
Average Minimum Bid $ 110,000
Average Sale Price $ 257,347
Percent of Last Average Ask 78.68%
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Case Studies of Recent Builder Auctions
Auction Date April 2010
Location Wilmington, DE
Project/ Community River Tower At Christina Landing
Description Riverfront Condominiums
Total Inquiries 537
Pre Registrants 287
Registration Ratio 14.35
Last Average Ask $ 345,000
Average Minimum Bid $ 107,000
Average Sale Price $ 276,773
Percent of Last Average Ask 80%
Auction Date December 2009
Location Willistown, PA
Project/ Community The Enclave at Penn’s Preserve
Description New Townhomes
Total Inquiries 428
Pre Registrants 230
Registration Ratio 46.0
Last Average Ask $ 500,000
Average Minimum Bid $ 150,000
Average Sale Price $ 412,500
Percent of Last Average Ask 82.4%
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Case Studies of Recent Builder Auctions
Auction Date November 2009
Location Raleigh, NC
Builder/ Developer Royal Bank America
Project/ Community Meadow Wood Park
Description Luxury Condos
Total Inquiries 543
Pre Registrants 342
Registration Ratio 9.5
Last Average Ask $ 185,000
Average Minimum Bid $ 95,000
Average Sale Price $ 137,377
Percent of Last Average Ask 74%
Auction Date November 2009
Location Crisfield, MD
Builder/ Developer Harbour Light LLC
Project/ Community Harbour Light Condos
Description Resort Condos
Total Inquiries 236
Pre Registrants 135
Registration Ratio 9.64
Last Average Ask $ 250,000
Average Minimum Bid $ 75,000
Average Sale Price $ 207,000
Percent of Last Average Ask 82.8 %
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Case Studies of Recent Builder Auctions
Auction Date October 2009
Location Wildwood Crest, NJ
Builder/ Developer TD Bank
Project/ Community Carriage Stop Condos
Description Resort Condos
Total Inquiries 286
Pre Registrants 196
Registration Ratio 8.17
Last Average Ask $ 99,000
Average Minimum Bid $ 45,500
Average Sale Price $ 86,924
Percent of Last Average Ask 87.7 %
Auction Date October 2009
Location Wilmington, DE
Builder/ Developer Buccini/Polin Group
Project/ Community Justinson Landing
Description Mid Rise Condos
Total Inquiries 1056
Pre Registrants 565
Registration Ratio 18.83
Last Average Ask $ 365,000
Average Minimum Bid $ 93,000
Average Sale Price $ 284,724
Percent of Last Average Ask 77.8 %
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Case Studies of Recent Builder Auctions
Auction Date October 2009
Location Wilmington, DE
Builder/ Developer 999 LLC
Project/ Community Carriage House Row on the Brandywine
Description Luxury Townhomes
Total Inquiries 176
Pre Registrants 78
Registration Ratio 19.50
Last Average Ask $ 786,000
Average Minimum Bid $ 400,000
Average Sale Price $ 595,000
Percent of Last Average Ask 75.6 %
Auction Date September 2009
Location Chincoteague, VA
Builder/ Developer Blue Water Development
Project/ Community Sunset Bay Villas
Description Resort Condos
Total Inquiries 849
Pre Registrants 466
Registration Ratio 21.18
Last Average Ask $ 465,000
Average Minimum Bid $ 90,000
Average Sale Price $ 336,875
Percent of Last Average Ask 72.4 %
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Case Studies of Recent Builder Auctions
Auction Date August 2009
Location Cambridge, MD
Builder/ Developer Sturbridge Developers
Project/ Community Residences at Waterside
Description Resort Townhomes
Total Inquiries 330
Pre Registrants 217
Registration Ratio 16.69
Last Average Ask $ 416,000
Average Minimum Bid $ 78,000
Average Sale Price $ 321,000
Percent of Last Average Ask 77.2 %
Auction Date August 2009
Location North Bergen, NJ
Project/ Community Carlsons Court
Description Exquisite Condominiums
Total Inquiries 1074
Pre Registrants 692
Registration Ratio 34.6
Last Average Ask $ 405,000 (No sales occurred at this price)
Average Minimum Bid $ 119,000
Average Sale Price $ 314,887
Percent of Last Average Ask 77.75 %
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Case Studies of Recent Builder Auctions
Auction Date August 2009
Location Dewey Beach, DE
Builder/ Developer The Corrado Group
Project/ Community Marina View
Description Premier Bayside Condominiums
Total Inquiries 1208
Pre Registrants 734
Registration Ratio 36.85
Last Average Ask $ 509,098
Average Minimum Bid $ 90,000
Average Sale Price $ 406,247
Percent of Last Average Ask 79.8 %
Auction Date June 2009
Location Point Pleasant, NJ
Builder/ Developer Lee Childers
Project/ Community Olde Seaport
Description Ultra luxury vacation townhomes
Total Inquiries 848
Pre Registrants 453
Registration Ratio 64.71
Last Average Ask $ 720,000 (One sale occurred at this price)
Average Minimum Bid $ 275,000
Average Sale Price $ 569,642
Percent of Last Average Ask 79.1 %
Case Studies of Recent Builder Auctions
Auction Date May 2009
Location Cambridge, MD
Builder/ Developer Beazer Homes
Project/ Community River Marsh
Description Two bedroom vacation condominiums
Total Inquiries 895
Pre Registrants 440
Registration Ratio 15.71
Last Average Ask $ 340,000
Average Minimum Bid $ 80,000
Average Sale Price $ 282,376
Percent of Last Average Ask 83.1 %
Auction Date April 2009
Location Wildwood, NJ
Builder/ Developer Bayshore Group
Project/ Community Harbor Cove
Description Vacation condominiums
Total Inquiries 449
Pre Registrants 214
Registration Ratio 30.57
Last Average Ask $ 355,000 (1 unit sold at said price)
Average Minimum Bid $ 75,000
Average Sale Price $ 253,393
Percent of Last Average Ask 71.4 %
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Case Studies of Recent Builder Auctions
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Auction Date October 2008
Location Belmar, NJ
Builder/ Developer Spano Partners
Project/ Community Gables on Tenth
Description Vacation single story condominium complex
Total Inquiries 1051
Pre Registrants 740
Registration Ratio 67.27
Last Average Ask $ 420,773 (No sales had occurred at this price)
Average Minimum Bid $ 175,000
Average Sale Price $ 389,000
Percent of Last Average Ask 92.5 %
Auction Date June 2008
Location East Falls, Philadelphia, PA
Builder/ Developer Westrum Development
Project / Community Hilltop at Falls Ridge
Description 4 Story Townhomes and Stacked Units
Total Inquiries 809
Pre Registrants 332
Registration Ratio 30.19
Last Average Ask $ 430,022
Average Minimum Bid $ 200,000
Average Sale Price $ 386,909
Percent of Last Average Ask 90.0%
Case Studies of Recent Builder Auctions
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Auction Date May 2008
Location N. Wildwood, Cape May County, NJ
Builder/ Developer Beazer Homes
Project/ Community The Pointe at Moore’s Inlet
Description Mid‐rise vacation condos
Total Inquiries 2,343
Pre Registrants 1,314
Registration Ratio 50.54
Last Average Ask $ 695,985
Average Minimum Bid $ 225,000
Average Sale Price $ 569,462
Percent of Last Average Ask 81.8 %
Auction Date March 2008
Location Hampton Twp, Hunterdon Cty, NJ
Builder/ Developer Kaplan Companies
Project/Community The Heights of Hampton
Description Single family homes
Total Inquiries 454
Pre Registrants 219
Registration Ratio 43.80
Last Average Ask $ 629,000
Average Minimum Bid $ 250,000
Average Sale Price $ 561,000
Percent of Last Average Ask 89.2 %
Case Studies of Recent Builder Auctions
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Auction Date September 2007
Location Forks Township, Northampton County, PA
Builder/ Developer Segal & Morel
Project/ Community Riverview Estates
Description Active adult townhomes within golf course community
Total Inquiries 290
Pre Registrants 150
Registration Ratio 13.64
Last Average Ask $ 318,000
Average Minimum Bid $ 175,000
Average Sale Price $ 288,500
Percent of Last Average Ask 90.7 %
Auction Date June 2007
Location Atlantic City, Atlantic County NJ
Builder/ Developer Renaissance Properties
Project/ Community Chelsea View
Description 4 story vacation townhomes with boat slips
Total Inquiries 984
Pre Registrants 603
Registration Ratio 25.13
Last Average Ask $ 567,000 (Sales absorption rate was under 1 per month)
Average Minimum Bid $ 250,000
Average Sale Price $ 473,916
Percent of Last Average Ask 83.6 %
Case Studies of Recent Builder Auctions
Max Spann Real Estate & Auction Co. PO Box 4992, Clinton, NJ 08809
370 Lexington Ave, New York, NY 10017 (888) 299-1438 ♦ www.maxspann.com
Auction Date June 2007
Location Ewing, NJ
Builder/ Developer American Properties
Project/ Community The Madison
Description Starter home condominium flats
Total Inquiries 652
Pre Registrants 550
Registration Ratio 14.47
Last Average Ask $ 237,500
Average Minimum Bid $ 0 ( N/A‐ Sold Absolute)
Average Sale Price $ 233,685
Percent of Last Average Ask 98.4%
Auction Date November 2006
Location Seaside Heights, NJ
Project/ Community Oceana Villas
Description Vacation 4 story townhomes 2 blocks to beach
Total Inquiries 810
Pre Registrants 350
Registration Ratio 21.88
Last Average Ask $ 490,000 (No sales had occurred at this price)
Average Minimum Bid $ 270,000
Average Sale Price $ 412,500
Percent of Last Average Ask 84.2 %
