The Saint Paul Condo Blog

This is probably a little late for a reminder, but the Armstrong Quinlan House is being auctioned at 6pm tonight (in two hours) at the property.  If you see me there, stop by and say hi!  I'm wearing an orange shirt today.

OK, so here is my prediction of what will happen.  Since the building is being auctioned off by the developer and not the bank, I will bet that the reserve will not be met tonight.  I have a feeling that prospective buyers are hoping for 50% off and the developer will be willing to take a 20-25% loss to sell them.

I'll post tonight if my prediction holds true.

UPDATE: (10/04/2007 10:00pm)

Wow! That really sums up what happened tonight.  After 5 rounds of bids (the 5th was at the request of the developer/bank) The finish model, last listed at $749,900 bidded out at $370,000.  The Penthouse that was listed for over $1 million finished bidded out at $160,000 for a shell.

The prices were much lower than I think the developer was hoping for.  They opened the bidding for the finished model at $600,000.  The auctioneers were trying hard to get the bidding rolling, but people were really hesitant.  They also might have had more people there is the opening wasn't also the Wild season opener, cause a parking and traffic nightmare anywhere near the X.

After everything was said and done, they ended up with $880,000 for all four condos (plus a 8% buyers premium for the auctioneer).

UPDATE: (10/05/2007 12:30pm)

Well, my prediction held pretty true!  The only one they let go for the auctioned price was the basement unit.  All others they are going to try their luck with a normal listing.  Not really sure what that accomplishes, since what buyer would now pay more when nothing has changed?  At some point, the bank will own these straight out, and then maybe, just maybe unload them.

I'll keep you posted to what happens.